roanomics, vol 2, issue 1

8/3/2019 Roanomics, Vol 2, Issue 1

1/14

though you

havent

done it for

a long

time.

Giffen

goods, the

three stages

of produc-

tion, isoquants, the back-

ward-bending labor supply

curve-this is but a sampling

of exciting topics coming

later this semester. For me,

this has been a labor of

love. For my students,

probably just labor. I hope

they have enjoyed it as

much as I have-probably

not, but I can always hope.

And now the count is sev-

enteen.

Thirty-five years--thats

how long Ive been teach-

ing. Sixteen--thats the

number of different classes

Ive taught in my career at

Roanoke. I consider myself

a macro guy--you know,

GDP, the Fed, the Phillips

Curve, all that good stuff.

And although Ive taught

principles of micro hun-

dreds of times, Ive never

had the opportunity to teach

intermediate micro theory-

until now. The usual teach-

er, Dr. Nik-Khah, is on sab-

batical this year, opening up

a golden opportunity for me

to give it a go. And let me

tell you, its been fantastic!

I have 23 very bright and

engaging students in the

class, mostly econ majors

and minors, with three la-

dies from Hollins. I dusted

off my old textbook from

when I took the course 40

years ago (1971), pulled out

the notes I took in class,

and got to work. Come to

find out, micro doesnt

change very much or very

fast. It isnt like macro,

where new ideas and argu-

ments come along almost

weekly. No, micro is micro,

the alpha and the omega,

never changing, always

consistent, and never boring

(ha-ha!). Ahhh..it seems

only yesterday when I first

encountered indifference

curves, budget lines, and

the declining marginal rate

of substitution. Its like

riding a bikeit comes

back to you real fast even

From the Colonels Desk

Reaching outOur first issue ofRoanom-

ics was a hit! We got some

great feedback from stu-

dents, faculty, staff, friends

and alumni. Thank you.

The Economics Program

blog

(kassensroanokeecon.blogs

pot.com) has been active,

giving readers updates

about our student projects,

classroom experiences, and

our visiting faculty.

Finally, we have been

tweeting items of interest.

Follow us on Twitter

@roanokeecon to have im-

mediate updates!

If you would like to see a

particular topic addressed in

the newsletter, please send

us an email at

[email protected].

We might even publish

your remarks!

We look forward to hearing

from you!

Roanoke College Economics Program

Summer and Fall 2011

Volume 2, Issue 1

Roanomics

Advising tips:

The Economics Pro-gram offers a major and

a minor

If you major in BUAD,there are only five addi-

tional courses left tocomplete the minor inECON (one of whichcan count as the BUAD

elective)

Several of the ECON200-level courses serveas electives in BUAD

concentrations

ECON 121 can substi-

tute for an INQ 260

Inside this issue:

News and notes 2

Spring courses 3

Updates 4

Undergraduate Re-search

7

A Brief History of RC

Economics8

You asked, we an-swers: EconomicConditions

10

Presentations, Pa-

pers, and Awards12

Featured on the RC

Economics blog13

Travels with Dr. Bob 14

Garry Fleming,

Shannon Chair of

Economics
http://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/mailto:[email protected]:[email protected]:[email protected]://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/


2/14

The Roanoke College Eco-

nomics Programreceived high

praise by students in a survey

conducted for the 2012 Prince-

ton Review

Shingirai (Chris) Kwaramba

`12 was selected to attend The

PhD Conference November 16-

18 in Chicago, IL. The PhD

Projectis a program sponsored

by KPMG, LLP to increase

minority representation in PhD

Business Programs in the US.

Congrats Chris! Your hard

work is paying off.

Katie Thornton 13 is enjoying

her semester abroad in Moroc-

co. We cant wait for your re-

turn so that you can tell us all

about it.

Sara Caudle `12, Nic Wright

`11, Tyler Rinko `11, Jorge

Guzman-Correa 11, Justin

Tuma 11 earned Honors in the

Major. This is a record number

for a given year in economics.

Great job!

Justin Tuma 11 is playing

lacrosse while he is in graduate

school in the UK.

Tyler Rinko `11presented his

research on the European Debt

Crisis to the Roanoke College

Board of Trustees in October

Dr. Alice Louise Kassens wonthe 2011 Quintiles Marathon at

Wrightsville Beachin 2:59:04

in March. This was Dr. Kas-

sens first marathon win. Her

next marathon is the Philadel-

phia Marathon in November.

Darshak Patel received his

PhD in Economics from the

University of Kentucky. Con-

grats Darshak!

Dr. Garry Flemingbecame agrandfather over the summer of

2011! His daughter Mandy and

her husband Michi Ono wel-

comed daughter Emily into the

world June 11, 2011. Sue and

Garry are proud grandparents!

Dr. Garry Flemings son Drew

is engaged to Jessica Holbrook.

Garry and Sue have had a lot of

good news recently!

Please let us know what is new

with you at roanokee-

[email protected] fill out our

form at kassensroanokee-

con.blogspot.com

News and notes

Where are our alumni now?Timothy Henahan 77 is the

President and CEO of Baker &

Co, Inc. in Rocky River, OH

Peggy Horn `78 is the Presi-

dent of SBC Systems Company,

Inc. in Atlanta, GA

Steven Swanson `76 is the

President of Swanson Consult-

ing, LLC in Beaver Falls, PA

Maria Schuler `01 is a busi-

ness analyst at the Merkel Cor-

poration in Richmond, VA

George Howard 68 is the

owner of Wines by George, a

retail wine seller

Go to pg. 6 for a listing of the

class of recent graduates.

Fill out the alumni survey at

kassensroanokee-

con.blogspot.com

Have career advice or contacts

for our current Economics

students? Please send an email

to [email protected].

Follow us on Twitter

@roanokeecon for updates on

the Program, alumni, faculty,

and students!

