Charles Fedor

The Theory of Model Sentiments:

Wien will I see you again?

Charles Fedor

Are you sick of being told “The freer the market, the freer the people” by an R.M Williams-toting business school student? Do you want to flex some economics knowledge without enduring three years of maths and calculus? Well, you have come to the right place! This is the “Theory of Model Sentiments”: an economics column that provides you with simple explanations of economic theories that you can use to punish a political science major with, or buy yourself time when your date is going very poorly. Our first edition takes us to Austria, the birthplace of Haydn and homeland of Sigmund Freud.

The “Austrian School” of economics is an extremely old school of thought that originated in 19th century Wien (Vienna). Its founder was Carl Menger who published the seminal work Principles of Economics in 1871. The work was supposed to be a direct rebuttal of Adam Smith and David Ricardo’s cost of production theory. Cost of production theory conceptualised the value of a good as a direct mathematical expression of variable (labour, capital, or land) costs and fixed costs. Essentially, the price of the good is determined by firms calculating the cost of production and then tacking on the markup. The essential end result of this is that the value of a good is empirical and does not vary based on supply levels.

Menger rejected this assertion and introduced us to the theory of marginality. This is where the value of a good is determined by the marginal utility (usefulness) of the good. Essentially the value of a good is high if it is useful to the person and once this need is filled its value declines. For example, a really thirsty person may pay $30 for the first sip of water; however, after their first sip this price may decline as they need the water less and less. This theory tries to push economics away from becoming an offshoot of Mathematics to instead be treated as a subjective science.

In addition, Menger argued that money has always existed in some form and developed out of the system of barter. That barter created a hierarchy of goods based on their “saleability”. Saleability is a measure of how likely it is that the other party in a transaction would value the good/service highly. The more “saleable” the good, the

more likely it is considered valuable by the general population. An example of a nonmonetary but highly saleable good would be bread. Money is naturally a good that has near perfect saleability because people have accepted it as a store of value.

What is fascinating about the Austrian School is the idea that individuals are the most important actors in the economy. For Austrian-School economists, individuals can determine the value of goods and also act rationally. The involvement of the government is seen as destabilising and interfering with the natural operation of markets. As a result, the school is generally aligned with libertarians and provides a theoretical justification to block government intervention during crises and savagely cut the welfare state. If you have heard the crazy ramblings of libertarians screaming about the dangers of ‘big government’ and banks you can thank the Austrians for that.

Austrian Thought: In Short

• Famous Moment: Being used to introduce the idea that the Great

Depression was somehow caused by too much government

• Most Likely Use: Reciting Menger’s theory of value to your partner is considered extremely erotic foreplay in many Libertarian circles. If you are particularly kinky, reciting it in German is a solid option.

• Biggest Theoretical Whoopsie: Creating the assumption people are rational while people were still being tried as witches.

FMK: The Poor, Pseudo-Anarchic Capitalism, and The Government

New Year’s Delusion

stePhanie CarmiChael

Ah, New Year’s Eve. The night has not gone as you planned; your best friend is blackout drunk on the couch before 10pm, you haven’t found yourself a worthy mate for a midnight kiss, and you’re dreading the $140 Uber home. The minutes are counting down and all you and your friends can think is, ‘surely next year will be better.’ That’s when you all decide in a sacrificial-type bond to make New Year’s Resolutions.

Those pesky resolutions. You delude yourself that you’ll stick to them. The dusty pink 2021 diary from Kikki-K has arrived at your door, and you write your resolutions on the fresh new front page.

You’ll feel so motivated on day one, ready to conquer the world with your new, fresh, and healthy self. Your friends will ask you how your new vegan diet is going, and you’ll respond, ‘SooOoO great! I don’t miss cheese boards at all.’

You stone-cold liar! I don’t hate resolutions, but there are two things that bother me; firstly, your habits are not going to change at the stroke of midnight (the same way that the problems of 2020 are not going to be magically fixed in 2021). This is why many people give up on their resolutions – because they don’t see instant results. Secondly, most people’s resolutions are health-based or about ‘fixing’ something, which SUCKS.

We see dieting and exercise advertisements after Christmas and get the idea that we were doing something wrong in December. This needs to stop because when the time comes for me to eat cheese, I’m gonna eat that cheese.

So, with this in mind, here are my top 4 tips to stick to your resolutions!

WE SEE DIETING AND ExERCISE ADVERTISEMENTS AFTER CHRISTMAS AND GET THE IDEA THAT WE WERE DOING SOMETHING WRONG IN DECEMbER. THIS NEEDS TO STOP bECAUSE WHEN THE TIME COMES FOR ME TO EAT CHEESE, I’M GONNA EAT THAT CHEESE.

