art by Carlos Chua

September 2011

The Official Student Publication of the U.P. School of Economics

S

I

DHI

2

NEWS

The Current Economic Condition of the Philippines Rafaello Batobato
GDP for the sec ond quarter was recorded with a 3.4% growth, lower than the forecast of 4.4% growth. This is attributed to the progressive slowing down of the economy. The GDP growth of 3.4% is lower than the forecast of 4.4% for Q2. This trend followed from the previous recorded quarter. GDP for Q1 was set to increase by 0.8% from the previous quarter. This is a pattern of occurrence of lower than expected economic growth as Q1 GDPalso slowed down to 4.9%, also to have lower than the forecast growth. With the same quarter recorded last year, growth expected at 4.5 to 5.5 was unmet, having only a figure of 4.4%. Since President Aquino's term, the economy has been described to be in astate of slowing down. The current global condition of the economy may be a reason behind these declining growth rates. The Philippines is also experiencing a decrease in remittances from the Filipino overseas contract workers. The National Statistics Coordination Board revealed during their latest figures that remittances dropped by 2.8% with the figures that of last year. These remittances compose almost 10% of the country's GDP, a major factor taken into account by the economy as it keeps local businesses afloat despite the low profits and incomes. Budget deficit on the other hand is set to be lower than P250B expecting the economy to grow by 5.2% this year. Budget deficit is seen to be lower than 250B as a foreseen improvement in the collection of taxes on the second half of this year according to the latest

Market Call report. Through this prediction, GDP growth is expected to pick up by 5.2% or within the growth target of 5%-6%.Hopefully, the expected increase in government expenditure will be enough to stimulate the economy and meet this goal. On another note, hot money inflows

peak S394M for August. On the net inflow of foreign portfolio investments, a peak of S394M is reached during the month of August, the central bank said. Compared to the S225M recorded the same month last year, the August hot money inflow went up with a whopping 75%.

3
men? And what about the distribution of w e a l t h ? In our society, riches are concentrated only in an elite minority while majority of other Filipinos struggle to make ends meet. The rich getting richer and the poor getting poorer is not the whole picture, though. Capitalist societies have been criticized as breeding exploitation and abuse. Only the owners of capital really get ahead in life while laborers are left physically exhausted and remain in the same social stratum. But, ideally, the profits that go to owners of capital accumulate and should create more jobs, augment national income and leave everyone content. But why is this not the case? The problem must lie with the actors and not the system. Perhaps there is apathy. In which case, one can argue that you should hate the player and not the game. Capitalism may breed such mindsets but the actions of the individual must be isolated from the system within which one operates. History can attest that capitalism has done better to improve societies than other social organizations. usuhave comHav-

FEATURE
ing such gods can be healthy and beneficial when directed at a goal or when committed to a certain conviction. Having such traits could very well be means to an end - a greater end. For greed, avarice and usury are tempests which fuel one's desires, but with the temperance of reason, compassion and conviction, greed is definitely good. In a level that transcends the materiality of economics, and in turn places these gods in a more general context, greed can help achieve one's goals. It can induce one to hone oneself and persevere. It motivates people; it makes them pursue their dreams with a bloodthirsty vigor. But as mentioned earlier, there is a fine line separating the benevolence and malevolence of greed. It only seems fitting to conclude with another quote from a more contemporary personality to show that Keynes' wisdom, though formulated almost a century ago, is still very much applicable today. "If greed unleashes the spirit of entrepreneurship, and if it motivates individuals to work for the good things in life, there may be a silver lining in the trait. Many good things are derived from self-interest, which potentially translates to good for others as well."-- Michael Yoshikami, Founder, President, and Chief Investment Strategist of YCMNET Advisors, Inc.

"For at least another hundred years we must pretend to ourselves and to everyone that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still." --John Maynard Keynes (1931) What benevolence could avarice and usury pos sibly have that a great econo mist would praise them in such a dictum? Ironic, how avarice, being one of the seven deadly sins, should be uplifted to the level of a god. Greed happens to be a very sensitive word in Filipino society. What with all the corruption that prevails, illegal logging that strips our forests naked and the "evils" of capitalism. And usury, by definition, is embodied by the decep-

tive loan sharks; 5/6 as their ploy is commonly known. However, if one puts these words into certain contexts, people will realize that there is wisdom to the seemingly ironic statement of John Maynard Keynes. Consider a competitive market. Anyone who is "greedy" for profit will enter into the industry and generate profit. Concurrently, an additional competitor in the industry would lead to more goods or services offered and lesser market prices at that. The firm gets what it desires and consumer welfare is improved.

