Loren Scott, who previously served for 13 years as chair of the economics department, was recently named holder of the Freeport-McMoRan Endowed Chair and director of the Division of Economic Development and Forecasting. The E.J. Ourso College of Business Administration raised over $1.1 million to fund the endowed chair.

Scott is a recognized authority on the Louisiana economy and a nationally known public speaker. He has been a coinvestigator on approximately $650,000 in grants during his 28-year career at LSU and recently served on Governor Foster's transition team for economic development.

A major function of the Division of Economic Development and Forecasting is to secure grants and other funding to support faculty and graduate student work in economic development. Though only in its second year of operation, the division has already been very successful in this endeavor.

Among the projects undertaken are an Amite Basin Study involving an $80,000 grant to determine the recreational benefits from building the Darlington Reservoir and the direct and indirect benefits to the State of Louisiana of constructing the dam. Two economics department faculty were principal investigators.

The Louisiana Department of Economic Development Targeted Industry Study is a two-phase project involving grants of $80,491 and $45,951. Three department members are involved as principal investigators along with a faculty member from the marketing department.

The largest project so far is the Louisiana Department of Labor Workforce Study. This is a $228,355 project that involves five department faculty and one person from marketing and includes $48,800 for graduate assistant support. Several other projects are in the proposal stage.

Last year $15,000 was raised to support the Louisiana/Japan Trade and Investment Forum held at the Lod Cook Alumni Center at LSU. The Japanese ambassador to the United States was a featured speaker.

Each year the division issues a 60-page publication entitled Louisiana Economic Outlook (LEO). This document contains employment forecasts by industry and for the state's eight largest metropolitan areas. The latest edition, published in September 1997, received major financial support from Whitney National Bank as well as from subscription fees. Funds generated by LEO have been used for recruiting expenses, software packages, data banks, etc. for both the economics department and the division.

Randy Rice was appointed to a three-year term as department chair in 1996 succeeding Loren Scott. Rice served in this same capacity from 1976-82.

Professor Rice, who joined the LSU faculty as an assistant professor in 1969, was promoted to professor in 1983. His publications are primarily in the area of the personal distribution of income. Prior to his first stint as department chair, he taught primarily econometrics and mathematical economics. In recent years, he has served as the department's undergraduate advisor, a position he continues to hold.

Rice has been active in Omicron Delta Epsilon, the international honor society in economics. He served as president of the 500-chapter organization in 1984-85 and as chairman of the Board of Trustees, 1988-92. He has also served on the Selection Committee for the Frank E. Seidman Distinguished Award in Political Economy, a professional award to outstanding economists who have not yet been selected for the Nobel Prize.

Rice is active on college and university committees and in the community. He has served in various volunteer roles at Episcopal High School of Baton Rouge, including president of the Board of Trustees, 1995-97.

The economics department offers three degree programs at the undergraduate level as well as M.S. and Ph.D. programs at the graduate level.

In recent years, the total number of students majoring in the three undergraduate programs has been in the 125-150 range. The largest of these programs is the B.S. in international trade and finance (ITF), offered in the E.J. Ourso College of Business Administration.

Students can also earn a B.S. in economics from business administration and a B.A. in economics from the College of Arts and Sciences. The three degree programs include a common core of basic economics courses but also differ in important respects.

Similar to other undergraduate curricula in the E.J. Ourso College of Business Administration, the B.S. in economics is designed to ensure students receive a broad general education, are provided with a sound foundation in the conceptual and analytical disciplines of economics and business, and are provided with the functional skills and specialized knowledge needed to perform effectively in their careers.

Students are provided with extensive training in basic economic principles and practices within a business-oriented curriculum which requires coursework in accounting, information systems and decision sciences, management, marketing, and finance. While the curricula of the two programs overlap to some extent, a major difference is the stronger emphasis on the international dimensions of economics and business in the ITF program. Students are required to take courses with an international orientation not only in economics but in such areas as political science, marketing, and management.

