Not-That-Bright said:
I'm not an economics student, so I might be wrong or whatever... But I do see a problem of this in Australian society. We're starting to devalue the things we have as if we actually are that rich, but all of the money we have is tied up in loans and credit :/
Diminishing marginal utility - more we have (or think we have) less we value it, for instance, $1 million may not be worth much to Packer, but is worth a lot to an average Joe. Australian's are one of the biggest pigs in the world, we spend $1.25 for every $1 we earn, making the economy very volatile.
Back to the topic... anyone heard of theory of comparative static? Here's how it goes:
*Usyd law UAI drops to 95* (lol as if)"
2005 hopeful ex-high schooler - "OMGZ0Rs! its so easy to get in! 1st preference it is!"
*High demand = higher UAI*
2006 hopeful ex-high schooler - "OMGZ0Rs! no way i can get in! time to erase it off my preferences"
*Everybody sees the high UAI is discouraged to choose Usyd law, since there is low demand, UAI drops"
Repeats every year. Of course, I doubt this would happen to Usyd, but for UWS, perhaps.
As for which is more communist, communism is usually inversally correlated with wealth, so obviously UWS
. We got Mann and Head, how could we lose ?