Justin Liu - ESSA

Justin Liu

A half-hearted defence of the pharmaceutical industry

A half-hearted defence of the pharmaceutical industry

Depending on who you talk to, “Big Pharma” is responsible for withholding the cure to cancer, causing autism through vaccines, charging irresponsible amounts of money for drugs and, in general, being a sinister industry that only seeks to advance its own interests. Let this be clear – the pharmaceutical industry has

A clash between ethics and the market: price gouging and Hurricane Harvey

A clash between ethics and the market: price gouging and Hurricane Harvey

When a disaster strikes – be it a hurricane, a pandemic or even armed conflict, an instinctual economic reaction is to hoard items. This arises due to a loss of trust in the ability of the market to reliably supply items that are needed, should events continue to escalate. Goods such

Risky business: the free insurance provided to banks

Risky business: the free insurance provided to banks

Moral hazard (n): Where the actions of one party change to the detriment of the other party after a transaction has taken place. Imagine what life would be like if every time you got in trouble, whether it be for speeding, theft or even indecent exposure, your parents bailed you

Why you can’t fix Monash’s parking mess with just more parking

Why you can’t fix Monash’s parking mess with just more parking

Monash University, more specifically the Clayton campus, has always had a complicated relationship with parking. Being situated in the suburbs, the absence of tram and rail links to transportation hubs requires nearly all students to either rely on driving themselves, or catch a bus to get to class. Being the

Stop making fun of me for drinking Coke Zero.

artificial sweeteners

Stop making fun of me for drinking Coke Zero.

A couple of disclaimers first and foremost. There is no particular reason why I am writing specifically about Coke Zero, so this could apply to any artificially sweetened soft drink. I am also not a nutritionist, so please do not mistake my economic ramblings for actual health advice. I sometimes

Uber is problematic - but you’ll keep using it anyway

Uber is problematic - but you’ll keep using it anyway

Since Uber’s inception in 2012, many people have taken a ride in an Uber car or at least understand the principles behind the popular ride-sharing service. For the unaware, Uber works by facilitating a transaction between someone who is able to drive someone else around and someone who is

No More Gifts

It’s all happened to us at some point or another. It’s Christmas, or your birthday, and you’re holding an ugly grey sweater while your grandma is standing in front of you with a beaming smile on her face. She waxes poetic about how as soon as she

Game of Theories: John Nash and the Nash Equilibrium

Game of Theories: John Nash and the Nash Equilibrium

Ron Howard’s A Beautiful Mind paints John Nash as a brilliant yet troubled mathematical genius. The film portrays him as a man capable of the incapable, yet it fails to go into detail about what Nash theorised – and how extensively his theories describe the way the world works. Nash’

Taylor Swift isn’t your average monopolist: Part 2

Taylor Swift isn’t your average monopolist: Part 2

In Part 1, Justin outlined the novel business model of music-streaming services. The picture of the music industry painted so far is rather bleak—it’s difficult for an artist to earn money. Unless you are Taylor Swift. Swift’s music has been very well received by critics, and has

Taylor Swift isn’t your average monopolist: Part 1

Taylor Swift isn’t your average monopolist: Part 1

Last year, Taylor Swift took a stance against the rapid rise in music-streaming services and pulled her immensely popular albums from Spotify, signalling that streaming music services weren’t sustainable for artists. At the heart of the issue is the business model of music-streaming services. Major players like Spotify, Rdio