opportunity cost

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The cost of Free

February 22, 2017 by Suvi Lokuge

The life of a university student is peppered with free stuff. But are free things always worth getting? Suvi Lokuge delves into the hidden costs of Free.

Free Parking? No Such Thing

March 1, 2016 by ESSA Writers

Edmund Kemsley gives the economic rationale behind Monash University’s unpopular parking system. The verdict? It could be worse.

What we can and should do about IS

February 21, 2016September 15, 2014 by ESSA Writers

Matthew Rao applies rational thinking to how civilisation should approach the Islamic State.

Is learning a foreign language worth it?

October 14, 2019April 23, 2014 by ESSA Writers

The prime reason I learned German in high school was because it was compulsory. The second reason was the opportunity to break down the communication barrier with over 80 million people. It was only after I travelled to Germany after high school that I realised hundreds of millions of foreign students learn English for the same reason. Ever since, I’ve wondered about the value of those years of German classes, other than boosting my high school marks. Obviously there are monetary benefits through better employment opportunities. However, there are also monetary opportunity costs – how much would one earn had they taken up chemistry instead, or simply spent the time working? Learning a language also presents a myriad of intangible and some perhaps unexpected benefits, and costs. So what is the overall value of learning a second language?

Why the AFL is killing Australian sport

February 16, 2016October 7, 2013 by Aristidi Armstrong

Every Victorian knows who Lance ‘Buddy’ Franklin is, who Nathan Buckley is, and who James Hird is. Even non-supporters know these names, because AFL is so ingrained in Victorian culture and lifestyle that is almost impossible to avoid them. However if you ask an average Victorian who James Horwill is, there is a good chance that you will be given a blank expression as a response.

To gym, or not to gym

February 16, 2016August 24, 2013 by ESSA Writers

It is no startling revelation that people of the modern age are larger than their counterparts from only a few decades ago, and I’m not talking vertically. Cutely chubby, big-boned, and pleasantly plump – there is certainly no shortage of terms we use to describe the surge of our waist sizes and pot bellies.

Should you read this?

February 16, 2016June 12, 2013 by Lachlan Walden

Good choice! What caused you to click through though? Was it a conscious decision? Also, if you think it was an intentionally conceived action, how do you actually know?

While you may not have spent several minutes comprehensively analysing the costs and benefits of reading this article in order to make an entirely rational choice, there was, if only subliminally, some form of decision-making process behind your decision.

What’s in a name?

February 16, 2016March 31, 2013 by Yannis Goutzamanis

Economists analyse the oft-quoted remark on the ironic significance of names in the famous soliloquy “What’s in a name … a rose by any other name would smell as sweet”. This is a poetic illustration of the argument that it is not the name of things that matter but rather what they actually are. Whilst it is true that a rose would emit the same volatilised chemical compounds if it were named something else this does not necessarily mean names do not matter.

Take the labour market for instance. Would equally qualified employees with different names receive the same or different treatment when applying for jobs? Furthermore, does this mean there are economic costs and benefits associated with certain names?

What Economics Can Teach Us About Batman

February 16, 2016January 13, 2013 by ESSA Writers

In The Batman Handbook, Scott Beatty sagely advises that to be as good a crime fighter as the world’s greatest detective, you need to ‘Learn everything you can in every discipline, no matter how obscure’. His list of essential subjects, however, does not include economics. This is a tragic oversight, not just because I’m saddened to hear that Batman might not have learned economic theory, but because economics suggests that Batman himself is not the solution to Gotham’s crime problem. Why? Three reasons.

Economics is for the People

February 16, 2016January 21, 2012 by ESSA Writers

By Collin Li

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 facet of society.

(By definition in economics, individuals in a marketplace trade according to their “utility” – a term used to capture the personal values of each individual, thus allowing the individuals to maximise their well-being in the marketplace.)