general meeting (1.28.2014)

Undergraduate Economics AssociationFirst Meeting(1/28/14)

Undergraduate Economics Association

Platform for gaining insights into today’s economic issues

Platform for generating discussions on economic issues

Platform for showcasing your talent

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Our mission is to socially, academically, and professionally develop Boston University student's interest in the economics field.

Mission

Undergraduate Economics Association?


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Strategy

Strategy

General Meetings Guest Speakers

Core Website

Articles Blogging Journal

EventsCase Competition

Facebook Google+ LinkedIn

Professional Events

Inform Debate Network

Bridging the gap


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Alumni

Michael ClancyPrivate Equity

Analyst

Fadi HumaidComplex Valuations

Aleeza LuiBusiness Analyst

Sharjil HannanDevelopment

Planning


UEA Member

Events, Meetings,

Opportunities

MAG

Journal

Econ Lunch

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Core Activities


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UEA Website

Student Writers Article Competition

UEA Journal

Database Events

Gallery Constitution

Presentations

Economics Calendar

Case Competition

BUUEA.comSocial Media


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Instrumental Changes

There comes a time where there needs to be changes Keep our core ideals but also to provide what our members want


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Meetings and Events

Once every month Information concerning internships, jobs and research Student Presenters

General Meetings

A number of events have been planned Professorial, case competitions and certain industry events Exciting semester ahead of us!

Events


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Student Presenters Many amazing student presentations Encompassing a number of topics

This semester we give you the opportunity to present Send us a title with a small synopsis We will review it and immediately get back to you Limited spots open!


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Case Competition Present on a real-life economic situation Last year case: Cyprus Bankruptcy Impress your professors! Coming soon in this semester


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Get-to-together with like-minded people Talk about anything A fun environment! Saturday: 2/1/2013, 12-2 p.m., Marciano Dining Hall (100 Bay State)

Econ. Lunch


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Macro-Analysis Group (MAG) Weekly meetings – Sunday 2-3 p.m. in CAS 114A

New Analyst position in the UEA will be analyzing real world data Assigned a portfolio of economic indicators to track and report on

during meetings The MAG will be producing a semester economic report based on

collective research. The BU Economics Department will be involved in the process

Meetings will be structured for research Not purely discussion based Additionally:

The Mag will be organizing separate workshops throughout the semester

Workshops will aim towards introducing technical tools: SQL R


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Student Writers & Article Competition

Once every semester Winner chosen by pre-defined criteria Students are given certificate and an award

Article Competition

Write Economics related articles Full discretion Articles are edited & proofread

Student Writers

Previous Winners:

Julia Sinitsky Ben Shaffer


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UEA Journal

Let’s Play Monopoly – Yos Tampi Unemployment in Spain after the Crisis – Julia Sinitsky US Fiscal Cliff: A Solution or a Problem – Garvin Godawat & Soumya

Choudhary The Valuable Fall of Labor as Value – Luke Rebecchi Addressing Malawi’s Lost Opportunities in Agriculture – Ben Shaffer The Irish Financial Crisis and Austerity – Spencer Petitti

And Many More…

Articles

A semester long journal of the best articles of the semester Published two journals that have gained acclaim from professors

BU UEA Journal


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Calendar

VALUE IN ECONOMICS: A JOURNEY THROUGH TIME AND THOUGHTLuke Rebecchi, CAS 2014

Classical Economics

Smith Ricardo Marx

The Labor Theory of Value• "When the price of any commodity is neither more nor less than what

is sufficient to pay the rent of the land, the wages of the labor, and the profits of the stock employed in raising, preparing, and bringing it to market, according to their natural rates, the commodity is then sold for what may be called its natural price.” Smith, Wealth of Nations

• “The market price of every particular commodity is regulated by the proportion between the quantity which is actually brought to market, and the demand of those who are willing to pay the natural price of the commodity, or the whole value of the rent, labor, an profit, which must be paid in order to bring it thither.” Smith, Wealth of Nations

LTV (cont’d.)• “The value of a commodity, or the quantity of any other

commodity for which it will exchange, depends on the relative quantity of labor which is necessary for its production, and not as the greater or less compensation which is paid for that labor.” Ricardo, Principles of Political Economy and Taxation

Marxism 101• Exchange value reflects the socially necessary labor-time

required to produce a commodity

• Profit = (value created by labor) – (subsistence wage paid)• “Work to eat, and eat to work!”

• Capitalists compete, phenomenon of

falling profits spells the beast’s

collapse.

Freedom

Neo-classical Economics: A Marginal “Revolution”

• Utilitarianism• Bentham and J.S. Mill

• Marginalism• Jevons, Marshall

• Provided a response to Marxism and LTV with subjective approach

• The stuff you learn in class.

Implications: The End of History?

Economics Embedded• Embeddedness: the degree to which economic activity is

constrained by noneconomic institutions• Karl Polayni, The Great Transformation (highly recommended)

• Searching for homo economicus

• Possible objections to market hegemony

Market Socialism• Acceptance of Hayek’s ‘economic calculation problem’

• Means of production owned publically or socially through cooperatives, yet operated within a market economy

• Possible features• Universal Basic Income• Job Guarantee• Democratic ownership

A Strategy for Growth, Equality – and for Conservatives!• Universal Basic Income

• Universal, meaning poor and rich alike receive, and amount is irrespective of income

• Sufficient to cover basic amenities (food, shelter, education, healthcare)

• Tax & Transfer scheme akin to Social Security, or for resource-endowed polities, a sovereign wealth fund• For the latter, see Switzerland and Alaska

Suggested Reading• An Inquiry into the Nature and Causes of the Wealth of

Nations, Adam Smith

• Economic Manuscripts: Value, Price and Profit, Karl Marx

• Imperialism, The Highest Stage of Capitalism, Vladimir Lenin

• A Brief History of Neoliberalism, David Harvey

• Economics in Perspective: A Critical History, J.K. Galbraith


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Student Writers Simply write an article and send it to [email protected] or [email protected],

[email protected] All articles are eligible for the BU UEA Article Competition & BU UEA Journal

Article Competition The BU Article Competition takes place once a semester Winners are chosen by a formula: Quality, Quantity & Traffic

UEA Journal All student-written articles are eligible for the BU UEA Journal Articles are chosen based on quality each semester The Journal is virtually distributed to members, professors, and alumni

Macro-Analysis Group (MAG)

Email via [email protected] or [email protected], [email protected] Meeting on 2/2/2014, CAS 114A, 2-3 p.m.

How You Can Get Involved

Student Presentations Anyone can apply! Send a title and a small synopsis

Econ Lunch Come, meet and have a chat! Lunch on 2/1/2014 in Marciano Commons, 1-2 p.m.

mailto:[email protected]







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• Information session on Friday.• EC and SMG credit available.• Free pizza.

Opportunities


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• Washington Trivia Game.• Prizes for the winning team.• Free pizza.

Opportunities


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Fall 2013 Article Competition

UEA Article Competition Fantastic quality of articles Only one winner

Luke Rebecchi


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The Social Websites

Inform Discuss Debate

Network

general meeting (1.28.2014)

Technology