Many current students have asked

both What can I do with a degree

in Economics? and What are

RC Economics alumni doing

now? To that end, we will list a

few of the current jobs of our

alumni in each issue ofRoanom-

ics to help address both of these

questions.

Craig Ultsch 07 is a Mid Atlan-

tic Sales Manager for The Chemi-

cal Company in Jamestown, RI.

Stephanie Wright 95 is the Dep-

uty Staff Director for IT and De-

fense Operations at the Defense

Logistics Agency in Fort Belvoir,

VA

Page 2 Roanomics

Chris Kwaramba

Katie Thornton

Dr. Alice Kassens

Jorge Guzman

Danielle McClosky
http://roanoke.edu/News_and_Events/Campus_News/Princeton_Review_results.htmhttp://roanoke.edu/News_and_Events/Campus_News/Princeton_Review_results.htmhttp://roanoke.edu/News_and_Events/Campus_News/Princeton_Review_results.htmhttp://www.thephdproject.org/http://www.thephdproject.org/http://www.thephdproject.org/http://www.wrightsvillebeachmarathon.com/event-details/http://www.wrightsvillebeachmarathon.com/event-details/http://www.wrightsvillebeachmarathon.com/event-details/http://www.setupevents.com/index.cfm?fuseaction=event_results&id=2269http://www.setupevents.com/index.cfm?fuseaction=event_results&id=2269mailto:[email protected]:[email protected]:[email protected]://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/mailto:[email protected]:[email protected]:[email protected]://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/mailto:[email protected]:[email protected]://www.setupevents.com/index.cfm?fuseaction=event_results&id=2269http://www.wrightsvillebeachmarathon.com/event-details/http://www.wrightsvillebeachmarathon.com/event-details/http://www.thephdproject.org/http://www.thephdproject.org/http://roanoke.edu/News_and_Events/Campus_News/Princeton_Review_results.htmhttp://roanoke.edu/News_and_Events/Campus_News/Princeton_Review_results.htm


3/14

My experience at Roanokecan be summed up in onequote: time flies when

youre having fun. It is hardfor me to believe graduationis less than 7 months away. Itseems like just yesterday Iwas moving my belongingsinto Tabor Hall. When I rem-inisce on my time at Roa-noke, the moments I cherishthe most are the ones I made

in the classroom.

In the fall of my junior year, Ireceived a letter stating that Iqualified for the Honors inthe Major designation. I wasecstatic; however, by the endof the letter, the excitementhad worn off. I had to devel-op my own project, produce a25 to 30 page paper, presentthe project to the HonorsCommittee, and receive agrade of A- or better on theproject to receive the Honors

in the Major designation. Byfar, this would be the biggestchallenge of my college ca-

reer.

I became fascinated by theinfluence of health onproductivity after takinghealth and labor economicswith Dr. Kassens. When Idelved into the research, Irealized that the relationshipbetween health and produc-tivity of college students hasyet to be studied. I conducteda study of Roanoke Collegestudents using BMI, physicalexercise, and alcohol andcigarette consumption asmeasures of health. Produc-tivity was measured by a stu-dents grade point average.

I sent out a survey to the en-tire student body via emailand received 497 responses inless than 2 weeks. After I

analyzed the data and wrotemy paper, I had to present myproject to the Honors com-

mittee. Once I gave my Hon-ors defense, the committeeasked me to leave the room,so they could discuss mygrade on the project. Thiswas the longest 10 minutes ofmy life. When I entered theroom, they told me I hadearned the Honors in the Ma-

jor designation.

It was truly gratifying to seeall of my hard work pay off.The biggest reward waslearning that my professorsprepared me to succeed. Withgraduation on the horizon, Ilook forward to starting mycareer because I know myprofessors have given me thetools and knowledge to faceany challenge that comes my

way.

Student Editors Note: Sara Caudle `11

Page 3Volume 2, Issue 1

Spring 2012 CoursesECON 121 Principles of Micro-

economics

Section A, Patel, Block 2

Section B, Patel, Block 3

Section C, Spencer, Block 10

ECON 122 Principles of Macro-

economics

Section A, Fleming, Block 4

Section B, Amini, Block 4

Section C, Amini, Block 5

ECON 232 Money and Bank-

ing

Section A, Spencer, Block 7A

ECON 247 International

Trade & Finance

Section A, Spencer, Block 11

ECON 257 Competition, Mo-

nopoly & Public Policy

Section A, Patel, Block 8

ECON 322 Intermediate Mac-

roeconomics

Section A, Fleming, Block 7A

ECON 461 Economic Seminar

Section A, Fleming, Block 12

It was truly

gratifying to see

all of my hard

work pay off.

The biggest

reward was

learning that my

professors

prepared me to

succeed.

Planning Ahead

Summer I

ECON 122 Fleming

Summer II

ECON 121 Kassens


4/14

I cannot believe that I am only

weeks away from my sabbati-

cal! It seems like only yesterday

that I was teaching my first

course at Roanoke College.

Although I will miss working

with students on a daily basis, it

will be helpful to have a period

dedicated to research.

I have several projects planned

for the sabbatical.

I will continue my work with

Dr. William M. Rodgers III(Rutgers University) analyzing

the effects of clinical depression

on the labor market outcomes of

young adults. I received the

2011-12 VFIC Mednick Memo-

rial Fellowshipto assist with

the travel involved in accessing

the highly sensitive and restrict-

ed data for the project. Much of

the data is linked to IRS and

Census data. Specific protocols

are in place for approved users.For example, data must be used

on-site (NYC). I hope to have a

story describing my two+ year

journey gaining access to this

data in the next newsletter!

I will begin a project with Dr.Yana Rodgers(Rutgers) look-

ing at the effect of economic

development in Latin America

on the incidence of obesity and

Type II diabetes in those coun-

tries. Yana is a Development

Economist and I look forward

to pairing our stills for this pro-

ject. (Plus Yana is an avid run-

ner, so many of our brainstorm-

ing sessions can take place on

the trails of New Jersey.)

