The award is promoted by the Royal Economic Society and 17-year-old Myles submitted an essay titled The Pursuit of Happiness.
The competition required entrants to research a current topic in economics and to apply the theory in an original 2,000-w
ord essay.
Marks were awarded for good report writing style, demonstrating research, evaluation, analysis and written argument skills.
More than 400 entries were received this year with just 11 being shortlisted and a further 19 being highly commended.
Myles said, "I still cannot believe I was shortlisted.
"My essay discussed the need to implement new measures of progress, which take into account more than simply rises in the standard of people's material well-being.
"For example, Gross National Happiness uses indicators of economic, environmental and social wellness.
"I weighed up the strengths and weaknesses of this new approach and how policy makers could use it in their decision making."
Myles previously attended Cavendish School. He is now studying economics, mathematics and modern history A-levels on the Lewes campus.
A team of 12 experienced economics teachers met in June to read and judge eery entry, identifying the shortlisted entries.
The final judging process was performed by Charles Bean (Deputy Governor, Bank of England), Stephanie Flanders (Economics Editor, BBC) and John Vickers (RES President).
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