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Undergraduate Economics Association
First Meeting
(1/28/14)
Undergraduate Economics Association?
Mission
Our mission is to socially, academically, and professionally develop Boston U...
Strategy
Bridging the gap

Strategy
Inform

Debate

Network

General Meetings
Guest Speakers
Core Website

Articles
Bloggi...
Alumni
Michael Clancy
Private Equity
Analyst

Fadi Humaid
Complex Valuations

Aleeza Lui
Business Analyst

Sharjil Hannan
...
Core Activities
Events, Meetings, Opportunities

Econ Lunch

UEA
Member

MAG

Journal

Undergraduate Economics Association...
UEA Website
Student Writers

Article Competition

Economics Calendar

UEA Journal

Database

Events

Gallery

Constitution...
Instrumental Changes
 There comes a time where there needs to be changes
 Keep our core ideals but also to provide what ...
Meetings and Events
General Meetings

 Once every month
 Information concerning internships, jobs and research
 Student...
Student Presenters
 Many amazing student presentations
 Encompassing a number of topics





This semester we give y...
Case Competition





Present on a real-life economic situation
Last year case: Cyprus Bankruptcy
Impress your profess...
Econ. Lunch





Get-to-together with like-minded people
Talk about anything
A fun environment!
Saturday: 2/1/2013, 12...
Macro-Analysis Group (MAG)
 Weekly meetings – Sunday 2-3 p.m. in CAS 114A
 New Analyst position in the UEA will be analy...
Student Writers & Article Competition
Student Writers
 Write Economics related articles
 Full discretion
 Articles are ...
UEA Journal
Articles
 Let’s Play Monopoly – Yos Tampi
 Unemployment in Spain after the Crisis – Julia Sinitsky
 US Fisc...
Calendar

Undergraduate Economics Association
15
VALUE IN ECONOMICS:
A JOURNEY THROUGH TIME
AND THOUGHT
Luke 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 ...
LTV (cont‟d.)
• “The value of a commodity, or the quantity of any other

commodity for which it will exchange, depends on ...
Marxism 101
• Exchange value reflects the socially necessary labor-time

required to produce a commodity
• Profit = (value...
Neo-classical Economics: A Marginal
“Revolution”
• Utilitarianism
• Bentham and J.S. Mill
• Marginalism
• Jevons, Marshall...
Implications: The End of History?
Economics Embedded
• Embeddedness: the degree to which economic activity is

constrained by noneconomic institutions
• Kar...
Market Socialism
• Acceptance of Hayek‟s „economic calculation problem‟
• Means of production owned publically or socially...
A Strategy for Growth, Equality – and for
Conservatives!
• Universal Basic Income
• Universal, meaning poor and rich alike...
Suggested Reading
• An Inquiry into the Nature and Causes of the Wealth of

Nations, Adam Smith
• Economic Manuscripts: Va...
How You Can Get Involved
Student Writers

Article Competition

UEA Journal

 Simply write an article and send it to uea@b...
Opportunities

•
•
•

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

Undergraduate Economics Ass...
Opportunities

•
•
•

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

Undergraduate Economics Associatio...
Fall 2013 Article Competition

UEA Article Competition
 Fantastic quality of articles
 Only one winner

Luke Rebecchi

U...
The Social Websites

Inform

Discuss

Debate

Network

Undergraduate Economics Association
31
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General meeting (1.28.2014)

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  • Meetings, Events & Econ. Lunch
  • Student Presentations
  • Transcript of "General meeting (1.28.2014)"

    1. 1. Undergraduate Economics Association First Meeting (1/28/14)
    2. 2. Undergraduate Economics Association? Mission Our mission is to socially, academically, and professionally develop Boston University student's interest in the economics field. Platform for gaining insights into today’s economic issues Platform for generating discussions on economic issues Platform for showcasing your talent Undergraduate Economics Association 2
    3. 3. Strategy Bridging the gap Strategy Inform Debate Network General Meetings Guest Speakers Core Website Articles Blogging Journal Events Case Competition Facebook Google+ LinkedIn Professional Events Undergraduate Economics Association 3
    4. 4. Alumni Michael Clancy Private Equity Analyst Fadi Humaid Complex Valuations Aleeza Lui Business Analyst Sharjil Hannan Development Planning Undergraduate Economics Association 4
    5. 5. Core Activities Events, Meetings, Opportunities Econ Lunch UEA Member MAG Journal Undergraduate Economics Association 5
    6. 6. UEA Website Student Writers Article Competition Economics Calendar UEA Journal Database Events Gallery Constitution Presentations Case Competition Social Media BUUEA.com Undergraduate Economics Association 6
    7. 7. Instrumental Changes  There comes a time where there needs to be changes  Keep our core ideals but also to provide what our members want Undergraduate Economics Association 7
    8. 8. Meetings and Events General Meetings  Once every month  Information concerning internships, jobs and research  Student Presenters Events  A number of events have been planned  Professorial, case competitions and certain industry events  Exciting semester ahead of us! Undergraduate Economics Association 8
    9. 9. 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! Undergraduate Economics Association 9
    10. 10. Case Competition     Present on a real-life economic situation Last year case: Cyprus Bankruptcy Impress your professors! Coming soon in this semester Undergraduate Economics Association 10
    11. 11. Econ. Lunch     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) Undergraduate Economics Association 11
    12. 12. 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 Undergraduate Economics Association 12
    13. 13. Student Writers & Article Competition Student Writers  Write Economics related articles  Full discretion  Articles are edited & proofread Article Competition  Once every semester  Winner chosen by pre-defined criteria  Students are given certificate and an award Previous Winners: Julia Sinitsky Ben Shaffer Undergraduate Economics Association 13
    14. 14. UEA Journal Articles  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… BU UEA Journal  A semester long journal of the best articles of the semester  Published two journals that have gained acclaim from professors Undergraduate Economics Association 14
    15. 15. Calendar Undergraduate Economics Association 15
    16. 16. VALUE IN ECONOMICS: A JOURNEY THROUGH TIME AND THOUGHT Luke Rebecchi, CAS 2014
    17. 17. Classical Economics Smith Ricardo Marx
    18. 18. 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
    19. 19. 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
    20. 20. 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
    21. 21. 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.
    22. 22. Implications: The End of History?
    23. 23. 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
    24. 24. 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
    25. 25. 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
    26. 26. 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
    27. 27. How You Can Get Involved Student Writers Article Competition UEA Journal  Simply write an article and send it to uea@bu.edu or jparam@bu.edu, spetitti@bu.edu  All articles are eligible for the BU UEA Article Competition & BU UEA Journal  The BU Article Competition takes place once a semester  Winners are chosen by a formula: Quality, Quantity & Traffic  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  Email via uea@bu.edu or jparam@bu.edu, spetitti@bu.edu (MAG)  Meeting on 2/2/2014, CAS 114A, 2-3 p.m. Student Presentations Econ Lunch  Anyone can apply!  Send a title and a small synopsis  Come, meet and have a chat!  Lunch on 2/1/2014 in Marciano Commons, 1-2 p.m. Undergraduate Economics Association 27
    28. 28. Opportunities • • • Information session on Friday. EC and SMG credit available. Free pizza. Undergraduate Economics Association 28
    29. 29. Opportunities • • • Washington Trivia Game. Prizes for the winning team. Free pizza. Undergraduate Economics Association 29
    30. 30. Fall 2013 Article Competition UEA Article Competition  Fantastic quality of articles  Only one winner Luke Rebecchi Undergraduate Economics Association 30
    31. 31. The Social Websites Inform Discuss Debate Network Undergraduate Economics Association 31
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