I am in the process of submit-

ting a proposal to SASin Cary,

NC. I hope to develop an as-

sessment method for wellness

programs. Many companies,

such as SAS and Roanoke Col-

lege, have wellness programs,

but do not assess their long

term outcomes. SAS is a large

firm that has had a popular

wellness program in place for

some time, making it a perfect

subject of research on the topic.

I suppose my experience with

Academic Assessment at Roa-

noke College has gotten the bet-

ter of me!

Finally, I will continue working

with Dr. Harry Wilson and the

IPOR. I was brought onboard for

an exciting new project measur-

ing consumer sentiment in VA.

The first survey begins this

month and will be repeated quar-

terly.

Most of the semester I will be

working at Roanoke College, but

I will spend several weeks atRutgers Universitys Heldrich

Center conducting research, in

addition to collaborating with

Yana Rodgers. I will also make

several trips to Cary, NC if my

research proposal with SAS is

accepted.

Through it all, I am lucky to

have the invaluable help of my

research assistant, Kerry Mur-

phy `13. My assessment assistantSara Caudle `12 will help keep

assessment running smoothly in

my absence! Thanks ladies!

Faculty Update: Dr. Alice Louise Kassens

Faculty Update: Dr. Darshak PatelI have been pretty active in thecollege as well. This includessupporting the Maroons menand women soccer teams. Un-

fortunately, they are done withthe season but it would be nice

to see more support for them.

Furthermore, together with otherfaculty members, we plannedseveral events to celebrate anIndian holiday called Diwaliincluding bursting fireworks on

I think I put on15 pounds since Ijoined Roanoke College and yetif you see me you would think I

never eat.

It has been very easy to adjust tolife here. The faculty (especiallyEconomics) and staff (Dreama isawesome) are very friendly andthe school does a good job ofpromoting inter-disciplinary

relations.

Page 4 Roanomics

campus concurrently with anongoing board meeting (Campus

security was sent to clear us out).

Unfortunately, I will not be ableto show off my shenanigans atthe presidential ball but I amhoping my colleagues will repre-

sent.

Peace!!Darshak Patel

Alice Kassens

The Roanoke

College Eco-

nomics Pro-

gram hoststhree Visiting

Faculty this

semester:

Deborah Clark

Darshak Patel

Shahram Amini

Features intro-

ducing each of

them are on our

blog: kas-

sensroanokeeco

n.blogspot.com
http://policy.rutgers.edu/faculty/rodgers/http://policy.rutgers.edu/faculty/rodgers/http://www.vfic.org/programs/mednick_index.htmlhttp://www.vfic.org/programs/mednick_index.htmlhttp://www.vfic.org/programs/mednick_index.htmlhttp://www.vfic.org/programs/mednick_index.htmlhttp://www.vfic.org/programs/mednick_index.htmlhttp://womens-studies.rutgers.edu/faculty/core-faculty/145-yana-rodgershttp://womens-studies.rutgers.edu/faculty/core-faculty/145-yana-rodgershttp://womens-studies.rutgers.edu/faculty/core-faculty/145-yana-rodgershttp://www.sas.com/http://www.sas.com/http://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/http://kassensroanokeecon.blogspot.com/http://www.sas.com/http://womens-studies.rutgers.edu/faculty/core-faculty/145-yana-rodgershttp://womens-studies.rutgers.edu/faculty/core-faculty/145-yana-rodgershttp://www.vfic.org/programs/mednick_index.htmlhttp://www.vfic.org/programs/mednick_index.htmlhttp://policy.rutgers.edu/faculty/rodgers/


5/14

SalamalaykoumRoanoke College! My name isKatie Thornton, and I'ma junior majoring in eco-nomics and spendingthis semester abroad in

Morocco.

As a developing countryin North Africa, Moroc-co is quite different fromthe United States, but Ihave enjoyed being im-mersed in a culture sodifferent from my own. Ilove the distinct archi-tectural style of Moroc-can cities, thevarietyoflanguages that arecommonly spoken, theimportance of familyand community, and allof my new Moroccan

friends.

I live with a host familyin Rabat, the capital city,

but I have traveled all

around the country.

My favorite partofthesemester so far hasbeen the week I spentliving with a family inthe ruralvillage ofFeryatin central Moroc-co. My host family therewas so kind, constantlylaughing and jokingwith each other and wel-coming me into their

community.

During the week, myprogram also volunteersat the village's elemen-

tary school.

In the last month of theprogram, I am lookingforward to completingan independent studyproject on microfinancein Morocco. I hope it

will be a great oppor-tunity to explore my in-terests in economic de-

velopment.

Student Update: Katie Thornton `13

Alumni Update: Melissa Zamarin 08 taught me how to effectivelycommunicate to my peersalong with the faculty in aprofessional and successfulmanner. This is a skill that Iheavily rely on and four yearslater I am still reaping thebenefits from my Roanoke

College education.

After I graduated, I startedworking for US Bank as anAdministrative Assistant to aRegional Bank President. In

two years as an Administra-tive Assistant, I was able tomove into Treasury Manage-ment. Currently, I am aTreasury Management andPayments Consultant. My jobdoes not specifically dealwith Economics, but due tomy education, I have thecommunication skills andwork ethic needed in order tobe confident and successful

in my professional life.

To every student who attendsRoanoke College, the experi-ence is simply memorable.When I graduated in 2008, Ihad no idea at the time justhow many life skills I hadacquired while earning myEconomics Degree from Roa-noke College. I studied Eco-nomics in a challenging envi-ronment that was also verypersonal and rewarding. Inaddition to my scholasticwork, Roanoke College


Katie with her hostsister

before a Moroccan wedding

Want to study

abroad? Want to go

where you can get

ECON or BUAD

credit?We want to help!

