Generated by All in One SEO v4.9.7.2, this is an llms.txt file, used by LLMs to index the site. # Economics Student Society of Australia Where Economic Minds Meet. ## Sitemaps - [XML Sitemap](https://economicstudents.com/sitemap.xml): Contains all public & indexable URLs for this website. ## Posts - [Degree inflation: Is a university degree still worth it?](https://economicstudents.com/degree-inflation-is-a-university-degree-still-worth-it/) - In the beginning of 2026, Zara Larsson’s 2016 hit ‘Lush Life’ re-entered the music charts and Tiktok searches for 2016 surged by 452% (Souza 2026). A 2016 revival was happening and although the supposed bringback of the Snapchat dog filter might have been ironic, the nostalgia associated with a seemingly simpler time was not. - [R Workshop ESSA x MASS](https://economicstudents.com/r-workshop-essa-x-mass/) - 11 Aug 2026 - [Beach or Bay: The Geography between Sydney and Melbourne’s Housing. ](https://economicstudents.com/beach-or-bay-the-geography-between-sydney-and-melbournes-housing/) - It’s an age-old debate that never seems to settle: Sydney or Melbourne? Populated by the classic imagery of a picturesque beachy harbour versus a beating cultural mega-hub, I’m going to take a stab at this question by comparing the looming question which both cities share: where do we build more houses? - [Careers in Commerce 2026](https://economicstudents.com/careers-in-commerce-2026/) - 13 Aug 2026 - [The Hidden Winner of the Iran War: How the Iran Conflict Revived Russian Oil](https://economicstudents.com/the-hidden-winner-of-the-iran-war-how-the-iran-conflict-revived-russian-oil/) - On 12 March, the United States Department of Treasury issued Russian-related General License 134, reversing sanctions of Russian oil imports for a 30-day period. Even though it may seem to provide some relief to global fuel shortages, it undermines broader efforts of international diplomacy, potentially worsening the conflict. - [Mentorship Program Launch-Night Recap](https://economicstudents.com/mentorship-program-launch-night-recap/) - 7 May 2026 - [A Deep Dive into Australian Coal Phase-Outs](https://economicstudents.com/a-deep-dive-into-australian-coal-phase-outs/) - From plummeting renewable costs, energy security concerns, to economic resilience, what are the factors behind Australia's energy transition? - [Consulting & Strategy Night](https://economicstudents.com/consulting-strategy-night/) - 18 May 2026, 6:30-9:00 PM - [Consulting & Strategy Night Recap](https://economicstudents.com/consulting-strategy-night-recap/) - 18 May 2026, 6:30-9:00 PM - [Possibility or Pipe dream? Australians are Increasing Calling for Universal Basic Income](https://economicstudents.com/possibility-or-pipe-dream-australians-are-increasing-calling-for-universal-basic-income/) - In the beginning of 2026, Zara Larsson’s 2016 hit ‘Lush Life’ re-entered the music charts and Tiktok searches for 2016 surged by 452% (Souza 2026). A 2016 revival was happening and although the supposed bringback of the Snapchat dog filter might have been ironic, the nostalgia associated with a seemingly simpler time was not. - [Vastness of Inflation Dynamics in Oceania: Navigating Monetary Policy Through Divergent Tides](https://economicstudents.com/vastness-of-inflation-dynamics-in-oceania-navigating-monetary-policy-through-divergent-tides/) - Why Australia’s energy-shock inflation debate is only the surface of a deeper monetary policy challenge across the Pacific. - [Compete & Comply Down Under: Navigating Australia's Economic Landscape](https://economicstudents.com/compete-comply-down-under-navigating-australias-economic-landscape/) - In this episode, Milena and Raymond from ESSA Clayton dive into the pressing issues surrounding Australia's economic landscape, from the current cost of living crisis to allegations of price gouging by supermarket giants. - [Game Over for the Competition: The Microsoft-Activision Merger with Professor Simon Vande Walle](https://economicstudents.com/game-over-for-the-competition-the-microsoft-activision-merger-with-professor-simon-vande-walle/) - As one of the top distributors of video games seeks to partner with arguably the most well-decorated creator of successful gaming franchises, this deal was deemed by many to be one that will reshape the present and future of gaming forever...unfortunately including the competition law authorities around the globe. - [Graduate Roles Unpacked: Your Launchpad to a thriving Career](https://economicstudents.com/graduate-roles-unpacked-your-launchpad-to-a-thriving-career/) - In this Episode of the ESSA Exchange, Emily Rowe and Samuel Tran dive into the journey of securing and thriving in graduate roles with insights from a recent graduate. - [Honours Insight with Daniel Arzhintar](https://economicstudents.com/honours-insight-with-daniel-arzhintar/) - In this episode, Matt Perryman and Raymond Wong chat with current economics and econometrics honours student Daniel Arzhintar in a wide ranging conversation from preparing for an honours degree to opportunities for honours students. - [Sustainability and Economics: Profit with Purpose](https://economicstudents.com/sustainability-and-economics-profit-with-purpose/) - In this Episode of the ESSA Exchange, Samuel Tran and Milena Knight interview Graham Phelan, an experienced economist who specialises in environmental, social, governance (ESG), and economic regulation on the topics of sustainability, ESG and economics. - [Migration, Talent and Opportunity](https://economicstudents.com/migration-talent-and-opportunity/) - In this episode of the ESSA Exchange, Elly Lau, Jade Truong, and Raymond Wong discuss migration and student opportunities with Deloitte Access Economics manager Ashleigh Hanna. - [The Knowledge Gap: Why Women Must Speak the Language of Economics](https://economicstudents.com/the-knowledge-gap-why-women-must-speak-the-language-of-economics/) - Financial illiteracy is a global crisis, but research consistently shows that its consequences fall disproportionately and more severely on women. Whilst it's found that households with both men and women struggle with basic matters of finance, within this crisis lies a more significantly overlooked failure: women on average know significantly less about finance than men, - [Housing Affordability Crisis in Australia: A Market Failure or a Policy Failure?](https://economicstudents.com/housing-affordability-crisis-in-australia-a-market-failure-or-a-policy-failure/) - The fear of never owning a home runs rife among the Australian youth of this generation, with the older generation attributing the crisis to problematic budgeting habits. But how bad actually is the problem? [Chirag Garg is a second year Bachelor of Laws (Honours) student and writer at ESSA with a keen interest in property - [Beyond the CV: Your Complete Guide to Internship Success](https://economicstudents.com/beyond-the-cv-your-complete-guide-to-internship-success/) - In this Episode of the ESSA Exchange, Alanna Tran and Chirag Garg sit down with Grace Zhou (ESSA President, 2026) and Viki Gohil (ESSA Marketing Co-Director, 2026) to share practical insights on securing internships. - [From Seoul to Sephora: How Korea Turned Skincare Into a Billion-Dollar Export Industry](https://economicstudents.com/from-seoul-to-sephora-how-korea-turned-skincare-into-a-billion-dollar-export-industry/) - Foreign aid has been poured into the developing world for decades, but poverty persists. What are we doing wrong; not giving enough, giving too much, or maybe giving it in the wrong way? This article explores the economics behind one of the most debated questions in development economics. - [Helping or Hurting? The Economics of Foreign Aid](https://economicstudents.com/helping-or-hurting-the-economics-of-foreign-aid/) - Foreign aid has been poured into the developing world for decades, but poverty persists. What are we doing wrong; not giving enough, giving too much, or maybe giving it in the wrong way? This article explores the economics behind one of the most debated questions in development economics. - [ESSA Trivia Night Recap](https://economicstudents.com/essa-trivia-night-recap/) - 4 March 2026, 6:30-9:00 PM - [Careers in Economics Recap](https://economicstudents.com/careers-in-economics-recap/) - 22 April 2026, 6:00-9:00 PM - [‘Free PTV’: Is there really such a thing as a free tram ride?](https://economicstudents.com/free-ptv-is-there-really-such-a-thing-as-a-free-tram-ride/) - As malatang stores take over the streets of busy cities, have you ever wondered why it has become so popular? Have you ever thought about how you should open up a store yourself so you can always have a nice bowl whenever you feel like it? You’re not alone. - [ESSA x UNIT Excel Workshop](https://economicstudents.com/essa-x-unit-excel-workshop/) - 21 April 2026, 6:00-8:00 PM - [Careers in Economics](https://economicstudents.com/careers-in-economics/) - 22 April 2026, 6:00-9:00 PM - [Is Australia’s CGT System Pricing Graduates Out of Wealth-Building?](https://economicstudents.com/is-australias-cgt-system-pricing-graduates-out-of-wealth-building/) - This