Economics department receives money
The Charles G. Koch Charitable Foundation donated $690,000 to support and strengthen the economics department at USU. The money will be used to bring in top professors and support the Koch Scholars program, said Randy Simmons, the newly named Charles G. Koch professor of economics.
Five positions will be created with the USU base salary and an additional $125,000 will be available on top of that, Simmons said.
“It’s like moving from the AAA to the major leagues, as far as recruiting goes. It makes Utah State competitive in recruiting top professors,” he said.
“Right now this will prove to be a great support to the economics department,” Simmons said. “The economics department is in a state of flux.”
The program was recently split apart into two departments. Now the applied economics department is in the College of Agriculture, and the economics and finance department is in the Huntsman School of Business.
In addition to funds for new faculty members, there is funding for the Koch Scholars Program. The Koch Scholars are an ambitious student group that studies and discusses books on political economy, markets and political economics, Simmons said.
The students meet together each week. They have dinner and talk about the books, argue the ideas and discuss what they mean, he said.
“The books range from classics such as ‘The Wealth of Nations’ to modern novels,” Simmons said.
Books include such books as Mandeville’s “Fable of the Bees,” “The Science of Success,” and “Capitalism, Socialism and Democracy.”
Each of the participating students receives a $1,000 stipend, because it takes a considerable time investment to read a new book every week, Simmons said.
“We didn’t want somebody to not be able to do this because of work,” Simmons said.
This way the students get a very traditional, in-depth education, rather than just skimming surface ideas, he said.
In previous years, students have been chosen mostly by recommendation from previous Koch Scholars and faculty, but all interested students are invited to apply. Interested students should e-mail Simmons at randy.simmons@usu.edu. They are currently seeking students for next year.
In the past scholars have been mostly from the School of Business and department of political science, but the program is looking for diversity.
“It’s nice to get outside,” Simmons said. “One of the students is studying biology and is a great addition, coming with a different background and perspective.”
The Charles G. Koch Charitable Foundation is set up to “advance social progress and well-being” in a free society. It typically supports graduate programs, so USU is lucky to be chosen for the endowment, Simmons said,
–r.perkins@aggiemail.usu.edu