ECONOMICS ... - Department of Economics - University of Melbourne

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Tops UnivErsiTy
The University of Melbourne’s Department of Economics
has topped a new study of economics departments in
Australian and New Zealand universities. Eight University
of Melbourne economists, the most from any university
in the study, have been identified by the researchers as
‘star performers’ over the period 1988 to 2002 and named in
a 30 member ‘Hall of Fame’.

The study by Macquarie University researchers has been hailed
by The Australian’s Higher Education Supplement as a “more
reliable ranking of departments”. It covers both individual
academic economists and departments and claims to be the first
ranking to take into account the advantage of department size.

The University of Melbourne outperformed all the other
Australian and New Zealand universities for total output of
publications and also after an adjustment for department size.

The researchers used two criteria, one based on citations and
the other on perceptions of journal quality, to collectively rank
the 25 Australian and seven New Zealand university economics
departments. They also used this criteria to rank individual
academic economists in Australian and New Zealand economics
departments, identifying the ‘star performers’ over the 1988
to 2002 period.

Economists who feature in the researchers’ ‘Hall of Fame’
are Professor John Creedy, Professor Jeff Borland, Professor
Stephen King, Associate Professor Nilss Olekalns, Professor
Vance Martin, Professor Peter Bardsley, Professor Ian McDonald
and Associate Professor Guay Lim. Professor Creedy clearly
led the individual rankings on the number of ECONLIT database
journal articles and on perception of journal quality between
1988 and 2002. Professor Rabee Tourky was ranked no.1
using the citation-based measure of journal quality between
1996 and 2002.

Melbourne’s strength was further demonstrated by the number
and breadth of its academic economists named in the individual
rankings under the various criteria. They included Dr Michael
Shields, Associate Professor Lisa Cameron, Professor John
Freebairn, Dr Suren Basov, Dr Lisa Farrell, Dr Robert Dixon,
Dr David Harris, Dr Chris Skeels, Associate Professor Joseph
Hirschberg and Associate Professor Donald MacLaren.

Dean of the Faculty of Economics and Commerce, Professor
Maggie Abernethy, congratulated the Department of Economics
on its excellent performance in the rankings. “This independent
recognition of the Department and its staff is well-earned,”
she said.
                                                                         wHaT THEy                                                                HonoUrs in                                                        growing EsTEEm:
                                                                         arE saying                                                               Economics –                                                       THE paTH To 2015
                                                                         Economics at Melbourne ranked                                            as iT is Today                                                    The University is setting the course for its next
                                                                                                                                                                                                                    decade of evolution. Growing Esteem is the
                                                                         first for research                                                       Associate Professor Jenny Lye
                                                                                                                                                                                                                    University of Melbourne’s strategy, adopted
                                                                                                                                                                                                                    by the University Council in December 2005. It
                                                                         A Multidimensional Ranking                                               Honours Coordinator                                               details the University’s aspiration to be a public-
                                                                         of Australian Economics Departments                                                                                                        spirited institution, highly regarded around the
                                                                                                                                                                                       This year there are over
                                                                                                                                                                                                                    world for making distinctive contributions to
                                                                         Joan. R. Rodgers and Abbas Valadkhani                                                                         30 honours students
                                                                                                                                                                                                                    society in research, teaching and knowledge
                                                                                                                                                                                       enrolled in
                                                                         The Economic Record Volume 82, Page 30 - March 2006                                                           the honours program.
                                                                         doi:10.1111/j.1475-4932.2006.00291.                                                                           The Department is            Growing Esteem embraces the notion of a
                                                                                                                                                                                       offering 20 fourth year      triple helix: a public-spirited institution, defined
                                                                         The study used cluster analysis to classify Australian economics                                              subjects including           by intertwining strands of research, teaching
                                                                         departments into groups that have similar quantities of research                                              such topics as               and knowledge transfer, offering its students,
                                                                         output, measured by two publication counts, and similar quality                                               Economic Design,             staff and the community truly one of the finest
                                                                         of research output, measured by a citation count. Three groups                                                Industrial Organization,     universities in the world.
                                                                         of departments are identified and factor analysis is used to rank                                             Macroeconometrics,

    mEssagE from
                                                                         the groups. Whether research output is measured in total or on                                                Labour Economics,
                                                                         a per staff basis, Melbourne is in the group that ranks first, the                                            Financial Econometrics,      The Melbourne Model of Education
                                                                         remaining members of the ‘group of eight’ are in one or other of                                              Public Economics and

    THE HEad of                                                          the top two groups, and at least 15 other departments are in the
                                                                         third-ranked group.
                                                                                                                                                                                       Game Theory.
                                                                                                                                                                                       In addition, this list can
                                                                                                                                                                                                                    Over a 10-year timeframe, the University will
                                                                                                                                                                                                                    work methodically and meticulously to introduce

