Past Events

Category: Past Events

What Ever Happened to Good Government in Wisconsin?

Is this protected speech?

That’s the title of Monday’s panel in the Hurvis Room of the  Warch Campus Center at 6:30, and it should be a corker. Ever since the Supreme Court decided Citizens United v. Federal Election Commission this past January, all you-know-what has broken loose about money in U.S. politics. The president famously called out the court in his State of the Union address, with Justice Alito brazenly mouthing the words, “not true.” And it hasn’t gotten any friendlier from there. Now, that’s entertainment!

Of course, over here in the econ department, we wonder “Why is there so little money in U.S. politics?”

The event will cover a lot of ground, including these Common Cause talking points:

  • Redistricting Reform
  • Disclosure of interest-group ads and other outside spending
  • Public Financing of Wisconsin Supreme Court and other state elections
  • Campaign Finance Reform in Wisconsin after the U.S. Supreme Court decision on Citizens United vs F.E.C.

We will welcome panalists from both sides of the aisle, including State Representatives Penny Bernard Schaber (D-Appleton) and Dean Kaufert (R-Neenah), Andrea Kaminski from the League of Women Voters, and Jay Heck of Common Cause in Wisconsin.

Given the number of co-sponsors, I’m guessing there is ample interest.  The co-sponsors are: the Lawrence Government Department, the College Republicans, the League of Women Voters of Appleton, League of Women Voters of Wisconsin, the Education Fund, the American Association of University Women – Appleton Branch, and the Wisconsin Alliance for Retired Americans.

I am moderating the event, so I hope to see you there.

 

Schumptoberfest Sunday

Describe the industrial structure and to evaluate the interrelationships between firm size, market structure, and innovation in your assigned industry. You should address the following questions:

  • What are the strengths and weaknesses of using a model of “perfect competition” (many firms, homogenous products, low switching costs, price competition) to characterize the industry?
  • What is the “structure” of your industry? Is it dominated by a few firms (concentrated)? Or are there many firms?
  • How would you characterize innovation in your industry? Is it particularly dynamic or innovative? Are we observing new products or new processes? Are the firms that come up with the ideas the same as those implementing these ideas?
  • Would you say your industry characterized by managerial or entrepreneurial capitalism?  That is, how is innovation funded in this industry?

Next, determine where you come down on the “Schumpeter hypothesis” in terms of market structure and innovation. Write down a thesis statement and three supporting points to argue for or against Schumpeterian-type arguments.  These might include:

  • R&D projects have high fixed costs that can only be covered by industry with robust revenue streams.
  • Economies of scale and scope foment innovation.
  • Diversified firms are in superior position to identify and exploit unforeseen innovation opportunities.
  • Large firms are able to spread the R&D risks across many projects.
  • Large firms have more favorable treatment in obtaining external financing.
  • Firms with market power make higher profits, and can use retained earnings to finance R&D from own profits.
  • Firms with market power have fewer rivals and thus are more able to appropriate returns from innovation, bolstering the incentive to innovate.

We will spend Sunday morning talking about these industries.  We will begin by going around and providing a brief description of each industry.  After that, each group will state its thesis and then discuss its supporting arguments.

William James Adams, (2006) “Markets: Beer in Germany and the United States,” Journal of Economic Perspectives, 20(1): 189-205

Emek Basker (2007) “The Causes and Consequences of Wal-Mart’s Growth.” Journal of Economic Perspectives, 21(3): 177–198

Kal Raustiala and Christopher Jon Sprigman (2009) “The Piracy Paradox Revisited,” Stanford Law Review, 61(5).


The Great Depression vs. The Great Recession

Come one come all to Wednesday’s talk by Professor Finkler about parallels between the Great Depression of the 1930s and the Great Recession that was recently declared over.   The presentation will highlight the lessons to be learned from the Great Depression and to what degree we have learned them.  The talk will take place in Steitz Hall 102 at 4:30, Wednesday, October 20th.

First Fall Economics Tea, Monday at 4:30

Is there something funny about this picture?

We will hold the Economics TeaBAs this term on Mondays at 4:30 p.m. in Briggs 217.

The EconTBA is a great opportunity for you to take a break from your studies to come and chat with your favorite economics professors and students. Last year we had a vibrant guest list, ranging from professors in other departments to visiting speakers to emeritus faculty. And even if you don’t like us, there are always the “free” tea and cookies for you to enjoy.

This was formerly called “Economics Tea,” but we decided it was too risky to lock in to one beverage, given potential for changes in prices and income. Hence, Economics TeaBA.

See you Mondays.