Could the same gods be justified in a Filipino sociGreed, avarice, ety, considering that they have ry - such words need not brought infamy and distrust to the negative connotation our Senators and Congress- monly attached to them.

4

second batch run of subject enlisting. NonetheMarvin Joseph Marayag less, it only takes me one with their current academic Another semester is standing but also for their sub- enlisting period to complete about to end and surely so ject enlistment. He is our all-time my ideal class schedule. much things have happened. favorite buddy, companion and I started cleaning up my com- best friend. We call him CRS. Some good advice puter by deleting old, useless, academic files from the previ- We meet again Upon reflecting and carefully ous semesters and clearing up analyzing the factors which led my browser's web history to ac- It's another season for UP stu- me to this consistent achievecelerate its speed when loading dents to perform old rituals to ment, I have taken down the files from the internet. Suddenly, help them get through this has- common things that most peosomething caught my attention. sle and annoying procedure ple observe during the enlistof choosing their desired sub- ment period which might help It wasn't really some- jects. Perhaps choosing isn't you land on your most prething new, but apparently, it was really what is annoying rather it ferred subjects and schedules. mind-boggling and perhaps, re- is seeing in front of your com1. Don't be ally disturbing. As I scroll back puter screen that the subject's afraid to enlist and enlist! Since from June to September, there demand exceed by more than assigning chosen subjects was nothing except this site 500% of its total slot. What's would be done randomly by the which is popularly named Fa- even worse is that everything system, it would be practical to cebook. All these months, my happens in random. Your fate maximize the enlistment period precious time was spent for this lies in the hands of this unknown by enlisting in more than one unitless, non-academic elective, and perhaps inefficient mecha- subject of the same kind. After which goals to strengthen our nism, which will either grant you all, you are allowed to enlist for close ties with different people. your most precious class or an a total of 20 subjects! With some opportunity to enhance your per- powerful novena paired with Having said that, it is suading skills by begging your small acts of kindness, perhaps timely for this another website professors for a single more slot. you'll end up getting one of them. to be revisited by my fellow stu2. Rank your dents and schoolmates as the Luckily, my charms subjects according to your prefsecond semester approaches. have been effective and for the erence and based on how much It has been abandoned for past 5 semesters, my relation- you need them. It would somemonths, and now, it will regain ship with CRS has been effec- times work when you order the spotlight in our web brows- tively tested and strengthened. your subjects according to their er's history as people rush to ac- So far, the worst scenario was chronological importance. Priorcess it not just for any updates for me to engage again inthe itize the class you need the most!

Casino Slotmachine

FEATURE
3. Know which GEs are not in demand and are unpopular among the student population. After all, they might be worth taking. If they really are, feel free to share them to us! 4. If time permits, take your major subjects when these are off-season. 5. Be a Registration Assistant. P e r h a p s some will find this guide useless. It really depends on CRS's mood. Some are lucky to get all the subjects that they have enlisted. Some are contented with getting 3 subjects. Some are too unfortunate to receive nothing. Nonetheless, people shouldnot lose hope! After all, there issuch a thing as manual enlistment which we are all too familiar as well. Let us just be optimistic that as the system improves, it will be more just, fair, and friendly to the students most especially to those who were able to enlist first. Like a casinoslot machine, who knows what's going to happen next?

5
Thesis is the last hur dle one must overcome be fore graduation. Everyone has their own preferences on when to take Econ 199. Those who prefer the first semester say that it allows you more time than the second. It is perhaps because late submissions are tolerated during the first sem! there are hearsay accounts of submitting Thesis during the sem break or right before the start of the second sem. The second semester, on the other hand, does not give you this liberty since graduation is also during April . just a few weeks after the end of classes. Begging for extension of deadlines won't really work. The first sem allows you to take advantage of the second sem just in case you get INC or flunk Thesis completely. (Seriously? Sad face.) Those who prefer the second semester would finish up their subjects during the first and have 6-12 units left, so they could give full attention and make a last hurrah. To solo or to partner? I personally chose to go solo, and here are the reasons why: 1. You hold your own time and