article analyses how current and proposed Capital Gains Tax (CGT) policies may influence wealth-building pathways for university students and recent graduates, particularly through housing-market incentives and early-career financial constraints. - [How much does it really cost to travel? The hidden economics of travelling East Java.](https://economicstudents.com/how-much-does-it-really-cost-to-travel-the-hidden-economics-of-travelling-east-java/) - This article aims to break down the true costs involved with travelling, reveal all the hidden economical expenses that may arise and hopefully encourage you to visit East Java! [Mia is a third year Law (Honours) and Commerce (Economics) student who is currently a writer in ESSA. She has a keen interest in understanding how - [Observe the impacts of recent Qatar drone strikes through 5 charts](https://economicstudents.com/observe-the-impacts-of-recent-qatari-drone-strikes-through-5-charts/) - Hoang Minh Tue (ESSA Unimelb) The recent strikes on Qatar’s energy infrastructure were concentrated around the Ras Laffan Industrial City, the world’s largest Liquified Natural Gas (LNG) export hub located on Qatar’s northeastern coast. In essence, reports indicate that the attacks involved a combination of precision missiles and drone strikes targeting critical components of the - [Is Malatang All Fluff? A Dive into Melbourne's Favourite Bowl](https://economicstudents.com/is-malatang-all-fluff-a-dive-into-melbournes-favourite-bowl/) - As malatang stores take over the streets of busy cities, have you ever wondered why it has become so popular? Have you ever thought about how you should open up a store yourself so you can always have a nice bowl whenever you feel like it? You’re not alone. - [The Paradox of Cheap Clothes: Why Lower Prices Lead to More Buying, Not More Satisfaction](https://economicstudents.com/the-paradox-of-cheap-clothes-why-lower-prices-lead-to-more-buying-not-more-satisfaction/) - The terms ‘stealth wealth’, ‘frugal chic’, and ‘quiet luxury’ have crept and whispered their way into fashion and lifestyle discourse in recent years. - [Quiet Luxury Changed the Market for Veblen Goods?](https://economicstudents.com/quiet-luxury-changed-the-market-for-veblen-goods/) - The terms ‘stealth wealth’, ‘frugal chic’, and ‘quiet luxury’ have crept and whispered their way into fashion and lifestyle discourse in recent years. - [Crash Course to an Economics Degree](https://economicstudents.com/crash-course-to-an-economics-degree-3/) - 24 March 2026, 7:00-9:00 PM - [Crash Course to an Economics Degree](https://economicstudents.com/crash-course-to-an-economics-degree-2/) - 24 March 2026, 7:00-9:00 PM - [Networking Night with PwC Recap](https://economicstudents.com/networking-event-with-pwc-recap/) - 4 March 2026, 6:30-9:00 PM - [Is Australia’s Energy Grid Ready for the AI Boom?](https://economicstudents.com/is-australias-energy-grid-ready-for-the-ai-boom/) - The AI boom is here. Once confined to the walls of academia, AI now has potential in virtually every sector of the economy. But its ever-increasing presence poses serious challenges for Australia’s energy transition. - [ESSA x HoustonKemp Economists Panel](https://economicstudents.com/essa-x-houstonkemp-economists-panel/) - 16 March 2026, 6:30-8:00 PM - [ESSA x HoustonKemp Economists Panel Recap](https://economicstudents.com/essa-x-houstonkemp-economists-panel-recap/) - 16 March 2026, 6:30-8:00 PM - [Inside the Brainrot Economy: Why Nonsense is Big Business](https://economicstudents.com/inside-the-brainrot-economy-why-nonsense-is-big-business/) - Have you noticed terms like “67”, “skibidi”, and “rizz” floating around your social media, or even in public? Has there been a large increase in overly-stimulating AI short form videos plaguing your feed lately? Well, you’re not alone. - [ESSA Trivia Night](https://economicstudents.com/essa-trivia-night/) - 4 March 2026, 6:30-9:00 PM - [Careers in Commerce 2025](https://economicstudents.com/careers-in-commerce-2025/) - 21 August 2025, 6:30-9:00 PM - [MMSS x ESSA Trivia Night](https://economicstudents.com/mmss-x-essa-trivia-night/) - 7 August 2025, 6:30-9:00 PM - [Short Supply 2025: The Invisible Handshake](https://economicstudents.com/short-supply-2025-the-invisible-handshake/) - Directors Welcome Launched in 2015, Short Supply serves as a platform for economics students and enthusiasts to collaborate and share their ideas on a carefully selected economic theme each year. With writers coming from diverse backgrounds and degrees, we aim to dive deeper into unconventional economic issues and hope that our readers have an insightful - [To tackle textile waste, we must consider the economics](https://economicstudents.com/to-tackle-textile-waste-we-must-consider-the-economics/) - Every year, more than 1.4 billion units of clothing are imported into Australia, and over 880 million are sent to landfill (more than half the amount imported). The rate at which we’re buying new clothes isn’t changing, even in a cost of living crisis. In fact, Australians buy an average of 56 new items of clothing each year, and are the largest consumers of new clothing per capita in the world. - [The Year of the Horse: Lunar New Year’s Effect on the Chinese and International Economy](https://economicstudents.com/the-year-of-the-horse-lunar-new-years-effect-on-the-chinese-and-international-economy/) - For many, this year’s February marked a festive ramp-up towards the seventeenth: Lunar New Year and the commencement of the Year of the Horse. Across East and Southeast Asia, streets are awash in crimson and gold, night markets brim with the scent of sizzling delicacies, and laughter accompanies the exchange of red envelopes. As the seventh of the twelfth Chinese zodiac animal, the Horse represents freedom and breakthrough (Fargo, 2026). Accordingly, the Year of the horse emphasises a stage of life where people make bolder decisions, being in motion rather than standing still. - [2026 First Year Economics Guide](https://economicstudents.com/2026-first-year-economics-guide/) - Welcome to all our first years, and welcome to Economics at Monash. To help you get started, ESSA has prepared the 2026 First Year Economics Guide—a practical, experience-based companion to the official Monash handbook. It’s designed to feel like getting advice from a past student: less formal, more honest, and focused on what you’ll actually - [The rise of Democratic Socialism through Zohran Mamdani](https://economicstudents.com/the-rise-of-democratic-socialism-through-zohran-mamdani/) - Capitalism has been the foundation on which powerhouses such as America have built their economy. However, the newly elected mayor of New York, Zohran Mamdani, built his campaign on advocating for change which fundamentally opposes this ideology. Is this change confined to a single state? Or is it a more telling sign of the world’s turn on capitalism? - [How is Artificial Intelligence (AI) Powering Smarter Roads and a More Productive Australia?](https://economicstudents.com/how-is-artificial-intelligence-ai-powering-smarter-roads-and-a-more-productive-australia/) - Anyone who has studied first year economics will recall the basics of the production theory: when labour input rises, total output should follow. While this sounds simple in theory, Australia’s economic reality has thrown a real curveball into the equation. Despite the fact that we are working longer hours, aggregate output has barely seemed to budge. In the year to March 2025, labour productivity fell by 1%, while multifactor productivity crawled up just slightly by 0.1%. - [To SINK or DINK?](https://economicstudents.com/to-sink-or-dink/) - To stay as single as a ladybug or pursue a lovey-dovey relationship, that is the question. How will the ladybug fare with the singles tax? - [The Dark Knight (2008) Through The Lens of Game Theory (part 2)](https://economicstudents.com/the-dark-knight-2008-through-the-lens-of-game-theory-part-2/) - [Nick is a Bachelor of Economics student who enjoys how economics can help people understand the world through decision-making. He minors in mathematics and film and screen studies and is trying to grasp connections between the widely opposing disciplines.] The game of chicken is explored in the Joker’s attempts to corrupt Batman by targeting to - [Bargaining is Ubiquitous: How Negotiation Meets Everyday Life](https://economicstudents.com/bargaining-is-ubiquitous-how-negotiation-meets-everyday-life/) - A key concept familiar to game theorists is bargaining: the study of how surplus should be shared among rational agents (Thomson, 1994). In simple terms, cooperative bargaining seeks for a fair way to split the gains from cooperation. When both sides are willing to work together, these solutions can lead to outcomes that make everyone better off. While terms like “Nash equilibrium”, “Pareto efficiency” and “mixed motive” may sound abstract, we likely encounter bargaining all the time. This essay aims to explore the everyday examples of bargaining, illustrating how fairness and strategy shape outcomes in all kinds of negotiations