{"id":150796,"date":"2022-08-31T15:48:02","date_gmt":"2022-08-31T08:48:02","guid":{"rendered":"http:\/\/210.57.208.200\/2022\/08\/31\/unair-feb-professor-explains-impact-of-vuca-on-the-economy\/"},"modified":"2022-09-02T13:47:35","modified_gmt":"2022-09-02T06:47:35","slug":"unair-feb-professor-explains-impact-of-vuca-on-the-economy","status":"publish","type":"post","link":"https:\/\/unair.ac.id\/en\/unair-feb-professor-explains-impact-of-vuca-on-the-economy\/","title":{"rendered":"UNAIR FEB Professor explains impact of VUCA on the economy"},"content":{"rendered":"\n<p><strong>UNAIR NEWS<\/strong>\u00a0\u2013 Economic fluctuation is one of the main concerns for economists and policymakers in Indonesia.\u00a0There is nothing certain with economic fluctuation, especially when science and technology are developing rapidly and society is facing an era\u00a0of volatility, uncertainty, complexity,\u00a0and\u00a0ambiguity\u00a0(VUCA).<\/p>\n\n<p>It is an excerpt from Prof Dr Rudi Purwono SE MSE&#8217;s oration at his inauguration as Professor of the Faculty of Economics and Business (FEB) 51动漫 (UNAIR) on Wednesday, August 31, 2022. Prof. Rudi is 29th professor of FEB UNAIR. In his inauguration, Prof. Rudi delivered an oration entitled &#8220;Adaptive Macroeconomic Policy Facing the VUCA Era.&#8221;<\/p>\n\n<h5 class=\"wp-block-heading\"><strong><em>Volatility<\/em><\/strong><\/h5>\n\n<p>\u201cThe Fed (US central bank, ed) terminated its\u00a0Quantitative Easing\u00a0(QE) policy in 2013. QE is a non-conventional monetary policy of the central bank.\u00a0The impact is the flight of capital from emerging markets, including Indonesia,\u201d explained Prof. Rudi.<\/p>\n\n<p>Quoting from Basri (2017), Prof. Rudi said that QE then created an increased transaction deficit.\u00a0The deficit figure was 2.2 percent in 2012, rising to 4.4 percent of the total\u00a0Gross Domestic Product\u00a0(GDP) in mid-2013.<\/p>\n\n<p>\u201cHowever, a few months later, Indonesia has become a &#8216;beloved&#8217; country for investors.\u00a0This further shows that the flow of capital in Indonesia is very\u00a0volatile,&#8221; added Prof. Rudi.<\/p>\n\n<h5 class=\"wp-block-heading\"><strong><em>Uncertainty<\/em><\/strong><\/h5>\n\n<p>There is a lot of uncertainty going on in this era\u2014for example, the condition of the Covid-19 pandemic before the discovery of a vaccine. In 2020, there was economic uncertainty.<\/p>\n\n<p>\u201cAt that time, there were many layoffs. Many companies are cutting their employees, increasing the unemployment rate. Economists find it is getting more difficult to predict with economic modeling if they only rely on probability distributions,\u201d said Prof. Rudi.<\/p>\n\n<h5 class=\"wp-block-heading\"><strong><em>Complexity<\/em><\/strong><\/h5>\n\n<p>Complexity\u00a0occurs as a consequence of the rapid flow of globalization.\u00a0\u201cAs a result of the interconnected and networked environment.\u00a0The impact is that it is getting more difficult to identify causal relationships between these interactions,\u201d said <a href=\"http:\/\/210.57.208.200\/en\/lecturers-directory-per-faculty-school\/list-of-lecturers\/lecturers-profile\/?fakultas_id=4&amp;pages=rudi&amp;nip=MTk2OTExMDMxOTk1MTIxMDAx\">Prof. Rudi<\/a>.<\/p>\n\n<p>On Microeconomics, for example, Prof. Rudi continued from Budiono et al, that the higher the complexity value of a manufacturing company, the more attention should be given to quality strategies to improve performance.<\/p>\n\n<h5 class=\"wp-block-heading\"><strong><em>Ambiguity<\/em><\/strong><\/h5>\n\n<p>\u201cNowadays, business decisions are becoming more and more ambiguous. The reason is that there are often more than one solution that might cause a problem,\u201d said Prof. Rudi.<\/p>\n\n<p>It becomes even more ambiguous when there is no analytical process to decide which option to choose. Even when two people perform an evaluation, the results are different and both are valid.<\/p>\n\n<p>Author: Fauzia Gadis Widyanti<\/p>\n\n<p>Editor: Feri Fenoria<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UNAIR NEWS\u00a0\u2013 Economic fluctuation is one of the main concerns for economists and policymakers in Indonesia.\u00a0There is nothing certain with economic fluctuation, especially when science and technology are developing rapidly and society is facing an era\u00a0of volatility, uncertainty, complexity,\u00a0and\u00a0ambiguity\u00a0(VUCA). It is an excerpt from Prof Dr Rudi Purwono SE MSE&#8217;s oration at his inauguration as [&hellip;]<\/p>\n","protected":false},"author":79,"featured_media":150525,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[14,74],"tags":[873,2116,990,147,264,934,136],"class_list":["post-150796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-berita","category-news-feb","tag-indonesia","tag-ptn","tag-terbaik","tag-unair","tag-unair-banyuwangi","tag-universitas","tag-universitas-airlangga"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UNAIR FEB Professor explains impact of VUCA on the economy - 51动漫 Official Website<\/title>\n<meta name=\"description\" content=\"Prof Dr Rudi Purwono SE MSE delivers oration at his inauguration as Professor of the Faculty of Economics and Business (FEB) 51动漫 (UNAIR) on Wednesday, August 31, 2022.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/unair.ac.id\/en\/unair-feb-professor-explains-impact-of-vuca-on-the-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UNAIR FEB Professor explains impact of VUCA on the economy - 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