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Table of Contents

Welcome to the EcoSoc Internship Info Day 3.

What’s an Internship? 4.

RBA Essay Writing Competition Information 5.

Cover Letter Writing 6. Sample Cover Letter Format 7.

Resume Writing 8.

Upcoming UNSW EcoSoc Activities 8.

Psychometric Testing 9.

Assessment Centres 10.

UNSW Careers & Employment Upcoming Sessions 13.

Interview with Chris Pearson 14. Interview with Matt Langham 16.

Interview with Dr Geoff Harcourt 17.

Economics Internships Closing Dates 19.

Sponsors Page 20.

Guide

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Welcome to the EcoSoc Internship Info Day

Dear UNSW EcoSoc Members, Welcome back to another semester of studying, sitting in 2 hour ‘metrics lectures,

and hopefully having a great time as well! After a refreshing break, EcoSoc has got lots planned for this semester - whether helping

you get the best head-start into the corporate world, providing the best academic

advice or simply some time to chill out and hang with friends.

We kick the semester off with the EcoSoc Internship Info Day, accompanied by the

Economics Internship Guide. We hope that through networking with past interns and the best advice from UNSW Careers and

Employment, you’ll be in good stead to maximise your chance of internship success. As many firms employ their interns once

again as graduates, this is an ideal time to be putting out your resume and applying! We

have collected in this publication information about our Industry Partners, as well as comprehensive profiles, interviews,

information from UNSW Careers and Employment and key dates for internship

positions. On behalf of EcoSoc, I would personally like

to thank Tian, Jessica and Steven for organising the Internship Info Session and

Hamish for putting together this publication. We hope that the amount of preparation that we have put in will be helpful for your career

endeavours. As always, I would like to thank the UNSW School of Economics for their impeccable support and enthusiasm with

UNSW EcoSoc’s publications, events and most importantly the support of our vision.

Finally, if you have any questions or want more information about EcoSoc, then please

visit our website www.unswecosoc.com or email me at

tobias.beckmann@unswecosoc.com. There you can find out how we can assist you, how to get involved with EcoSoc or about our

upcoming events. All the best in your career pursuits!

Tobias Beckmann. UNSW EcoSoc President

Studying economics has many benefits (aside from the inherent enjoyment derived from calculating marginal cost), especially when it

comes to deciding upon your career. Having studied economics, you will be equipped with skills which are applicable in countless fields

of work, however, the question then becomes, which area should you work in?

It is here that summer internships step in, giving students a taste of the type of work

within a particular industry to enable them to make more informed judgements about the

area they wish to work in upon graduating. Having studied economics, you will have the

necessary skills to thrive in a variety of fields from government departments to insurance firms, investment banks and in consulting

companies. Doing an internship in one of these areas can help you decide whether or

not that is an area you wish to pursue, or maybe help you realise you want something totally different.

This guide has been produced by the UNSW

Economics Society with invaluable assistance from UNSW Careers and Employment to help you obtain one of these internships such that

you can not only gain some valuable work experience but also help you in deciding your

future beyond university. I hope you find it useful and remember if you

have any further questions, feel free to ask any member of the UNSW Economics Society, many of us have done internships and would

love to share our experiences with you.

Best of luck, Hamish Watson. UNSW EcoSoc Publications Director.

Tobias (Above) and Hamish (Above Right).

4

What is an Internship?

An internship or vacation-work is an arrangement with an organisation that enables experiential learning in an area related to your study and career goals.