Dr. Ali Nazemi is

locating study abroad

opportunities for BU-

AD and ECON ma-

jors, minors, and con-

centrators.

Schools identified

include:

Universidad Publica

De Nevarre

(Navarre, Spain)

Jiangxi University

(Jiangxi, China)

Massey University

(New Zealand)

Regents College

(London, England)

These schools offer

BUAD and ECON

courses that can

count towards the

BUAD and ECON

major.

All courses are taught

in English.

If you would like

more information onthe study abroad op-

portunities for BUAD

and ECON, contact

Dr. Nazemi at

[email protected]
mailto:[email protected]:[email protected]:[email protected]


6/14

currently enrolled in a graduate

program in economics.

Your professors are more than

happy to talk with you about

your plans. Remember we all

went to graduate school, and can

offer advice and point you in the

right direction for additional

help.

Additionally, many alumni arewilling to talk with you about

their experiences in graduate

school. Email roanokee-

[email protected] for a list of

alumni who are willing to help.

Miro Batka 07

IFPRI, Senior Research Assis-

tant

Washington, DC

Matt Bolling 10

Robert Half International, Staff-

ing Manager

Richmond, VA

SJ Brussard `09

Hudson Securities, Institutional

Equity Sales

Boston, MA

Matt Delaney `10

2tor, Operations Analyst

Washington, DC

Gio Forte `11

T. Rowe Price

Owings Mills, MD

Jorge Guzman-Correa 11

Grade, Research Assistant

Peru

Danielle McClosky `10

Boston Medical Center, Re-search Assistant for MedDebt

Project,

Boston, MA

Brode McCrady 07

Fidelity Investments, PremiumServices Brokerage Representa-

tive

Cincinnati, OH

Megan Rhodes `11

Northwestern Mutual

Richmond, VA

Phillip Sheridan 11

Flying Fox Vineyard, Tasting

Room Manager

Charlottesville, VA

Craig Ultsch 07

The Chemical Company, Mid

Atlantic Sales Manager

Jamestown, RI

Melissa Zamarin `08

US Bank, Treasury Management

and Payments Consultant

Seattle, WA

NOTE: The Economics Pro-

gram has developed a docu-

ment describing employment

opportunities for young econo-

mists. If you would like a copy

contact Dr. Kassens at kas-

[email protected]

Recent Graduate Update: Work

RoanomicsPage 6

Jorge Guzman-Correa `11

Additional math courses

Roanoke College, Salem, VA

Elizabeth Hoover 08

Pre-Med, University of Virginia

Charlottesville, VA

Danielle McClosky 10

Masters, Health Policy

Boston University, Boston, MA

Tyler Rinko `11

Teaching License

Roanoke College, Salem, VA

Samantha Sterba `09

PhD, Economics

U-Mass Amherst, Amherst, MA

Justin Tuma 11

Masters, ManagementDurham University, Durham,UK

Are you interested in graduate

school?46% of the Roanoke College

Economics Class of 2011 were

considering it, while 15% are

Recent Graduate Update: School

Megan Rhodes `11

Tyler Rinko `11

Justin Tuma `11

Looking for a

job? Not sure

what you are

going to do when

you graduate?

Use availableresources! In

addition to RC

Career Services,

talk to professors

or contact alumni.

Many alumni are

willing to help.

For a list, contact

roanokee-

[email protected]
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


7/14

Last spring I presented my pa-

per The Effect of Air Pollution

and Its Exposure to US Health

at the 38th Annual Virginia

Association of Economists held

at the Federal Reserve Bank of

Richmond, the very place I

would have never imagined

myself to step inside and give a

presentation in front of profes-

sional economists! Also, I en-

joyed the opportunity to have a

fancy dinner with the econo-

mists the evening before the

presentation. It was a great priv-

ilege for me to have such a

challenging and rewarding expe-

rience like this. This opportunity

would not have happened with-

out Dr.Kassens support and

encouragement, and the funding

from the Director ofStudent/

Faculty Research, Dr. Julie

Lyon.

Undergraduate Research Experience: Nomin Baasandavaa 12

Undergraduate Research Experience: Faculty Report

regarding savings patterns over

the most recent recession. It was

a great experience for the RC

students to see such prominentpeople in the monetary policy

world and attend a dinner in

which the national media report-

ed on the lecture in real-time.

The following morning, follow-

ing a presentation on No Child

Left Behind by a Bridgewater

College student, Gio took the

floor. He gave a thorough, or-

ganized, and precise presenta-

tion on the Tiger Woods Ef-fect. Written for the fall econo-

metrics course, Gios paper ex-

amined the effect of Tiger

Woods performance at major

tournaments on gate revenues

and apparel sales. Gio included

measures for the macroecono-

my, including unemployment.

He found that once he account-

ed for the economy, Tigers

performance did not have an

effect and that the economy was

to blame for reduced golf reve-

nues.

Nomin finished out the session

with her presentation on the

effects of air pollutants on

health. Nomins presentation

On March 24th Gio Forte 11,

Nomin Baasandavaa 12, and

Dr. Alice Louise Kassens at-

tended the Federal ReserveBank of Richmond for the 2011

Virginia Association of Econo-

mistsAnnual Meeting.

Dr. Kassens presented her paper

on the effects of clinical depres-

sion on labor market outcomes

on Thursday afternoon. This

was the first time she has pre-

sented results from a new data

set (NSDUH). The results and

paper were well received.

Gio and Nomin were in the

audience and got to see what

their professors experience dur-

ing presentations. Gio and

Nomin got a bit anxious about

their presentations, but were

assured that student papers do

not have discussants and the

questions after the presentation

are friendly.

Elizabeth A. Duke, a Federal

Reserve Board Member, gave

the Sandbridge Lecture after

dinner. She was introduced by

Jeffrey Lacker, President of the

Federal Reserve Bank of Rich-

mond. She introduced new data


was also based on her paper

from the fall econometrics

course with Dr. Kassens. Using

a health production functionNomin reported the effects of

methane and CO2 on mortality,

life expectancy and morbidity.