A Welcome Prospective

Friday is a prospective student day and I will be giving a brief overview of the economics department in Briggs 217 at 2:10. I will be talking up our very solid curricular and co-curricular activities, including the Lawrence Scholars in Business program (video here), our Innovation and Entrepreneurship initiative(s), and the spectacular successes of many of our recent graduates.

And, of course, the Investment Club!

See you there.

US v. Ghana at Cinema, Saturday 1 p.m.

The Intrepid Professor Finkler has secured the Cinema in the Warch Campus Center to watch today’s US footballers take an Africa’s final hope, Ghana. The winner will move on to play Uruguay.

I have been puzzled as to why this year’s World Cup has had such a somnambulous effect on me. Is it the heavy prescription narcotics? Is it the gentle buzz of the vuvuzlas? Or perhaps it’s that the teams just aren’t putting the ball in the net?

It does seem that goals this year are even tougher to come by than usual, though that does not (necessarily) mean the games are more boring. It might mean tighter games down the stretch and even more exultation when the ball does go in the net.

Whatever the reason, we hope to see you in the Cinema for popcorn and football and possibly an impromptu game theoretic discussion of goalie strategy versus a penalty kick.

Econ Picnic, Hiett Patio

Come Even if You Have a Boo Boo

As you have undoubtedly heard, the Economics Department Picnic will be Tuesday, June 1 at 6 p.m. on the Hiett Patio. I’m new here, so I don’t know where that is, but this can be a Hayekian moment for you. As the saying goes, don’t wait until the last minute, unless the marginal benefits of doing so exceed the marginal costs.

I’m told from a reliable source — student representative to the Econ Social Committee, Suzie Kraemer — that there will be pizza.

And economists.

Star-power at Lawrence this Saturday

AC10-119 LSB Entertainment Industry Summit Poster
Click to Enlarge

This Saturday the Lawrence Scholars in Business program will have its final event of the year: the Entertainment Summit. This event should be of interest not only to economics and other majors who are interested in the business of show-biz, but also to Conservatory and Arts students interested in getting into the entertainment world.

Five Lawrentians who know that world very well will be here to tell us about it: Alan Berger, Emeline Davis, Lee Shallat Chemel, Liz Cole, and Campbell Scott. Take a moment to click on those links, and marvel at the star-power arriving to campus on Saturday. Campbell Scott will be showing his new mockumentary, Company Retreat, at 7:15 pm on Friday, May 21st, in the Warch Cinema.

Please sign up in the Career Center, or by email at careercenter@lawrence.edu.

LSB Getting its Props

This week’s This is Lawrence video gives a big shout out to the Lawrence Scholars in Business program, spearheaded by the intrepid, semi-fearless and always venturesome, Professor Adam Galambos.

Here is the video!!!

Can you believe all the talent on display? I spotted trustee and LSB champion Bob Perille, LSB-Scholarship winner and I&E reading group member Katelin Richter, Tyler Vane, Suzie Kraemer, Colin Smith, Murtaza, Professors Galambos and Finkler, and many others. Make sure to send it to your parents and friends. And your friends’ parents. And your parents’ friends. It’s simply the best This is Lawrence video in memory.

Speaking of LSB, the Chicago trip is coming up. That should be educational and entertaining. Don’t miss it.

And, speaking of entertaining, the Entertainment Industry Summit is coming in May.

Could LSB rock any harder?

Yoram Bauman Stands Up for “Cap n Tax”

Standup economist Yoram Bauman was on campus all day, talking in two classes, brunching with interested students, and finally knocking us dead with his material from convex hulls (don’t ask if you aren’t a math-econ major), exotic grains (I always suspected quinoa was funny; now I’m convinced) and the American political spectrum.  Bauman delivered what was certainly the funniest Povolny Lecture in the history of the series.

His primary work and his primary message has to do with climate change and the price of carbon.  Bauman argues that a carbon tax of about $30 per ton would serve the dual purpose of reducing carbon use and generating revenue that could offset the reliance on distortionary taxes (e.g., sales and income taxes).  His message is that this lunch isn’t free, the tax would translate into about $0.30/gallon on gasoline and $0.03/kWh on coal-generated electricity.  And here’s the key to the message — these price increases are necessary in order to reduce the quantity demanded for fossil fuels in rich western countries.  So, in that spirit, the idea of a cap and “tax” is perfectly consistent with the basic economics lesson: if you want to use the market to get people to buy less, then the so-called market signal is the higher price.

On behalf of the economics faculty and students, I’d like to thank Yoram for a great  day and wish him the best in his careers.

TBA Time Once Again

After a week off, the Economics TeaBA is back and fighting mad. Well, not really mad, but Professor Azzi was a bit upset that he bought a storehouse of cookies last week and we had a cancellation. Based on my current projections, today’s TBA will feature tea, coffee, cookies, and possibly a guest appearance by George Wyeth.