                                                                                                                                                                                       be extended for students     the Melbourne Model. The Melbourne degree
                                                                                                                                                  interested in doing either a combined Honours degree with         model will be based on generalist three-year
                                                                         New Scale for the Uni Economist                                          other areas such as finance, accounting, industrial relations,    undergraduate programs leading into intensive
    Professor Jeff Borland                                                                                                                        science, law or arts, or for students majoring in economics       two-year professional training or research
                                                                         By Bernard Lane, The Australian 27 July 2005.                            who want to pursue a minor sequence in another department.        training programs at graduate level. By 2015 the
    Welcome to the second Economics Honours Alumni newsletter.                                                                                                                                                      Melbourne model will be in place.
    The Department has been delighted with the response to our           The University of Melbourne has emerged as the dominant                  The course is full-time and consists of six semester-length       Two major shifts will have occurred: professional
    first newsletter last year, and we continue to be very excited by    force in economics, according to a new, more reliable ranking of         subjects in economics and related areas, as well as a research    programs will overwhelmingly be offered at
    the response to our initiative of seeking to have stronger contact   departments. “[Melbourne has] invested quite a deal in terms of          essay which is given the weight of two subjects. In the first     graduate level, and undergraduate programs will
    with our Honours Alumni. Our mailing list now includes over 400      resources over the years,” said Macquarie University’s Joseph            semester of the program, students take a compulsory subject       offer a more coherent general education with
    former Honours students. For this year, as well as continuing        Macri, who devised the ranking with colleague Dipendra Sinha.            in Microeconomics and another in Macroeconomics.                  fewer courses and subjects, and a range of well-
    with the newsletter, we are planning another Alumni social event,                                                                             An econometrics requirement also has to be fulfilled.             defined pathways into graduate study.
                                                                         The Macquarie study, which took 21/2 years, ranked 32                    In second semester most students then choose 3 other
    and some special lecture events for Alumni.
                                                                         departments that teach economics in Australia and                        subjects from the wide array of subjects available.
    What has been happening in the Department? I can tell you            New Zealand. It was the first study to make a trans-Tasman                                                                                 Getting to 2015
    that in 2005 the Department’s performance in research and            comparison of economics.                                                 One of the distinguishing features of the honours program
    teaching continued to be excellent, and we were involved in                                                                                   from previous undergraduate work taken is the Research            In 2006, appointed major University review
    many ways with the profession and community. A major event           University of Melbourne No.1 in Australia, No.19 in World                Essay which is tightly focused around a specific topic and        bodies will take forward detailed work on
    was being audited by the University as part of a regular cycle of                                                                             must be no more than 10,000 words in length. While each           implementing Growing Esteem, marking a shift
                                                                         The University of Melbourne’s UniNews Vol.14, No.20, 31                  student is assigned an advisor whose role is to give general
    performance reviews. A panel consisting of Professor Margaret                                                                                                                                                   in emphasis from broad strategic statements
                                                                         October – 14 November 05.                                                guidance and to ensure that progress is being made it is
    Britz (AVC, Research), Professor Pip Pattison (Vice-President,                                                                                                                                                  to detail. Perhaps the largest task is that of the
    Academic Board), Professor John McKenzie (Dean, Faculty of                                                                                    emphasised that the research undertaken is the student’s          Curriculum Commission, which will work with
                                                                         New survey results from the Times Higher Education
    Science), and Professor Patrick Griffin (Head, Department of                                                                                  own work. Throughout the year students have to give three         faculties to review current programs and plan the
                                                                         Supplement (THES) have placed The University of Melbourne
    Education Policy and Management) reviewed a Department                                                                                        oral presentations on the results of their Essay to fellow        future profile of their undergraduate and graduate
                                                                         in the world’s top twenty universities, the highest ranking of
    submission and visited the Department to interview staff and                                                                                  students and staff. For many students, the Research Essay         offerings. This process will be a case-by-case one:
                                                                         any Australian university. This result follows recent news that
    inspect facilities. The conclusion of the review panel is worth                                                                               is the most rewarding aspect of the program as it enables         while aligning with international norms reflected
                                                                         Melbourne is ranked eleventh in the world for Social Sciences
    quoting as a summary of our achievements in recent years:                                                                                     them to undertake their own research in an area of                in the Bologna Declaration, the Melbourne Model
                                                                         - the category in which Commerce research is counted.
    “Economics is a highly-regarded and well-managed department.                                                                                  economics in which they are interested.                           will take account of disciplinary differences and
                                                                         These results are based on assessments by an international
    It has benchmarking evidence of its high standing relative           panel of academics combined with the rate at which our research                                                                            the requirements of Australian professional
    to similar departments nationally, has attracted two Nobel           is cited in other researchers’ publications.                                                                                               standards.
    Laureates, and has demonstrated growth in ARC funding.                                                                                                                                                          The result of this process will be a detailed
    It attracts high-achieving students, delivers quality teaching,                                                                                                                                                 transition plan for the next decade.
    and produces excellent graduates.”
                                                                                                                                                                                                                    For further information on Growing Esteem:
    In this newsletter we have tried again to give you some idea of
    activity in the Department, with a profile on the Honours year                                                                                                                                        
    as it is today by the coordinator Associate Professor Jenny Lye,                                                                                                                                      
    articles on current teaching and research, and updates on recent                                                                                                                                                curriculum_commission/index.html
    and forthcoming events. I hope you enjoy reading it, and we
    welcome your feedback and ideas for future issues.

       Economics EvEnTs
       & HigHligHTs 2005-2006

                                                                          Public Lectures
       ACE Conference 2005
       Dr Robert Dixon                                                    Max Corden Public Lecture
       The Department of Economics hosted the                             Professor Jeff Williamson, the Laird Bell Professor of Economics
       34th Australian Conference                                         at Harvard University presented the third Max Corden Lecture
       of Economists (ACE 05) held at the University of Melbourne from    entitled, “Third World De-Industrialisation, Then and Now: Has
       26th - 28th September 2005. One hundred and eighty seven           the Old Economic Order Vanished?” Professor Williamson is
       papers were presented at the conference which was attended         internationally renowned for his research on economic history
       by over 400 delegates from Australia and overseas. Speakers        and international trade.                                                      Professor Clive Granger - Visiting                                 Launch of the Economic Design
                                                                                                Faculty Scholar and Nobel Laureate                                 Network (EDN)
       Olivier Blanchard (MIT), Roger Craine (Berkeley), David Fielding   MaxCordenLectures.htm
       (Otago), John Freebairn (Melbourne), James Galbraith (Texas),                                                                                    Eminent visiting scholar and Nobel Laureate, Professor Sir
                                                                                                                                                        Clive Granger, presented a lecture entitled, “The Future of
       Anders Klevmarken (Uppsala), Peter Lloyd (Melbourne), James        Asian Economic Centre                                                         Forecasting” in the Wood Theatre on Monday 18 April 2005.          The formal launch of the Economic Design Network was held
       MacKinnon (Queens), Charles Noussair (Emory College), Jan
                                                                                                                                                        He also delivered a public lecture on 15th September 2005          on 15 November 2005. The Hon. John Brumby, Treasurer
       van Ours (Tilberg), Adrian Pagan (ANU & QUT), John Quiggin         Asian Economic Centre jointly with Asialink presented a public
                                                                                                                                                        on the timely topic of ‘The Economics of Peace’, contrasting       Victorian Government and the Vice-Chancellor of the University
       (Queensland), Patrick Rey (Toulouse), James Robinson (Harvard),    lecture by Professor Ross Garnaut on “The US and China Free
                                                                                                                                                        the economic impact of war and peace.                              of Melbourne, Professor Glyn Davies declared the Network open.
       Hugo Sonnenschein (Chicago), Steiner Strom (Oslo), John            Trade Agreements and the Future of Regionalism”, held on 22
                                                                                                                                                                                                                           It was well attended by academics, students and other staff from
       Sutton (LSE), Ross Williams (Melbourne) and Mark Wooden            March 2005
                                                                                                                                                        Professor of Economics at the University of California San         Government agencies.
       (Melbourne). The Conference Proceedings have been published
                                                                                      Diego since 1974, Clive Granger was awarded the Nobel
       on the web at                                                                                                                                                        The Network is a partnership of more than one hundred
                                                                                                                                                        Prize in 2003 in Economic Science for his contributions to
       program/ACE2005.html                                                                                                                                                                                                researchers and over forty Australian and international
                                                                                                                                                        development of empirical methods for studying time-series
                                                                          The Downing Lecture                                                           data about the economy such as stock prices, unemployment,         Universities and research centres. The Network will support
       Two Symposia and a Business Dinner were also held in
                                                                                                                                                        and national income.                                               cross disciplinary research and policy innovation using state of the
       conjunction with ACE 05. One symposium was on ‘Cartels             Professor Rabin (UC Berkeley) visited the Department as the                                                                                      art techniques in economic theory and experimental economics.
       and the Law’ the other was on ‘Basel II’. Amongst the speakers     2005 Downing Fellow and presented the 18th Downing Lecture
       at the symposia were John Laker, the Head of APRA and Graeme       entitled, “The Economics of Immediate Gratification”. Professor               Centre for Macroeconomics                                          From left to right Professor Peter Bardsley, Director of
       Samuel, the Head of the ACCC. A copy of the address by John
       Laker (titled ‘The Basel II Framework - Some thoughts on Pillar
                                                                          Rabin is well known as a seminal contributor to the field of
                                                                          behavioural economics, and was the recipient of the
                                                                                                                                                        Workshops                                                          the EDN, Department of Economics, The University of
                                                                                                                                                                                                                           Melbourne; Professor Glyn Davies,Vice-Chancellor of
       2’) may be found at:          2001 Bates Clark Medal                                                                                                                           The University of Melbourne; The Hon. John Brumby,
                                                                                                                                                                                                                           Treasurer Victorian Government; Professor Margaret
       A copy of the address by Graeme Samuel (titled ‘The ACCC                                                                                         Forecasting, Analysis and Policy                                   Abernethy, Dean, Faculty of Economics and Commerce,
       approach to the detection, investigation & prosecution of                                                                                        using Real Time Data workshop                                      The University of Melbourne.
       cartels’) may be found at
       phtml?itemId=709298&nodeId=file433b3706b9245&fn=20050                                                                                            The Centre for Macroeconomics organised a workshop in May
       928_Economics%20Society_Cartels.pdf                                                                                                              2006 on “Forecasting, Analysis and Policy using Real Time
                                                                                                                                                        Data”. There is increasing interest in the use of real time data
       The RBA Governor Ian Macfarlane was the guest speaker at                                                                                         in Australia and New Zealand and the aim of the workshop was
       Business Dinner. A copy of his talk (titled ‘What are the Global                      Media Coverage                                             to take stock of what currently exists, data availability and to
       Imbalances?’) may be found at:                                                                                                                   develop links amongst interested researchers in the region.
                                                                                             In 2005, the University’s Media Office published           Simon van Norden gave the key-note speech.                                a report on 2004 media activity. The report found
                                                                                             that the Faculty received 189 mentions in the              10th Australian Macroeconomics Workshop was jointly
                                                                                             media, including print, radio and television.              organised by the Centre and the Melbourne Institute of Applied
                                                                                             44 commentators from the Faculty attracted                 Economics and was held in March 2005.
                                                                                             coverage; the most prominent commentators were
                                                                                                                                                        The Centre for Macroeconomics is a focal point for research
                                                                                             Professors Peter Lloyd and Professor John Freebairn
                                                                                                                                                        and learning in macroeconomics at the University of Melbourne.
                                                                                             from Economics and Professor Peter Dawkins from            Its members, staff and PhD students drawn from the
                                                                                             the Melbourne Institute. Peter Lloyd’s report              Department and the MIAESR, (
                                                                                             for the Victorian Government into the commercial           are concerned with the development of macroeconomic theory,
                                                                                             planting of genetically-modified canola received the       macroeconometrics and macroeconomic policy.
                                                                                             highest number of mentions for any issue.