both within and beyond white-collar settings. - [Education: the hidden driver behind productivity growth](https://economicstudents.com/education-the-hidden-driver-behind-productivity-growth/) - On the 4th of June this year, the ABS published its quarterly report on Australia’s economic growth. The statistics were tepid—0.2% growth in the March quarter, or 1.3% for the year ending in the March quarter. Hidden behind the main drivers of this sluggish growth—global uncertainty, extreme weather, level government spending—was another factor that led a recent policy brief by the federal Parliamentary Library to conclude that Australia’s “long-term economic prosperity” is “under threat”. - [Tariffs: A Boon or a Bane](https://economicstudents.com/tariffs-a-boon-or-a-bane/) - Imagine that you’re a small business owner in the US, assembling gadgets using imported components from all over the world. Microchips from Taiwan, cables and electronics from China, batteries from Germany and finally, packaging materials from Vietnam. Everything is working out well, until suddenly, tariffs rise. Your investments are now pricier, your profit margin shrinks, and you're stuck asking yourself: "Am I being protected or punished?" - [How Valve uses behavioural economics to their advantage to influence players to purchase virtual goods](https://economicstudents.com/how-valve-uses-behavioural-economics-to-their-advantage-to-influence-players-to-purchase-virtual-goods/) - Counter-Strike 2 (CS2), formerly and popularly known as Counter-Strike Global Offensive (CS:GO), is a first-person shooter competitive video game developed and published by Valve. One of the key features that differentiates CS2 from the majority of other competitive video games is its skin marketplace. Similar in style to a real marketplace, the CS2 marketplace allows users to buy, sell, and trade virtual goods, primarily weapon skins that can be equipped in-game. - [What Matcha Teaches us About Scarcity](https://economicstudents.com/what-matcha-teaches-us-about-scarcity/) - Whether it is in your morning latte or your afternoon treat, matcha has quietly become a staple in many diets. But as demand grows and supply tightens, this green tea powder is teaching us a lot more than just how to stay satiated – here is what global shortage of matcha reveals about scarcity in our modern world. - [The Billion-Dollar Labubu Economy: Scarcity, Extreme Hype, and Sky-High Prices Powering a Cult Market.](https://economicstudents.com/the-billion-dollar-labubu-economy-scarcity-extreme-hype-and-sky-high-prices-powering-a-cult-market/) - Whether you realised it or not, you’ve likely walked past a Labubu dangling from someone’s bag. On the train, at university, at work, they're everywhere. Long lines in front of Pop Mart’s stores upon news of Labubu restocks or releases, and even fights breaking out, are common - all in hope of securing a limited collectible before they sell out. In fact, Pop Mart, the Chinese company behind the Labubu franchise, has sold $670 million worth of related products this year, surpassing iconic US toy lines Barbie and Hot Wheels. Pop Mart’s total revenue more than doubled in 2024, with sales boosted by over 1,200%. Why is everyone suddenly obsessed with this plush monster bag charm, and how does the supply and demand of Labubus impact consumer behaviour? - [Trying to Mathematically(?) Prove That I am Not Performative](https://economicstudents.com/trying-to-mathematically-prove-that-i-am-not-performative/) - I swear I love Beabadoobee, but Spotify Wrapped got the receipts: 90% is house and Travis Scott. Lowkey hella performative - I know, but I’m going to try to mathematically(?) prove using WARP and rationalisability, that I am in fact not performative. - [Keeping Up With the Kardashianomics](https://economicstudents.com/keeping-up-with-the-kardashianomics/) - What do you get when you mix contouring, capitalism and controversy? A billion dollar business empire. This family turned fame into a viable business model by turning visibility to value, clout to capital and their personal lives into a marketable empire. This article explores how the Kardashians turned selfies, scandals and SKIMS into a foolproof blueprint of generational wealth one Instagram story at a time. - [Coffee Chats with ESSA](https://economicstudents.com/coffee-chats-with-essa/) - 17 April 2025, 10:30-11:30 AM - [Behind the scroll: How your attention powers the economy (and how you may not have even noticed)](https://economicstudents.com/behind-the-scroll-how-your-attention-powers-the-economy-and-how-you-may-not-have-even-noticed/) - It’s midnight and you’re up scrolling on TikTok, unable to stop. You’ve seen an ad for a jewellery business, a political conspiracy theory and a compilation of cat videos. It’s late, so you close the app, guilty and glazed over. That wasn’t just a regular scroll- it was a transaction. A productive input in the economy. The foundation for an attention economy. - [Why does that weird Kit-Kat flavour exist??](https://economicstudents.com/why-does-that-weird-kit-kat-flavour-exist/) - From Cherry blossom green tea latte to vegetable juice, there’s been more than 300 flavours of kit-kat in Japan in the last 25 years. Is this variety really worth it for firms? - [Crash Course to an Economics Degree](https://economicstudents.com/crash-course-to-an-economics-degree/) - Is green the new gold? Being sustainable is glorious in name, but what is the cost for companies? This article explores how and when companies balance profit and planet. - [Vietnam’s Attempt of Developing: Trading off Short-term for Long-term Prospects?](https://economicstudents.com/vietnams-attempt-of-developing-trading-off-short-term-for-long-term-prospects/) - 2025 marks another milestone as the country undergoes government reforms and shifts their budget concentration to infrastructure development to target higher economic growth. The question is how has this transition impacted Vietnam’s short and long-term economic prospects? - [Profit or Planet, The true cost of sustainability](https://economicstudents.com/profit-or-planet-the-true-cost-of-sustainability/) - Is green the new gold? Being sustainable is glorious in name, but what is the cost for companies? This article explores how and when companies balance profit and planet. - [Rational Minds, Irrational Choices: The Power of Behavioural Economics](https://economicstudents.com/rational-minds-irrational-choices-the-power-of-behavioural-economics/) - What if people aren’t the rational decision-makers economics once assumed them to be? This article explores how behavioural economics challenges traditional theories by revealing the hidden biases, habits, and heuristics that shape our everyday choices—from supermarket aisles to energy bills—and how these insights are used by both businesses and governments to influence behaviour. - [Unfit to Govern? The Global Failure Behind the Financial Crisis](https://economicstudents.com/unfit-to-govern-the-global-failure-behind-the-financial-crisis/) - What happens when global watchdogs fall asleep at the wheel? This article unpacks how weak international regulations, self-serving national agendas, and blind spots in oversight left the world’s financial system exposed—ultimately paving the way for the 2007–2009 Global Financial Crisis. - [Is Deglobalisation the future?](https://economicstudents.com/is-deglobalisation-the-future/) - Since the birth of modern capitalism, we have preached economic efficiency through trade and interconnectivity. However, for almost two decades, this narrative has been unravelled. Is this merely a phase? Or a sign of change in how the world views a fundamental concept of economic growth? - [The who’s who in the economic zoo — the proposed economic policies of Australia’s major political parties](https://economicstudents.com/the-whos-who-in-the-economic-zoo-the-proposed-economic-policies-of-australias-major-political-parties/) - With the 2025 Federal election fast approaching, selecting the right candidate to represent Australia’s best interests is at the forefront of many of our minds. For young people in particular, the cost-of-living crisis, HECS debt, and the housing crisis mean we are increasingly concerned with economic and financial matters, and our votes will be heavily influenced by our economic interests. With that, analysing and comparing the economic policy of different political parties can help you make an informed choice of who to vote for — for the sake of your economic future and Australia’s economic future alike. - [Trivia Night ESSA Clayton x Unimelb](https://economicstudents.com/trivia-night-essa-clayton-x-unimelb/) - 6 March 2025, 6:30-9 PM - [Alumni Spotlight: Building Your Path](https://economicstudents.com/alumni-spotlight-building-your-path/) - 13 March 2025, 6:00-8:00 PM - [Rethinking Retirement: Trends and Forecasts](https://economicstudents.com/rethinking-retirement-trends-and-forecasts/) - In a startling move, ASIC has announced it will be suing AustralianSuper over delays that have left thousands of grieving families in limbo. Allegedly, many death