Nomins presentation was

smooth, professional, and

thoughtful.

Walking out of the Federal Re-

serve Bank building, turning in

our security badges, I (Dr. Kas-

sens) was beaming with pride.

Roanoke College was well repre-sented by our young scholars.

The support from Dr. Julie Lyon

and the RC Office of Student/

Faculty Research was invalua-

ble. Two years ago, Samantha

Sterba 09 and Virginia Hopkins

09 were the first economics

students to present at a profes-

sional conference. Each year

since, we have had at least two

students presenting off-campus.

2010-11 was a banner year with

nine student conference presen-

tations. The class of 2011 has

certainly laid down a challenge

for the class of 2012 and be-

yond!

The Virginia Associ-

ation of Economists

(VAE) grew out of a

meeting of twenty-

two economists inSalem, VA in 1973.

The original "Salem

22" included William

Sandridge and John

Spitz.

The VAE seeks to

promote inquiry into

economics, to im-

prove economic

education, and to

develop understand-

ing of the operations

of the Virginia econ-

omy. Consider at-

tending the 2012

meeting in Virginia

Beach. Roanoke

College professors

and students will

present their re-

search.

For information go to

www.vaecon.org

Baasandavaa 12

Forte 11
http://roanoke.edu/Academics/Learning_Firsthand/Research.htmhttp://roanoke.edu/Academics/Learning_Firsthand/Research.htmhttp://roanoke.edu/Academics/Learning_Firsthand/Research.htmhttp://www.vaecon.org/http://www.vaecon.org/http://www.vaecon.org/http://www.vaecon.org/http://www.vaecon.org/http://www.vaecon.org/http://www.vaecon.org/http://www.vaecon.org/http://roanoke.edu/Academics/Learning_Firsthand/Research.htmhttp://roanoke.edu/Academics/Learning_Firsthand/Research.htm


8/14

How long has Roanoke offered

studies in economics? Its an

interesting question that my

student assistant and I tried to

answer. After spending several

hours in the Colleges archives,

Allie and I uncovered some

interesting history. Before I

begin, I want to thankAllie

Mangione 12 for her help.

Economics has been around as

long as the College, although

the program has changed con-

siderably. In 1853, the first

time the College published an

academic catalog, there was

only one economics course

offered to all seniors, called

political economy. There is

no indication in the catalog as

to the topics covered, but a

good guess would be some-

thing along the lines of history

of economic thought. By the

way, tuition in 1853 was $50

and room and board was $18per semester! The first profes-

sor on record to teach political

economy was Professor Way-

land.

At the turn of the 20th century,

economics was housed in the

history and political science

program, and still only offered

the one course. But as the US

entered the roaring 20s, eco-

nomics took on greater im-portance both nationally and at

Roanoke College. With two

professors, Fox and Brown,

courses offered included princi-

ples (most likely micro), money

and banking, economic history

of the US, labor problems, and

public finance. There were no

departments as we have

now, just one big happy col-

lege with numerous

programs.

In the academic year 1921-22

this changed with the advent

of the Department of Busi-

ness Administration, which

included economics as it does

today. Along with the eco-

nomics courses mentioned

above, the department offered

courses in accounting, busi-

ness law, corporate finance,

and what was probably the

precursor to organizational

behavior. New economics

courses included foreign ex-

change (most likely interna-

tional trade and finance) and

economic geology-yes-

geology. How many faculty

to teach all of these courses?

Anyone have a guess? Three!

In the late 1920s, there

comes the first split of princi-

ples into micro- and macroe-

conomics at Roanoke Col-

lege, even though the General

Theory was a half-decade

away. Maybe it had some-

thing to do with the booming

economy at the time. Addi-

tionally, a new course, eco-

nomic geography, shows up

in the catalog.

By the middle of the Great

Depression, there was a ma-

jor in business administration,

but not in economics. How-

ever, there was a senior level

course called Economics

Seminar, subtitled

economic theory and prac-

tice, perhaps to offer sugges-

tions on how to deal with the

depression.

At the outbreak of World War

II, the department was called

the Economics and Business

Administration (I kind of like

that). Four faculty members

taught seven economics

courses and new business

courses including insurance,

advertising, and stock ex-

changes (investments).

The next ten years saw theeconomics curriculum grow

to include comparative eco-

nomics systems (maybe in

response to the Cold War),

social and economic ideas,

most likely an interdiscipli-

nary course with sociology.

In academic year 1953-54, the

department was renamed the

Department of Economics,

Business Administration, andSociology!! Yes, sociology

courses were taught by us.

Fortunately for everyone,

including the sociologists, this

arrangement lasted only five

years. In 1958-59, sociology

became a stand-alone pro-

gram. Additionally, a new

course in economics called

Business Cycles and Fore-

casting appeared, probably

the budding of what is now

Big Mac (ECON 322).

In 1961-62, the College hired

William Sandridge as a new

professor of economics. Our

modern day program can be

traced back to his influence

on the department. One of his

A Brief History of Roanoke College Economics

Page 8 Roanomics

At the turn of

the 20th centu-

ry, economics

was housed in

the history and

political sci-

ence program,

and still only

offered the one

course. But as

the US entered

the roaring

20s, econom-

ics took ongreater im-

portance both

nationally and

at Roanoke

College.


9/14

A Brief History of Roanoke College Economics name had to begin with S in

order to qualify). In 1981, the

internship was added, and Dar-ryl Lowry was hired. In 1985-

86, ECON 257(Competition,

Monopoly, and Public Policy)

was first offered. Also, the He-

ny H. Fowler Public Policy

Seminar was created. The de-

partment became Business Ad-

ministration and Economics, a

sad day for us all.

