Economics 101 with Dr Sam Wylie
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This podcast contains general financial advice only. That means it's not specific to you, your needs, goals or objectives so don't act on the information until you've spoken with your financial advisor. You'll find our full disclosure, disclaimer and link to our financial services guide in the show notes.
Sam, welcome onto the Australian Finance Podcast today.
Hi, Kate. Yeah, thanks for inviting me.
Now, you have a lot of experience in the finance industry and you were just telling us off air before you've been working at Melbourne Business School for well over a decade, which as a young person is hard to imagine staying in one spot that long. But Just to kick off this episode, it'd be great if you could tell us a little bit about how you got into the industry and what you do maybe day to day in your job as an educator.
Well, I sort of became an economist, not exactly by accident, but I started off as an engineer, went to work for the federal government for a bit. Thought about studying an MBA and then was drawn into economics. Went overseas with my wife, Tracy, went to London and she worked for the city of Westminster. And I did a PhD at the University of London. And then we went to America for seven years and I was a professor at Dartmouth University. And then we came back to Australia and I've been at the University of Melbourne ever since. since then. And so I teach in the business school at the University of Melbourne, not in the economics department, not in the undergraduate economics department, but in the graduate business school.
You know, universities have got graduate schools for medicine and law and architecture and veterinary science and business. Yeah, and so that's where I teach. And I work on things to do with banks, to do with corporations, to do with wealth management, etc.,
So we've got you on the podcast today to break down some of the concepts about the economy that really listeners should know, but maybe don't know. And even some of the things that I really want to learn a bit more about, because sometimes we toss around terms on the podcast, like inflation and interest rates and the Reserve Bank, we don't unpack them. So on today's podcast, we've got you on to really explore all of those things in more details. What is economics and why as investors and just individuals living in the country that we should be aware of this?
Well, economics is science. It's a social science. It's not a physical science like physics or chemistry or biological science or a life science. It's not one of those sciences. It's a social science like psychology or sociology or the like.
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