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11 September 2024
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Story Anthony Mthembu
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Photo Anthony Mthembu and Chelsea Carolus
From the left: Geraldine Lengau, Senior Officer in the Unit for Institutional Change at the UFS; and Oratile Reina, West College Prime.
As part of the initiatives lined up for College Week, the student leaders of West College at the University of the Free State (UFS) hosted a dialogue that primarily focused on discussing social justice as a value of Vision 130. The dialogue was held at Outeniqua Residence on 3 September 2024 and was well attended by students within West College.
According to Oratile Reina, West College Prime, “the motivation for the dialogue was to prepare newly elected leaders and our college community to align their efforts with Vision 130 – a vision that aims to create a more inclusive, equitable, and socially just environment on campus”. As such, she highlights that the dialogue was an opportunity for leaders to discuss practical strategies for implementing these values in their respective spaces, and to encourage those in West College to become better citizens inside and outside the university.
A conversation on social justice
The dialogue was facilitated by Geraldine Lengau, Senior Officer in the Unit for Institutional Change and Social Justice at the UFS. Lengau touched on several aspects pertaining to the topic of discussion. Firstly, she allowed the audience to give their definition of social justice, especially as students within the institution. In addition, she went on to talk to the audience about sexual assault in the context of social justice. In this instance, Lengau gauged whether the students knew which processes to follow in the event of a sexual assault incident, and whether they were acquainted with the UFS Sexual Harassment, Sexual Misconduct, and Sexual Violence Policy. Furthermore, the audience was given the opportunity to outline what social justice looks like to them in the spaces they occupy, including in their respective faculties, the sports they play, and the leadership structures they form part of. “I was encouraged to see that students take their right to a socially just university in very high regard, and that they were willing to break it down from what Vision 130 proposes, in order to align it with their common understanding,” said Lengau.
As the dialogue concluded, the audience signed a pledge committing to uphold the values of Vision 130. According to Reina, “The pledge represents a promise to take concrete steps towards fostering an inclusive and equitable campus culture. By signing the pledge, the leaders are not only agreeing to embody these principles in their leadership roles but are also holding themselves accountable to their peers and the broader university community.”
Inaugural lecture: Prof. Phillipe Burger
2007-11-26
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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
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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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