Maxwell School to establish Paul Volcket Chair in Behavioral Economics
September 20, 2011
The Maxwell School of Citizenship and Public Affairs has announced that it has received a major gift from Robert B. Menschel to establish the Paul Volcker Chair in Behavioral Economics at the school, in recognition of Volcker’s exceptional accomplishments and service to the nation.
“We are deeply grateful to Mr. Menschel for this generous endowment, made in honor of a longtime friend and supporter of the Maxwell School,” says Dean James Steinberg. “Paul Volcker exemplifies the spirit of public service and engaged citizenry that Maxwell embodies, and we look forward to recruiting for the chair an outstanding individual committed to cutting-edge research and applying scholarship to contemporary economic challenges. The addition of the chair will further strengthen Maxwell’s position as a leading voice in economic theory and public policy, and its occupant will inspire students to be exceptional thinkers and devoted in their service to others, following Paul Volcker’s example.”
Volcker’s distinguished career includes eight years as chairman of the board of governors of the Federal Reserve under Presidents Carter and Reagan; four years as president of the Federal Reserve Bank of New York; and, most recently, two years as chair of President Obama’s Economic Recovery Advisory Board. In addition, he served as undersecretary of treasury for international monetary affairs and was chairman of the prominent New York investment banking firm J. Rothschild, Wolfensohn & Co. Volcker also chaired the National Commission on the Public Service, which focused on the changes needed to restore vitality and credibility to the public service.
Menschel, senior director at Goldman Sachs Group and trustee emeritus of Syracuse University, says, “The subject of crowd behavior has deeply interested me from my earliest days at Syracuse and has played a key role in my thinking ever since. I couldn’t be more pleased to play a role in establishing a chair in behavioral economics at Syracuse’s Maxwell School and with Paul’s willingness to lend his prestige to a chair on this subject.”
“The establishment of the Volcker Chair speaks volumes about Bob Menschel as a person,” says SU Chancellor and President Nancy Cantor. “Bob’s giving is never about Bob. It’s about using our gifts—our creativity, intellect and talent, as well as our resources—to make a real difference in the world. That is SU’s hallmark as well and from his profoundly generous support for the University Lectures, to the Menschel Media Center, to the William Safire Chair in Modern Letters, to this latest demonstration of his incredible breadth and depth of vision, Bob exemplifies true generosity of spirit.”
The field of behavioral economics is a relatively new one. Behavioral economists use social, cognitive and emotional factors to understand the economic decisions of individuals and institutions, as well as the effects those decisions have on larger economic systems such as market prices, returns and savings. Drawing on insights from the fields of both psychology and economics, behavioral economists study economic judgment and the factors that influence how economic choices are actually made.
Counted in the total of The Campaign for Syracuse University, the Menschel gift will be bolstered through Faculty Today, a gift challenge program created to encourage donors to endow faculty chairs and professorships. Designed to accelerate the University’s ability to recruit and retain world-class faculty, Faculty Today will supplement the Paul Volcker Chair for the first five years. The Faculty Today program was developed by the SU Board of Trustees, which allocated $30 million from the University’s endowment in support of this initiative. To learn more about Faculty Today and view a progress report, visit facultytoday.syr.edu.
With a goal of $1 billion, The Campaign for Syracuse University is the most ambitious fundraising effort in SU’s history. By supporting student access, faculty excellence, interdisciplinary programs, capital projects and other institutional priorities, the campaign is continuing to drive Scholarship in Action, the University’s vision to provide students, faculty and communities with the insights needed to incite positive and lasting change in the world. Officially launched in November 2007, the five-year effort has raised more than $898 million, with less than two years left to achieve its goal by the end of 2012. More information is available at campaign.syr.edu.