FEATURE

Thes-is So Much Hope Ngo Fun! Jennifer

Finally, when you get to working on the Thesis topic itself, my advice is to look at available data and think of relevant issues that you may tackle with what is present. Being too ambitious and thinking of topics beforehand, which is a mistake that I made, allows for more creative questions. But sometimes, the data really isn't there. No matter what you do, you can never extract or extort data. Not unless you collect your own data, which is very time consuming. You also have to be keen on your sampling methods. Review of Related Literature (RRL)--this is what I hate the most. I cannot take scanning and reading literature then typing it down to be cited as support for my findings. It stops the flow of ideas. Sometimes you are just in a typing frenzy and you write down what you know. (8 semesters is not for nothing) Type. Take a break. Read again. After everything has been said and done, you go on with citing others' studies to make your work substantial. Thesis is a sem-long process. You cannot do it in a month, especially during the last month. Make bi-weekly deadlines. Give yourself enough time to think and get in the zone to really work on it. It is all about time management. In the end, I actually find it to be the most relaxing Econ subject in the whole curriculum.

you can go at your own pace. You have an exam in another subject, so you pause from doing Thesis and concentrate on that, but your partner isn't in the same situation. Today, you want to oversleep; your partner has a 4h and 30m break from 8:301:00. You have scheduling issues. 2. It eliminates the free rider problem. No one wants a lazy-ass Thesis partner, especially those who hate free riders (well, who doesn't?). Then again, for the more passive ones, they might prefer someone to check up on them. The key of team dynamics is TRUST. You cannot always work together since you are pressed for time. You must trust the work of your partner since rechecking everything is simply counterproductive. But of course, you must talk to one

another to brief about what you did. Focus on each other's forte. 3. It eliminates all human resource problems. Basically going solo eliminates conflicts. You can pull your own hair; curse yourself or whatever it is that you do when you have gone mad. Most likely, your partner would be your best friend, and when emotions get in the way, your friendship might suffer. You are friends with a person not because of his work ethic, so be wary and make sure that your friendship will surpass bumps of a more work-related relationship. Also, imagine, if you are frustrated with the Thesis itself, being mad at your Thesis partner, which means losing your best friend as well. Your best friend is your outlet of these emotions--the person who keeps you sane and keeps you going. He or she is not the object of it.

6

FEATURE
ter what, don't ever believe anyone who ever says that the GE is a horrible subject, because they'd be understating it. Nat Sci 1 would be one of those subjects brewed straight from hell. It was so bad that I was ecstatic to have received a 45 out of 100 in my exam, because that was already enough to be exempted from the finals! Next on my list would be Nat Sci 1's complement, Geog 1. I remember my one and only requirement in this class was a take-home exam by groups of 5, which had to answer the question "what was your favorite geography topic and why?" in 500 words only!However, it was a 7 am class, so I guess this was the universe's way of being fair. I took two English classes, English 11 and 12. My English 12 GE, World Literature, was such a treat because I was able to enlist along with two good friends of mine. Moreover, my professor was also quite a treat (to look at). Nevertheless, the class made me feel very, well, classy adding epics like the Odyssey, plays like Faust, and poems like Inferno (obviously) to my bookshelf. English 11 was also thoroughly enjoyable because it 's one of those insightful kinds of courses. Every meeting we discussed a new story or poem, and so every meeting was something new to look forward to. Comm 3 was one of those classes that everybody said would be great, which sort of left me disappointed. Perhaps it was because I had such a high expectation that it didn't quite live up to the hype I had generated for it. This was one of the courses that didn't really add anything to my knowledge, because I can already speak in public quite fine. Always choose an elective you think you'll actually learn something from, this one's for you freshman! Well in the end, for all it was worth, I got a date, as required by the course's curriculum. At least for a day I wasn't a lonely guy. I was quite surprised by how m uch I enjoyed my next GE, Art Stud 1. I never drew, never painted, never did anything remotely artsy. I was never that guy, until Art Stud 1 changed my life. Okay so I didn't shift to Fine Arts or anything, but since taking that class I've sort of had this new appreciation for art. I highly recommend this class. Lastly, the mother of all GE's, the highly coveted MST so rare its demand reaches four digits on CRS pre-enlistment: Science, Technologies and Societies. It's so great I had to spell out its entire course name. If you've never heard of this class, you have to be deaf, because even students from other schools know about how badass this class is. And yes, I took it. General electives will always be the pleasant break from hard-hitting majors. It's also one of those classes that you share with students from all over the campus. Most importantly, even if you probably won't have any practical use for them, it's good to know that you know something.