By the late 1980s, some guy

named Fleming had been hired,and a new course, Intermediate

Macro Theory II, was being

taught by John Spitz, its major

topic being growth theory. Four

economists were on staff in a

department numbering 10 full

time faculty and four adjuncts.

In 1992, John Spitz retired, but

was not replaced by another

economist, leaving three econo-

mists to teach the entire curricu-lum of 13 courses, including

multiple sections of principles.

Also, health economics was

taught for the first time.

The next fifteen years saw

mostly ceteris paribus. Interme-

diate Macro II was replaced

with Economics seminar

(ECON 461), urban economics

went away, and QM went over

to the business side of the de-partment. Introduction to Eco-

nomics (ECON 120) was devel-

oped, but has only been taught

sporadically.

In 2005, two new faces were

hired that breathed some fresh

air into the program, while sim-

ultaneously breaking the gender

barrier. Eddie Nik-Khah and Al-

ice (Allie) Kassens were added to

the program, bringing the numberof economists to five. Dr. Nik-

Khah has been teaching in the

honors program and created a

course in political economy and

history of economic thought that

serves as the senior capstone

course. Dr. Kassens took over

health economics, created a new

course in labor economics, and

developed our econometrics

course (ECON 448). These two

new folks have been instrumentalin the revival of the popularity of

the economics major. We have

gone from being able to count our

majors on one hand to having

upper level classes of 20-25 stu-

dents. We also developed an eco-

nomics minor, which has had

much student interest.

All this brings us to the present.

What does the future hold for

economics at Roanoke? One ex-citing idea on the horizon is the

creation of an institute dedicated

to economics education and re-

search. We are currently working

on a phase-in of this idea, which

would involve importing and ex-

porting economists and their areas

of expertise. This is still very

much in the planning phase of

development, and we would ap-

preciate any ideas anyone might

have regarding this exciting pro-

gram.

Thats all for now. Thanks for

reading this and being part of eco-

nomics at Roanoke. Remember-

we are like the US Marine Corps:

the few and the proud.

main contributions was to

develop the BBA degree,

which quickly grew in popu-larity and remains as the most

popular major at Roanoke.

Sandridge was also instru-

mental in developing the Vir-

ginia Association of Econo-

mists (VAE), a group that

holds an annual economics

conference and publishes an

economics journal. The VAE

named its keynote address,

the Sandridge Lecture. Nota-

ble Sandridge Lecturers in-clude Gordon Tullock (2003),

Ben Bernanke (2005),

Vernon Smith (2006), and

Frederich Mishkin (2008).

In 1967, we see for the first

time intermediate micro

(ECON 321) and macro

(ECON 322), along with an

introduction to quantitative

economics, which later be-

came quantitative methods inthe business major.

In the late 60s and early

70s, many new courses were

brought on line, such as eco-

nomic development, regional

economics, history of

thought, and managerial eco-

nomics. The Department of

Economics and Business Ad-

ministration now had seven

full time faculty.

By the early 1980s, the de-

partment had grown to nine,

three being economists. Some

faculty names in those days

are still familiar to many of

us: Sandridge, Spitz, and

Stauffer (I guess your last


What does the

future hold for

economics at

Roanoke? One

exciting ideaon the horizon

is the creation

of an institute

dedicated to

economics edu-

cation and re-

search. We are

currently work-

ing on a phase-

in of this idea,

which would

involve import-

ing and export-

ing economists

and their areas

of expertise.


10/14

be restored. Perhaps the bestway of achieving this would befor the government to stop med-dling in private economic deci-sions. Since the government al-ways rewards failure and punish-es success, a little less of thismight go a long way in restoringincentives to produce and invest.Secondly, the partisanship inWashington needs to stop. Thepublic will become more opti-mistic and act accordingly if webelieve our leaders have our bestinterests in mind rather than theirown agendas.

December 2011 will mark fouryears since the Great Recessionbegan. While the recession offi-

cially ended in June of 2009,anemic growth coupled withhigh unemployment persist. Inthe minds of most Americans,the Great Recession lives on.Republicans want to lower tax-es and decrease regulation (itsall the governments fault)while Democrats want moredeficit spending (its the econo-my, stupid!). The recent pastsuggests that neither approachhas much to cheer about. Ac-cording to the nonpartisan Con-gressional Budget Office, theBush era tax cuts account forthe largest portion of revenuelosses to the government todayand years into the future (ie.

Bush era tax cuts are the singlecategory most responsible forthe rising deficit today, even

compared to war spending).Furthermore, as verified in theWall Street Journal (January 9,2009), job creation during theBush era is the worst on recorddating all the way back to theTruman presidency. Additionaltax cuts to businesses and topincome earners and more dereg-ulation as the answer to jobless-ness strikes me as unproven andill-advised. Not that deficitspending has helped either.Spending by the Obama admin-istration appears to have hadlittle effect on unemployment.Like the Bush tax cuts, toomuch benefit went to thewealthiest. Obviously, we need

stimulus measures that balancethe need for growth with fiscalresponsibility. We need a tax and

incentive structure that makeswork pay, particularly for theworking poor (a hidden butgrowing portion of our workingpopulation). In the short term,some type of stimulus spendingvia government seems to be theonly tool available given whatbusiness owners are telling us.Any economic stimulus must betargeted to those who will spendit immediately (working people)and short term (most estimates

show unemployment falling overthe next two years, albeit slow-ly). This could be coupled with atax incentive to employers whohire new workers or increase the

hours of existing workers.