An internship can be part time or full time, paid or unpaid, local or overseas and can last from a few weeks to a year. The Fair Work Act 2009 is in place to ensure you are not

exploited by employers. If you are unsure about the terms and conditions of your internship you can check with the lawyer at Arc http://www.arc.unsw.edu.au/Student-

Support-30.aspx Benefits of an internship

Workplace experience Put theory into practice

Insight into future employer / career

Learn new skills Future referees

Build networks

Many employers recruit graduates from their successful interns

How to maximise your chances of success Because of the many benefits of an internship, competition is fierce. Therefore you need

to: 1. Know what the company is looking for 2. Ensure that you meet their requirements

3. Sell yourself as the best candidate for the role 4. Apply early – some employers start recruiting in Feb/Mar for December placements

What is the company looking for? Employers are not necessarily looking for high academic results. They want well rounded

graduates with: 1. Consistent marks

2. Work experience – any kind of experience! 3. Extracurricular activities

How can I ensure I meet the requirements? Employers are looking for soft skills such as leadership, team work, interpersonal skills,

communication etc. The more you can do outside your studies to demonstrate these qualities the more attractive you will be. Therefore you need to:

1. Study and get a credit average 2. Find part time work 3. Be an active member of clubs/societies – get involved, don’t just turn up!

4. Participate in extracurricular activities e.g. volunteer, play sport, fund raise

How can I stand out from the crowd? In order to beat the competition you need to be able to identify and articulate your 3 unique selling points. Imagine everyone else in your class is applying for the same

internship as you. Why should you get the position? What do you have to offer that other applicants do not? Unique selling points need to be quantifiable. It is not enough to say ‘I

am hard working’ or ‘good leadership qualities’. It is more impressive to say ‘leadership skills gained as treasurer of UNSW Economics Society’.

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How can I sell myself as the best person for the role? So you have the full package – good grades, a part time job, an active member of clubs /

societies and participation in extracurricular activities. You will then need to sell this package to the employer. Your marketing tools are:

1. On-line application form 2. Resume and cover letter 3. Face to face meetings including networking, assessment centres and interviews

Careers and Employment hold regular workshops on these topics. For more information go

to www.careers.unsw.edu.au Make sure you apply early as many companies now have rolling recruitment. This means

they do not have a closing date. Once they have found enough good candidates they will no longer take applications. The earlier you start thinking about internships, the more of a

head start you will have over the competition.

RBA Economics Competition 2011

Essay Topic: The Economics of Natural Disasters

There have been a number of major natural disasters domestically and abroad in 2011. In

addition to the significant human and social consequences of natural disasters, there can also be notable effects on the broader economy. Essays should:

(a) provide an overview of the aggregate economic impact of natural disasters, distinguishing between the short-run and long-run effects on the economy, including

consequences for the capital stock, productivity, economic growth, and inflation; and (b) discuss the implications for monetary and fiscal policy.

The annual RBA Economics Competition is held in conjunction with the UNSW Economics Society. The competition is open to citizens and permanent residents of Australia who are

currently enrolled in an undergraduate program at an accredited Australian university. The prizes for first and second place are $1,500 and $750, respectively. There is also a prize of $500 for the best essay from a first-year student. Entries must be submitted by Friday, 26

August 2011.

For more details about the competition, students should refer to the information pack available on the RBA and the UNSW Economics Society websites.

www.rba.gov.au

www.unswecosoc.com.au

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Cover Letter Writing

A cover letter is a summary of the reasons why you are the best candidate for the position.

Its purpose is to make the reader want to read more about you in your resume and to get you an interview. It can help answer three questions that are often on the mind of the employer:

Can you do the job? Show you have the right abilities, skills, knowledge and experience.

Will you do the job? Show you are interested in the work itself and that you have the other attitudes

necessary for success in the role and the organisation. Will you fit in?

Show how your values and goals match the organisations values and goals. Your

language and stories can also demonstrate how you might fit in with clients and co-workers.

Your written communication skills are assessed by employers in your applications, and particularly in your cover letter. Employers may be assessing any of the following:

How well you structure written information.

How well and how clearly you express your ideas. How well you target your communication to your audience.

Your spelling and grammar ability. Your understanding of document formatting.

Your attention to detail in regards to typos and information.

Cover letters can also demonstrate your analytical abilities. Employers will be assessing how well you have researched the organisation and the position and how you have analysed

and addressed the organisations needs in the letter.