The B.A. in economics is offered through an "intercollegiate" arrangement with the College of Arts and Sciences and provides a broad-based liberal arts orientation for the study of economics. Students are provided with extensive training in basic economic principles and practices within a curriculum that includes a foreign language requirement and additional coursework in areas such as history, literature, and social sciences.

Whatever route students choose, the goals of all three undergraduate degree programs are to help students develop a broad understanding of the workings of economic systems and institutions, understand the role of economics in business and government decision making, and develop the analytical and logical skills needed to formulate and solve contemporary economic problems. Graduates should be well prepared for careers in business and government or graduate study in economics, business, and law.

The department's M.S. and Ph.D. programs strive to attract high-quality students and to educate, graduate, and place them in employment in accord with the University's role as the state's premier institution. The M.S. program is designed to provide the training necessary for successful careers in government and business where original research is generally not the main concern. Students are provided with the knowledge of microeconomics, macroeconomics, and econometrics that is required of individuals aspiring to work as practicing economists in business or government or considering further graduate studies in economics. The Ph.D. program is designed to train economists capable of adding to the knowledge of economics, doing independent research, and teaching at the college or university levels. Doctoral students receive rigorous training in economic theory and research methodology and obtain specialized knowledge in specific areas.

Applicants for graduate study must meet the requirements for admission to the LSU Graduate School and be accepted by the Department of Economics. All graduate students are eligible to apply for assistantships. These stipends range up to $11,520 per academic year (in-state tuition must be paid). Alumni Federation and Board of Regents Fellowships are also available to outstanding students entering the Ph.D. program. These fellowships have annual stipends of $14,810 per year for a maximum of four years.

In the last two years, four students have received doctoral degrees from LSU. Chinkun Chang, whose dissertation title was "Bureaucrats, Bureaucracy and Utility Maximization," wrote under Geoff Turnbull. Chang is employed by Chinatrust Commercial Bank in Taipei, Taiwan ROC. Karen Gutermuth, who wrote under Jeff Moore, teaches at Virginia Military Institute. Her dissertation title was "The Effects of AMA Contributions in the Senate: An Analysis of Roll Call Votes 1979-1992." Peter Mitias, whose advisor was Geoff Turnbull, now teaches at Hampden-Sydney College. His dissertation title was "An Empirical Examination of the Grant Induced Price and Income Effects of Lump-Sum Intergovernmental Aid." Omer Ozcicek, whose dissertation was entitled "Three Essays on VAR Techniques," is now teaching at Southeastern Louisiana University. His dissertation advisor was Doug McMillin.

While research has always been important, in the early 1980s the economics department began a determined effort to become an even more respected member of the research community. Substantial resources have been devoted to the identification and recruitment of senior faculty with established and nationally recognized research records. In addition to adding several senior scholars, the department has actively recruited promising junior faculty.

One measure of the department's success is documented in the April 1996 issue of Economic Inquiry. Based on a set of 36 top professional journals, LSU ranked 38th in the country in publications over the 1984-93 period. This impressive ranking represented an astounding improvement over our ranking of 100 (in a comparable study) for the previous five-year period. Furthermore, when faculty size is taken into account, LSU's economics department ranked a lofty 18th (out of the top 80 Ph.D.-granting institutions) in pages published per faculty member.

Participation in professional meetings can be interpreted as an indicator of research activity. One study found that LSU ranked third in participation at the seven annual Southern Economic Association conferences from 1984-90 (Southern Economic Journal, October 1992).

An important boost to the economics department's standing in the academic community occurred in 1987 when founding editor David Smyth brought the Journal of Macroeconomics with him to LSU. Smyth continues to edit the journal, along with Doug McMillin. The Journal of Macroeconomics is the only journal devoted entirely to the broad field of macroeconomics. It contains a variety of articles by distinguished authors on economic theory, related empirical work, and policy oriented topics, and a "Recent Books" section offering descriptions of new and noteworthy publications. The journal is published for the E.J. Ourso College of Business Administration by the Louisiana State University Press.

The Economics/International Trade and Finance Undergraduate Club was organized in January 1995 to serve the professional and social extracurricular needs of undergraduate students. Membership is open to all students, and there are no dues.