My top 7 GEs
(out of 7)
Rafael Mirafuente
I remember when I was a freshman, back when I still had a life, if there was one question that every freshman was throwing around it was "Dude, what GE's did you get?". Come to think of it, until today that's the same question I ask the freshmen that I meet. It's such a great conversation starter because every single person you meet in or from UP would have at least one great story with the General Electives, or GE's, they took. It may be about how the subject was so insanely easy it'd have made any Atenean or LaSallian cry, or such a terror it must have been brewed up from, at the very least, the Seventh Circle of hell. Everybody wants to share their experience with GE's. Luckily for me, I have about 400 words left to share about my UP GE stories, so if you've read this far you might as well finish it! At the very top of my list will be an all-time favorite, Nat Sci 1. No mat-

“Always choose an elective you think you’ll actually learn something from...”

7
By the law of se quence, we can assume that doctors give birth to pediatri cians, dogs bring about pup pies and writers breed writ ers, However, such cannot fully be the case for Juan C. Tuvera and Kerima Polotan-Tuvera when they gave birth to their eighth child, Mariam Soraya. Having Palancan awardees for parents must have meant shelves and shelves of books in the family library. Well indeed, because of this, the kid Mariam loved English and Literature. Though she loved reading a lot, Mariam's long-time dream was to become a psychiatrist. It wasn't until entering college that she realized she wanted to become an economist instead. Pursuing her bachelor's degree in Economics at the Ateneo de Manila University,Mariam found the course to be a highly intellectual and interesting field. Mariam's blood as a writer inevatibly flowed. She worked as Associate Business Editor for the now defunct Evening Post and writer for People magazine. She has also written commentary for a couple of national newspapers. the London School of Economics. She brought her MS degree to the Philippines and started teaching History of Economic Thought, better known as Economics 109, in 2006. Asked if the subject is her forte, Mariam chuckled and softly replied "I hope so,"and went on to say that her teaching preparations include reading far ahead, digesting the subject and translating it to a version that teenagers could easily understand. From this specific subject, Mariam hopes that her students would be able to entirely understand the concept of individual greed, know if it is good, and weigh the pros against the cons. For a while after 2006, Mariam rested from teaching and worked for UP Manila as a researcher and editor. Before her teaching stint in Diliman this year, Mariam also worked for the extension program at UP Pampanga. Although from the London School of Economics, Mariam still gets intimidated by the UP School of Economics. School "Why, of it's the UP Economics."

FEATURE
"Prestigious," she added when asked about her impression of the School. She said that she presumes the students of the school to each have an IQ above average. During the course of her teaching, she observed that her students are bright and disciplined and really do their share of school work. This year, Mariam returns to UP Diliman not only to teach but also to finish a Master's degree in French. Just a few years ago, she won a translation award in UP Manila for translating to Tagalog Gustav Flaubert's French short story, "A Simple Heart". A simple heart is also what inspires Mariam, for she mentioned that she looks up to Nelson Mandela because there is no hatred in the man's heart. Besides Mandela, Mariam also would like to meet Princess Diana. Mariam asserts that Princess Diana was underestimated and her true brightness not appreciated. Besides teaching and studying, Mariam used to scuba dive. Nowadays, she's into reading and sleeping. Given all of these and by the law of sequence, we can still assume that writers give birth to writers and more.

Writers breed writers and sometimes, economists
Joana Bagano
Growing up with her writing skills, Mariam said she has from time to time been compared to her famous storyteller mother. "It was inescapable," she said.

On the other hand, Mariam's continued interest in Economics allowed her to finish graduate studies at

8

LITERARY

ALONE Juliet Fe Laguda
I can see the sun falling after the day is done my fears are also crawling cause there's no point in wishing in the eyes of some it's solemn but the passion keeps on hunting hunger for the impossible arises to keep the flames from going I don't care what they think Don't care what they say Don't care what they do I'll keep the fire burning So much pride have been taken The bitterness were left upturned All the memories have returned But it cannot change the undone

"Trade is nothing else but a Commutation of Superfluities; for instance: I give mine, what I can spare, for somewhat of yours, which I want, and you can spare." -Dudley North, 17th Century economist and writer on free trade

I am under the flesh Watching, waiting I am under the clouds Running, playing I am under the sun Reading, writing I am under the skies Moving, helping I am under the stars Hoping, praying I am under the ground Rotting, decaying.