                                                                                                                                                asian Economic cEnTrE
                                                                          Forthcoming Social Event in 2006
                                                                                                                                                inviTEd To organisE major
                                                                                                                                                worksHop on THE aUsTralia–cHina

                                                                          The Department of Economics will be holding a second

                                          Visiting Scholar
                                          and Nobel
                                                                          Honours in Economics Alumni social function on 24th
                                                                          August from 6:15pm – 8:00pm in the Ante Room, Level 2
                                                                          Union House. Invitation Enclosed.
                                                                                                                                                frEE TradE agrEEmEnT (fTa).
                                          Laureate                                                                                                                                  Associate Professor                average tariff in 2005 at 9.9 per cent for all products and 15.3
                                          Professor Sir James
                                                                          The 2006 Econometric Society                                                                              Sisira Jayasuriya                  per cent for agricultural products. Importantly tariffs escalate
                                          Mirrlees                        Australasian Meetings (ESAM06).                                                                                                              on many value-added products exported by Australia. Exports
                                                                                                                                                                                    Free Trade China                   of services are constrained by regulatory barriers that restrict
                                                                                                                                                                                                                       market access and increase costs. Though bilateral investment
                                           Eminent visiting scholar and   In 2006 the Econometric Society meetings are being hosted
                                           Nobel Laureate, Professor      by a conglomerate of four research centres based in Australian                                              The Asian Economies              has been increasing in recent years, it still remains relatively low.
                                           Sir James Mirrlees made his    Universities, namely, the Australian Centre for Business                                                    Centre in the Department         Australian investors, for example, have concerns about legal
       second annual visit to the Department of Economics                 Research (ACBR), Queensland University of Technology, the                                                   of Economics has been            transparency, security of investment, enforcement of contract
       in March-April 2006. During his visit Professor Mirrlees was       Centre for Applied Macroeconomic Analysis (CAMA), Australian                                                invited by the Commonwealth      law and protection of intellectual property in China.
       engaged in joint research in the area of information economics     National University, the Economic Theory Centre (ETC),                                                      Department of Foreign Affairs
                                                                                                                                                                                                                       In this context a well structured Australia-China FTA has the
       with members of the Department, and presented lectures to          University of Melbourne and the Quantitative Finance Research                                               and Trade (DFAT) to organise
                                                                                                                                                                                                                       potential to yield very substantial benefits to both economies.
       students and staff.                                                Centre (QFRC), University of Technology, Sydney.                                                            a major workshop on the
                                                                                                                                                                                                                       From an Australian point of view, not only can an FTA facilitate
                                                                                                                                                                                      Australia-China Free Trade
                                                                                                                                                   lowering of existing barriers, perhaps even more importantly it
       A 1-day workshop on research in microeconomics was held on                                                                                                                     Agreement (FTA) which is
                                                                                                                                                                                                                       can help to protect Australia’s competitive position in the
       March 31 2006 with Professor Mirrlees as the keynote speaker.                                                                                                                  currently being negotiated.
                                                                                                                                                                                                                       Chinese market, especially as China continues negotiate FTAs
       Professor Mirrlees presented a Joint Nobel Laureate lecture        Max Corden Public Lecture                                                                                   The workshop, held on 28-29
                                                                                                                                                                                                                       with other countries. Negotiating a comprehensive agreement
       on March 14 with Peter Doherty on “The Economics of Global                                                                               June 2006 in Shenzen China, will focus on issues related to
                                                                                                                                                                                                                       that meets the concerns and objectives of both Australia and
       Catastrophes”. For 2007 a major conference based around            Professor Alan Winter of The World Bank will present the Max          manufacturing, resources, investment and related areas such as
                                                                                                                                                                                                                       China is a challenging task. The workshop is expected to
       the field of information economics to which Professor Mirrlees     Corden Lecture for 2006. The date and time of the lecture are         intellectual property. It will involve senior government leaders
                                                                                                                                                                                                                       make a major contribution towards developing mechanisms
       was a seminal contributor is planned, with Professor Bengt         to be determined. For further information contact Colin Newell        and officials, negotiators from both Australia and China, business
                                                                                                                                                                                                                       and procedures that will enable a satisfactory conclusion
       Holmstrom (MIT) and Professor Oliver Hart (Harvard) already        on +61 03 83445300 or email Colin Newell           and corporate representatives, and leading academic analysts.
                                                                                                                                                                                                                       to these negotiations.
       confirmed as keynote speakers.
                                                                                                                                                China is today the most dynamic force in the global economy,
       Professor Mirrlees has published widely on the optimal taxation    Downing Fellow                                                        currently accounting for more than a quarter of global growth.
                                                                                                                                                                                                                       Information on the progress of Australia-China FTA
                                                                                                                                                                                                                       negotiations is available on the DFAT website at:
       of income and welfare economics. He was awarded a Nobel                                                                                  Its strong demand for energy and resources, and for a range
                                                                          Professor David Card from the University of California Berkeley                                                                    
       Prize in 1996 for his work which has become a principal                                                                                  of both agricultural and manufactured commodities, has already
                                                                          will be the 2006 Downing Fellow and will present the Downing
       constituent of the modern analysis of complex information and                                                                            made it a powerful influence in many global markets, and its
                                                                          Lecture on 21st November 2006. Professor Card’s research
       incentive problems in economics. Widely honoured, Mirrlees                                                                               influence is expected to grow further in the foreseeable future.
                                                                          interests are labour market impacts of immigration; school
       was awarded an honorary doctorate by the University of                                                                                   In the next decade, China is projected to become the world’s
                                                                          financing and the distribution of education resources; faculty
       Edinburgh (1997), knighted in the same year, and elected                                                                                 third largest economy after the United States and Japan.
                                                                          retirement; and causal modelling of education and welfare.
       an Honorary Fellow of the Royal Society of Edinburgh in 1998.
                                                                                                                                                The Australia-China bilateral economic relationship has
                                                                                                                                                strengthened dramatically since China’s policy shift towards
       Topics in Organisational                                           The 2005 Honours in Economics                                         global economic integration. It is already Australia’s third
       Incentives and Experimental                                        Alumni Social Event
                                                                                                                                                most important trading partner, and Australian exports to
                                                                                                                                                China have grown at an annual rate of around 20 per cent in
       Economics Workshop                                                                                                                       recent years. Exports of iron ore alone rose by 126 per cent
                                                                          Honours in Economics Alumni Inaugural Social Evening                  in 2005 to reach $5.7 billion, while exports of manufactures rose                                                                                           by 17.6 per cent to $2 billion. Australian exports of total services
                                                                          The Department of Economics held the inaugural social evening
                                                                                                                                                to China have more than trebled over the last decade, reaching
       The Economic Design Network (EDN) has held this workshop           for Honours in Economics Alumni on Thursday 3rd November
                                                                                                                                                almost $1.3 billion in 2004, driven by growth in education,
       on June 27 to July 1 in the Department. The workshop               2005. The event was held at University House and was well
                                                                                                                                                tourism and transport services. China is now Australia’s
       consisted of two independent components: Topics in the             attended with the Dean of the faculty (Professor Margaret
                                                                                                                                                number one source of foreign fee-paying students, and student
       Theory of Organisational Incentives and an Introduction to         Abernethy) delivering the welcome address.
                                                                                                                                                enrolments grew by 18 per cent last year to over 80,000. China
       Experimental Economics. The workshop was intended for
                                                                                                                                                is also emerging as a major source of tourism and short-term
       graduate students, preferably having completed some
                                                                                                                                                visitor arrivals from China reached 285,000 in 2005.
       graduate coursework, but is of interest to all members of
       the academic community interested in theory and experimental                                                                             This rapid growth in these trade links is a reflection of strong                   Department Facts
       economics, especially junior faculty and to other researchers                                                                            complementarities between the two economies. However,
       who would like to update their knowledge.                                                                                                despite rapid growth in trade, there remain significant barriers
                                                                                                                                                for Australian exports to China in several important areas.
                                                                                                                                                Chinese tariffs remain high relative to Australia’s, with the                      •    2005 Faculty of Economics &
                                                                                                                                                                                                                                        Commerce Full-Year Teaching
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    nEw arEas of TEacHing                                                                                                                               EmErging rEsEarcH
    and lEarning in Economics                                                                                                                           arEas in Economics
                                        Behavioural                        Development Economics                                                                                              A Brief                            Risky Behaviour of Youth
                                        Economics                                                                                                                                             Introduction                       Dr Jenny Williams
                                                                           Dr Catherine de Fontenay
                                                                                                                                                                                              to New                             It has long been recognized that it is in a society’s interest to
                                        Professor Ian M McDonald           Almost all transactions in all economies of the world are
                                                                           governed by markets. This subject attempts to address, in a                                                        Economic                           invest in its children. For example, the Federal Government
                                      In 2004, a new third                                                                                                                                                                       in Australia vaccinates infants at the public’s expense in order
                                      year subject, 316-337
                                                                           very hands-on way, the functioning of market economies and
                                                                           their implications for the poor in poor countries. There are some
                                                                                                                                                                                              Geography                          to protect them from preventable diseases such as polio. As
                                      Behavioural Economics,                                                                                                                                                                     children move into adolescence, the greatest risks to realizing
