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Wow
Robert Day has just pledged $200 million to support economics and public policy at Claremont-McKenna College.
Addendum: The L.A. Times reports:
However, the gift has triggered debate on the 50-acre campus in Claremont. Some professors, while recognizing the generosity, said they worried that the money could tilt the college too much toward economics and financial studies. A letter to Gann, drafted by literature department chairman Robert Faggen and signed by other literature professors, said they are concerned that the gift will "distort the college into a single focus trade school."
Wunderkind Ben Casnocha will be offering further reports.
Posted by Tyler Cowen on September 27, 2007 at 01:57 PM in Current Affairs | Permalink
Comments
CMC got a $20 million donation earlier this month. I think those two are the equivalent of full tuition for every student for four years. Not a bad month of fundraising.
Posted by: Zubon at Sep 27, 2007 4:04:19 PM
Wow- look at the mouth on that gift horse!
Posted by: Al at Sep 27, 2007 4:09:43 PM
It *may* turn Claremont into an American INSEAD.
Posted by: Yan Li at Sep 27, 2007 5:01:04 PM
I am an alumni of CMC, class of 1999. I was a double-major in Philosophy and Econ-Accounting. Faggen and the rest need to understand that Govt. and Economics departments have been the dominant departments for as long as the school has been around. Furthermore, money is fungible. The money that Day spends on the Econ dept. (among others) is money that the college can spend on other departments instead. The fact is, along with the recent gift from the Gates foundation President Gann is doing an amazing job of keeping the college relevant and vibrant. CMC has an English department because liberal arts colleges have English departments. Good for CMC.
Posted by: Seth Burn at Sep 27, 2007 5:27:55 PM
Claremont Port Side has a better article:
http://claremontportside.com/index.php?/Campus/Campus/CMC-A-Graduate-School.html
Posted by: Alejandro Gonzalez (CMC '06) at Sep 27, 2007 7:41:52 PM
Sounds like $200 million to promote Chicago school libertarianism. Better things to do with the money.
Posted by: Tom at Sep 27, 2007 9:04:25 PM
Sounds like $200 million to promote Chicago school libertarianism. Better things to do with the money.
Posted by: Tom at Sep 27, 2007 9:04:36 PM
my gut tells me this type of charity is ineffective.
I'm sure Claremont-McKenna College is a fine institution.
But does the school's administration have any experience building and managing a graduate program.
It seems like it should be the other way around. A school decides to construct/strengthen a graduate school program, which after some degree of success, leads to donations like this.
Posted by: thehova at Sep 27, 2007 9:08:21 PM
the moronic response from the lit dept confirms the uselessness of the the lit dept (i was an english major). ummmmmmm, more money is bad? because your precious little fiefdom may become less important? and, as already pointed out, more money for one dept is effectively more money for the others, even if it can't be shared.
Posted by: dj superflat at Sep 27, 2007 9:25:48 PM
Ach, just funding another good college econ dept. We already have a bunch of those. Where we desperately need the money is at the high school level.
When I asked my kid's history teacher why they don't teach basic econ at his school, he said they don't want to inculcate a particular view (he meant capitalism) in the kids since they are already immersed in that "belief system" at home. He was talking about that hotbed of capitalism on the Upper West Side of Manhattan. Why don't well-intentioned benefactors try to introduce economic thinking in these places? Or maybe at the teachers' colleges that otherwise breed these ignoramuses?
Posted by: M. Hodak at Sep 27, 2007 9:43:06 PM
M. Hodak, I've had the same thoughts on the matter too.
A lot of the funding to higher ed. stems from wealthy alumni. These alumni are likely to be biased on what their former school can do with the money.
On the other hand, k-12 receive a fraction of the support from rich alumni than higher institutions receive.
Didn't Tyler recently point to evidence suggesting the crucial importance of education up to the age of 20 on future earning potential?
Posted by: thehova at Sep 27, 2007 10:42:52 PM
Claremont McKenna, no hyphen. (CMC '02)
This is a big change for the college, but overall probably beneficial. For a while it looked like Gann was going to water down the gov/econ focus of the school so it could look more like a Pomona or Swarthmore, but this keeps the school's traditional strengths on top.
Posted by: Amber at Sep 28, 2007 8:12:04 AM
A fascinating question is why college administrations, like Professor Gann's at CMC, seldom have to pay a price for grotesque scandals, such as the 2004 incident where a CMC professor trashed her own car with racist grafitti, then accused her own white male students of doing it. The Claremont administration new the next day that it was all a hoax perpetrated by their own faculty member, but they still went ahead with a giant night rally of blackshirted students proclaiming their hatred of hate.
http://www.isteve.com/Hate_Hoax.htm
Posted by: Steve Sailer at Sep 28, 2007 6:43:31 PM
As a freshman at CMC, I have to say that this gift is excellent for me and the other 49.9% of the school that were going to be econ majors. The fact is that this is a liberal arts school focused on the Economics and Government Departments. Nothing is gonna change that, and as much as I respect the Lit. Dept., and my favorite Prof is included in that, this is great for CMC.
The on issue you all haven't debated yet is whether this is Nepotism. DId you all not know that Day's son is going to be a freshman next year?
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