Causes and Implications of the Decline of the Economics Majors: A Focus on Australia

This paper analyses the causes and implications of declining economics major in Australia. Based on a brief review of the relevant literature and an analysis of the Australian time series data, it is found that economics continues to be less attractive to students in relative terms. Three major factors contribute to this phenomenon: less than appropriate product for an increasingly diverse clientele, the introduction of more attractive and business, commerce and industry-oriented programs such as finance, accounting and commerce, and business majors geared to the needs of the real world, and the use of less experienced teaching staff in lower undergraduate courses. It is argued that stemming the tide against the economics discipline would require a significant rethink of development of products more vocational and real world-oriented, market segmentation for different clientele types, and marshalling of more experienced and capable teaching staff for lower undergraduate levels.

Economic Analysis of the Driot de Suite - The Artist's Resale Royalty

The paper reviews Droit de Suite legislation which will provide that living artists and the estates of recently dead artists will receive a percentage royalty on resales of their work.

From a Vicious Circle of Anxiety to a Virtuous Circle of Learning: Experience of Teaching to a Heterogenous Clientele

A considerable body of literature suggests that significant psychological barrier and anxiety characterize the teaching and learning process in statistics. This study investigates the incidence of statistics anxiety, the extent to which it can be overcome and the factors that contribute to the process of overcoming it. Self-study and overall teaching quality, amongst others, significantly contributed to this outcome. This study identifies factors contributing to overall teaching quality. The teaching and learning process typified a highly effective communication mechanism based on an appropriate diagnosis of individual needs. This cumulative change resulted from circular causation. It is argued that given appropriate conditions the vicious circle of anxiety can be transformed into a virtuous circle of learning.

The productivity-inflation nexus: The case of the Australian mining sector

This paper examines the causal links between productivity growth and two price series given by domestic inflation and the price of mineral products in Australia's mining sector for the period 1968/1969 to 1997/1998. The study also uses a stochastic translog cost frontier to generate improved estimates of total factor productivity (TFP) growth. The results indicate negative unidirectional causality running from both price series to mining productivity growth. Regression analysis further shows that domestic inflation has a small but adverse effect on mining productivity growth, thus providing some empirical support for Australia's 'inflation first' monetary policy, at least with respect to the mining sector. Inflation in mineral price, on the other hand, has a greater negative effect on mining productivity growth via mineral export growth.