benefit claims have been left unprocessed for years, causing families to wait up to four years for a payout. In the last six months, ASIC has ramped up its scrutiny of the superannuation sector by launching similar lawsuits against other superfund giants. As the pattern of deficiencies grows, the question looms: is Australia’s superannuation system capable of upholding its intent, or is it time for a fundamental overhaul? - [How Companies Create Artificial Scarcity to Drive Demand](https://economicstudents.com/how-companies-create-artificial-scarcity-to-drive-demand/) - In a world where exclusivity drives desire, scarcity is not just a market condition—it's a carefully orchestrated strategy. Companies like Burberry and Nike have mastered the art of artificial scarcity to not only heighten demand but also elevate their products to symbols of status and prestige. This strategy, while profitable, raises important ethical and environmental questions. Dive into how scarcity shapes both markets and mindsets. - [Infrastructure Mega Projects – The Fading Construction Dream](https://economicstudents.com/infrastructure-mega-projects-the-fading-construction-dream/) - Infrastructure Mega Projects have gotten economies through hardship. Given recent budget blowouts, are the net benefits crumbling away? - [Harvard x ESSA Workshop](https://economicstudents.com/harvard-x-essa-workshop/) - 🚨 Unlock Harvard Skills! 🚨 Join ESSA Monash & Unimelb for a 3-hour workshop led by Professor Alex Chan, developed from his materials at Harvard Business School for a business case competition. This session will sharpen your negotiation skills and teach you how to organise effective teams—crucial for any competitive business environment! 💼✨ 📅 Date: - [The RCEP and China's Strategic Play: Reshaping Global Trade](https://economicstudents.com/the-rcep-and-chinas-strategic-play-reshaping-global-trade/) - As the world’s largest trade pact, the Regional Comprehensive Economic Partnership (RCEP) is transforming economic alliances and solidifying China’s influence in the Asia-Pacific. While fostering regional cooperation, RCEP also raises critical questions about economic dependence and the shifting balance of global power. Will this agreement redefine the global trade order, or will competing frameworks like IPEF challenge its dominance? - [2025 Economics First Year Guide](https://economicstudents.com/2025-economics-first-year-guide/) - [Australia’s Visa Restrictions Act 2024](https://economicstudents.com/australias-visa-restrictions-act-2024/) - [Cybersecurity Policies and How They Impact Economic Growth](https://economicstudents.com/cybersecurity-policies-and-how-they-impact-economic-growth/) - [Short Supply 2020: Disaster](https://economicstudents.com/short-supply-2020-disaster/) - Directors Welcome One would think that by setting the theme of Disasters, I was bound to be flooded with submissions ruminating on an impending apocalypse and dystopian futures. Given the challenging external circumstances everyone has suddenly found themselves in, it would not have been surprising had this edition been filled with heartfelt meditations on the - [Short Supply 2021: Generations](https://economicstudents.com/short-supply-2021-generations/) - Directors Welcome I would like to extend my most sincere welcome to the seventh issue of Short Supply, an annual publication of the Economics Student Society of Australia. Launched in 2015, Short Supply served as a platform for students and industry professionals to share their views and insights on an annual theme of economic significance. - [Short Supply 2022: The Age of Empowerment](https://economicstudents.com/short-supply-2022-the-age-of-empowerment/) - Directors Welcome Welcome to the eighth issue of Short Supply, an annual publication of the Economics Student Society of Australia. Launched in 2015, Short Supply serves as a platform for students and academics in the Monash community to share their views and insights on an annual theme of economic significance. This year’s theme, ‘The Age - [Short Supply 2024: Beyond Predictability](https://economicstudents.com/short-supply-2024-beyond-predictability/) - Directors Welcome 2024 has proven to be a year full of dynamic shifts and unprecedented challenges in the Australian and global economy. As we step into a future shaped by technological advancements and growing sustainability concerns, the publication team at ESSA Clayton dedicates this year’s Short Supply towards equipping oneself with knowledge amidst the ever-changing - [Equilibrium 2020: Good Economics for Hard Times](https://economicstudents.com/equilibrium-2020-good-economics-for-hard-times/) - Directors’ Welcome Thank-you for reading this year’s edition of Equilibrium. Since the very beginning, this publication has been a cross-campus effort. But we are proud to say that this year’s Equilibrium was a more collaborative effort than ever before. Despite being physically apart, across time zones and countries, our writers, committee and all contributors worked - [Equilibrium 2021: Economic Expectations](https://economicstudents.com/equilibrium-2021-economic-expectations/) - Directors’ Welcome Whilst 2021 was supposed to mark the beginning of the post-COVID era (or perhaps post-lockdown), unfortunately as the year progressed the students of Melbourne again found themselves confined to their desks as remote learning became the only viable option. However, not to be deterred, ESSA’s writing team continued to follow their economic interests - [Equilibrium 2022: For Better or For Worse?](https://economicstudents.com/equilibrium-2022-for-better-or-for-worse/) - Director’s Welcome 2022 has been a year of connection, allowing us to re-experience the joys of face-to-face learning and overseas adventures. The writers of ESSA have continued to pursue their interest in economics and keenly observe significant local and global events throughout this year – and there have been many. From Russia’s invasion of Ukraine - [Equilibrium 2024: Where Policy Meets Politics](https://economicstudents.com/equilibrium-2024-where-policy-meets-politics/) - Director’s Comment 2024 has been a historic year shaped by a wide range of events. Culturally, billions have been captivated by the excitement of the Summer Olympic Games, the Euros, and Copa America. Economically, the stock market has experienced one of the most significant bull runs in decades, driven by a strong post-Covid rebound and - [PPCC Workshop](https://economicstudents.com/ppcc-workshop/) - A workshop will be hosted by representatives from the Victorian Department of Treasury and Finance for ESSA’s upcoming Public Policy Case Competition. This event is an excellent opportunity for competition participants to gain valuable insights, skills, and tips for public policy analysis. The workshop is structured to provide you with key information on effective public - [2024 ESSA Careers Panel](https://economicstudents.com/2024-essa-careers-panel/) - 2024 ESSA Careers Panel ESSA is back with our annual Careers Panel to offer professional advice and answer all of your Economics-related questions!✨ Sign up for free! : https://www.eventbrite.com.au/e/2024-essa-careers-panel-tickets-862878782667 Date and time: Wed, 27 Mar 2024 6:00 PM - 8:00 PM AEDT Location: Learning and Teaching Building, LTB, G.03 19 Ancora Imparo Way Clayton, VIC - [Public Policy Case Competition](https://economicstudents.com/public-policy-case-competition/) - ESSA’s Public Policy Case Competition is a highly anticipated competition that is specifically tailored to foster innovation and collaboration, inviting you to tackle some of Australia’s most pressing challenges and gain experience in policy and problem solving. No prior knowledge is assumed and PPCC is open to students from all faculties and year levels across - [Careers in Economics](https://economicstudents.com/careers-in-economics-2/) - ESSA Clayton and ESSA Caulfield are delighted to present our 𝐂𝐚𝐫𝐞𝐞𝐫𝐬 𝐢𝐧 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬 event in 2024. This is a networking event where current students will have the opportunity to meet, greet and hear from economic industry professionals as they discuss their career journey and advice they wish they had access to when they first entered - [Career Compass](https://economicstudents.com/career-compass/) - 𝙒𝙖𝙣𝙩 𝙩𝙤 𝙠𝙣𝙤𝙬 𝙬𝙝𝙚𝙧𝙚 𝙮𝙤𝙪𝙧 𝙛𝙪𝙩𝙪𝙧𝙚 𝙢𝙖𝙮 𝙡𝙞𝙚 𝙖𝙛𝙩𝙚𝙧 𝙐𝙣𝙞𝙫𝙚𝙧𝙨𝙞𝙩𝙮? Well, join @gcg.unimelb x @enactusunimelb x @essa.unimelb at our ‘Career Compass’ Event! This 'Career Compass' event aims to bridge the gap between students and industries by providing insights into the diverse range of opportunities after University and advice on how to break into these industries. - [Budget Viewing Party](https://economicstudents.com/budget-viewing-party/) - Don’t miss ESSA’s annual Budget Viewing Party, as we watch and discuss the 2024-25 Federal Budget!! Delicious canapés, and drinks will be served, to fuel your conversations. 