Posts Posts by: "Rabee Tourky"

In a previous post I outlined a way of thinking about higher education financing that does not break the HECS income contingent loans model and does not break the government’s budget. I proposed a small change to the way things are presently done that seems obvious from a theoretical view point taking into account…(Read More)

An issue that has perplexed me over the last few weeks is why do the top universities in Australia continue teaching Australian undergraduates when the fees they get from these undergraduates are far lower than foreign fees. Further, there is no doubt in my mind that given the intense competition for hugely expensive research prestige…(Read More)

Education Minister Christopher Pyne is concerned that some universities are educating students who do not repay their HECS debt: Universities churning out graduates who do not repay their student debts would face financial penalties under a proposal by Education Minister Christopher Pyne aimed at securing Senate support for fee deregulation. This kind of punishment mechanism…(Read More)

I am glad this has been finally made public: Academic who revealed Australian bus driver racism ‘victimised’ It has been a source of great concern for me because I care about the University of Queensland. It has been a source of great personal embarrassment because that was the place where I did both my undergraduate…(Read More)

Economics is an intellectually challenging and  socially relevant area of study. According to the Hamilton project studying economics gives you a better shot at striking it rich. Here are some nice figures that illustrate the point: Updated: These are cumulative distributions. Notice that economics first-order stochastically dominates almost all other majors, and second-order…(Read More)

Bitcoin is perhaps the greatest innovations in economic design. I’m glad to see that despite the early predictions by many economists the currency is yet to die.  The value of Bitcoin has hovered around $550-$650 (USD) for a while and I remain confident that its value will stay close to the present marginal…(Read More)

With Rohan Pitchford. Following the collapse of Lehman Brothers in 2008, the Australian government may have quietly bailed out an investment bank or two. It did so by transferring bank risk to itself. For example, in  early 2009 Macquarie Bank was allowed to sell US dollar denominated commercial bonds that are guaranteed by the Australian…(Read More)

I’ve been making a few claims regarding the fact that we really don’t understand what to expect from the proposed changes to HECS. I had a couple of people in my office today, chalk-in-hand, trying to explain some of the distortions that we may expect. Here is a simple example. Consider…(Read More)

With Rohan Pitchford. The proposed change to HECS made in the recent budget doesn’t seem to have been well thought out. It is likely that there will be extensive deliberations, perhaps an enquiry, before major changes to HECS are implemented. In this post we propose that in any future HECS type of deferred payment…(Read More)

The education of young adults is a task of a democratic society.  Here I will propose the notion of a core university, which is an economic institution that I think is resilient and that nurtures a resilient full education. The core university is a university engaged in the narrow business of education in which it…(Read More)

Can a kind colleague explain to me why the leading Australian universities will not increase fees for local students (HECS debts)  above fees charged for international students? After all, even if market interest rates are charged on HECS debt, HECS remains a cheaper debt than a regular bank debt (you don’t go broke with…(Read More)

Baffling inefficiency, scale economies, and opportunities for inter-temporal manipulation in the Bitcoin  protocol Memory is Money is a sequence of posts describing the internals of the Bitcoin network. The intended audience are professional (academic) economists. Memory is Money is not a tutorial series on how to use Bitcoin, there are many excellent resources on…(Read More)

Two years ago Paul Frijters asked me to write about the Syrian civil war. I can’t remember if it was for this place or for some other place. I thought about it and decided not to write anything because I couldn’t understand what was happening in Syria. One of the problems is that…(Read More)

Memory is Money is a sequence of posts on Core Economics describing the internals of the Bitcoin network. The intended audience are professional (academic) economists. Memory is Money is not  a tutorial series on how to use Bitcoin, there are many excellent resources for this on the internet. It will be occasionally useful to describe…(Read More)

Make no mistake we are witnessing a revolution in economics. Developments in market design are changing the way people interact in the presence of scarce resources and will undoubtably influence the way we think about economics. This is an economic revolution that has been directed by scholarly endeavours, is being driven by the revolutionary zeal…(Read More)

Something I’ve been meaning to do is say something about Mike Spence’s arbitrary firings of tenured academics at the University of Sydney. The truth is that like many busy academics – and most academics are busy teaching and researching – I basically avoid thinking about what has been happening in Sydney and how it affects…(Read More)

A handy rule of thumb is that every new hire in an Australian economics department should be comfortably able to teach exactly two of the following courses: Third year Microeconomic Theory. Third year Macroeconomic Theory. Third year Econometric Theory. More than two indicates that the courses may be too easy. Only one: too specialised or…(Read More)

I argued in October 2008, on Harry Clarke’s old blog, that the main theoretical story emerging from the global financial crisis is market incompleteness. At the time I summarised my views as follows: what we are seeing is the effects of the incompleteness of the kind of instruments available to the market and not…(Read More)

Every now and then I go to the St. Louis Fed’s website to look at the M1 Money Multiplier. I’ve been fascinated  by this since November 2008. Here’s what I saw at the time (M1 Multiplier):             The M1 Money Multiplier is the ratio of  M1 to…(Read More)

The gentlemen’s book of etiquette: Table Etiquette “It seems a very simple thing to eat your meals, yet there is no occasion upon which the gentleman, and low-bred, vulgar man are more strongly contrasted, than when at the table … Try to sit easily and gracefully, but at the same time avoid crowding those…(Read More)

There’s been much study by demographers about the relationship between income and giving to charity. Some demographers have shown a positive relationship between income and giving, some have shown a U-shaped relationship, so the poor and rich contribute more than the middle class,  and others have shown no relationship. I’ve been consumed…(Read More)

I’m writing this post motivated  by, but not simply in response to, the recent Media Release of Academy of the Social Sciences in Australia.  That release is unfortunately incoherent to me. Indeed, how can we have a conversation about the ERA when we are not convinced that we are part of the global community…(Read More)

Make no mistake, many scientists think that public scrutiny of research performance  relative to global standards is a good thing. To my mind it is quite remarkable that there is a measure of agreement among academic economists about the framework of these global standards. There are top general journals, top field journals, quality journals, good…(Read More)

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