A semi-annual event has been to join with the Student Finance Association in their sponsorship of a reception where students and employers can meet in an informal atmosphere on the evening before LSU Career Day. Professional meetings have included presentations by former students who have experienced the job-search process, professionals from LSU Career Services who have shared their experiences with placement, and economics department faculty members who have discussed the processes and expectations for those considering graduate studies. The last meeting of each semester has been a social gathering at Ninfa's restaurant.

The economics department maintains a file of student resumes so it can respond quickly to inquiries about internship and employment opportunities. This practice has proven useful in the placement of students. The Economics/ITF Club has also served formally as an advisory body to the department chair. An important undergraduate curriculum change was made in 1996-97 at the urging of club members. This change was, in fact, a timely and important course substitution which truly improved the appropriateness of offerings in the ITF curriculum.

Perhaps the highlight of the club's activities was a field trip to New Orleans in the fall of 1995. The day trip included sessions at the International Banking Services Department of Whitney Bank, a presentation and lunch at Freeport-McMoRan, Inc., and meetings with the director of the Louisiana International Trade Center. The information about characteristics and qualities that employers search for in their recruiting was welcomed by the club members. The experience was exceedingly useful. Other trips are anticipated.

The group plans to work more closely with employers who come to LSU during the academic year. Letters were sent in the summer of 1997 to those companies who traditionally recruit at LSU in hopes that the department can better work toward student placement. Employers are continually reminded of the quality of our programs and students.

The economics department is served by an external Advisory Board. Board members are business people with an interest in the LSU undergraduate programs. Cooperation between the Economics/ITF Club and the Advisory Board offers a natural interaction for the improvement of our undergraduate programs.

Omicron Delta Epsilon (ODE) is the international honor society in economics, whose goals are promoting academic excellence and building relations between faculty and students. Membership in the Gamma chapter at LSU is open to both graduate and undergraduate students. Carter Hill serves as faculty advisor. Activities include a series of seminars on different topics and socials which usually take place at the home of Professor Hill or a student member.

Last year's president, Asli K. Ogunc, was selected as an Outstanding Student Leader for her activities in the local chapter. This award was one of only five given internationally. Her efforts were recognized with a certificate and 10K gold key.

For further information on ODE, please contact the current president, Scott Guillory, at 504/388-5211.

After a combined total of 67 years on the LSU faculty, Professors Tommy Beard and Bill Campbell retired from full-time teaching last May.

Beard served as chair of the economics department from 1965-71 and was named an alumni professor in 1991. He was awarded the University Medal at the fall 1995 graduation and cited for his research, teaching, and service, and especially for his direction of LSU's highly successful self-study. He will continue to teach one course in the spring semester and will travel extensively, listen to much opera, and consume a modest amount of wine.

Campbell, who in the past has served the profession as president of the Christian Economics Association and the economics department as its graduate advisor, gave the Erasmus Lecture at Westmont College in February of 1997. He participated in the Mont Pelerin Society meeting in Mont Pelerin, Switzerland, which was the 50th anniversary of its birth. He has been elected secretary of the Philadelphia Society, which is a national group of conservative intellectuals devoted to the cause of ordered liberty. He will continue to write and lecture in addition to creating a secondhand bookstore on the Internet, The Great Scot! Book Shop.

Many readers of this newsletter will fondly remember a favorite economics professor who is no longer on the LSU faculty due to retirement.

Three former faculty members who retired in the early 1980s are all living in Baton Rouge-John Chisholm, Lee Melton, and Jim Payne. Jim and his wife, Jean, recently celebrated their 50th wedding anniversary.

Several LSU retirees are now teaching at other institutions. Bob Flammang, who retired in 1991, is on the faculty at Southwest Texas State College in San Marcos, Texas. Steve Farber, who retired one year later, is teaching in the Graduate School of Policy and International Affairs at the University of Pittsburgh. Two LSU retirees have actually retired twice, and are presumably now working toward their third retirement! Bob Smith, who left LSU in 1984, taught for 10 years at the University of Nevada at Las Vegas, and now is executive director of the Texas Council on Economic Education. Herman Daly, who had a distinguished "second career" at the World Bank, is now on the faculty of the School of Public Affairs at the University of Maryland.