Economic Conditions: Deborah Spencer

RoanomicsPage 10

Where do we go from here?Another stimulus package? An-other round of quantitativeeasing by the Fed? As far asthe so called jobs bill, itmight help a little, dependingon where the spending is di-rected. But if deficit spending istruly expansionary, wouldntwe have seen the largest eco-nomic boom in history over thelast ten years? And would thesurpluses of the Clinton yearshave caused a total economicmeltdown? Neither of theseevents occurred. When thegovernment spends a dollar it

does not have, it must eitherborrow it or print it. The formerrobs the private sector of fundsto invest in real capital for-mation; the latter ultimatelycauses inflation. The importantquestion that needs answeringwhen we discuss fixing oureconomy with government poli-cy initiatives is whether or notthat policy will raise the pro-duction of goods and services inthe long run, or will it ultimate-ly lead to restricting economicactivity. First of all, confidencein the economic prospects forindividuals and businesses must

Economic Conditions: Garry Fleming

You asked,

we answered:

Several alum-

ni wanted to

hear what RC

Economists

think about

the current

economy.

Faculty and

students re-

spond!

Economic Conditions: Alice Louise Kassens

Uncertainty pertaining to the health care bill is killing the labor market. Will the individual mandate befound unconstitutional? Additionally, if the bill goes into effect, it imposes a significant tax on employ-ers, that is binding (cannot be passed on to employees) for those employing individuals near the mini-mum wage. Employer responses will likely be to reduce earnings, hours and hires, thus increasing un-employment. Additionally, partisanship is problematic. Does anyone really consider McDonalds to bea small employer? Some in the government do, and thus they are given a waiver.

Deborah Spencer

Garry Fleming

Alice Kassens


11/14

...cutting income tax...puts more

money in the hands of Ameri-

can people and will increase

consumer spending...ending

outrageous regulations on busi-nesses and lessen the 35% tax

rate on corporations to less than

20%...Congress needs to finally

balance the budget, keep it that

way, and the United States will

grow stronger and stronger eve-

ry day. Greg Long

...we must stop spending more

than we can produce. A few

avenues in which we could save

money would be on the mili-tary...we do not need to watch

over our friends. They can de-

fend themselves...Also export-

ing more quality goods and

cutting the amount of goods we

import. Anonymous

Create incentives for small

businesses to hire new workers.

Serena Laughlin

To fix the labor market, weneed to decrease the uncertainty

surrounding laws and taxation

on corporations and individual

incomes. Anonymous

To put our economy back on

track, the government should

cut taxes on businesses, so they

can hire additional workers

without fear. A decreased un-

employment level will increase

confidence in markets and leadto economic expansion. In-

creased government spending

on public works will instantly

create thousands of jobs. If we

increase taxes on the wealthy,

this would help pay for the in-

creased government expendi-

tures. Cole Brundage, Colin

Illar, Tamika Rickman

...government created jobs will

help bring people back to work

and will also improve publicplaces (roads, bridges, highways,

etc.). Another great idea is to

provide incentives to employers

who hire more employees be-

cause if we can decrease unem-

ployment, we can certainly im-

prove GDP. Tax cuts will also

help give companies the confi-

dence to invest more, which will

increase GDP, as well. Overall, I

think Obamas Job Act can real-

ly help the economy. The moneyused to start it will certainly be

paid off by all the profit from

increased GDP. So, what do I

think we should do to help the

economy? I think we should pass

Obamas Job Act. Fiscal policy

is key! Charla Henley

Policy recommendations: Economics Students

Volume 2, Issue1 Page 11

Charla Henley

Greg Long

Serena Laughlin

Colin Illar Cole Brundage Tamika Rickman

Have an idea for

Roanomics? Is

there something

that you would

like to see us

write about? Isthere a poll that

you would us to

conduct? Let us

know! roanokee-

[email protected]

Policy recommendations: Darshak Patel

1) I like the government to back out a little

2) Cut spending especially by calling the army back- I think they are doing that right now but the pro-

cess is really slow-

we are spending too much and many lives are being lost

3) Do not raise taxes. The economy is already struggling for new investments; this will just hurt us

further
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


12/14

Alice Louise Kassens Vir-

ginia Economics Association,

March 2011, The Effects of

Clinical Depression on Labor

Market Outcomes of Young

Adults

Shahram Amini Economet-

rics Camp, April 2011,

Decomposition of Condi-

tional Variance of Cross-

Country Output

Garry Fleming Hawaii Inter-

national Conference on Busi-ness, June 2011, The Origin

and Evolution of the Aggre-

gate Supply Curve in Macro

Texts

Tyler Rinko `11 NCUR,

March 2011, The Effect of

the Euro-crisis on Exchange

Rates and Interest Rates

Nomin Baasandavaa 11

VAE, March 2011, The Ef-fect of Air Pollution Expo-

sure on US Health

Gio Forte `11 VAE, March

2011, The Tiger Woods

Effect: The Impact of Tiger

Woods on Golf Participation

and Sales

Demonstration Model Under

review (October 2011)

Shahram Amini Compari-

sons of Model Averaging

Techniques: Assessing

Growth Determinants Under

review (October 2011)

Darshak Patel "Making the

Leap: Timing Analysis of

Transfers from Two Year

Alice Louise Kassens The

Effect of Clinical Depression

on Labor Market Outcomes

(with William M. Rodgers,

III)

What does not kill me makes

me thinner? Under review,

January 2011

Do As I Say And As I Do-An

Application of the Mentor

Colleges to Four Year Col-

leges" Under review

"An Exploratory Analysis of

the Relationship between

Student Earnings and

Postsecondary Retention",

(with Christopher Jepsen)

Under review

Presentations

Published/Submitted/Working Papers

Economics

Spring 2011

HonorsDeans List - 4

Honors in

Major - 3

ODE - 7

Page 12 Roanomics

Spring 2011 Academic Honors Deans List

Jimmy Bradshaw

Nathan Castellano

Wai Paing

Megan Rhodes

Honors in Major

Nic Wright

Jorge Guzman-Correa

Tyler Rinko

Sara Caudle (BUAD)

Justin Tuma (BUAD)

ODE Inductees

Jillian Foerster

Christopher Kwaramba

Raymond Owens

Phillip Gereaux

Mahmoud Thaher

Michael McGeough

Dustin DeMaria

Athletics

ODAC/Farm Bureau Scholar-

Athlete of the Year- Justin

Tuma

USILA Scholar All-

American Honors - Justin

Tuma

Omicron Delta Epsilon

(ODE) is one of the

worlds largest aca-

demic honor societies.