🥂✨ ✨❇️BUT ALSO: Get ready for the photobooth, and ESSA’s special drinks ❇️✨ 📍: Concrete Boots Bar 🗓: Tuesday, 14/5 ⏰: 7-9 pm 👔: smart casual, semi formal - [Annual General Meeting](https://economicstudents.com/annual-general-meeting/) - Mark your calendars for ESSA’s 2024 Annual General Meeting in Week 9! Join us to celebrate our achievements and learn about the exciting plans ahead. Plus, enjoy some free food while you're at it! 😋 See you there! Date: Tuesday, 17th September Time: 5:30pm Location: Room G60, Learning and Teaching Building (LTB), Monash Clayton - [Women in Economics](https://economicstudents.com/women-in-economics/) - ESSA Clayton, Caulfield and Unimelb are delighted to present our 𝐖𝐨𝐦𝐞𝐧 𝐢𝐧 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬 𝐛𝐫𝐞𝐚𝐤𝐟𝐚𝐬𝐭 event in 2024 🥐☕️✨ This is a networking event where current students will have the opportunity to meet, greet and hear from female economic industry professionals as they discuss their career journey and advice they wish they had access to when - [Revise with ESSA: ETC2410](https://economicstudents.com/revise-with-essa-etc2410/) - Calling all ETC2410 students! ESSA is holding a revision session on Tuesday! Come join this revise session to help you ace your exams! We will be having a HD student who will run through the unit’s content and provide practice questions. Sign up using the link below to secure your spot! 🗓️Tuesday, 15th Oct 6:00pm - [Revise with ESSA: ECC1100](https://economicstudents.com/revise-with-essa-ecc1100/) - Calling all ECC1100 students! ESSA is holding a revision session on Thursday! Come join this revise session to help you ace your exams! We will be having a HD student who will run through the unit’s content and provide practice questions. Sign up using the link below to secure your spot! 🗓️Thursday, 17th Oct 6:00pm - [Revise with ESSA: ETC1000](https://economicstudents.com/revise-with-essa-etc1000/) - Calling all ETC1000 students! ESSA is holding a revision session on Friday! Come join this revise session to help you ace your exams! We will be having a HD student who will run through the unit’s content and provide practice questions. Sign up using the linkbelow to secure your spot! 🗓️Friday, 18th Oct 6:00pm📍Online Register - [Equilibrium 2015: EQ15](https://economicstudents.com/equilibrium-2015-eq15/) - Editor’s Welcome It is with incredible excitement that I present to you the fourth edition of Equilibrium. As ESSA has strengthened its position as the premier student voice of economics in Australia, this publication endeavours to both showcase the achievements of the society in 2015 and contribute to its ongoing success. This year posed a - [Short Supply 2015: Then & Now](https://economicstudents.com/short-supply-2015-then-now/) - Director’s Welcome I warmly welcome you to the inaugural issue of Short Supply, a publication of the Economics Student Society of Australia (ESSA). Short Supply aims to be a vehicle for economic debate and to advance economic literacy among all university students, regardless of academic background. Economics is, after all, ubiquitous in our lives. This - [Short Supply 2017: The Global Financial Crisis](https://economicstudents.com/short-supply-2017-the-global-financial-crisis/) - Director’s Welcome I warmly welcome you to Short Supply, an annual publication of the Economics Student Society of Australia. It has been an absolute honour working with our dedicated team to produce the third edition of this magazine, as well as on all of our other projects this year. In 2017 we have continued to - [Short Supply 2018: The World of Tomorrow](https://economicstudents.com/short-supply-2018-the-world-of-tomorrow/) - Directors Welcome Welcome to the fourth issue of Short Supply, an annual publication of the Economics Student Society of Australia. Launched in 2015, Short Supply serves as a platform for students and academics in the Monash community to share their views and insights on an annual theme of economic significance. This year’s issue, themed ‘The - [Short Supply 2019: The Environment](https://economicstudents.com/short-supply-2019-the-environment/) - Editor’s Welcome It is ironic that a generation that one could justifiably argue wins the award for ‘Least Time Spent Outdoors, Climbing Trees and Frolicking in Meadows’, is also the one that is most presciently preoccupied with a fear that Planet Earth will imminently collapse. With this we welcome you to this year’s edition of - [Equilibrium 2016: EQ16](https://economicstudents.com/equilibrium-2016-eq16/) - Editors’ Welcome After months of hard work and planning, we are proud to present to you ESSA’s fifth edition of Equilibrium. Equilibrium stands as a reflection and testament to another year of ESSA. Another year of engaging economic students, fostering insightful economic discussions and creating a wonderfully warm community. We hope that this publication not - [Short Supply 2016: A History of Economic Thought](https://economicstudents.com/short-supply-2016-a-history-of-economic-thought/) - Director’s Welcome As Monash’s Director of Publications for 2016 I have been tasked with overseeing various projects. Our orientation week magazine, ‘Irrational Expectations,’ was a successful venture, a testament to the hard-work of our writing staff, editors, committee members, and graphic design team. We have continued to produce high-calibre pieces for our website, ranging from - [Australia’s Housing Market and the Impact of Changing Working Environments](https://economicstudents.com/australias-housing-market-and-the-impact-of-changing-working-environments/) - As Australia’s economy leaves the pandemic behind, how has the housing market been impacted by the change in urbanisation, the RBA, and financial stability of consumers? Will homeowners see similar growth, or will the construction industry be able to keep up with demand? [Matt Perryman is a fourth year Engineering and Commerce student with a - [Student Immigration: Economic Impacts and Current Trends/Opportunities/Challenges](https://economicstudents.com/student-immigration-economic-impacts-and-current-trends-opportunities-challenges/) - Today, with a heavy heart, I will share the story of Mahmadul Faruq, a bright student and a very dear friend of mine from Bangladesh who applied for the UNSW as an international student. Unfortunately, Mahmadul was rejected. As he held back his tears, induced by his immense passion for studying abroad, Mahmadul was curious - [Unlocking the Potential: Bitcoin's Halving, ETF, and Their Market Ramifications](https://economicstudents.com/unlocking-the-potential-bitcoins-halving-etf-and-their-market-ramifications/) - In the annals of financial history, very few phenomena have garnered global attention and imagination quite like Bitcoin’s (BTC) meteoric rise. But behind the scenes, a silent countdown is underway. An unparalleled event that captures the eyes of millions, akin to the anticipation of a World Cup or the Olympics in the realm of cryptocurrency, - [Blended Finance: The New Age of Philanthropy](https://economicstudents.com/blended-finance-the-new-age-of-philanthropy/) - In response to rising global challenges and dwindling humanitarian aid, philanthropy is shifting towards blended finance - a strategic approach combining public, private, and philanthropic funds to address pressing issues like poverty and climate change. Despite complexities and challenges, blended finance has proven effective in mobilising capital and catalysing positive impact, offering hope for a - [Implications of Pay Transparency for the Gender Pay Gap: Where is Australia Headed?](https://economicstudents.com/implications-of-pay-transparency-for-the-gender-pay-gap-where-is-australia-headed/) - When the WGEA released Australia’s gender pay gap on February 27, phrases like “inequality”, “women deserve more”, and “I can’t believe we still get paid less” almost immediately bubbled into mainstream media. But there’s been a clear oversight; the gender pay gap as defined by WGEA is the ‘difference in average earnings between men and - [Poker: A Game of Money and Economics](https://economicstudents.com/poker-a-game-of-money-and-economics/) - Jeff Yass, founder of Susquehanna International Group (SIG) is the 48th richest person in the world. Yass studied a Bachelor of Science, majoring in mathematics and economics at Binghamton University, and met the other cofounders of SIG through a local college poker game. After finishing university, Yass and his friends rented a room in Las - [Developmental Economics: From farming to AI](https://economicstudents.com/developmental-economics-from-farming-to-ai/) - Just how did the world move from an agricultural to industrial economy? Are there any patterns to economic development? Explore developmental and historical economics with Raymond Wong in this article. [Raymond is studying a Bachelor of Commerce/Bachelor of Science at Monash University, with majors in finance and statistics. He is interested in a strange assortment - [Embracing Fiscal Rules for a New Age](https://economicstudents.com/embracing-fiscal-rules-for-a-new-age/) - With Fiscal Rules being a less explored part of fiscal policy, this article attempts to construct a rationale for why more nations should embrace this framework for better