Bernie Sliger, who was associated with LSU for almost 20 years, was one of five new members recently inducted into the E.J. Ourso College of Business Administration Hall of Distinction. Sliger is president emeritus of Florida State University and currently executive director of the Gus A. Stavros Center for the Advancement of Free Enterprise and Economic Education at that institution.

Two new faculty joined the department in tenure-track assistant professor positions this fall.

Jeanne Ringel, who holds a Ph.D. from the University of Maryland, is offering a section of intermediate micro theory along with principles in the first semester. Her dissertation is titled "Maternal Decisions and Their Consequences for Mothers and Infants." Her primary fields of specialization are labor, welfare and poverty, and health.

Chris Papageorgiou, who comes to LSU with a Ph.D. from the University of Pittsburgh, specializes in macroeconomic theory, growth, and public finance. His dissertation title is "Technological Adoption, Human Capital and Economic Growth: Theory and Evidence." This fall he is offering the intermediate macro course and a section of principles.

Keith Bender joined the economics department as a professional-in-residence for 1997-98. He will assist the department in the areas of mathematical economics and econometrics. After receiving his Ph.D. from Duke, he was a research fellow at Aberdeen University in Scotland.

Three instructors joined the economics department this fall. Douglas Walker and John Thompson come to us from the doctoral program at Auburn, and James Arias comes from the doctoral program at Texas A&M.

Carter Hill, Mack H. Hornbeak Distinguished Professor, received two major honors last year--the E.J. Ourso College of Business Administration "Most Valuable Player" award for 1996-97 and the LSU Foundation Distinguished Faculty Teaching Award for 1997.

He has received numerous college and university teaching awards since joining LSU in 1985 as well as five Department of Economics "Outstanding Teacher" awards. Included in his college and university honors are Outstanding Teacher College of Business Administration, 1986-87; LSU Alumni Association Distinguished Faculty Award, 1989; and Tiger Athletic Foundation Excellence in Teaching Award, 1994-95.

Professor Hill's research and writing continue at a rapid pace. His new book, Undergraduate Econometrics, coauthored with George Judge and Bill Griffiths, has recently been published by John Wiley and Sons. A coauthored paper, "Estimating Capital Asset Price Indexes," appeared in the May 1997 issue of Review of Economics and Statistics.

Last fall, Donaldsonville insurance and funeral home tycoon E.J. Ourso pledged $15 million to the College of Business Administration that now bears his name.

The gift was the largest ever to an LSU academic unit and the fifth largest ever to a U.S. college of business.

Dean Tom Clark said the gift, which totals $22.8 million when combined with state matching funds, will enable the E.J. Ourso College of Business Administration to lure the country's top minds, invest in the latest technology, and offer more financial aid. "This takes us to a different level and begins a new era for us," he said. "We're looking to be in the top 20 percent of all business colleges in this country in the next few years." Clark became dean of the college in the fall of 1995.

The Ourso money will gradually flow into the LSU Foundation coffers. A portion has already been received and the rest will come in during the next five to seven years. All departments in the college, including the economics department, are expected to benefit directly from Mr. Ourso's generous gift.

Professor Pat Culbertson, who has taught a popular international finance course while pursuing research in this field, recently expanded his interests into other areas. He is offering a course in federal, state, and local taxation for the first time this semester. Culbertson, who earlier served a two-year term as president of the LSU Faculty Senate, is now serving as chairman of the LSU Athletic Council; he was recently elected to represent District 3 on the East Baton Rouge Parish Metro Council.

Professor David Johnson specializes in economic policy analysis, political economy, and gaming. His books include Finding and Using Economic Information (Mayfield 1992) and Public Choice: The New Political Economy (Mayfield 1992). The latter work has recently been translated into Hungarian and the languages of the Czech and Slovak republics. The book applies economic analysis to political science, examining such issues as public goods efficiency, political parties, bureaucracy, and voting.