                                                                           very powerful forces in competitive markets that improve the                                                       Dr Russell Hillberry
                                      was introduced and taught                                                                                                                                                                  their potential often come not from illness and disease, but from
                                                                           well-being of poor workers. For example, since China relaxed
                                       for the first time by the                                                                                                                                                                 their own decision to engage in risky behaviours. The focus of
                                                                           controls on more of its labour markets and agricultural markets,                                                   In the last 15 years, the fields
                                       Department of Economics.                                                                                                                                                                  my research is on understanding causes and consequences of
                                                                           some 200 million people in rural China have been able to escape                                                    of international trade and
                                       Behavioural economics                                                                                                                                                                     these decisions, and how public policy may influence them.
                                                                           extreme poverty. At the same time, market mechanisms                                                               regional economics began
                                       is an area of research of           exhibit systematic failures, which can only be minimised by the                                                    to overlap. International
                                       growing importance in                                                                                                                                                                     Much of my research has been in the area of substance use
                                                                           sophisticated market institutions of wealthy countries. Entire                                                     trade theory had traditionally     and abuse, especially the use of alcohol and cannabis. For
                                       economics. Research in              regions such as Africa are trapped in a vicious circle of poverty                                                  assumed away the
                                       this area attempts to extend                                                                                                                                                              example, I have examined the determinants of the demand for
                                                                           and malfunctioning markets.                                                  complications of geography. Regional economists had frequently           cannabis and alcohol, and the economic relationship between
    conventional economics by introducing ideas and empirical                                                                                           abstracted from the general equilibrium insights so important to
    findings from psychology, sociology and, although this is very                                                                                                                                                               cannabis and alcohol using data on the general population of
                                                                           Firms who can find ways to do business, by getting around                    trade theory. “New” trade models developed in the 1980s linked
    recent, neuroscience. This research effort is generating a new                                                                                                                                                               Australia and on college students from the US. I have found that,
                                                                           market failures, can have a significant impact on the prosperity             a nation’s geographic location (relative to others) to its output mix
    theory of human behaviour and may revolutionise the whole                                                                                                                                                                    not only is substance use price sensitive, but that the demands
                                                                           and growth of a country. So can government policy that                       and level of income. It was not long before new trade models
    area of economics.                                                                                                                                                                                                           for substances are inter-related. In recent research,
                                                                           remedies market failures. At the same time, well-intentioned                 were applied to sub-national economies like states and cities.           I have found that price is more important in the decision to start
                                                                           policy (such as foreign aid, or market regulation) can have
    In 316-337 Behavioural Economics students learn about ideas                                                                                                                                                                  using cannabis than it is in the quitting decision, with lower
                                                                           a disastrously bad impact on an economy, if the economics                    The insights of “New Economic Geography” models are
    such as prospect theory, loss aversion, dual entitlement theory,                                                                                                                                                             prices associated with an earlier age of initiation. The consistent
                                                                           of the situation are not properly thought out. Many of the                   especially helpful for thinking about the implications of Australian
    self-centred inequity aversion, mental accounting and happiness                                                                                                                                                              empirical evidence supporting price responsiveness of substance
                                                                           graduates from the University of Melbourne will join firms                   geography. Australia is relatively distant from the rest of the
    surveys. They learn how people tend to make systematic errors,                                                                                                                                                               use is important because it demonstrates that, in addition to the
                                                                           that operate in a number of “emerging markets”. Others will                  world. Australian cities are also distant from each other.
    such as holding on to shares whose value has decreased, betting                                                                                                                                                              public health and criminal justice perspective, economics provide
                                                                           join branches of government such as Treasury or AusAid that                  In a world of rapidly falling distance costs, formal
    heavily on the outsider in the last race of the day and doing things                                                                                                                                                         a useful lens through which to view drug taking behaviour.
                                                                           have a strong impact on government policy towards developing                 models linking economic activity to geography are quite
    too soon because they are scared that their lack of self-control       countries. And others will pursue research careers in Economics,             important for understanding the Australian situation.
    will prevent them from waiting.                                                                                                                                                                                              In terms of understanding the consequences of substance use
                                                                           going on to high-level PhD programs. For all these purposes,                                                                                          and abuse, I found that alcohol use has a detrimental impact on
                                                                           students need to develop the ability to analyse a new economic               Nonetheless, much of the empirical research to date has
    The opportunity to study a new area such as behavioural                                                                                                                                                                      students’ academic success because it reduces the time they
                                                                           situation that they encounter. The essay for this subject is one             focussed on countries other than Australia. One area of
    economics is an advantage of studying at a research university                                                                                                                                                               spend studying. I am currently investigating the impact of the
                                                                           step towards that goal, as the assignment is to find a situation             considerable interest has been the determinants of city size.
    such as Melbourne. The core activity of the University of                                                                                                                                                                    age of initiation into cannabis use on educational attainment.
                                                                           that has never been analysed before, and apply the tools from                A study of post-WWII Japan found that cities devastated by
    Melbourne is research. In pursuing this core activity, the                                                                                                                                                                   Preliminary results suggest that early use leads to fewer years
                                                                           the course.                                                                  US bombing returned, by and large, to their pre-war place in
    University not only produces knowledge through research                                                                                                                                                                      of education. I plan to investigate how this translates into labour
                                                                                                                                                        the Japanese city size distribution. A recent study of West
    but also disseminates knowledge through its state-of-the-                                                                                                                                                                    market success over the life-course, and in doing so, better
                                                                           The subject synthesizes a number of the tools of economic                    German cities over a similar period found that cities nearest
    art teaching program. One aspect of the dissemination of                                                                                                                                                                     account for the full social costs of youthful drug use in Australia.
                                                                           analysis acquired in the economics curriculum. We learn how                  the East German border (i.e. those cut off from their natural
    knowledge is that new ideas are fed through into the teaching          to identify the appropriate tools for analysing a situation. To do           local trading partners) grew considerably slower than cities
    program, such as by introducing new subjects such as 316-337           so, it’s vital to draw on a toolkit that is as large and as up-to-date       located further from the border. These studies both suggest
    Behavioural Economics.                                                 as possible—hence the saying “when the only tool you have is a               natural determinants of city sizes; and geography appears to
                                                                           hammer, every problem looks like a nail.” In particular, we draw             be one of the natural determinants. Models in which underlying
                                                                           on the most recent research into game theory. For example, in                fundamentals determine city size suggest that cities suffering
                                                                           contract theory, a subset of game theory, we look at the factors             severe shocks (like New York City after September 11 or New
                                                                           that limit our ability to write enforceable contracts in some                Orleans after Hurricane Katrina) may recover in the long run.
                                                                           developing countries, and the implications for firms investment              Other New Economic Geography models suggest the possibility
                                                                           patterns, and for the organization of firms and markets in those             of severe long term consequences from shocks of this sort.
                                                                           countries. We analyise how contractual limitations lead to
                                                                           more “relational contracting” (transacting with people who are
                                                                           connected to you for other reasons), which in turn affects the
                                                                           way business is conducted, with implications for the efficiency
       Department Facts                                                    of contracts and investments. Relational contracting is an area
                                                                           of ongoing research in economics.
                                                                                                                                                                                                                                                   •    Department ranked #1 for
                                                                                                                                                                                                                                                        research in a recent survey
       •   2005 Department of Economics
                                                                                                                                                                                                                                                        of economic departments
           Full-Year Teaching Load: 1510
                                                                                                                                                                                                                                                        in Australia and New Zealand
                                                                                                                                                                                                                                                   • 36 external funded grants
                                                                                                                                                                                                                                                     opperating in 2006
     moral Hazard & advErsE sElEcTion                                                                                                                  alUmni
     sHow Up impErfEcT Economics                                                                                                                       profilEs
     Ross Gittins                                                                                                                                                                        John Sharma                       Singapore to London in 1973. After working in a research centre
                                                                                                                                                                                                                           in London, Margaret headed to Paris and decided to live there,
     (Economics Editor, the Sydney Morning Herald and an
     economic columnist for The Age.)
                                                                                                                                                                                         1996 Honours                      getting a job in the OECD trade directorate. Margaret married
                                                                                                                                                                                                                           and had three children and it was while living in Indonesia in the
                                                                                                                                                                                         Graduate                          mid 1980s that she went back to her career.
     SINNERS are more interesting than saints.                            It’s a mistake, however, to imagine it’s always the big
                                                                                                                                                                                       John Sharma is an Industry          Since then, Margaret has dealt with economic governance issues
                                                                          company that has all the information while the little guy has
     What you get taught about in a course                                none. Consider two information problems that are prevalent
                                                                                                                                                                                       Economist at the National           in the South Pacific, the aid program to the Solomon Islands and
                                                                                                                                                                                       Australia Bank, conducting          she will shortly move to the Philippines aid program.
