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25 June 2021 | Story Dr Nitha Ramnath | Photo Supplied
Prof Helena van Zyl

Prof Helena van Zyl, beloved, long-time academic and Head of the Business School at the University of the Free State (UFS), will retire at the end of June 2021 after arriving at the university more than 40 years ago and serving as Director of the Business School for 18 years. Prof Van Zyl has been a steady leader, not just in the Business School, but also for the vast array of students who made the UFS Business School their preferred choice. Starting out as a student assistant in the early ’80s in the then Department of Money and Banking, Prof Van Zyl progressed to become a junior lecturer in 1982, which placed her in a key position to eventually apply for Directorship of the Business School. 

The journey

“The university went through some very tough and equally delightful times; during the nineties, strict austerity measures were implemented. In 1987, the department received its first computer; one for the entire department. The internet was from a different planet. Some of the senior academics refused to use the internet and emails. All their letters and other communication were still typed by appointed typists. I saw many rectors, deans, colleagues come and go – each management era had its own challenges and opportunities.  In the end, it all worked out for the better,” says Prof Van Zyl.

“A highlight of my journey was the long road with my personal assistant, Alta Myburgh. I have known her since 1983 when she was a third-year student in my class, went on to become a student assistant, and with the exception of three years (if I remember correctly), she was next to me with loyalty that you will seldom find,” she explains. “When the Business School moved to its own address/building, it was certainly a highlight, but the ultimate was to contribute to students’ development and growth. For me, it has always been about the students and my staff,” says Prof Van Zyl. 

Invest in students and employees

Prof Van Zyl believes that success builds on integrity and that contributing to the development and growth of students and employees is integral to the success of any institution. “To add value to people’s lives is very rewarding.  One of the biggest lessons that I have learnt is that you need to empower the students and employees; invest in them, and they will invest in you. I am not convinced that we always got it right to manage our people correctly, but I guess this will remain an ongoing challenge,” she says. “I have learnt that if you create a platform of trust and belief in people, then they thrive,” explains Prof Van Zyl.

Looking forward

As Prof Van Zyl wraps up her journey at the UFS, she reflects on the past and what the future holds. “It was a privilege to work at the university, and I cannot extend enough gratefulness for all the opportunities I had. When I started working at the UFS, very few – if any – programmes were in place to assist new appointees with orientation, induction, etc., and you had to find your own way. I believe this has in a strange way contributed to one’s development and growth,” she says.

As for retirement, Prof Van Zyl is looking forward to travelling again, enjoy watching sport, gardening, and listening to classical music. “I will continue working part-time in the field of quality assurance, and also use this time to embrace new things. There is life after retirement,” she says.

Prof Van Zyl would like to be remembered for “sensitising people to seize the opportunities in life, and to make a difference – wherever you go, make a difference in your life and your work.”


Well wishes

Dr Liezel Massyn, Programme Director: BML Programme, UFS Business School

“Prof Helena embodies the Business School’s philosophy through the tagline, ‘Be worth more’. She challenges us to be worth more every day, in every aspect of our lives. She is a tough cookie. There are rules, and when you get to meet her, you learn very quickly that there is one way – the right way – to get things done. She asks tough questions and always strives to improve.  She taught us the unwritten rules of the academic world, the academic knowledge of her field (whether you want to hear it or not), and life skills to survive and thrive in challenging situations. She is always willing to walk a thousand miles with you and has a deep concern for her staff and students – always interested in everyone’s story and continuously investing in people. Prof, thank you for not only living – ‘Be worth more’ – but also inspiring the next generation to make it part of our values.”

Dr Johan Coetzee, Senior Lecturer, Department of Economics and Finance

“Prof Helena taught me from my second year of study in 1997 and was instrumental in my development as a scholar. She has set an example for so many people of a strong woman who gets things done, while at the same time showing such compassion that you are inspired. The UFS is losing one of the ‘legends’ of yesteryear. She will be impossible to replace.”