Professor Lamar Jones continues to exhibit his extraordinary administrative versatility by serving as this year's interim chair of the accounting department. Jones served earlier stints as chair of the economics department, associate dean of the College of Business Administration, and director of the college's MBA program. He continues to serve as director of the Executive MBA Program while pursuing his interests in labor economics, economic history, and the relationship between biology and economics.

Andy Kleit, who joined LSU in 1992, holds a Ph.D. degree from Yale. He is an associate professor with research and teaching interests in industrial organization and environmental economics. Recent papers have appeared in Canadian Journal of Economics, Economic Inquiry, and Southern Economic Journal.

Professor Faik Koray serves as the department's graduate advisor. His primary research interests are macroeconomics and international finance. Recent publications have appeared in Southern Economic Journal, Canadian Journal of Economics, and Applied Economics.

Associate Professor Kaz Miyagiwa is on leave for the 1997-98 academic year visiting the Research Institute of Economics and Business Administration at Kobe University in Japan. He has a recent paper in the American Economic Review, and his article titled "Strategic R and D Policy and Appropriability" was published in the February 1997 issue of the Journal of International Economics. He will present a paper at the American Economic Association meetings in Chicago in 1998.

Gulf Coast Coca-Cola Business Partnership Professor Jeff Moore continues to conduct research in the areas of labor and health care economics. He has coauthored a paper with Professors Newman and Turnbull on "Academic Pay and Seniority," which is forthcoming in the Journal of Labor Economics. Professor Moore has been commissioned by the Journal of Labor Research to write a survey paper on "The Economic Effects of Right-to-Work Laws." He continues to do research on the Medicaid Program's policies to control pharmaceutical expenditures. Professor Moore has recently purchased a new home in a golf community and he plans to take up golf again after a 25-year absence.

Doug McMillin, South Central Bell Business Partnership Professor, is coeditor of the Journal of Macroeconomics. He recently completed a two-year term as a member of the Board of Trustees of the Southern Economic Association. McMillin, whose areas of specialty are monetary economics and macroeconomics, received the department's Excellence in Teaching Award, Graduate Category, for 1995-96. Recent publications have appeared in Journal of Economics and Business, Empirical Economics, Economic Inquiry, and Southern Economic Journal.

Mary Jo Neathery has been with the economics department since 1972. She serves as office manager, secretary, counselor, and in general keeps the department going. Faculty members don't know what they would do without her!

Bob Newman, South Central Bell Business Partnership Professor, specializes in labor and health economics. Over the past 10 years he has been an economic consultant for several of the leading international pharmaceutical companies. These consulting activities have produced several published papers in leading economic journals. His most recent publication, coauthored with Moore and Turnbull, however, deals with the academic labor market and is forthcoming in the Journal of Labor Economics. Professor Newman continues to conduct policy research in the area of pharmaceutical economics with his colleague, Jeff Moore. His leisure activities revolve around his two grandchildren and fishing.

Ted Palivos, who joined the LSU faculty in 1992, has recently been promoted to associate professor. He spent the 1995-96 academic year at Tilburg University in the Netherlands. Palivos's research interests are in macroeconomics, capital theory, and monetary economics, and he also teaches a course in international trade. His recent publications have appeared in International Economic Review, Journal of Money, Credit, and Banking, Journal of Economic Dynamics and Control, and Review of Economic Studies.

Alumni Professor Jim Richardson serves as director of the Public Administration Institute in the E.J. Ourso College of Business Administration. The institute has over 90 students in its Master of Public Administration Program; the MPA program trains students to work primarily in the public and nonprofit sectors. Richardson formerly served as chair of the economics department, acting dean of the College of Business Administration, and associate vice-chancellor for academic affairs. He is one of four members of Louisiana's Revenue Forecasting Conference which establishes annual budgetary limits on state government spending.

David Smyth is LSU Foundation Distinguished Professor of Economics. He founded the Journal of Macroeconomics in 1977 and has edited it since that time. Before joining LSU in 1987, he served as economics department chair at both Wayne State University and Claremont Graduate School. In addition to a number of books and reports, he has authored or coauthored an astounding 160 papers in professional journals.