     on micro-economics is a model of the way                             in insurance - problems that Sir James played a big part
                                                                                                                                                                                       research into industry sectors
                                                                          in elucidating.
     markets are supposed to work, known                                                                                                                                               to assist bankers in assessing      The Honours year at Melbourne was an enormous influence on
                                                                                                                                                                                                                           Margaret’s life providing her with qualifications from a recognised
                                                                                                                                                                                       risks and opportunities in
     as “perfect” competition.                                            The first is “moral hazard”. If you’re fully insured against the loss
                                                                          that would arise from, say, a car accident, you face a temptation                                            various sectors to which they       university that always stood her in good stead in gaining
                                                                                                                                                                                       lend. John started in the           employment. Margaret’s year was very friendly and supportive,
     But for the past 20 or 30 years, the most interesting economic       not to drive as carefully as you would if you weren’t insured.
                                                                                                                                                                                       payments area of the National       including teachers, such as Max Corden, and students who
     research has explored the causes and consequences of                                                                                                                                                                  were excellent in their fields.
                                                                          In which case, the insurance company is likely to face bigger                                                Australia Bank in 1997 and
     “imperfect” competition in imperfect markets.
                                                                          and more frequent payouts on its policies.                                   moved into Economics in 1999 to utilise his Economics Degree.
                                                                                                                                                                                                                           Margaret’s experience of the Honours program left her with
     One major branch of this study of market imperfections is                                                                                                                                                             the confidence that she had a field of experience that would
                                                                          And the information problem for the insurance company                        Completing the honours year in 1996 was a very rewarding
     “information economics”. Various big names in economics                                                                                                                                                               be valued in the workplace.
                                                                          is that when you apply for an insurance policy, it has little                experience for John who benefited immensely from the support
     have contributed to this study and one of them, the Scottish
                                                                          way of knowing if you’ll be a careful driver or a careless one.              of Economics staff and fellow Honours students. It vastly
     economist James Mirrlees, is visiting the University of
                                                                                                                                                       improved his research and critical thinking skills, which are in
     Melbourne. In 1996 Sir James was awarded a Nobel prize
                                                                          Then there’s the problem of “adverse selection”. Insurance                   effective use in his current role.
     for his trouble.                                                                                                                                                                                                                                          Anthony Seyfort
                                                                          works on the principle that the premiums of the many who
                                                                          don’t claim cover the claims of the few who do.                              John’s thesis topic was Firm Size and Conditional Volatility:
     The model of perfect competition is built on a host of simplifying
     assumptions, one of which is that buyers and sellers have perfect
                                                                                                                                                       Empirical Evidence from Australian Equity Portfolios. It explored                                       1985 Honours
                                                                          Trouble is, the people most likely to take out insurance tend to             the relationship between firm size and volatility of returns,
     (complete) knowledge of market prices and conditions. A further
                                                                          be those who know they’re most likely to need to make a claim.               involving significant amounts of econometric modelling.                                                 Graduate
     assumption is that the information market participants need to
     acquire to have complete knowledge is costless.                      So, from the insurance company’s viewpoint, its policyholders                John was provided with exceptional guidance from Olan                                                   Anthony Seyfort believes
                                                                          select themselves and the selection is adverse to the company’s              Henry and Guay Lim during his honours program and he has                                                that his Honours year of
     It’s obvious, however, that in the real world the acquisition of                                                                                                                                                                                          1985 was by far the best
                                                                          interests. Information is asymmetric because the policyholders               no hesitation in highly recommending the program to anyone
     information is anything but costless. There are “search costs”                                                                                                                                                                                            of the six years spent
                                                                          have a much better idea of whether they’re likely to make a claim            seriously considering it.
     - in time, if not money - in seeking out information about the                                                                                                                                                                                            completing two degrees
                                                                          than the company does.
     best prices available and the qualities of competing products.                                                                                                                       Margaret Callan                                                      and has been inspired by
                                                                          A notorious example of adverse selection is private health                                                                                                                           economic analysis ever since.
     To be fully conversant with what a mechanic was doing to your
                                                                          insurance, where the young and healthy don’t bother to take
     car - or a doctor was doing to your body - you’d need to do
                                                                          it out, but the old and sick do. This is one reason the cost
                                                                                                                                                                                          1969 Honours                                                          Anthony is currently head of
     a course in motor mechanics or acquire a medical degree.
                                                                          of health insurance is so high.                                                                                 Graduate                                                              the corporate and commercial
                                                                                                                                                                                                                                                                practice of Lander & Rogers
     At a more subtle level, there can be “switching costs” for                                                                                                                                                            Lawyers. He provides strategic regulatory advice for a number
                                                                          Sir James quotes the story of a colleague who found that,                                                       Margaret Callan is Director
     shifting from one product to another - say, from one bank                                                                                                                                                             of regulated industries as well as dealing in general corporate law.
                                                                          in Washington DC, the make of car most frequently involved                                                      of the Indonesian Group
     to another - when you learn about a cheaper or better product.
                                                                          in accidents was the Volvo. So is this a case of moral hazard                                                   of The Australian Agency
                                                                          or adverse selection?                                                                                                                            John Harper, whose influence was inspiring, was Anthony’s
     Because the acquisition of information is costly, there are many                                                                                                                     for International Development
                                                                                                                                                                                                                           immediate supervisor. Anthony’s thesis on Payroll Tax Abolition
     occasions when it’s not actually rational for consumers to gather                                                                                                                    (AusAid) which is involved
                                                                          Do the owners of Volvos drive with less care because they know                                                                                   in Australia – A Worthwhile Objective? was a lesson to him
     all the information needed to be fully informed.                                                                                                                                     in the management of
                                                                          they are in a safer car, or do the people who know they’re bad                                                                                   on how things often aren’t as they first appear.
                                                                                                                                                                                          the government’s official
     (On the other hand, developments such as the internet are            drivers tend to compensate by buying Volvos?                                                                    aid program.                     Since completing his LL.B (Hons) Anthony has worked in
     reducing the cost of researching the prices and choices available                                                                                                                                                     law and was foundation company secretary of Crown Casino.
                                                                          Sir James’ contribution has been to come up with ways to                                                          Margaret completed her
     for a major purchase.)                                                                                                                                                                                                Anthony has always sought work with a strong economic
                                                                          overcome problems caused by asymmetric information. One                                                           Honours in 1969 and was
                                                                          simple device insurance companies use is the no-claim bonus.                                                                                     component and much of his legal work has been about
     So rather than buyers and sellers having perfect knowledge,                                                                                       the only woman in the cohort. Her thesis was on ‘The Cost
                                                                                                                                                                                                                           economic regulation.
     it’s common for there to be “asymmetric information” - where                                                                                      of Bushfires in Victoria’ which had been suggested to her in
                                                                          You may think this an attempt to counter moral hazard: motorists
     a person on one side of a deal knows a lot more about things                                                                                      a casual conversation with Geoffrey Blainey who inspired the        The completion of the Honours year in Economics was a great
                                                                          with a no-claim bonus may drive more carefully for fear of losing it.
     than the other person.                                                                                                                            topic because it was a very hot bushfire summer and the             influence upon Anthony’s life leading him to think of almost
                                                                          But Sir James sees it as an attempt to counter adverse selection.            topic proved to be very interesting. During her Honours year,       everything in economic terms.
     Often, the seller is more knowledgeable than the buyer because,                                                                                   she was introduced to development economics by Peter Blake,
                                                                          One way to look at no-claim bonuses is that good drivers pay
     for example, a company that’s in the business of selling fridges                                                                                  sowing the seeds of both her future work and sympathies.
                                                                          less. But since the cost of all the no-claim bonuses has been
     will know more about the topic - including the range of prices
                                                                          built into the company’s charging structure, a better way to
     charged by its competitors - than a family that buys a new fridge                                                                                 Margaret worked as a research assistant in the IAESR with
                                                                          look at it is that motorists with a bad accident history pay higher
     once every 10 or 15 years.
                                                                          premiums than everyone else.                                                 Ronald Henderson and Duncan Ironmonger. Margaret then went
                                                                                                                                                       on to gain her MA in Economics before travelling overland from
                                                                                                                                                                                                                                           Department Facts
                                                                                                                                                                                                                                           •    2006 Honours Enrolments in
                                                                                                                                                                                                                                                Economics: 32
10                                                                                                                                                11
                                                                                                                                                   wHErE arE THEy now?
                                          Arthur Campbell                 Did you enjoy your Honours year in Economics and if so,                  Are you still in contact with any of the following honours alumni? The Department of Economics is keen to make contact with former
                                                                          what did you enjoy the most?                                             honours students, to include them in the honours in Economics alumni network and invite them to honours related functions. If you
                                          Interview with                  The Honours year in Economics was a very rewarding experience
                                                                                                                                                   are in contact with any alumni below, the Department would appreciate you advising them of our contact email address:
                                          Arthur Campbell                 of which the Honours Thesis was far and away the most
                                                                          enjoyable element.
                                          2002 Honours                                                                                             Completed 1990                   Larissa Norman                    Anthony Leo Dwyer                Paul Ramon Pesavento

