1. Undergraduate Economics Association
First Meeting
(1/28/14)

2. Undergraduate Economics Association?
Mission
Our mission is to socially, academically, and professionally develop Boston University
student's interest in the economics field.
Platform for gaining insights into today’s
economic issues
Platform for generating discussions
on economic issues
Platform for showcasing your talent
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3. Strategy
Bridging the gap
Strategy
Inform
Debate
Network
General Meetings
Guest Speakers
Core Website
Articles
Blogging
Journal
Events
Case Competition
Facebook
Google+
LinkedIn
Professional Events
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4. Alumni
Michael Clancy
Private Equity
Analyst
Fadi Humaid
Complex Valuations
Aleeza Lui
Business Analyst
Sharjil Hannan
Development
Planning
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5. Core Activities
Events, Meetings, Opportunities
Econ Lunch
UEA
Member
MAG
Journal
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6. UEA Website
Student Writers
Article Competition
Economics Calendar
UEA Journal
Database
Events
Gallery
Constitution
Presentations
Case Competition
Social Media
BUUEA.com
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7. Instrumental Changes
 There comes a time where there needs to be changes
 Keep our core ideals but also to provide what our members want
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8. Meetings and Events
General Meetings
 Once every month
 Information concerning internships, jobs and research
 Student Presenters
Events
 A number of events have been planned
 Professorial, case competitions and certain industry events
 Exciting semester ahead of us!
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9. Student Presenters
 Many amazing student presentations
 Encompassing a number of topics
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This semester we give you the opportunity to present
Send us a title with a small synopsis
We will review it and immediately get back to you
Limited spots open!
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10. Case Competition
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Present on a real-life economic situation
Last year case: Cyprus Bankruptcy
Impress your professors!
Coming soon in this semester
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11. Econ. Lunch
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Get-to-together with like-minded people
Talk about anything
A fun environment!
Saturday: 2/1/2013, 12-2 p.m., Marciano Dining Hall (100 Bay State)
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12. Macro-Analysis Group (MAG)
 Weekly meetings – Sunday 2-3 p.m. in CAS 114A
 New Analyst position in the UEA will be analyzing real world data
 Assigned a portfolio of economic indicators to track and report
on during meetings
 The MAG will be producing a semester economic report based on
collective research.
 The BU Economics Department will be involved in the process
 Meetings will be structured for research
 Not purely discussion based
 Additionally:
 The Mag will be organizing separate workshops throughout the
semester
 Workshops will aim towards introducing technical tools:
 SQL
 R
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13. Student Writers & Article Competition
Student Writers
 Write Economics related articles
 Full discretion
 Articles are edited & proofread
Article Competition
 Once every semester
 Winner chosen by pre-defined criteria
 Students are given certificate and an award
Previous Winners:
Julia Sinitsky
Ben Shaffer
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14. UEA Journal
Articles
 Let’s Play Monopoly – Yos Tampi
 Unemployment in Spain after the Crisis – Julia Sinitsky
 US Fiscal Cliff: A Solution or a Problem – Garvin Godawat & Soumya
Choudhary
 The Valuable Fall of Labor as Value – Luke Rebecchi
 Addressing Malawi’s Lost Opportunities in Agriculture – Ben Shaffer
 The Irish Financial Crisis and Austerity – Spencer Petitti
And Many More…
BU UEA Journal
 A semester long journal of the best articles of the semester
 Published two journals that have gained acclaim from professors
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15. Calendar
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16. VALUE IN ECONOMICS:
A JOURNEY THROUGH TIME
AND THOUGHT
Luke Rebecchi, CAS 2014

17. Classical Economics
Smith
Ricardo
Marx

18. The Labor Theory of Value
• "When the price of any commodity is neither more nor less than what
is sufficient to pay the rent of the land, the wages of the labor, and
the profits of the stock employed in raising, preparing, and bringing
it to market, according to their natural rates, the commodity is then
sold for what may be called its natural price.” Smith, Wealth of
Nations
• “The market price of every particular commodity is regulated by the
proportion between the quantity which is actually brought to market,
and the demand of those who are willing to pay the natural price of
the commodity, or the whole value of the rent, labor, an profit, which
must be paid in order to bring it thither.” Smith, Wealth of Nations

19. LTV (cont‟d.)
• “The value of a commodity, or the quantity of any other
commodity for which it will exchange, depends on the
relative quantity of labor which is necessary for its
production, and not as the greater or less compensation
which is paid for that labor.” Ricardo, Principles of Political
Economy and Taxation

20. Marxism 101
• Exchange value reflects the socially necessary labor-time
required to produce a commodity
• Profit = (value created by labor) – (subsistence wage
paid)
• “Work to eat, and eat to work!”
• Capitalists compete, phenomenon of
falling profits spells the beast‟s
collapse.
Freedom

21. Neo-classical Economics: A Marginal
“Revolution”
• Utilitarianism
• Bentham and J.S. Mill
• Marginalism
• Jevons, Marshall
• Provided a response to Marxism and LTV with subjective
approach
• The stuff you learn in class.

22. Implications: The End of History?

23. Economics Embedded
• Embeddedness: the degree to which economic activity is
constrained by noneconomic institutions
• Karl Polayni, The Great Transformation (highly recommended)
• Searching for homo economicus
• Possible objections to market hegemony

24. Market Socialism
• Acceptance of Hayek‟s „economic calculation problem‟
• Means of production owned publically or socially through
cooperatives, yet operated within a market economy
• Possible features
• Universal Basic Income
• Job Guarantee
• Democratic ownership

25. A Strategy for Growth, Equality – and for
Conservatives!
• Universal Basic Income
• Universal, meaning poor and rich alike receive, and amount is
irrespective of income
• Sufficient to cover basic amenities
(food, shelter, education, healthcare)
• Tax & Transfer scheme akin to Social Security, or for resource-
endowed polities, a sovereign wealth fund
• For the latter, see Switzerland and Alaska

26. Suggested Reading
• An Inquiry into the Nature and Causes of the Wealth of
Nations, Adam Smith
• Economic Manuscripts: Value, Price and Profit, Karl Marx
• Imperialism, The Highest Stage of Capitalism, Vladimir
Lenin
• A Brief History of Neoliberalism, David Harvey
• Economics in Perspective: A Critical History, J.K.
Galbraith

27. How You Can Get Involved
Student Writers
Article Competition
UEA Journal
 Simply write an article and send it to uea@bu.edu or jparam@bu.edu,
spetitti@bu.edu
 All articles are eligible for the BU UEA Article Competition & BU UEA Journal
 The BU Article Competition takes place once a semester
 Winners are chosen by a formula: Quality, Quantity & Traffic
 All student-written articles are eligible for the BU UEA Journal
 Articles are chosen based on quality each semester
 The Journal is virtually distributed to members, professors, and alumni
Macro-Analysis Group  Email via uea@bu.edu or jparam@bu.edu, spetitti@bu.edu
(MAG)
 Meeting on 2/2/2014, CAS 114A, 2-3 p.m.
Student Presentations
Econ Lunch
 Anyone can apply!
 Send a title and a small synopsis
 Come, meet and have a chat!
 Lunch on 2/1/2014 in Marciano Commons, 1-2 p.m.
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28. Opportunities
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Information session on Friday.
EC and SMG credit available.
Free pizza.
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29. Opportunities
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Washington Trivia Game.
Prizes for the winning team.
Free pizza.
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30. Fall 2013 Article Competition
UEA Article Competition
 Fantastic quality of articles
 Only one winner
Luke Rebecchi
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31. The Social Websites
Inform
Discuss
Debate
Network
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