LINEAR?
Joana Bagano

Probie out of Econ

9

LITERARY/CULTURE

Someone Juliet Fe Laguda
From the time there's an emptiness A little something I will surely miss My heart is saying there's something wrong I wish someone would come along Someone who will make my life complete Someone who will give me courage to compete Someone who will give color to my life Someone who is always at my side

You smiled at me the sweetest smile You cam into my life at the right time When you said hello My heart suddenly throbbed fast I can't deny If you wanna make me feel this way I want to let you know How you make my day so gay You give me hope When all my hope is gone Now i know You are my only Someone

Fate
"Everyone has the brainpower to follow the stock market. If you made it through fifth-grade math, you can do it." - Peter Lynch, Wall street stock investor

14

NEWS
UPSE Student Council SAC (Sports Arts and Culture) Committee headed by senior Van Chrisitan Valdez. Last year's Schoolympics ended with Batch '07 on top, followed by Batch '09 in second place, Batch '08 in third, and Batch '10 finishing last. The Schoolypics-21 finals series officially opened on September 10, 2011 at the Department of Agrarian Reform (DAR) Gym with the traditional Oath of an Athlete Ceremony. Preliminary rounds

Tensions rise as Schoolympics 21 ends soon Garie Ouano
The UPSE Schoolympics is an annual sporting event among the student body of the School of Eco nomics. Now on its 21st year, the Schoolympics is currently organized by the

were held mostly in August. This year, Schoolympics hosts 12 main events (in no particular order) Cheerdance, Futsal, Men's Basketball, Women's Basketball, Volleyball, Badminton, Frisbee, Ping-pong, Chess, Tug of War, Sack Race, and a Video Competition. According to a highly reliable SIDHI source (name withheld), current standings reveal Batch '09 to be on top of the game. There is no clear information as to who this year's MVP will be, but the special award is determined through an aggregated score of points and fouls. Some things to note

about this year's Schoolympics, there is overwhelming opinion that this year was one of a few that the Freshies did not flop in the Cheerdance Competition. Batch '11 showcased a variety of tosses that can rival that of UP Pep! In other aspects, tensions mount as well as one of the Tug-of-war games resulted to an anonymous person crying because of offensive remarks from the audience. Schoolympics-21 is evidently a test of maturity as it is a test of skill. Schoolympics-21 is scheduled to culminate on October 7, 2011 at Spanio Bar. Details to be released soon by the UPSE-SC SAC Committee.

10

EcoSoc presents first National Economics Summit in UP Diliman
Beatriz Bayudan
The UP Econom ics Society External Affairs Committee staged the first National Economics Sum mit at the UP Engineering Theater last September 17. The said conference which went on from 8am to 3pm, tackled issues on education, labor and Philippine development. (AUSES), Adamson University Business Economics Society (ADUBES), Ateneo Economics Association (AEA), Ateneo Management Economics Organization (MEcO), DLSU EconOrg, FEU Economics Society (FEU Ecosoc), JRU Economics Society (JRU Ecosoc), PLM Economics Society (PLM Ecosoc), PUP Economics Research Society, San Beda Economics Society (San Beda Ecosoc), St. SchoEconOrg, UA&P Business Economics Association (BEA), UP Organization of Business Economics Majors (OBEM), UST Artlets Economics Society, and the UST Economics Society (UST Ecosoc).

NEWS

Guest speakers included notable figures specializing in the aforementioned topics, like Professor Solita C. Monsod, former Education Undersecretary Juan Miguel Luz, Department of Labor and Employment Secretary Rosalinda D. Baldoz, and National Economic DevelopThe NES is part of UP ment Authority Director-General Dr. Cayetano Paderanga, Jr. Ecosoc's month-long 53rd anniversary celebration. The NES Attendees included the was organized by the Externals top students of economics from Committee headed by externals universities all over the metro, chairperson Regina Reinoso. and participating economics organizations: Adamson University Society of Economics Students

11

CULTURE

2 Fish, 5 Loaves by Mae Angeline Alivia of the University of La Salette Winning entry, PSE Academe Week 2011 Photo Contest

14

NEWS
accomplish an equity security analysis to facilitate the PSE, beginner and veteran investors, and the investing public various studies, news, and references through fundamental and technical analysis. The first part of the opening rites was held at the PSE Ayala Board Room showcasing ceremonial activities, the ribbon-cutting of exhibit, the launch of Teacher's Guide and the PSE Academy Website. The second part of the program was a Basic Stock Market Seminar for educators that aimed to orient those who attended about the stock market and to guide them on how investing in stocks can further secure one's financial future by becoming a successful investor. The whole event organized other seminars such as Listing and Capital Raising Seminar, Fundamental and Technical Analysis Seminars and a Career Talk. Creative competitions were also facilitated that included the PosterMaking Contest, Digital Photography Contest, Infomercial Production Contest, Stock Trading Tournament, as well as the Economic and Capital Markets Quiz Competitionand Best Thesis Competition.