Include a cover letter with every application you make but don't use the same cover letter for different positions. Each letter should be specific to the position and the organisation.

Employers recognise standard letters and will know you have not put in the effort they expect.

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Cover Letter Sample Format

Your name Address Phone

Email

Date

Contact Person's Name Contact Person's Position Company Name

Company Address (Don't forget this.)

Re: Name of position or Application for ... Dear Ms Jones, (Avoid Dear Sir/Madam)

First paragraph

I would like to apply for the above position advertised in ......... on........ (date) and why you want that job (i.e. why that industry and why that company, make sure this

highlights how you will meet their needs, not exclusively your own.) Second / Third paragraph

Outline the skills (technical and social), experience, training and achievements that are relevant to the selection criteria or the job description. These skills may have been gained

through your education/course, your work experience and your extra curricular activities.

Fourth paragraph Tell them why you are the best fit for the company and how your skills will meet their needs. (Tip: you could summarise the 3 best things about you that make you most

competitive for the job and how these things will allow you to make an impact/get results in the role.)

Closing

Thank them for considering your application, tell them that you have attached a copy of your resume, and when you would be available for an interview. Provide your contact details (Phone / Fax / Email).

Yours sincerely,

Your signature

Print name

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Resume Writing

There is no one right way to do a resume, just certain principles or guidelines.

There are usually 2 culls for a resume – 20 seconds and then an in-depth review. Include enough detail and concrete examples for the second cull as well! 2-3 pages are the average for graduate resumes (although shorter or longer are also

OK). Certain employers may request 1 page - if a length or format is stipulated – stick to

it. Use only one plain font – Times New Roman, Arial, Helvetica, Century Schoolbook.

Use bullet points starting with an active verb to indicate achievements. One typo can reduce your chances of success by 70% - edit furiously. Be consistent in formatting. Put dates, titles, full stops etc in similar places

throughout your resume. Format each section similarly if possible to help the reader digest your information.

Be consistent with your language throughout your resume. Think about what the employer will value most. Make the resume is as simple and easy to read as possible.

Make sure that your resume is well presented and well organised, so that an employer can immediately see the most relevant information - remember clear

headings and lots of white space. Balance the resume as to what the employer will consider most important / relevant

(eg don't spend a page describing high school achievements and one line describing your degree)

Upcoming EcoSoc Activities

Team EcoSoc runs the City2Surf – 14th August

RBA Competition Entries close – 26th August

The EcoSoc Blue Mountains Hike – Mid-sem Break

Debate with the NSW Economics Society at NSW Parliament House – 1st September

Honours Information Session with Dr Valentyn Panchenko – 30th September

Inter-Society Sports Competition – To be confirmed

EcoSoc Trivia Night – To be confirmed

Professional Mentoring Program – To be confirmed

RBA Visit – To be confirmed

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Psychometric Testing

Psychometric tests are a tool to aid in the candidate selection and decision making process.

They do not stand alone as the only selection method and are carefully developed to help fit your talents, personality and attributes to a job that suits you. They are not designed to reveal your innermost secrets or uncover confidential information about you.

Reputable tests have undergone rigorous research before being released, and published technical manuals provide research evidence of their reliability and validity for specific

purposes.

Psychometric tests attempt to measure the depth and nature of particular strengths and

weaknesses in subject or job related areas. For graduate positions, many companies tend to use a broad range of tests to get a feel for a person's abilities in different areas, so as to help them assess where an applicant might best be suited. These are likely to include tests

of numerical reasoning, verbal reasoning, abstract problem solving or critical reasoning, in conjunction with personality and values questionnaires. It may also include tests of

management and leadership potential, or mechanical or clerical aptitudes.

