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UFS to host inaugural ‘Sanlam and Santam Economist of the Year’ gala event

16 October 2024 | Story Anthony Mthembu | Photo Supplied

The Department of Economics and Finance, within the Faculty of Economic and Management Sciences (EMS) at the University of the Free State (UFS), in collaboration with Sanlam and Santam, will host the inaugural ‘Sanlam & Santam Economist of the Year’ competition gala event on 18 October 2024. The event, to be held on the UFS Bloemfontein campus, marks the exciting conclusion of this prestigious competition.

About the competition

Prof Johan Coetzee, Chairperson of the Department of Economics and Finance at UFS, explained that the competition, launched in July 2024, is an initiative of the department, sponsored by Sanlam and Santam. ‘’The competition aims to equip our graduates with the essential skills required for the modern workplace, including presentation, communication, problem-solving, and critical thinking skills,” said Prof Coetzee. He also highlighted plans to extend the competition to schools, saying, “We are looking forward to broadening the platform to include school-level participants.”

In addition, Prof Coetzee noted that the competition is designed to train students to become highly skilled economists capable of navigating the challenges of the Fourth Industrial Revolution (4IR).

The competition sees students - ranging from first-year undergraduates to those pursuing master's qualifications within the department - competing against each other by making predictions on key macroeconomic indicators. A schedule of these indicators is provided, and students must predict their values on an online platform before the official release of each indicator. Points are awarded based on the accuracy of their predictions, with the top 10 competitors progressing to the final stage.

Gala event highlights

Representatives from Sanlam and Santam, the Department of Economics and Finance, the top 10 finalists, and the department’s top academic performers from each year group will attend the gala event. “Besides recognising the competition winners, we will also honour our top academic achievers. As a department, we acknowledge the importance of recognition, and we are proud to be the academic home of these outstanding students,” Prof Coetzee added.

The top 10 finalists will each deliver a six-minute presentation to a panel of four economists from the department, after which the top three finalists will be announced. These finalists will then answer an additional question, and the final judging will determine the winner of the ‘Sanlam and Santam Economist of the Year’ title. The winner will also receive the largest cash prize.

In addition to the awards, Sivuyile Nzimeni, a data analyst within the EMS faculty and the developer of the competition platform, will address the audience. Nzimene will discuss the development of the platform and plans for its expansion.

News Archive

Dying of consumption: Studying ‘othering’ and resistance in pop culture

2014-10-31

The Centre for Africa Studies (CAS) at the UFS – under the project leadership of Prof Heidi Hudson (CAS Director) – conceptualised an interdisciplinary research project on representations of otherness and resistance.

This is in collaboration with UFS departments such as the Odeion School of Music, the Department of Drama and Theatre Arts, the Department of Fine Arts, the Jonathan Edwards Centre Africa and the Department of Afrikaans and Dutch, German and French.

In this project, Dr Stephanie Cawood from CAS leads a sub-project on the dynamics of pop culture and consumerism. Her research unpacks and critiques pop culture representations of othering and resistance by engaging with the othering rhetoric of conspicuous consumption as well as the subversive rhetoric or culture jamming at play in various South African youth subcultures.

Consumerism has become the institutional system in which we live our daily lives. Pop culture is the result when multinational corporations take aspects of culture and turn it into commodities with high market value. In pop culture and its manifestation, consumption, marketers and savvy advertising executives have realised long ago that othering and resistance are powerful tools to artificially create empty spaces in people’s lives that can only be filled through consuming.

“The scary thing is in my opinion that everyone has become a market segment, including very young children,” says Dr Cawood.

In his 1934 book, The Theory of the Leisure Class (TLC), Thorstein Veblen coined the term conspicuous consumption to describe the conduct of the nouveau riche. He contended that when people manage to meet their basic human requirements, any additional accumulation of wealth will no longer relate to function, but will be spent on ostentatious displays of conspicuous consumption or waste. Conspicuous consumption has evolved into invidious consumption where consumption is a mark of one’s superior social status and particularly aimed at provoking envy. The whole point is unashamed one-upmanship.

“Think of the izikhotane or skothane cultural phenomenon where young people engage in ritualised and ostentatious consumerist waste for social prestige. This is an excellent example of invidious consumption.

“Instead of striving to become good citizens, we have become good consumers and none are more vulnerable than our youth irrespective of cultural and ethnic differences”.

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