economic performance and prioritise long-term growth over short term political benefits. [Pavan Sundar is a first year Bachelor of Economics student at Monash Clayton with a passion - [Thank you for your service: The role of AI in the SAG-AFTRA and WGA strikes](https://economicstudents.com/thank-you-for-your-service-the-role-of-ai-in-the-sag-aftra-and-wga-strikes/) - On July 13, 2023, following weeks of negotiation of the Television/Theatrical/Streaming contracts, the Screen Actors Guild and the American Federation of Television and Radio Artists (SAG-AFTRA) National Board officially declared a strike against the Alliance of Motion Picture and Television Producers (AMPTP), the first time this had happened since 1980, and the first time it - [Wimbledon 2022: The Ban of Russian & Belarussian players and its economic implications](https://economicstudents.com/wimbledon-2022-the-ban-of-russian-belarussian-players-and-its-economic-implications/) - Prestige and Pride: What Wimbledon embodies Wimbledon, formerly known as The Championships, is one of the four Grand Slam tennis tournaments that awards its players the most ranking points and prize money. Distinguished not only by its distinctive grass courts, Wimbledon is infamous for its royal patronage and the absence of commercial advertisings on courts, - [A broader impact on purchasing parity: Analysis of inflation in Bangladesh](https://economicstudents.com/a-broader-impact-on-purchasing-parity-analysis-of-inflation-in-bangladesh/) - In Bangladesh, a developing country, I witnessed a heart-wrenching incident last year at the marketplace. I saw someone in tears, huddled in a corner near a meat shop. Curiosity piqued, I approached him to find out what had happened. He explained that he could no longer afford to eat meat and was struggling to maintain - [Altering the fabric of society: Feminism and the early department store](https://economicstudents.com/altering-the-fabric-of-society-feminism-and-the-early-department-store/) - David Jones, an icon of Australian retailDavid Jones, an icon of Australian retail As the iconic retailers Kmart and Target begin the process of a merger announced a few months ago, and with the futures of David Jones and Myer also firmly in the ‘watch this space’ category, it appears that the era of the physical department store is coming to a close. Perhaps no match for - [Why you should run the company you work for: The case for codetermination](https://economicstudents.com/why-you-should-run-the-company-you-work-for-the-case-for-codetermination/) - “Inequality” gets tossed around a lot these days as a problem that we need to solve. Bill Shorten focused on the consequences of economic inequality in his 2019 election campaign. Joe Biden has made addressing it the cornerstone of some of his greatest policy achievements. This is a good thing, of course. Inequality has socioeconomic - [How Australians almost lost Google Search - The Australian News Media Bargaining Code](https://economicstudents.com/how-australians-almost-lost-google-search-the-australian-news-media-bargaining-code/) - An increasingly digital world has led to an exponential growth in the power of digital platforms, and the topic of digital platform regulation increasingly controversial. In particular, the accumulation of market power for digital platforms has caused digital platforms to be able to drive down the prices they pay for journalism. Media businesses are unable - [The Tulip Mania: An Insight into Modern Economic Bubbles](https://economicstudents.com/the-tulip-mania-an-insight-into-modern-economic-bubbles/) - If you owned a single Semper Augustus tulip bulb in Holland, 1636, your net-worth would be equivalent to a modern-day millionaire. A year later, that same bulb would be worth next to nothing. The tulip bubble, commonly referred to as the tulip mania, was one of the first heavily documented economic bubbles in history. As - [The Blizzard Coming to Gaming Part I: Introduction](https://economicstudents.com/the-blizzard-coming-to-gaming-part-i-introduction/) - Just when everyone thought that January 18 of 2022 was just going to be another average Tuesday, no one expected Microsoft to announce a record-breaking all-cash $69B merger with Activision Blizzard, the game development studio that published some of the most popular games ever: Call of Duty, Halo, Overwatch, and of course Candy Crush Saga. - [A First Time for Everything: The Financial Crisis of 33 CE](https://economicstudents.com/a-first-time-for-everything-the-financial-crisis-of-33-ce/) - It’s always fun to look back at history and wonder to yourself: What were they thinking? This is even more true looking back at economic history. It was only about 100 years ago that Keynes proposed the importance of aggregate demand and the role of fiscal and monetary policy. In fact, economics only really came - [What if we just printed more money? A 17th century Germanic Perspective](https://economicstudents.com/what-if-we-just-printed-more-money-a-17th-century-germanic-perspective/) - Monetary policy is all the rage at the moment around the world. It is unlikely you will go a day without hearing about hellish interest rate hikes, evil Central Bank governors, and destructive levels of inflation. But only a year or two ago people were lamenting unnecessarily low levels of inflation and economic growth. During - [Will Bitcoin Become Money?](https://economicstudents.com/will-bitcoin-become-money/) - Bitcoin! Everybody has heard of it before, but what does Bitcoin actually aim to do? Bitcoin wants to be the money of the future, but can it achieve this? Well, Bitcoin is a cryptocurrency designed to become both a store of value and a form of money. Some believe that Bitcoin is a better form - [Review of the RBA Review](https://economicstudents.com/review-of-the-rba-review/) - The Royal Burden on Australians, better known as the RBA, has just come out of the magnifying glass. It has been investigated, basically interrogated, by the Treasury of Australia, with the purpose of ensuring “strong macroeconomic outcomes for Australia”. The review came with plenty of questions from everyday Australians, that were conveniently handled with political - [Could the Year of the Dragon Bring A Baby Boom To Save China’s Aging Population?](https://economicstudents.com/could-the-year-of-the-dragon-bring-a-baby-boom-to-save-chinas-aging-population/) - 2024 – The Year of the Dragon The Chinese zodiac (or Shengxiao) is a series of 12 animals that repeats in a set cycle. This zodiac reading is a long-term tradition that has existed for over 2000 years in China based on a famous myth – The Jade Emperor’s Race. Out of the 12 zodiac - [Advancement in AI: Unleashing Innovation or Unemployment?](https://economicstudents.com/advancement-in-ai-unleashing-innovation-or-unemployment/) - Will AI take over human jobs? The question at the forefront of everyone’s mind. This paper attempts to answer this question, whilst simultaneously exploring AI’s benefits for businesses and the global economy. [Milena is in her penultimate year of studies, studying a Bachelor of Politics, Philosophy and Economics/Bachelor of Arts at Monash University, specialising in - [The Dark Knight (2008) Through The Lens of Game Theory (part 1)](https://economicstudents.com/the-dark-knight-2008-through-the-lens-of-game-theory-part-1/) - The application of game theory, with Batman, The Joker among the players, can be used to understand the moral themes of the Dark Knight (2008). Characters show their complexity through their decisions and frequent opposition to rationality throughout the film. [Nick is a Bachelor of Economics student who enjoys how economics can help people understand - [The Feldstein-Horioka Puzzle](https://economicstudents.com/the-feldstein-horioka-puzzle/) - First presented in 1980, Martin Feldstein and Charles Horioka present a discrepancy between economic theory and what is observed within the real world. By estimating the relationship between domestic savings and domestic investment, the two economists show what is now accepted as the ‘Feldstein-Horioka Puzzle’. Standard economic theory suggests that, in the absence of frictions - [Is Our Networking Approach Fuelling the Gender Pay Gap?](https://economicstudents.com/is-our-networking-approach-fuelling-the-gender-pay-gap/) - Is Our Networking Approach Fuelling the Gender Pay Gap? The gender pay gap remains a pressing issue, but could the way we network unintentionally worsen this problem? Insights from behavioural economics suggest that our networking preferences may have a more significant impact than we realize. Let's dive into the concept of "homophily in networking." This - [Past and Future of China-Australia Trade: A Brief Review](https://economicstudents.com/past-and-future-of-china-australia-trade-a-brief-review/) - Since establishing relations in the 1970s, the People's Republic of China has been one of Australia's most important economic partners. However, the dynamics of this relationship has become increasingly strained over the past decade. This article will review crucial events within this relationship and provide insights regarding the future of Chinese-Australian trade. Chinese-Australian trade relations - [Ethanol: a political hat trick](https://economicstudents.com/ethanol-a-political-hat-trick/) - This article by Ben Brooks at Left-Right Think Tank was featured as part of ESSA’s 2013 Equilibrium publication. The world produces twice as much ethanol for blended biofuel as it consumes in alcoholic beverages. This is a terrible waste of inebriating nectar at best; misguided policymaking at worst. And erstwhile supporters realise as much, with - [A shortage of abundance – House Price and Supply in Australia](https://economicstudents.com/a-shortage-of-abundance-house-price-and-supply-in-australia/) - Housing affordability – rather, the lack thereof in Australia has been a salient issue this past decade (pre-COVID too). Heaving heaps of headlines over the years have been celebrating rising prices, bemoaning unaffordability, even fearing a house market crash. But when did it get so bad? COVID? 