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For first year university students studying commerce

A brief word to all those first year university students studying Commerce: there’s something special about the first weeks of uni. It’s not the opportunity to meet new people and make new friends (though that’s obviously a good thing). Nor is it the chance to get involved in all kinds of different activities on and around campus (through broadening your horizons is a worthy pursuit).

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A matter of sensitivity: elasticity and people smuggling

A typical approach to analysing markets for goods or services is to think in terms of supply and demand. Even to those who have not studied economics, the idea that a market equilibrium price and quantity occur where supply equals demand is likely to sound familiar. But there is a more subtle and fundamental concept that often eludes even those who have studied economics: elasticity.

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Statistics, social science, and the media

Everybody likes to hear a confident opinion. Take Truman’s wish for a one-armed economist, for example, who would be unable to tell him ‘On the other hand…’. Headlines are often written with a confident certainty. Qualifications and conditions aren’t as convincing. The problem is, it can be difficult to distil even a single scientific study without distorting the complexity of the work.
Unfortunately for scientists (whether social or natural), while people prefer statements delivered with certainty, we are in the business of uncertainty. Our methods are based on scepticism, our conclusions full of caveats. Unlike Truman’s fantasy economist, we do have another hand and are often obsessed with what might be on it.
This is why if someone conducts a study showing one kind of relationship, others will be eager to see if they can find the opposite or no relationship. But this healthy scepticism is sometimes transmitted to the broader public in unhealthy ways.

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Three ways economics can make you a better student

The clock is ticking down towards the start of the semester. You know those scenes in films where a military unit is checking all their gear, lining up their sights, strapping themselves in? That’s what university students are doing right now. You can hear (or overhear) it in the conversations on campus.
Take this one, for instance:
Student 1: “So, what happens in tutes, then? Do you need to bring the textbook?”
Student 2: “Um…maybe? Dunno. D’you know if it’s an easy subject?”
Those were first years, figuring out how exactly it is you go about studying at university, and trying to pick low-hanging-fruit electives.
Here’s another:
Student 1: “I’m not falling behind this semester.”
Student 2: “Yeah, me too. Gonna do the reading.”
Student 1: “Yep. Gonna do it before class.”
No points for guessing that these were returning students, promising themselves they’ll do at least some things differently this time – try to improve on their past performance by learning from past mistakes.

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What Economics Can Teach Us About Batman

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.

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