ZŠEM conducts two studies at the undergraduate level, Economics and Management, and Business Mathematics and Economics. In addition to them, they also offer a number of MBA studies at the graduate level, which you can read about here.
ZŠEM students get to know the market and everything that happens in it early in their studies. They all go on internships in well-known companies to learn from industry experts. The Career Center helps them find the ideal employer for an internship. Every year, they also organize a career fair called Student Future Day, where students find an internship and a permanent job.
Many of their students already have permanent jobs, and many are also professional athletes. The development of a dual career is something that ZŠEM encourages and makes it easier for its students, allowing them a lot of flexibility when fulfilling their obligations.
All ZŠEM studies are special in that, in addition to their primary field of study, students can also choose a concentration, another field in which they want to specialize. They can choose between four concentrations in which they want to become experts: International Business, Digital Marketing and Artificial Intelligence, Finance and Fintech, and Sports Management.
A multicultural atmosphere also prevails at ZŠEM. They have developed mobility programs, and many of their students go to study or work abroad, thus absorbing knowledge and experiences from all parts of the world. Likewise, many students from other countries come to ZŠEM; this fall, they expect more than 200 foreign students.
In addition to all that, ZŠEM teachers are experts with a lot of experience in the industry they teach, as well as top scientists and academics. As many as 81% of lecturers from ZŠEM have PhDs. Because of all this, we directed our questions about inflation to the ZŠEM members.
Luka Medvidović, a fourth-year student studying Economics and Management, explains that the question of rising prices sounds simple, but it is not at all.
“This question is far from trivial. Inflation is a concept that can be a little difficult to understand, but I will try to explain it in a simple way.
Imagine you have 10 kunas and want to buy chocolate that costs 10 kunas. Now, imagine that something we call inflation happens. Inflation means that the prices of things start to rise. So, that chocolate you could buy for 10 kunas now costs 12. But you still only have 10 kunas. That’s the problem with inflation – the money you have is worth less because you can’t buy as much as you could before.” emphasizes Luka.
Luka says inflation is a complex process, and the economists who understand it best are in the most prestigious jobs. This topic is also interesting to him, so he said something more about why prices are rising.
“This can be due to several reasons. Maybe the chocolate company started paying more for ingredients or for workers. Or maybe there are more people who want to buy chocolate, so the company raises the price. Inflation expectations are also important. If store owners think prices will rise, they may start raising prices earlier. If workers think prices will rise, they may demand higher wages. This can create a vicious cycle where inflation expectations cause actual inflation.” Luka stated.
Economists don’t just try to understand inflation. They can also control it. Nika Ceranić, a student who will start her second year of studies at ZŠEM, explained more about how they do it. There is a mechanism by which inflation can be reversed, but it is unlikely to happen, says Nika.
“Prices can be reduced by something called deflation. Deflation is the opposite of inflation. This can happen if the state intervenes and if a restrictive monetary policy is implemented. It can also happen when product demand falls, or production costs decrease, but it will happen sooner than wages will rise, and than prices will return to “normal.” The only thing that can be controlled is the price of oil and basic necessities, but of course, with state intervention.” Nika explained.
Inflation can seem a little scary when we see prices rising and our wallets emptying faster. Nevertheless, it is possible to look at this situation from a broader perspective, and this is precisely what students of economics majors learn. Nika explained that in some situations, inflation, in the long run, can even bring positive effects, but things are not that simple.
“Inflation can have some positive effects, although this is usually complex. For example, moderate inflation can encourage people to spend and invest their money instead of keeping it unused. This can stimulate the growth of the economy and economy of the country. Inflation can reduce the value of debt, benefiting people or businesses with large amounts of debt. It is also suitable for people who own real estate because its value is constantly increasing, and they bought it for a much smaller amount. However, too high inflation can be harmful because rapidly rising prices can reduce people’s purchasing power and lead to financial instability. Therefore, controlling inflation and maintaining price stability are important goals of monetary policy.” emphasizes Nika.
If thinking about issues such as prices, inflation, and deflation is interesting to you, and you are planning to study, studying economics could be a great choice for you. You can find more about what the Zagreb School of Economics and Management offers its students here.
What does Luka say about studying at ZŠEM? “Studying at ZŠEM is an extremely enriching experience for me, especially because of the access to different mentors. This institution allows me to work intensively with experts in their fields, which encourages a deeper understanding and development of my practical skills. On the other hand, although the state college I am studying in parallel provides a solid academic foundation, I feel that there is not the same level of closeness and individual approach with professors and administration. At ZŠEM, mentoring is not only essential for learning but also an integral part of the educational process, allowing me to make the most of my studies and gain a deeper understanding of my interests.” – emphasizes Luka.