                                          Graduate                        Who was your Honours supervisor and did
                                                                          they influence you?                                                      Andrew Paschalis Kyriacou
                                                                                                                                                                                    Lisa Adele Boemo                  Danny Elias                      Allison Marie Raith
                                                                                                                                                                                                                                                       (previous Garrett)
                                          & Finch Scholar                                                                                          Andrew Raymond Croft
                                                                                                                                                                                    Mark Richard Roby                 Mark Kevin Ellis
                                                                          My Honours supervisor was Professor Rabee Tourky who guided                                                                                                                  Janine Maree Rooney
                                          Arthur obtained his Honours     me through the process of conducting research for the first time.                                         Matthew William Cole              Charles Evans
                                                                                                                                                   Andrew Theodore Korbel
                                          in Economics in 2002 and                                                                                                                                                                                     Sebastian Savoca
                                          is currently doing his PhD in   By doing your Honours in Economics, did this influence you                                                Monique Louise Cole               Baden Charles Furphy
                                                                                                                                                   Angus Malcolm McAllister
                                          the USA. The Department         to commence a PhD or had a PhD been planned during the                                                                                                                       Kenneth Thomas Serong
                                          caught up with Arthur to see    early years or prior to University study?                                                                 Patricia Frances Fagan            Vera Ha
                                                                                                                                                   Brett John Simpson
                                          how he was progressing                                                                                                                                                                                       Sheau Mei Athena Soo
                                                                          My Honours year in Economics had an enormous influence on                                                 Paul Ian Robson                   Gregory Laurence Hicks
                                          since completing Honours.                                                                                Carl J Schwartz
                                                                          my decision to undertake a PhD. The program and the faculty                                                                                                                  Nicholas Stoney
                                                                                                                                                                                    Peter Stuart O’Flynn              Yuen Ping Ho
     The Department of Economics is aware that you are currently          really opened my eyes to how economics can be used as a                  Craig John Jensz-Terill
                                                                                                                                                                                                                                                       Michael Rothwell Straughan
     doing a PhD. For interest could you tell                             powerful tool for answering important and interesting questions.                                          Philip Kendall Craig              Elizabeth Jane Kent
                                                                                                                                                   Daniel James Bessell
     our readers:                                                                                                                                                                                                                                      Kris Todoroski
                                                                          What are your career plans after you complete your PhD and                                                Rita Tsourvakas                   Kevin King
                                                                                                                                                   Grayden Robert Joseph
     •          Where abouts?                                             where do you hope to see yourself say ten years from now?                                                                                                                    Julie Christina Toth
                                                                                                                                                                                    Simon Ian Jack                    Christian Carl Klettner
                                                                                                                                                   Marianne Christie Gizycki
     •          Was this your preferred choice of institution?            After I complete the PhD program I hope to continue with an                                                                                                                  Maria Voukelatos
                                                                          academic career and an active involvement in the development                                              Simon Langley Malcolm             Hui Chin Kuok
                                                                                                                                                   Nicholas John Ryder
     •          What is it like doing your PhD there?                     of government policy.                                                                                     Davidson                                                           Susan Margaret Waddell
                                                                                                                                                                                                                      Ricky Pak-Ki Lam
                                                                                                                                                   Paul Joseph Twomey
     I am doing my PhD at MIT in Boston. This was my preferred                                                                                                                      Stephen Rodney Drake                                               Matthew Edward Waters
                                                                                                                                                                                                                      Chung See Liang
     choice when I entered the application process. The economics                                                                                  Samuel Prentice
     program at MIT is second to none in terms of the training you           Graduate Destination Survey 2004                                                                       Stephen Roland Knights                                             Andrew Charles Watt
                                                                                                                                                                                                                      Eng Hwa Liang
     receive. But it was the opportunity to interact with the quality                                                                              Simela Stolfa (previous
     of faculty and students in the department that really made
                                                                             Life after graduation for the                                         Karasavidis)
                                                                                                                                                                                    Tania Catherine Phillips
                                                                                                                                                                                                                      Wai Howe Lo
                                                                                                                                                                                                                                                       Roger Kingsley Wilkins