The excitement starts at 4:15 p.m. in Briggs 217.

And, I’m certain that I don’t need to remind you about tonight’s Povolny Lecture featuring standup economist, Yoram Bauman, at 7:30 in Wriston Hall…

An Oz. of Prevention

The indefatigable Ralph Nader came, he saw, he sold some books, and he raised some hell.  Are you wasting the prime of your life with hang ups you should have dealt with as a teenager? Do you find yourself spending more time looking at yourself in the mirror than keeping tabs on Congress? Mr. Nader isn’t shy about asking the tough questions.

I was amazed and surprised with his digression on the 1872 Mining Law and his browbeating of the audience about our ignorance of the statute and its implications.  Having done some research on the subject myself, I would put the ball back in his court.  Does he know that environmental group opposition is stifling volunteer cleanups of abandoned mines? In this month’s Atlantic Monthly there is a short piece describing the situation. The basic problem is that there is a single policy instrument in place to prevent pollution and to govern cleanups.  It turns out, this is like throwing one stone at two birds:

But as these volunteers prepare to tackle the main source of the pollution, the mines themselves, they face an unexpected obstacle—the Clean Water Act. Under federal law, anyone wanting to clean up water flowing from a hard-rock mine must bring it up to the act’s stringent water-quality standards and take responsibility for containing the pollution—forever. Would-be do-gooders become the legal “operators” of abandoned mines like those near Silverton, and therefore liable for their condition.  In mid-October, Senator Mark Udall of Colorado introduced a bill that would allow such “good Samaritans” to obtain, under the Clean Water Act, special mine-cleanup permits that would protect them from some liability. Previous good-Samaritan bills have met opposition from national environmental organizations, including the Sierra Club, the Natural Resources Defense Council, and even the American Bird Conservancy, for whom any weakening of Clean Water Act standards is anathema.

In other words, it is the environmental groups who are standing in the way of environmental progress in this case.  The reasons for this are straightforward, predictable, and understandable.  It is all described cogently in this testimony on similar proposed legislation from ten years ago!

The sad state of affairs is that as the various  groups dig in their heels, the acid drainage continues to pollute the waters in the west.  Again, from The Atlantic:

Just a few miles from Silverton, in an icy valley creased with avalanche chutes, groundwater burbles out of the long-abandoned Red and Bonita gold mine. Loaded with aluminum, cadmium, and lead, it pours downhill, at 300 gallons a minute, into an alpine stream. The Silverton volunteers aren’t expecting a federal windfall anytime soon—even Superfund-designated mine sites have waited years for cleanup funding, and Udall’s bill has been held up in a Senate committee since last fall. Without a good-Samaritan provision to protect them from liability, they have few choices but to watch the Red and Bonita, and the rest of their local mines, continue to drain.

Super Crusader Ralph Nader Visits Lawrence

One-time Presidential spoiler (just don’t tell him that) and always consumer-rights advocate (though economists might sometimes disagree) Ralph Nader will visit campus Sunday to deliver “The Great Conversion: Environmentalism over Corporatism.” The show is in the Chapel at 7:30, and Mr. Nader will be around to talk and sign books before and after his talk.

Love him or hate him, Mr. Nader is certainly one of the more important figures of the last 50 years. Indeed, it would be hard to talk about the rise of safety and environmental policy without at least a hat-tip to Nader’s important role. The title of the talk suggests that he believes Americans actually buy into the message of environmentalism (however defined) over the types of results we’ve seen from corporatism (also, however defined). That’s a pretty provocative statement, and certainly Mr. Nader had no small role in fomenting these attitudinal changes. So, I encourage you to get over there and listen to what the man has to say.

Standup Economist to Visit Lawrence

Students in economics will have two opportunities next Monday to hear and interact with Yoram Bauman, self-styled standup economist, who specializes in not only making the complex accessible but also humorous.

Students in Econ 280 and Econ 320 will hold a joint session on Monday morning at 9:50 in Science Hall 102.  Other students are welcome to attend.  Bauman will discuss Paul Krugman’s recent article ( here ) in the New York Times Magazine entitled “Building a Green Economy.”

Bauman will also be the second speaker in the Povolny Lecture Series on The Climate for Climate Change.  His talk is entitled “Comedy, Economics, and Climate Change” and will take place in the Wriston Auditorium at 7:30 PM next Monday.

To get a snippet of his style or to see excerpts from his new Cartoon Introduction to Economics go here.

