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Replay: ESSA’s Launch

Dear ESSA members, attendees to our official launch event, and my wonderful committee,

Wow. I’m speechless, and well, you know me, I’m rarely speechless!

The sight I arrived to on Thursday night was phenomenal, I could hear the buzz and chatter all the way from the lifts! The vision we’ve always had for ESSA has finally become a reality: A room full of people getting to know each other, talking Economics and exchanging numbers.

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**It Happens

Many people suffer much confusion when trying to distinguish the different fields of economics. Luckily, Yoram Bauman, a stand-up comedian, has offered a very elegant and precise explanation of the nuances between them.

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Achilles and Cheiron

The Greek Epic

The Greek tragedy began with its declining competitiveness in the early 2000’s. Simply put, they were producing far less than they were consuming. Many factors lead to this including their adoption of the Euro (see Hungy’s article here). Some have pointed out the irony of too much Democracy from the people who invented it: pensions rose, retirement age lowered, and public sector salaries increased. This explanation has formed the view of the Greek people as lazy and unproductive, a label which is misinformed.

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Party Politics Trumps Policy Detail

George Megalogenis’ quarterly essay titled ‘Trivial Pursuit: Leadership and the end of the reform era’ highlights the worrying lack of political leadership on both sides of the parliament in the aftermath of the 2010 Australian federal election. It argues that political short-termism and party politics has become the order of the day, leaving proper policy debate and detailed analysis out of the picture. It means that governments are focussing on winning the next 24-hour news cycle, or the next opinion poll rather than focussing on creating an enduring economic reform agenda that builds on our prosperity in Australia. Many prominent Australian journalists, including Megalogenis and Annabel Crabb of the ABC, have vowed not to discuss opinion polls to reflect their distaste of the current political atmosphere.

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Understanding the crisis that embroils Europe

I am sure you have heard of the commotion unfolding in Europe, dubbed by many news media outlets as the ‘European sovereign debt crisis’. But what does this all mean? Ric Battelino, Deputy Governor of the Reserve Bank of Australia, spoke in Sydney about the ‘European Financial Developments’ and what it means for the world …

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O-Week Report!

Wow what an O-week! Located on Professors Walk, the ESSA committee was hard at work trying to spread the word that… ESSA IS FINALLY HERE!! In just one week we’ve hit almost 200 members and we’re absolutely stoked! Thank you to everyone for signing up, listening to us go on about ESSA and asking questions! Keep them coming!!

It was quite hectic as the committee was still learning the ropes of creating a successful O-Week, so thank you for bearing with us!

Brendan manning the O-Week stall

 

 

 

 

 

 

 

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Will Market Confidence Fall Amid Labor Struggles?

The Labor governments leadership struggles over the past week has fixated the nation. On 22 February, following weeks of reports of tension, Kevin Rudd stepped down as Foreign Minister. The next day Julia Gillard called a leadership ballet and by 23 February Rudd confirmed he would contest the leadership. Opinions polls have shown Rudd to be preferred Prime Minister to Gillard however whom the caucus prefers is still mere speculation.

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Becoming a Better Economist

Dr. Oliver Marc Hartwich

Traditional rankings of the least trustworthy professions always deliver the same result. Politicians, taxi drivers and journalists come out on top. However, in the wake of the financial crisis economists can no longer be far behind. At least jokes about hapless economists are not in short supply these days – which to economists is a clear indication that there must be a demand for such ridicule.

My favourite economics joke is about the two Iron Laws of economics. The first law: For every economist there exists an equal and opposite economist. The second: They are both wrong.

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Economics in the Workplace: Consulting Internship at Deloitte

Okay, so as you are reading this, you may or may not have been sold on ESSA’s mission and vision to show how economics helps you in the industry. During this article, I would like to cement the view that economics helps in the workforce.

During the summer, I joined Deloitte for my internship, in Consulting (Strategy and Operations). This was a great experience and really helped to put to use the theories and skills we learn at university. During my project, there was a lot of economics, finance and accounting. However, economics really made it easier to decipher and get through the relevant tasks throughout the project.

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Paying your Dues

Ben Franklin, one of the fathers of the United States said that death and taxes are the only constants in life.  Indeed, beyond printing money taxes are one of the cornerstones that keep the world as we know it turning round by providing governments with a source of revenue, so they can provide essential public services and infrastructure and the like, so that we can go about our business. Naturally, the more governments collect, the more services and free stuff the management can afford to hand out: free schooling, free healthcare, wider roads, free internet cables etc.

Source: Wells, H. G. (1920). The Outline of History. p.199. Garden City, New York: Garden City Publishing Co., Inc.

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