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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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A Game of Theories (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 actions which other ‘players’ might take, an optimal outcome – oftentimes a counter-intuitive one – can reveal itself. In the movie ‘A Beautiful Mind’ (2001), starring Russell Crowe as Robert Nash, game theory is explored in one scene.

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Standing in the Way

Sourced from Uncommon fritillary (Own work)

By Brendan Law, ESSA Vice-President 2012
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.

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