2017? Even the early 2000’s? This essay looks - [Australia’s dilemma with shrinkflation: What steps should be taken to mitigate the damage](https://economicstudents.com/australias-dilemma-with-shrinkflation-what-steps-should-be-taken-to-mitigate-the-damage/) - For the love of shrinkflation, are your snacks disappearing faster than your ability to save money? Cindy Nhim explores these newly coined terms and the actions in place to moderate the ramifications. [Cindy is currently pursuing a Bachelor of Commerce and Arts at Monash University. She sports great enthusiasm towards uncovering the vast landscape of - [Thoughts in Trade: The Psychology of Investor Behaviour during Financial Crises](https://economicstudents.com/thoughts-in-trade-the-psychology-of-investor-behaviour-during-financial-crises/) - The global financial crisis of 2008 was a period of extreme stress in financial markets and banking systems worldwide. After a downturn in the United States housing market, the crisis quickly spread around the world. Although more prominent factors existed, investors contributed to this crisis by aggressively seeking high returns. Since 2008, there have been - [Nudging children: An ethically questionable method to compound returns to nudges?](https://economicstudents.com/nudging-children-an-ethically-questionable-method-to-compound-returns-to-nudges/) - Nudging children: An ethically questionable method to compound returns to nudges? On a recent trip to Singapore, I came across an interesting poster with the hashtag #standupstacy that encouraged commuters to give up their seats for those in need. Soon after, I came across displays in a hallway that encouraged people to stereotype themselves as - [Trading Today and Tomorrow: AI’s Trailblazing Influence on International Trading](https://economicstudents.com/trading-today-and-tomorrow-ais-trailblazing-influence-on-international-trading/) - This article speaks on the intersection between Artificial Intelligence and International Trade. In particular, it explores how AI can enhance the trading process. However, while AI is beneficial, traders and firms must be mindful of AI’s shortcomings and disadvantages. [Milena is in her penultimate year of studies, studying a Bachelor of Politics, Philosophy and Economics/Bachelor - [The Evolution of Budget Deficits; Why the Public’s Perception is Slow to Catch Up.](https://economicstudents.com/the-evolution-of-budget-deficits-why-the-publics-perception-is-slow-to-catch-up/) - In the last 16 years, the Australian government has maintained a budget deficit in 15 of them. Australia is not alone in this trend, as both the United States and Japan have had negative budgetary outcomes every year since 2000. Whilst this is par for the course during times as volatile as the past decade - [Rex, Aussie Aviation and Competition](https://economicstudents.com/rex-aussie-aviation-and-competition/) - Rex was arguably the best budget airline around for the past couple years. At least, it was my favourite. With popular return tickets as cheap as $200, plus some in-flight complementary services, what wasn’t there to love? [Dayabir Singh is an undergraduate Science and Arts student at Monash University. He is interested in the more - [Struggles of the Australia Retail Sector](https://economicstudents.com/struggles-of-the-australia-retail-sector/) - I was watching an episode of one of my favourite political TV shows, The Drum (Mon-Fri, ABC News 24 at 6pm) when Dick Smith was introduced as the program guest. I watched with bewilderment as Smith began ranting and raving – it went something like this: “(without the GST revenue from electronic retail sales) we - [The Club Conundrum](https://economicstudents.com/the-club-conundrum/) - Clubs and societies form a major part of any Australian university. Orientation weeks (O-weeks) are inundated with food, music, games and freebies thanks to student clubs, which exist to meet students’ extra-curricular demands. The plethora of professional, cultural and special interest groups serve as a platform to enrich students’ university lives. Monash itself registered 105 - [Economics is for the People](https://economicstudents.com/economics-is-for-the-people/) - When an economic debate descends into something along the lines of “the economy exists in order to benefit the people – not the other way around,” you should reply: But what is an economy other than many millions of people interacting daily? Let’s not understate the reach and application of economics – it infects every - [Should South Africa Legalise the Rhino Horn Trade?](https://economicstudents.com/should-south-africa-legalise-the-rhino-horn-trade/) - Rhino hunting has reached record heights in South Africa, prompting the government to address requests for establishing a legal market of Rhino horns to combat poaching. Rhinos are currently on the ICUN Red List as critically endangered. Conservation society WWF estimated the Black Rhino population has decrease by 95% since the 1980s, from 75,000 to - [Globalisation](https://economicstudents.com/globalisation/) - My opinion is that globalisation is essential for dealing with poverty. While programs like World Vision’s Area Development Program may be helpful, I would argue they are only a small part of the effort in relieving poverty, because while the motive may seem more pure, it may be a smaller pool of energy to draw from. I - [The Unhealthy Surplus Obsession](https://economicstudents.com/the-unhealthy-surplus-obsession/) - One of Australia’s prominent business commentators, Alan Kohler, summed it up perfectly in his contribution to today’s Business Spectator: As everyone in business knows, a forecast is just a forecast. In times like these, it’s not even that; it’s a guess that you hope won’t look too stupid. The chances that Wayne Swan, dubbed the - [The Euro Crisis: Why Greece is broke but Germany won’t do anything about it.](https://economicstudents.com/the-euro-crisis-why-greece-is-broke-but-germany-wont-do-anything-about-it/) - Anyone reading the news lately would’ve surely caught on that something is amiss in Europe: The so called ‘PIGS’ (Portugal, Ireland, Greece and Spain), and especially the Greeks have been on the edge of default for months, causing rumours that the Euro may be headed to the scrap heap. If any of you still remember, - [Microcrisis](https://economicstudents.com/microcrisis/) - The concept of microfinance has gained popularity recently through stories of grand success and its promise as a panacea for global poverty. Microfinance institutes provide financial services to low-income people who would otherwise be rejected by more commercial banking institutions. Microfinance includes products such as savings, insurance and loans. Microcredit is a specific name for - [Car Subsidies Delaying the Inevitable](https://economicstudents.com/car-subsidies-delaying-the-inevitable/) - The Federal government announced recently that they will continue to support the Australian car industry through ‘co-investment’ – i.e. through tax-payer funded direct subsidies to industry. This is funneling money to multinational co-operations so they can maintain production of Holdens and Fords in Australia. All this is for one reason – to protect Australian car - [Standing in the Way](https://economicstudents.com/standing-in-the-way/) - The essence behind Free-Market ‘capitalism’ is the idea that the provision of incentives, say, a profit-motive, or some significant tangible benefit, create a response within a particular market that allows it to organise itself, and for goods to be produced in the most efficient way, in the desired quantities and prices. For hundreds of years - [Happy Valentine’s Day, from Helicopter Ben](https://economicstudents.com/happy-valentines-day-from-helicopter-ben/) - You can do your part for the local economy by partaking in today’s Valentine’s Day! To help you in your endeavours, here are some romantic lines which you may use on that special someone. These come courtesy of the ever-generous, Helicopter Ben. Alan Greeenspan coined the phrase in 1996. Robert