     my choice to come here easy.                                            graduates of 2003                                                                                      (previous Lele)
                                                                                                                                                   Stephen John Goodridge                                             David Mark Macgregor
                                                                                                                                                                                    Thomas Marc Lewis
     What is your PhD thesis topic and what inspired you                     The Graduate Destination Survey
                                                                                                                                                   Vaughan Andrew Mills
     to go into this area of economics? Could you briefly                    (GDS) is a national survey, conducted                                                                  Vicki Anna Williams               Leah Mandylas
                                                                                                                                                                                                                                                       Completed 1993
     outline this topic?                                                     by each tertiary institution under the                                                                                                   David Simon Mozina
                                                                                                                                                                                    Yuko Nozaki                                                        Thanos Argyropoulos
     I am still working on a thesis topic while completing my final
                                                                             co-ordination of the Graduate Careers
                                                                             Council of Australia (GCCA). The                                                                                                         Christopher David Nelson
     semester of course work at the moment. I am interested
                                                                             purpose of the GDS is to find out from
                                                                                                                                                   Completed 1991                                                                                      Neville Ian Azzopardi
     in the field of industrial organisation and will probably write                                                                                                                                                  Albert Po Soon Neo
                                                                                                                                                                                                                                                       Alexander Bakker
     my thesis in this area.                                                 recent graduates and students who                                     Andrew John Sutherland
                                                                                                                                                                                    Completed 1992
                                                                             have completed a qualification in a given                                                                                                Fiona Ann Northey
                                                                                                                                                                                                                                                       Lisa Jane Boothby
     Your Honours thesis topic in 2002 was on “Market Power                                                                                        Anna Jane Bogardus
     and Transmission Capacity in Power Markets.” Is this still              year what type of work, further study or                                                               Helen Wendy Bell                  Payam Pakravan
                                                                                                                                                                                                                                                       Jonathan Du Cane Boyd
     in line with your PhD thesis topic?                                     other activity they were engaged in.                                  Anthony John Kent
                                                                                                                                                                                    David Eskdale Bell                Giuseppe Pardea
                                                                                                                                                                                                                                                       Donna-Maree Michelle
     My Honours Thesis is in the general field of industrial                                                                                       Barrie Stewart Gillepsie
                                                                                                                                                                                    Nigel Bruce David Bell            Grant Ashley Parker              Buttigieg
     organisation but is not related to my current research.                                                                                       Christopher Paul Adams
                                                                             There quarters of the Economics                                                                        Allan John Bulman
     How did you become a Finch Scholar?                                     graduates who responded to the                                        David John Elms
                                                                                                                                                                                    Ra’anan Ben-David
     I applied for the Finch Scholarship as part of my application           survey work in the private sector,                                    David Mark Latina
     to MIT. It is a fantastic scholarship for those people wishing          mostly in finance, insurance, property                                                                 Andrew John Callaway
     to undertake graduate studies in economics and I would                  and business. Of these, 5% work in                                    Frederic John Puno
                                                                                                                                                                                    John Michael Carroll
     strongly advise anyone who is applying to a PhD program
     in the US to also apply to MIT and for the Finch Scholarship.
                                                                             accounting services and manufacturing                                 George Mina
                                                                             with another 5% in legal services.                                                                     Lorraine Anne Carson
                                                                             Around 20% work in the government                                     James Edwin Andronis
                                                                                                                                                                                    John Francis Collins
                                                                             sector. Economics graduates reported                                  James Patrick Hewett Davison
                                                                             working as business and organisation                                                                   Justin Scott Douglas
                                                                             analysts or other business and                                        Jane Wei Peng Tham
                                                                             information professionals, accountants
                                                                             and auditors, economists, specialist