PSE spearheads Academe Week 2011 Macon Davila

The PSE joined forces with the Council of Economics Students (CES), the Junior Philippine Economics Society (JPES), the PSE Blue Chip Club (PSE-BCC), PSE Market Education Department (PSE MED) and the Bedan Business Spectrum Foundation (BBSF) to make the said event possible. University of the Philippines - Diliman hosted the 4th day of the Academe week (Sept. 8) at the UP College of Engineering for the Fundamental and Technical Analyses Seminar which was designed for college and MBA students, investors, and practitioners from different fieldsinterested to learn methods used to analyze securities and make sound investment decisions. Speakers on the said day were Mr. Jose Mari Lacson, head of research at Campos, Lanuza& Co. for the fundamental analysis and Mr. Leo Quinito, director of PSE capital markets development for the technical analysis. For the second part of the Academe Week, the Presentation of Security Analysis Report encouraged securities specialist students, stock brokers, and even investors to

The Philippine Stock Ex change, Inc. (PSE) with its theme, Integrated Learning on Stock Market Invest ing (iLearn Stock Market Investing), launched the 2011 Academe Week from September 5 to 10, 2011.

The six-day event targeted to educate high school, college and postgraduate students and educators with topics about stock market investing and to persuade the members of the academic community to be active participants in the Philippine capital markets.

12
Are you look ing for something new to immerse yourself in? How about a new book or an interesting lecture from a guy who's actually renowned worldwide (See TEDTalks)? Look no further for this corner will equip you with what's new in the Econ world may it be in the School or abroad. You may have resigned yourself with hating Economics as a subject in class but maybe, I can convince you to think twice about how you feel about it through what's new in media and popular culture. I'm no expert (yes, if we see each other in the hallway I can tell you what my EWA is and you'll doubt why I even write about nerdy stuff in Economics) but from time to time, motivation has to come somewhere and this is where it comes from (at least for me). I leave you with a quote from the famous J.M. Keynes who we all know and kind of hate because of the hardship he's bringing us now in all our subjects; nevertheless, this quote will encourage you and make you feel very important about what you're studying (or maybe not) at least until the end of semester for it brings such great wisdom. The study of economics does not seem to require any specialised gifts of an unusually high order. Is it not, intellectually regarded, a very easy subject compared with the higher branches of philosophy and pure science? Yet good, or even competent, economists are the rarest of birds. An easy subject, at which very few excel! The paradox finds its explanation, perhaps, in that the master-economist must possess a rare combination of gifts. He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman, philosopher-in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light of the past for the purposes of the future. No part of man's nature or his institutions must lie entirely outside his regard. He must be purposeful and disinterested in a simultaneous mood; as aloof and incorruptible as an artist, yet sometimes as near the earth as a politician. Watch out for an Economics inspired playlist for our next issue! BOOKS A follow-up to his book, Predictably Irrational, Dan Ariely, continues writing about the irrationality of man. This time around, he focuses on the benefits and the positive effects that irrationality can bring to our lives. We know for a fact that Economics is established on the theory of rationality and that human beings make decisions based on reason. Of course, this is not really what happens in real life and it is through experiments and personal experiences that Ariely showcases the different aspects that lie beneath the façade of acting rational. In this book, we learn more about procrastination, revenge and adaptation among other topics. I personally enjoyed the chapter on the "Not-Invented-Here Bias" which emphasized that us as human beings like ideas that are from ourselves and not from others as well as the "The Ikea Effect" which talked about why we overvalue what we make. These are just two of concepts in the book shed light on why man thinks like he does. Mind you, these are not just hypothetical thoughts but actual experiments are carried out in big universities in the United States to put these concepts into life and understanding. The book also imparts knowledge and tips as to how to act upon our irrational side once it hits us. If you're looking for answers as to why we act like we do, Ariely's two books can provide what you're looking