Shiller used it as the - [A Game of Theorists (Episode 1)](https://economicstudents.com/a-game-of-theorists-episode-1/) - Psychologists refer to game theory as the theory of social situations. More specifically, it is the study of the strategic decisions, available to rational agents, producing outcomes with respect to the utility of those agents. Through analysis of different courses of action a ‘player’ can take, the outcomes which these actions lead to, and the - [Paying your Dues](https://economicstudents.com/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 - [ETS is the right policy, it just might not be the right time](https://economicstudents.com/ets-is-the-right-policy-it-just-might-not-be-the-right-time/) - After passing through both Houses of Parliament, Australia will officially have an emissions trading scheme on July 1st 2012, which will take the form of a carbon tax for its first three years before moving to a flexible price carbon trading market in 2015. It was hailed by the Labor caucus and the Greens as a - [Becoming a better Economist](https://economicstudents.com/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 - [Will market confidence fall amid Labor struggles?](https://economicstudents.com/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 - [Understanding the crisis that embroils Europe](https://economicstudents.com/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 - [The Greek Epic](https://economicstudents.com/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, - [Party Politics Trumps Policy Details](https://economicstudents.com/party-politics-trumps-policy-details/) - 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 - [Negative Interest rates: They don't exist...Or do they? Examining the strange case of the Swiss](https://economicstudents.com/negative-interest-rates-they-dont-exist-or-do-they-examining-the-strange-case-of-the-swiss/) - It’s commonly assumed that interest rates of any sort of debt has to be positive, because it just doesn’t make sense otherwise: why would you pay someone to hold on to your money for you when you can do the same by putting it in the bank and earn interest? If you don’t trust the - [A Fine Point](https://economicstudents.com/a-fine-point/) - Edwina Economist is driving to an important meeting with her boss to discuss the prospects of her promotion. She is confident that she will get the promotion if she is punctual and relaxed. Unfortunately, she is running behind schedule. Edwina entertains the thought of speeding to 100km/h along a road with a limit of 80km/h - [Downing Lecture 2012 - GFC and Household Incomes](https://economicstudents.com/downing-lecture-2012-gfc-and-household-incomes/) - I attended my first Downing Lecture on Thursday night, and heard a fascinating speech by Professor John Micklewright, a research fellow from the Melbourne Institute. It was an interesting account on how the GFC had affected household incomes and income distribution across OECD countries. This blogpost will focus only on Professor Micklewright’s research on household - [Fiscal Stimulus and Consolidation during Financial Crises](https://economicstudents.com/fiscal-stimulus-and-consolidation-during-financial-crises/) - Olivier Blanchard, chief economist at the International Monetary Fund (IMF), recently told the Council of Foreign Relations that he was surprised at the amount of debate surrounding the role of fiscal stimulus during economic downturns. This comes after much criticism of the stimulus packages implemented across the world in early 2009, where the world economy - [Free Parking? No Such Thing](https://economicstudents.com/free-parking-no-such-thing/) - Cost complaints about university parking systems typically stem from the misconception that university administrations exist to fulfil every need of students while little regard is given to the economic choices that the university must make. It is better to acknowledge that a university is primarily run as a business. In order to account for the - [Applying economics in the so-called ‘real world’](https://economicstudents.com/applying-economics-in-the-so-called-real-world/) - This article was featured as part of ESSA’s annual Equilibrium publication. Had anyone told me when I set out on my career in economics that one day I would become an ‘economic regulator’, I would have been somewhat bemused by the apparent tautology. The description, however, is somewhat misleading. In reality, the Essential Services Commission - [Making the best of Direct Action - Part 1](https://economicstudents.com/making-the-best-of-direct-action-part-1/) - Despite the overwhelming support among academics, business leaders and economists for an emissions trading scheme type approach to global warming, it appears “Australia has chosen”, and the reality is that come the new senate on 1 July 2014, the carbon tax will be repealed and replaced with the Coalition’s Direct Action Plan (DAP). The central policy designed - [The Welfare State Debate: who gets what and who pays for it?](https://economicstudents.com/the-welfare-state-debate-who-gets-what-and-who-pays-for-it/) - The appropriate level and structure of public spending is high on the policy agenda. A recent Grattan Institute report Budget pressures on Australian governments argues that Australian Federal and State governments potentially face a combined annual deficit of around 4 per cent of GDP by 2023, of which around 2.5 per cent of GDP would be at - [The welfare state debate: who gets what and who pays for it? Part 2](https://economicstudents.com/the-welfare-state-debate-who-gets-what-and-who-pays-for-it-part-2/) - Overall, the Australian welfare state performs two main functions – redistribution between rich and poor (the Robin Hood function), but it also provides insurance and consumption smoothing (the ‘piggy‐bank’ function). In Australia we tend to focus on the idea that the welfare state should mainly be about redistribution to the poor, which is why we focus - [Living Economics Part 1: Stimulus-response on the supply side](https://economicstudents.com/living-economics-part-1-stimulus-response-on-the-supply-side/) - This is the first in a series of blogs that aims to connect founding ideas in economics to life in our modern world. A good place to start is with Adam Smith (1723-1790), and takes that core idea of his that has grown into an identity-confirming mantra for economists plying their trade in governments and - [Making the best of Direct Action - Part 2](https://economicstudents.com/making-the-best-of-direct-action-part-2/) - Consultation with the Department of Treasury & Finance (DTF) and Centre for Market Design (CMD) was gratefully undertaken in research for this article, however any views, opinions and shortcomings are strictly those of the author and do not reflect either organisation or their personnel. Part 1 highlighted a few pertinent pitfalls of the Coalition’s Emissions Reduction Fund (ERF), - [A case for the privatisation of Australia Post](https://economicstudents.com/a-case-for-the-privatisation-of-australia-post/) - Australia Post, and its predecessors, go back over 200 years. The first Australian postmaster began work in the colony of New South Wales in 1809. At federation, the colonial post offices were combined into the Post Master’s General department, and in 1975 the name ‘Australia Post’ was born. So with such a long history of government - [Government and the public purpose in Australia](https://economicstudents.com/government-and-the-public-purpose-in-australia/) - This article was featured as part of ESSA’s annual Equilibrium publication. Australia is an incredibly affluent nation, enjoying immense prosperity and one of the highest standards of living in history. Such a state of affairs is rare. With the monetary and political capability to address growing inequalities, one would imagine such issues would take centre - [Still uncharted territory – post-crisis central banking](https://economicstudents.com/still-uncharted-territory-post-crisis-central-banking/) - With Janet Yellen firmly in the reigns of the world’s largest central bank, many are looking to the legacy left by her predecessor Ben Bernanke. Love or loathe him, Bernanke undoubtedly pioneered a new style of central banking based on large scale direct market intervention, mainly through policies such as quantitative easing. With the policy - [Making the best of Direct Action - Part 3](https://economicstudents.com/making-the-best-of-direct-action-part-3/) - I voted for Kodos. To those of you who made it this far in my tirade against a poorly framed environmental policy, I congratulate you and hope that you now have a greater understanding of a $1.55 billion policy that is being rushed into parliament by an environment minister who wrote his thesis on A Tax to Make - [Unemployment in America: the forgotten economic crisis](https://economicstudents.com/unemployment-in-america-the-forgotten-economic-crisis/) - This article was featured as part of Equilibrium 2013, our annual print publication. 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