Typical characteristics of ability tests:

1. Usually timed (approximately 15 - 40 minutes)

2. Consist of short questions where there is only one right answer but a lot of wrong ones.

3. Are typically multiple choice, or short answer format where you are asked to provide a number or a single word response

4. Are generally designed to discriminate between highly talented candidates therefore few candidates finish them.

5. The questions usually become progressively more difficult.

6. Each question is commonly worth the same value therefore speed of cognitive processing and number of correct answers are important

7. Most ability tests do not penalise you for incorrect answers, you will need to check this with the test supervisor before you begin.

Careers & Employment Library Resources

The Times: Psychometric Tests (Volume 1) - CD-Rom (ask at Careers & Employment reception to access computer where the program is available)

How to Pass: Advanced Aptitude Tests - Barrett How to Pass: Professional level psychometric test - Al-Jajjaka

Practice tests:

http://www.psychometricinstitute.com.au/Free-Aptitude-Tests.asp

http://www.shldirect.com/practice_tests.html http://www.psychometric-success.com/

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Assessment Centre

The term 'Assessment Centre' does not refer to a location, but to a process which is being

increasingly used by middle to large organisations in Australia and overseas. A typical Assessment Centre incorporates a set of varied exercises which are designed to simulate different aspects of the work environment. These exercises may run from 1/2 to 2 days.

While the process is intensive and commonly viewed as 'stressful' by candidates, it provides additional opportunities for recruits who feel that they are not able to demonstrate their

abilities as strongly during an interview. Assessment Centres also enable candidates to obtain a practical idea of what the employer expects from staff, and opportunities to

network with other participants during group activities.

How do they work?

The expense of conducting Assessment Centres mostly restricts their use to high volume

recruitment such as graduate recruitment. Assessment Centres are usually used after the initial stages of the selection process. It may follow short listing, online assessments and/or

an initial interview.

Assessment Centres are highly structured in their design, application and procedures. They may be conducted by external consultants who have invested large amounts of resources

into researching and designing Assessment Centres. In other cases, Assessment Centres may be conducted by Human Resources staff. Each Assessment Centre is specifically

adapted for the particular position, to assess factors such as level of skills, aptitude and compatibility with organisational culture.

During each activity in an assessment centre, a group of trained observers will rate individual candidates on a range of competencies, using a prescribed performance scale. Results are then compared against the same competencies, which are measured in other

activities. On completion, observers meet to discuss the test results and reach a group consensus about each individual's ratings. Observers may be visible during the test, or may

review each individual's performance via videotape.

Assessment Centre Processes

At the beginning of the Assessment Centre, candidates will receive an initial briefing about the organisation and the structure of the day.

The most common types of activities include:

Group activities Case Studies

In Tray exercises Technical skills assessments

Role plays

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Group activities

Group activities involve candidates working together as a team to resolve a presented issue. They commonly measure interpersonal skills such as leadership, teamwork,

negotiation, and problem solving skills.

Activities can range from 'leaderless group discussion' formats to problem solving scenarios.

In a 'leaderless group discussion' you may be assigned a fictitious team member role and asked to attend a meeting with other team members who are actually fellow candidates. By

the end of the meeting, the group will choose the best strategy to meet a future prescribed target. Your role is to discuss the merits of your strategy (described in your written

briefing), and to comment on the weaknesses of other strategies which you suspect will be presented by other team members. You will have some background on the other team

members, including their past performance, knowledge of the product and situation etc. Other team members' briefs may ask them to promote the comparatively superior merits of their strategies.

One example of a problem solving scenario includes a Tower Building exercise, using play

building blocks. In this exercise, a group may be competing with other groups to design and build a tower in accordance with a construction brief which may stipulate minimum

height, time period the completed tower has to stand 'unsupported', colour, cost of block shapes, a time limit, and a budget. There may be monetary penalties for failing to reach particular aspects of the brief. Each group has access to a limited number of blocks.

Case Studies

Project Managers may be asked to plan for the release of a new product, which

incorporates scheduling, budgeting and resourcing. This type of exercise may measure the ability to analyse complex data and issues; seek solutions; project plan; and present findings.