(Environmental Policy) Change Isnt Easy, Tuesday at 7pm

Lawrence alum, George B. Wyeth, will kick off the Povolny Lecture Series this Tuesday, April 20, at 7 p.m. in Science Hall 102. Mr. Wyeth picked up his B.A. from Lawrence back in 1973, notably serving as editor-in-chief of The Lawrentian. He leveraged his success here into a Masters in Public Policy at UC-Berkeley and a law degree from Yale. After a stint in the private sector, he joined the U.S. Environmental Protection Agency in 1989 and is now the Director at the National Center for Environmental Innovation.

Well, to be accurate, right now he is the the Stephen Edward Scarff Memorial Visiting Professor, teaching a course on policy implementation with Professor Chong Do-Hah. His talk is “Change isn’t Easy: An Inside Perspective.” Like his course, the talk will address the public administration challenges of addressing environmental problems.

We hope to see you there.

LSB Returns in Spectacular Fashion!

This weekend the Lawrence Scholars in Business program bis hosting a number of esteemed alums from the investment world. This weekend’s program kicks off at 2 p.m. over in the Warch Campus Center.

LSB Investment Management Summit If you have even an inkling of interest the financial markets coordination of savings and investment, the regulation (or absence thereof) of the financial sector, or even a career in that field, you should think about coming out.  (This couldn’t come at a better time for my 240 class, which is learning about the Stigler-Peltzman Capture Theory).

The participant information is below and you should sign up in the career center ASAP, or sooner.

Lawrence Scholars in Business Portfolio Management Summit

Dean DuMonthier ’88 • portfolio manager, Copia Capital
Copia Capital is a Chicago-area investment firm that manages hedge funds invested in the utilities, industrials, energy and materials sectors. The company is a subsidiary of Morgan Stanley’s hedge fund company, FrontPoint Partners.

Chuck Saunders ’84 • partner and senior portfolio manager, NorthRoad Capital Management
NorthRoad Capital Management is an employee-owned investment firm in New York City.  Saunders manages the firm’s international and global public equity portfolios for both private  and institutional clients.

Christopher Serra ’92 • senior equity research analyst, Thrivent Investment Management
Thrivent Asset Management is the securities brokerage and financial advisory subsidiary of Thrivent Financial for Lutherans, which provides financial and insurance products and services to nearly 3 million members.  Thrivent Investment Management offers full and discount brokerage services, mutual funds and education funding products.

Markus Specks ’06 • hedge fund analyst, Varde Partners, Inc.
Varde Partners, Inc., is a privately-held investment advisor specializing in alternative investments and distressed assets. Headquartered in Minneapolis, the firm also has offices in London and Singapore.

Please sign up in the Career Center or e-mail: careercenter@lawrence.edu

Ambassador Mulford Speaks on International Finance

Former Ambassador to India and US Under Secretary of Treasury David Mulford ’59 will be on campus next Tuesday, April 13th , and students will have two major opportunities for interaction:

1:30 p.m. Presentation to Campus Community: “The ongoing economic and financial crisis in the major industrial countries and the effect this continues to have on the global economy” followed by Q&A Cinema, Warch Campus Center

4:30 p.m. Economics Club: Dr. Mulford will talk about current risks in the global economy and how one might hedge against them.

Briggs Hall 217

Among other positions, Mulford has served in the following capacities:

United States Ambassador to India — 2004 to 2009

Chairman International of Credit Suisse First Boston — 1992 to 2003

Under Secretary and Assistant Secretary of the U.S Treasury for International Affairs – 1984 to 1992

Chief consultant to the Saudi Arabian Monetary Agency 1974 to 1983

Lawrence Scholars in Business Chicago trip

The LSB program sponsors an educational trip to Chicago every year. The purpose of the trip is to provide students an “immersion experience” in one of the country’s financial centers. The trip will take place during reading period, on May 6th and 7th. We will leave at 6:00 am on Thursday, May 6th, and return in the evening on Friday. We will have a full schedule, visiting the Chicago Board of Trade, the Federal Reserve Bank, as well as some firms including Madison Dearborn, Copia Capital, the consulting firm Deloitte and Touche, and The Northern Trust Bank. The costs of the trip are covered by the LSB program. This trip is a great opportunity to learn about the financial world (and a consulting firm) up-close, in a way that you couldn’t do on your own.

If you would like to join, sign up by giving Adam Galambos an envelope with $20 in it, and your name on it. We will return the money to you when you board the bus at 5:45 am on May 6th. Should there be more students interested in going than spaces, preference will be given to students who did not go on the trip last year and to juniors and seniors, as they are less likely to have another chance to go. But, if you are interested in the business world, sign up, whoever you are—if you don’t get to go, we’ll return your deposit, of course. The deadline for signing up is April 12th. Email Adam Galambos with questions.