1                                                                           managers and lawyers.
     wHErE arE THEy now?
                                     Completed 1994                    Completed 1995            Completed 1996                                                  acknowlEdgEmEnT
                                                                                                                                                                 of soUrcEs
     Paul Anthony Cashin
                                     Ian Abbot                         Sangeet Bedi              Brendan James Avallone
     Eugene Siang Yew Choo
                                     Luke Andre Beuchat                Erin Campbell             Gabrielle Evelyn Berman
     Andrew Ronald Cronyn
                                     Majella Clark (previous Solana)   Christopher Decker        Thanh Kim Bui
                                                                                                                                                                 appEaring in
                                                                                                                                                                 THE HonoUrs in
     Christopher James Durak
                                     Matthew Gregory Clarke            Grant Cameron Douglas     Mark David Chambers
     Salvatore Ferraro
                                     Antonia Gayle Cornwell            Stewart Kenneth Ferns     Bradley Coles
     Thomas Westcott Frewin

     May K Fung
                                     Andrew Crombie                    Patrick William Fry       Danielle Andrea Collins
                                                                                                                                                                 Economics alUmni
                                                                                                                                                                 nEwslETTEr 2006:
                                     John Andrew Dorward               Justin Gar-Hoa Fung       Jacqueline Crowle
     Steven Edward Gross
                                     Ashley Paul French                Rodney Scott Glover       Nicholas Cumpston
     Adam Charles Hain
                                     Caroline Maree Gorman             Benjamin John Kortlang    Chi-Shiun Loke
     Narelle Alice Hardiman
                                     Daniel John Graham                Fatima Lay                Kirsty Elizabeth McKenzie
                                                                                                                                                                 The Economic Record Volume 82 Page 30 - March 2006
     Timothy John McKay Hunt
                                     Matthew Richard Gray              Mun K Lum                 Mohd Sharif Mohd Ramzi                                          doi:10.1111/j.1475-4932.2006.00291.Volume 82 Issue 256
     Brian William Jackson
                                     Siang-Kwang Han                   Lachlan Thomas MacBean    Cherie Soo Meng Ong                                             The Australian 27 July 05
     Geoffrey Michael Jones
                                     Richard Anthony Hitchens          Christian Olsen           Maggie Scott                                                    The University of Melbourne’s UniNews Vol.14, No.14, 8 August 05
     Elizabeth Kim
                                     Anto Klobucar                     Benjamin John Power       Alan Chun Kiat Siew                                             The University of Melbourne’s UniNews Vol.14, No.20, 31 October 05
     Rowan Laird Luke
                                     John William MacGregor Knox       Adam Hunter Roberts       Joanne Elizabeth Street                                         Faculty Annual Report 2005- Outlook 2006
     Kate McLean
                                     Jacqueline Cara Lang              Joshua Thomas Sgro        Justin William van de Ven
     Alexander Thomas Milne-Pott
                                     Yew Choe Lum                      Geoffrey David Sinclair   Peter James Wreford
     Craig David Moore
                                     Russel David J Morris             Jeremy Paul Slattery      Eng Seng Yap
     Kirsty Louise Nottle
                                     Nicholas Eric Mott                Daniel Lothar Steen
     Michael John Pitts
                                     Cristina Michelle Mullins         Benjamin Rodney Swartz
     Sean M Power
                                     Derek Peter Ritzmann              Michael James Tropea
     Jeffrey William Roach
                                     Catherine Sheila Rooney           Paul John Wyatt
     Fiona T Ryan
                                     Joanne Elizabeth Ryan
     Justin David Sawyers
                                     Melanie Sawyer
     Patrick Dale Simpson
                                     Linda Lee Shepherd
     Benjamin Donald Bruce Squire
                                     Dion Che Smith
     Simone Natasza Szalmuk-Singer
                                     Anne Sornjen
     Jane Alexandra Thompson
                                     Simon Alexander Tung
     Harley James Thompson
                                     Teresa Ann Wells
     Benjamin Jon Cossart Walsh
                                     Karen Kah Leng Yong
     Jeremy David Wernert
                                     Martin Yule
     Elizabeth Jane Whiteley

     Kylie Louise Wright

1                                                                                                                           1   1
Department of Economics                                                                     >
Contact for the Honours in Economics Alumni

Heidi Scherer
The Department of Economics
The University of Melbourne

Telephone: +61 (03) 8344 5360

Honours in Economics Alumni Newsletter 2006
The University of Melbourne, Department of Economics,
Authorised by: The General Manager
Published by: Department of Economics
Date published: June 2006
Copyright: The University of Melbourne

The University has used its best endeavours to ensure that material contained
in this publication was correct at the time of printing. The University gives no warranty
and accepts no responsibility for the accuracy or completeness of information.

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