In Tray Exercises

If you are asked to do an In Tray exercise, you may be asked to assume a particular role as

an employee of a fictitious organisation and work through a pile of correspondence in your In Tray. These tests commonly measure skills such as: ability to organise and prioritise

work; analytical skills; communication with team members and customers; written communication skills; and delegation (if a higher level position). This type of exercise may take from several hours to a day. Try to imagine that you are at work doing the described

duties, rather than completing a test. Phone interaction will involve a role player who has been thoroughly briefed in their respective role as a customer, manager etc.

Technical skills assessments

Accounts Clerk recruits were asked to complete tests measuring accuracy against speed. A

particular test required invoices to be reconciled against a spreadsheet ledger, with errors being appropriately amended. Numerical tests may involve calculating hotel accounts, goods invoices, and vehicle mileage examples, using a multiple choice answer format. Many

of these tests are not designed to be completed within the given timeframe.

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Role Plays

If you are asked to do a role play, you will be asked to assume a fictitious role and handle a particular work situation. Customer Service Officers may be asked to respond to a number

of phone enquiries, including customer queries and complaints.

This type of exercise assesses: communication, customer service and problem solving skills.

Managers may be asked to provide feedback to a sales representative staff member, after viewing a videotape of the sales representative's call with a client, or meet with a same level manager of another section, to gain their agreement on a service delivery strategy.

You cannot study for an Assessment Centre, although it does help if you have some idea of what to expect

If you have been given pre reading material prior to the Assessment Centre day - read, prepare and understand what is asked of you.

Re-familiarise yourself with the job description, duty statement and other background reading material about the organisation. This will provide some clues as to what type of employee they are seeking.

Get a good night's rest before the big day. Arrive early so you do not feel rushed. Perhaps your waiting time in the reception

area can provide you with a 'feel' for the environment - i.e. the written material in the reception/waiting area, other candidates you may see.

Read all instructions carefully. Are all the resources, which are listed on the test instructions available and working?

Be yourself - bring your own personality and experience to the Assessment Centre.

Take the exercises seriously - the hypothetical scenarios will require you to 'suspend your belief' and go along with the exercise. They are not designed to match the

employer's real life workplace. Do not guess what is being measured as this may affect your participation and

assessment eg. quoting the employer's Mission statement, verbatim, may have no

relevance to your assigned role as 'project manager of ACME Ltd.', when required to discuss a hypothetical problem with other 'ACME' team members.

Treat your attendance as a day at the workplace. View the Assessment Centre as an opportunity to learn about the employer and the

advertised position. Consider the process as a positive learning experience. Ask for feedback if you were not successful so that you can improve your

performance in the future.

Careers and Employment run a workshop every day on a wide variety of career topics including resumes, cover letters, selection criteria, assessment centres, interviews and

much more. To give yourself the winning edge on the job hunt, book yourself into a workshop on www.careers.unsw.edu.au

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UNSW Careers & Employment Sessions

The Insider’s Guide to Networking Success – presented by Ernst and Young

Tuesday 26th July, 12pm-1pm, CLB2

Would you like to master the art of networking? Do you want to know how to make real

connections, stand out from the crowd, remember people's names and start engaging conversations? If yes, then come along to Ernst & Young's Networking Skills Workshop on

Tuesday 26 July at 12pm

Book your place;

https://careersonline.unsw.edu.au/ViewEvent.chpx?id=102750

Insider's Guide to Assessment Centres - presented by KPMG

Wednesday 3rd August, 12pm – 1pm, venue to be announced

Do you want to know how you can make yourself stand out at an assessment centre? KPMG is

offering students the opportunity to participate in an interactive workshop where they can get hints and tips in excelling at assessment centres. Hear from a recruiter on how you can differentiate yourself at an assessment centre.

Book your place; https://careersonline.unsw.edu.au/ViewEvent.chpx?id=102831

5 Minute Resume Review - Presented by Careers and Employment UNSW

Every Tuesday, G08

5 minute resume review service every Tuesday, 12pm – 1pm in G08 starting on 19th July. Just bring a print out of your resume.