CULTURE
for. It is not a challenging and theoretical book that we are used to in Varian's or Mankiw's (which is based on rationality concepts). He acquires the use of real life clever experiments that relates to everyone that is why it is also effective in imparting the message. I would highly recommend it to everyone who wants a break from all the technical readings that involve business law, regression lines, economies of scale, etcetera. You would be sur-

prised as to what the book can

SOURC

A Ner

13
reveal to you about yourself. ner in Economics) is brilliant and thought-provoking. The film adaptation which was released 10 years ago brought the greatness and genius of this man to life and the inspiring story of how he came about with the Nash equilibrium. I have not taken game theory yet so I do not really want to talk about something I do not know but the portrayal of Nash by Russell Crowe can really just inspire anyone to go out there, open your horrifying math notebook and answer your differential equation homework. The film adaptation emphasizes more on his struggle with paranoid of all the mathematics involved. The film is indeed refreshing in this day and where everything seem to be three dimensional. Learning more on the history of whatever topic you study about in Econ is always interesting considering how complicated things can get. I assure that you will enjoy the feeling of fulfilment (vicariously through Nash). This movie is brilliantly executed and a must-watch for all aspiring Economists out there. WHAT'S NEW Hans Rosling Talk on Population and Economic Growth Dr. Hans Rosling, a professor at Karolinska Institute in Sweden and a co-founder of the Gapminder Foundation which promotes sustainable global development graced the UP School of Economics with his presence on 16 September 2011 at the SE Auditorium. Famed in TEDtalks as well as his extensive research, more than 300 people from all over the metro attended the public lecture.

CULTURE
Before even attending the talk, I've already Googled his name and with this came out the Gapminder website that features a fantastic application for your desktop that allows you to show animated statistics! The heading "There's nothing boring about statistics!" and the video that goes with it is what first greets you in the said website. Yeah, I don't think so. I do not have any disdain about statistics but considering the hardship I am going through now in Econ 131, I had to see the talk live to convince me otherwise. Granted, the talk was filled with data, graphs, tables, and works but it was presented effectively and he was also quite the jolly man so the interpretation of all the statistics weren't so bad. I will not do his talk any justice by talking about it here, so instead you should go to the UPSE website and stream the video out. It would't hurt considering that he is Youtube-famous with more than 4 million views in his videos! You will learn more about economic development, poverty and health, education and the connections between these topics and perhaps even enjoy it! No more boring data, indeed.

MOVIES A Beautiful Mind directed by Ron Howard and based on the book written by Sylvia Nassar The Pulitzer Prizenominated book that is the biography of John Forbes Nash (a Nobel Prize win-

CE: UPSE website

rdy Corner
Louisa Poco

schizophrenia and his life in the academe. Nash ends up marrying a student (Jennifer Conelly!!) and is portrayed as someone who is a complete social outcast, so you see, this movie actually has an absorbing plot that deserves watching despite

SIDHI 2011-2012
Editor-in-Chief Associate Editor Managing Editor News Editor Features Editor Graphics Editor Layout Editor Photography by

EDITORIAL BOARD
Pamela Jean Corpuz Louisa Camille Poco Juliet Fe Laguda Rafaello Batobato Giselle Jose Madeiline Joy Aloria Joana Rizza Bagano Arsenio Lukban

Writers: Joana Rizza Bagano Rafaello Batobato Beatriz Bayudan Benedict Bismark Macon Davila Juliet Fe Laguda Marvin Joseph Marayag “...man, who can subsist only in society, was fitted by nature to that Jose Marella situation for which he was made. All the members of human socie- Garie Ouano ty stand in need of each others assistance, and are likewise exposed Louisa Camille Poco to mutual injuries. Where the necessary assistance is reciprocally Artists: afforded from love, from gratitude, from friendship, and esteem, the society flourishes and is happy. All the different members of it Madeiline Aloria are bound together by the agreeable bands of love and affection, Carlos Chua and are, as it were, drawn to one common centre of mutual good Anton Ragos offices.” - Adam Smith, Theory of Moral Sentiments

Visit SIDHI online: http://www.issuu.com/sidhi/ docs http://www.schoolofecon. weebly.com For questions or comments, contact SIDHI at sidhi.upse@gmail.com For solicitations or sponsorship, contact the managing editor Juliet Fe Laguda - 09266447335

Sign up to vote on this title
UsefulNot useful