Dek Terrell joined the LSU faculty as an assistant professor in the fall of 1996, having previously taught at Kansas State University. His research and teaching interests are in econometrics. Recent publications have appeared in Economic Journal, Southern Economic Journal, Journal of Human Resources, and Economic Inquiry.

Marybeth Theriot is managing editor of the Journal of Macroeconomics. She has been with the journal since 1989. She oversees the peer review process and edits accepted manuscripts

Geoff Turnbull is Gulf Coast CocaCola Bottling Company Professor of Business Administration and C.J. Brown Distinguished Professor of Real Estate. He teaches courses in microtheory and urban and regional economics. His wide-ranging research interests also include local public finance, real estate economics, and applied microeconomics. Turnbull ranked an impressive 22nd in the nation in a study of publications in the top 36 economics journals over the 1984-93 period (Economic Inquiry, April 1996).

Aaron Beam, Jr. (B.S., economics, 1967) is executive vice-president and chief financial officer of HEALTHSOUTH Corporation, the nation's largest provider of outpatient and rehabilitative health care services, which he cofounded. He was one of five members inducted into the E.J. Ourso College of Business Administration Hall of Distinction in March 1997.

Robert C. Brown (Ph.D., economics, 1976) is president of Arkansas Tech University in Russellville, Arkansas.

Robert B. Ekelund, Jr. (Ph.D., economics, 1967) is Lowder Eminent Scholar and professor of economics at Auburn University. Eminent scholar designations are Auburn's most prestigious appointments. He has authored or coauthored over 90 articles in professional journals and more than a dozen books.

Pamela L. Freeman (B.S., economics, 1976) is senior vice-president, Real Estate Division, Bank One, Louisiana, N.A. Freeman directs the Real Estate Loan Department throughout the state, and manages real estate totaling $300 million. She is a member of senior management and various loan committees.

G. Lee Griffin (M.S., economics, 1962) is chairman and CEO of BANC ONE Louisiana Corporation. Griffin heads a bank corporation with assets of $6 billion. He is chairman of the Government Relations Council of the American Bankers Association, immediate past-president of the Louisiana Bankers Association, and a leader in more than a dozen civic and community organizations.

George C. Hanks, Jr. (B.A., economics, 1986) is an attorney-at-law with the international law firm of Fulbright and Jaworski LLP. Hanks, who works in Houston, Texas, graduated first in his class at LSU and received a law degree from Harvard in 1989.

Suzanne Hawkins (B.S., international trade and finance, 1994) is analyst and international relations coordinator with Kaiser Aluminum in Pleasanton, California.

Deborah Rowell (B.S. international trade and finance, 1974) is executive director of the Petroleum Technology Transfer Council in Washington, D.C. Rowell, who directs a national program to speed the transfer of new technology to America's oil and gas producers, was formerly senior staff member with the Independent Petroleum Association, representing 8,000 independent oil and natural gas companies in the United States.

Richard L. Stalder, (M.S., economics, 1978) is secretary of the Louisiana Department of Public Safety and Corrections. He has cabinet-level responsibility for the second largest agency in Louisiana state government, comprising Correction Services and Public Safety Services.

What are our alumni doing? Please let us know about your present job, promotions, awards, and other interesting news. Include the year you graduated and degree received. Please let us know of any address correction.

We would also be happy to receive any comments or suggestions you have about our undergraduate or graduate programs and about this newsletter.

Economics Update

Department of Economics

E.J. Ourso College of Business Administration

Louisiana State University

Baton Rouge, LA 70803-6306

Phone: 225/388-5211

Fax: 225/388-3807

Newsletter Editor Thomas R. Beard: trbeard@unixl.sncc.lsu.edu

Department Chair Randy Rice: rrice@unixl.sncc.lsu.edu

Graduate Advisor Faik Koray: eokora@unixl.sncc.lsu.edu

Economics Department homepage: www.bus.lsu.edu/economics/

College of Business homepage: www.bus.lsu.edu

LSU homepage: www.lsu.edu