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Student Profile: Interview with Chris Pearson

Chris is a fifth-year commerce/law student who recently completed an internship working for a leading investment bank which subsequently offered him a graduate position in 2012.

Which division did you work in and what did it involve?

I worked in structured products, which is quite a flexible area, involving the creation of packages of derivatives and/or other financial assets. For example, investors can buy units

in a normal managed fund, each of which provides exposure to the assets in which the fund invests (e.g. undervalued shares). A structured products team can add extra features to the product: for example, a guarantee that if the investor holds the units for a certain

period of time, they’ll get back at least the amount he or she invested at the start.

What can you tell me about the process of applying for an internship? It was pretty hectic. The process of writing and revising résumés and cover letters wasn’t

too bad: though it took time, it could generally be done in advance. The interview process is where the real trouble starts. Banks are just as keen to get the best candidates are

candidates are to get a position! So interviewers will start calling candidates as soon as applications close (if not before!), and the whole process is over in a matter of weeks. My

advice: clear your schedule and prepare well in advance. Think about how you’ll answer common interview questions such as why you want to work for the company to which you applied, but just as importantly, physically practice interviewing with friends and family to

improve the manner in which you answer questions. Think about practical considerations – if you’re coming from uni, where will you put your bag? Who will sit down first in the

interview room? How will you shake your interviewer’s hand, and how will you remember his or her name?

What would be your advice to those seeking an internship?

If you think all is lost and there’s no chance you’ll get the internship or graduate job you want, please don’t give up: the only way you’ll guarantee failure is if you don’t apply. And

remember, there are little things you can do to improve your chances. Start work on your resume or cover letter now rather than doing it last minute. It doesn’t have to be perfect

first time, but it kick-starts the thought process. You’ll automatically think up better ways of expressing yourself: most of my ideas come when I’m lying in bed, just before I go to sleep. (Keep a notebook by your bedside!)

How do you feel economics students can set themselves apart when applying for

internships? One question that kept cropping up throughout my interviews was my opinion of Australia’s

position in the global economy, and how macroeconomic events have or would affect different groups in the market. Economics students, by the nature of their studies, are well

positioned to discuss flow causes and effects.

15

Student Profile: Interview with Chris Pearson

(Continued): Another advantage relative to other business students is your knowledge of statistics,

obtained via econometrics study. Knowing how to apply statistics is so important – not just in economics and finance, but in accounting, marketing and many other non-business

areas.

Say you’re a student who currently holds a part-time job and has received an offer to work full-time over the summer break. Would you still go for a summer internship?

Firstly, I’d say that – having been in this situation twice – employers are often open to this

kind of request. Having said that; be clear and upfront about your intentions. If they need you to work over summer or they’ll have to replace you, at least you’ll know where you stand. If it comes down to a trade-off between working over the summer and having a

near-guaranteed part-time job for next year (with graduate potential), ultimately it’s a matter for personal choice and depends on the circumstances. But in my experience,

there’s no harm in asking your boss. And there are ways you can get around it. Many companies run winter internships, for example. And internships vary in length; you could

look for one which goes for only a few weeks. Where would you advise students to go for more help or information regarding

internships?

Time for a bit of spruiking...

When doing applications, you’ll want to know about as many firms in a given industry as you can. But it can be stressful to do this work yourself, particularly when rushing to meet the deadlines. And dealing with recruitment websites can also be painful.

So earlier this year, I started GradList, a website which provides simple help with your job

applications. Placing students as the number one priority, it features comprehensive lists of all the firms in a given area. We’re also adding a blog which provides support for each

stage of the apps process. And it’s all run by students. You can find it at www.gradlist.com.au

16

Student Profile: Interview with Matt Langham

Matt is a fifth year economics/commerce student who worked for Aon Corporate Risk Services in the Energy, Mining and Power Team over the summer and has continued working there since.

What is involved on a day to day basis in your team?