The objectives of ODE

include recognizing

outstanding achieve-

ments in economics &establishing closer ties

between students and

faculty in economics

within and between

colleges and universi-

ties. For info, contact

Dr. Garry Fleming

[email protected]
mailto:[email protected]:[email protected]:[email protected]


13/14

Featured on the RC Economics Blog...


Check it out!

The Roanoke

College Blogis

updated several

times a month.

Please check in

regularly or

subscribe to our

RSS feedto

keep up to date

with what is

happening with

students, facul-

ty, and staffinvolved with

the Economics

Program.

An Alumni

Survey is avail-

able on the blog

in addition to

other methods

for you to tell

us what is hap-

pening withyou.

FRIDAY, SEPTEMBER 23, 2011

Presidential Debate Twitter ProjectKassens Principles of Macroeconomics and Labor Economics courses again did a Twitter Pro-

ject in which they watched the Presidential Debate last night, wrote a brief from the perspectiveof either the RNC or DNC, then discussed their briefs in groups today in class and put a Tweettogether.

Some great conversations were going and applications ofclass material were heard all over the classroom.

Students in thePrinciples course did not like hearing thebickering going on between candidates and wished that

the contenders were more specific about their plans.

Students in the Laborcourse wondered if reducing corpo-rate taxes to induce job creation would actually work as it

still might be cheaper to outsource jobs or substitute laborwith capital (as grocery storesdo with self-checkout lines.)

A great way to spend the class period on a rainy Friday. In case you don't Tweet, below aretheir entries (that can be found at @roanokeecon)

Principles of MacroeconomicsLast nights debate shows voters that republicans r ready 2 make big changes 2 tax code, govspending, immigration, & healthcare.

Ongoing battle between Perry & Romney is only starting 2 heat up. Discussion of tax cuts 4

small business & middle class#gopdebate

#RNCsee I 2 I in repealing#Obamacare, lowering taxes, cre8ing bus friendly enviro. RNC 2adjust energy, SS, & illegal immigration plans

Same policies, different deb8. RNC plans 2 lay back as corps take control. Need a stablecandidate who is confident in their stance #DNC

Labor EconomicsHard to believe the same corporations who moved jobs abroad will be willing to bring jobs back#realtalk #changewecabelievein

GOP candidates tossed out some ideas on fixing the economy but based on the past, we areskeptical if they will work

Candidates prior the debate

Follow us on

Twitter to read

the above

Tweets and

more!

Get instant

updates about

happenings,

news, and more

via Twitter.
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14/14

...Because we view economics as solidly within the liberal arts, we are

committed to examining the relationship between economics and other are-

as of knowledge. Students will therefore find it to be an excellent comple-

ment to many other majors, including, but not limited to public policy, soci-

ology, history, environmental policy, mathematics, biology, and business

administration, as well as concentrations such as gender studies and peace

and justice studies.

For information about the Economics Program contact Dr. Garry Fleming

([email protected])

For comments or suggestions about the newsletter email

[email protected]

Read our blog: kassensroanokeecon.blogspot.com

Faculty Editor: Dr. Alice Louise Kassens

Student Editor: Sara Caudle 11

221 College LaneSalem, VA 24153

Phone: 540-375-2426Fax: 540-375-2577

E-mail: [email protected]

Economics Program

beer (house wine was a realbargain in comparison).

Behind the lovely facade of

Italy that tourists love is aneconomic system in deeptrouble.The governmentdebt to GDP ratio is about120%, government spendingis about 50% of GDP, therehas been very little growth inthe "official" economy in thelast decade, and strong un-ions have led to uncompeti-tive labor costs. Italians wantto keep this highly devel-oped welfare state, but they

don't want to pay for it: taxevasion is a national past-time (e.g.- I received a $50discount on a three day hotelbill by paying in cash).

The debt situation in Italywill become critical nextyearas large volumes of

I recently returned from atwo week trip to the land ofsunshine, good wine, crip-pling taxes, and excessive

government regulation.You

might be thinking I was inCalifornia, but you would bewrong-I was in Italy.

We started off in the Dolo-mites in northernItaly ( amajor ski resort area), andthen proceeded to Venice,Cinque Terra (on the coast),and Florence.Italy is truly awonderful tourist destina-tion, although it is very ex-

pensive (partially due to theweak dollar policy of ourFederal Reserve). Our rentalcar cost about $900 for fivedays (expensive insurancerequired), gas was about$8.50 a gallon, and restau-rants charged about $7for unremarkable Italian

bonds mature and must berefinanced.The recentbailout plan for Greece doesnot bode well for Italy:the

Eurozone countries havedithered and delayed allsummer and fall before com-ing up with a suspect planthat will compensate banksfor just 50% of the value oftheir Greek bonds.Keep inmind the Greek debt prob-lem should be relatively easyto solve, given the size oftheir economy (about 2% ofEuropean Union GDP). TheItalian economy is more than

five times as large.Also, all

seventeenof the Eurozonecountries must approve anysignificant increase inbailout funds--they werevery slow to do so in thecase of Greece.Giventhis, Iwould not recommend in-vesting in any bonds from

Travels with Dr. Bob

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@ROANOKEECON

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the PIIGS (Portugal, Italy,Ireland, Greece andSpain).Likewise, stay awayfrom those California munic-ipal bonds.

Happy Travels, Dr. Bob

P.S.: Thanks for all thoseSocial Security"contributions" that are with-held from your paychecksthey really help in financingthese expensive trips.

The Stauffers in Italty
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roanomics, vol 2, issue 1

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