News Archive

Inaugural lecture: Prof. Phillipe Burger
2007-11-26

 

Attending the lecture were, from the left: Prof. Tienie Crous (Dean of the Faculty of Economic and Management Sciences at the UFS), Prof. Phillipe Burger (Departmental Chairperson of the Department of Economics at the UFS), and Prof. Frederick Fourie (Rector and Vice-Chancellor of the UFS).
Photo: Stephen Collet

 
A summary of an inaugural lecture presented by Prof. Phillipe Burger on the topic: “The ups and downs of the South African Economy: Rough seas or smooth sailing?”

South African business cycle shows reduction in volatility

Better monetary policy and improvements in the financial sector that place less liquidity constraints on individuals is one of the main reasons for the reduction in the volatility of the South African economy. The improvement in access to the financial sector also enables individuals to manage their debt better.

These are some of the findings in an analysis on the volatility of the South African business cycle done by Prof. Philippe Burger, Departmental Chairperson of the University of the Free State’s (UFS) Department of Economics.

Prof. Burger delivered his inaugural lecture last night (22 November 2007) on the Main Campus in Bloemfontein on the topic “The ups and downs of the South African Economy: Rough seas or smooth sailing?”

In his lecture, Prof. Burger emphasised a few key aspects of the South African business cycle and indicated how it changed during the periods 1960-1976, 1976-1994 en 1994-2006.

With the Gross Domestic Product (GDP) as an indicator of the business cycle, the analysis identified the variables that showed the highest correlation with the GDP. During the periods 1976-1994 and 1994-2006, these included durable consumption, manufacturing investment, private sector investment, as well as investment in machinery and non-residential buildings. Other variables that also show a high correlation with the GDP are imports, non-durable consumption, investment in the financial services sector, investment by general government, as well as investment in residential buildings.

Prof. Burger’s analysis also shows that changes in durable consumption, investment in the manufacturing sector, investment in the private sector, as well as investment in non-residential buildings preceded changes in the GDP. If changes in a variable such as durable consumption precede changes in the GDP, it is an indication that durable consumption is one of the drivers of the business cycle. The up or down swing of durable consumption may, in other words, just as well contribute to an up or down swing in the business cycle.

A surprising finding of the analysis is the particularly strong role durable consumption has played in the business cycle since 1994. This finding is especially surprising due to the fact that durable consumption only constitutes about 12% of the total household consumption.

A further surprising finding is the particularly small role exports have been playing since 1960 as a driver of the business cycle. In South Africa it is still generally accepted that exports are one of the most important drivers of the business cycle. It is generally accepted that, should the business cycles of South Africa’s most important trade partners show an upward phase; these partners will purchase more from South Africa. This increase in exports will contribute to the South African economy moving upward. Prof. Burger’s analyses shows, however, that exports have generally never fulfil this role.

Over and above the identification of the drivers of the South African business cycle, Prof. Burger’s analysis also investigated the volatility of the business cycle.

When the periods 1976-1994 and 1994-2006 are compared, the analysis shows that the volatility of the business cycle has reduced since 1994 with more than half. The reduction in volatility can be traced to the reduction in the volatility of household consumption (especially durables and services), as well as a reduction in the volatility of investment in machinery, non-residential buildings and transport equipment. The last three coincide with the general reduction in the volatility of investment in the manufacturing sector. Investment in sectors such as electricity and transport (not to be confused with investment in transport equipment by various sectors) which are strongly dominated by the government, did not contribute to the decrease in volatility.

In his analysis, Prof. Burger supplies reasons for the reduction in volatility. One of the explanations is the reduction in the shocks affecting the economy – especially in the South African context. Another explanation is the application of an improved monetary policy by the South African Reserve Bank since the mid 1990’s. A third explanation is the better access to liquidity and credit since the mid 1990’s, which enables the better management of household finance and the absorption of financial shocks.

A further reason which contributed to the reduction in volatility in countries such as the United States of America’s business cycle is better inventory management. While the volatility of inventory in South Africa has also reduced there is, according to Prof. Burger, little proof that better inventory management contributed to the reduction in volatility of the GDP.

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