Well my team spends time looking after corporate clients and trying to find risk solutions to

the risks they may face. Some of these clients include several ASX 200 listed clients. This team handles the day to day needs that these clients might have, so adding a vehicle to their motor policy or if they’re in the process of buying a new power station, we try and

sort these issues out for them.

On an individual level, I had two main roles, the first being a paperwork role where I invoiced and processed endorsements and did the number crunching behind premium calculations. The other part of my role was in the renewable energy industry where I

worked in a team to try to find, win and subsequently service wind, solar and hydro-electric clients.

What would be the most valuable skills you’ve learnt at university which help

you within this role? The spreadsheet skills learnt from QMA (ECON1202) have been the most helpful as have

the number-crunching skills developed in econometrics (ECON2206). Subjects like international macroeconomics (ECON3104) have also really helped, particularly when

analysing a company and their strategic objectives within the broader economic environment.

How do you think studying economics sets you apart from others?

The statistical as well as the theoretical background you get from studying economics gives you a definite advantage over other candidates. Understanding broader economic effects

and impacts is important, even in the insurance industry. Also, when trying to find strategic risk solutions for a business you need to understand how things work, what the broader

picture is and, especially for insurance, where the exposure is. What would be your advice to those seeking work over the holidays?

Work as hard as you can to ensure you have good marks, for that’s the key to getting your

foot in the door. You also gain experience through applying to numerous firms, so make sure you don’t just apply to one or two companies. Also, particularly for economics students, they should consider applying to firms in the insurance industry, it’s crying out for

young workers.

How would you sum up your summer work?

It was a fantastic experience, I got to meet clients and I was never treated as the office junior or anything like that. I really enjoyed it and I like the potential career path that it offers.

17

Staff Profile: Interview with Dr Geoff Harcourt

Dr Harcourt is an Emeritus Fellow of Jesus College and Emeritus Reader in the History of Economic Theory at the University of Cambridge/UK and a Professor Emeritus at the University of Adelaide/Australia. Dr Harcourt is currently based at the School of Economics

at UNSW.

Tell me about your life as an academic, such as teaching at Cambridge?

Actually, I became an economist purely by accident, for I had always wanted to be a vet. But I had a spare subject in high school to fill in and I did economics and really liked it. I chose economics at university and I excelled, coming top of the first year. After finishing

my undergraduate degree at Melbourne University I moved to Cambridge to complete my PhD with Nicholas Kaldor as my supervisor, although he went on leave almost immediately

and I was reallocated Ron Henderson. I then moved back to Adelaide to teach first year macroeconomics for six years, the lectures of which formed the foundations of my first book Economic Activity (co-authored with Peter Karmel and Bob Wallace) before moving

back to lecture at Cambridge in 1963 with other heavies such as Solow, Arrow, Hahn and Joan Robinson.

I told my students that 30 years prior Keynes had lectured to a specifically chosen set of

undergraduates from the proof sheets of The General Theory, to which I added, they were not that special and I was not Keynes, but that the lectures were on the economics of Keynes. One of the most distinguished students was Mervyn King, who is now the

Governor of the Bank of England, who has publicly praised those lectures, yet never put it in writing!

After returning to Australia in 1967 I became actively involved in the Campaign for Peace in

Vietnam, being a foundation member of the committee in South Australia. Due to this, ASIO had man spy on me who I recognised as the son of one of my colleagues in the Economics Department! I once again returned to Cambridge in 1982 to write the history of

the first generation of the Keynesians, where I stayed until coming to UNSW in July last year to work on a two-volume handbook on post-Keynesian economics with Peter Kriesler,

a former PhD student of mine.

Why is economics important to you?

Economics is important for it enables us to understand how the world functions and in most

cases, malfunctions! Through the study of economics, we can develop humane and realistic policies which are just and equitable and protect the weakest elements of society.