MAkE YOUR RESOLUTION SPECIFIC AND PLAN AHEAD

To make your resolutions successful, do your research and make a plan. Instead of saying ‘eat less dairy’ - be more specific. For instance, make a weekly meal plan on Sundays, find dairy substitutes for your groceries, and don’t be afraid to try new ingredients. This sort of planning sets you up for success, rather than looking in the fridge and saying, “well, there’s nothing but chocolate in here, soooo…”

TRACk YOUR PROGRESS

A New Year’s resolution won’t be perfectly followed every single day - stuff comes up. However, that doesn’t mean you’ll never improve on your goals! Maybe your resolution is to improve your employability factor. In this case, you can list the skills you’ve learnt and want to learn from work, volunteering, or uni (I hear LinkedIn Learning does the trick), and track your progression on these skills. Soon enough, when employers ask, “what makes you suitable for this role?”, you’ll be able to knock ‘em dead with your fancy skills - nice one!

NO CHEAT DAYS - ONLY TREAT DAYS

You should NEVER feel guilty or anxious for not following resolutions. You gotta listen to your body and do what’s right for you! I may be lessening my dairy intake, but that doesn’t mean I’m not gonna go to town on a cheese board on a Saturday night (I really like cheese, if you can’t already tell). If you change your mindset from cheat day to treat day, you won’t feel guilty - but rewarded! This will make you less likely to give up on your resolution.

INCLUDE A FUN RESOLUTION THAT MAkES YOU HAPPY

As I’ve mentioned, resolutions tend to be very diet- and exercise-focused. If you’re doing this because you genuinely want to be healthier and happier, then good for you! But why not balance your resolutions by doing something fun? My friend asked me what my resolutions were, and I said “lower my cholesterol.” Do you know what they said? “I’m going to learn how to skateboard”, and I was like, “bro, that’s dope”. Now I’ve decided I’m going to learn how to do embroidery, which isn’t really as thrill-seeking, but it’s still fun for me!

I think it’s time that we refresh the concept of what a New Year’s resolutions is - expand the capabilities of it. Resolutions should also be focused on trying new things, challenging yourself (in a good way), and having fun! Keep in mind, you don’t have to wait until the new year to set a goal or experience something new (that is a common excuse, don’t be like that).

Learning a new skill (like skateboarding) won’t happen at the stroke of midnight unfortunately - it will take time. Good thing you’ve got a whole year to learn.

A RECIPE TO ‘REFRESH’

by Courtney withers

We all know the return to uni after a gloriously long summer break is a tough one. An extremely tough one. It’s back to study and listening to long lectures, and it’s back to not being able to binge a whole Netflix series in a day. The transition back into our uni lifestyle takes determination, grit, and as Nicole Kidman says in The Prom, “zazz”. Thank God I’ve made you a ‘comprehensive’ recipe to get your life back on track for the start of the semester. Simply follow these fifteen easy steps:

1. Go on your annual Officeworks trip to pick up five ridiculously expensive exercise books, and two packs of pastel calligraphy pens for no apparent reason. You might not even end up using them this semester, but you sure will feel better!

2. Get all of your holiday film developed and wait for it to rise in the oven - what better way to wake up for that 8.30am lecture than looking at your photo wall full of great times during the holidays that you wish you could be back at! Pro tip: if you squint really hard, you may even teleport yourself back there!

3. Add a touch of getting to uni early - the earlier the better. You may even be lucky enough to walk across James Oval when the sprinklers are on - how refreshing!

4. Stay up late until approximately 3am watching Bridgerton - the coffee you drink in the morning will taste even fresher because of how much you need it!

5. Power naps are Satan’s invention - if you want to sleep, just sleep all day. Sleep, sleep, sleep. No timer needed for this one!

6. Line a tray full of procrastination and excuses - it’s refreshing to acknowledge your lack of motivation and drive for the year!

7. Fold in some not doing your tax return for yet another year. Just think about how rejuvenating it’s going to be when you actually do it! Add in some not cleaning your car out, and putting off that eye test you really need to get done to enhance the flavour. 8. Pepper in some pretending you’ve done the readings in tutorials to increase your proficiency in ‘bullshitting’.

9. Add a slice of starting off strong with a good ‘back to uni’ outfit, and then come to uni the next day in sweats and thongs. The whiplash will be refreshing to not only you, but also to your fellow uni-goers.

10. Listen to ‘Difficult Listening’ playlists for approximately five hours - the stark hypnotising tunes will truly reset your brain and your life (whale sounds especially).

11. Stop examining your bank statements - they’re boring and they just tell you things you don’t want to hear. Leave them to the side and allow to cool.

12.Add a dollop of ‘forgetting’ to bring your lunch to uni, every day and a dash of having to get Campus Kebabs - whoopsie!

An easy mistake to make for sure.

13.Delay adding the frosting and choosing your units until literally the last moment possible - it will be a mad rush in choosing them, and you might even have to do some real weird units because all of the ones you wanted to do are full! There’s nothing like a bit of stress and panic to really rejuvenate your system.

14.Garnish with never using that F45 membership you thought was a good idea at the start of the year.

15.Serve your disappointment in yourself at a nice room temperature before consuming - enjoy!