Indeed, it was during my undergraduate years studying economic geography (really comparative economic systems) that I realised that not all societies corresponded to the middle-class suburb of Melbourne where I was brought up, rather most functioned

irrationally and unjustly, especially with regard to the use of resources.

Although at the time I was thinking about the Californian Oil fields, this analysis can be extended to our current issues of Climate Change and Global Warming, where, for example,

we should have infrastructure investments which are climate change friendly!

18

Staff Profile: Interview with Dr Geoff Harcourt

(Continued): To sum up, I’ll quote the late Mark Perlman, who wrote in the preface of a selection of my

essays in 1995, that my view of the study of economics is ‘to make the world a better place for ordinary men and women’ where ‘economics [is] very much a moral as well as a social

science and very much a handmaiden to progressive thought.’

In what ways would you like to improve the way economics is taught? Well, most economics departments are full of American-trained or trained in the American

way economists. They are trained as if economics began ten years ago and have no knowledge of the history of the subject and no idea that in a subject like economics and

economic processes, the same problems, generally, with specific differences, keep recurring.

Indeed, the hegemony of the mainstream is appalling and post-Keynesians have a political duty to publish now and then in the mainstream journals. The specific areas which should

be developed upon are Kalecki’s and Goodwin’s cyclical growth models, I think that is the proper way forward for understanding capitalism and for putting policy around it. Current

economists often just don’t know that the greats of the past had interesting and useful things to say about economic problems!

What are your favourite economic works or favourite economists?

Obviously as a post-Keynesian, I have a great respect for the man himself (Keynes) however I feel that the greatest living economist is Robert Sidelsky. His work on Keynes in

particular is exceptional. Other important economists, not only to how we understand capitalism but to my understanding of capitalism also include institutionalists such as Ken Galbraith, whose seminal books have profoundly affected my thinking and Thorstein

Veblen, whose The Theory of Business Enterprise anticipated the core of Keyne’s General Theory. Other economists who I admire also include Hirofumi Uzawa, as well as Michal

Kalecki and K.W Rothschild, especially his extraordinary paper Price Theory and Oligopoly (1947) about using von Clausewitz’s Principles of War to examine oligopolist behaviour,

which has influenced my thinking ever since. During my undergraduate years I was also bowled over by Wicksteed’s Common Sense of Political Economy whilst during my years at Cambridge I was had to take a term off to lock myself up with The Accumulation of Capital by Joan Robinson.

With thanks to Intervention 8 (I), 2011, 9-14 and 119-130.

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Economics Internship Closing Dates

ABARES (Opens August/September)

ABS (Opens August)

ACCC (Opens July)

ANZ (Closes 12th August)

Barclays Capital (Closes 5th August)

Commonwealth Bank (Closes 11th August)

Citibank Australia (Closes 5th August)

Credit Suisse (Closes 5th August)

Deloitte Access Economics (No Closing date)

Deutsche Bank (Closes 5th August)

Goldman Sachs (Closes 5th August)

JP Morgan (Closes 5th August)

Lazard (Closes 5th August)

Macquarie Bank (Closes 5th August)

Morgan Stanley (Closes 5th August)

National Australia Bank (Opens July)

Nomura (Closes 5th August)

Royal Bank of Scotland (Closes 5th August)

Social Policy Research Centre (Closes July 25th)

UBS (Closes 5th August)

Westpac (Opens July)

All dates correct at time of printing.

For more information head to www.gradlist.com.au and each respective company’s

website.

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Sponsors

This student club publication is proudly supported by ARC

www.arc.unsw.edu.au

PRINCIPAL SPONSOR RBA COMPETITION PARTNER

http://www.rba.gov.au/http://www.rba.gov.au/

School of Economics, University of New South Wales

www.economics.unsw.edu.au

The Reserve Bank of Australia www.rba.gov.au

CAREERS DAY SPONSORS

www.abs.gov.au www.adb.org/ www.teachforaustralia.org/

www.deewr.gov.au www.ausaid.gov.au

www.asb.unsw.edu.au