$20 million in grants will launch new Eccles economics institute

The David Eccles School of Business at the University of Utah has announced the establishment of the Marriner S. Eccles Institute for Economics and Quantitative Analysis with the support of a $10 million gift from the George S. and Dolores Doré Eccles Foundation and the Marriner S. Eccles Foundation. The Charles Koch Foundation matched the gift with a $10 million donation for a combined gift of $20 million.

“We are proud to partner with these foundations to create a world-class economics institute at the David Eccles School of Business,” said University of Utah President David W. Pershing. “It will enhance and complement the university’s existing program in economics, expanding areas of faculty expertise and interdisciplinary opportunities and — most importantly — engaging our students in a balance of practical and theoretical learning opportunities.

  “This partnership with the Eccles and the Charles Koch Foundation will not only enable the university and the David Eccles School of Business to advance knowledge in economics, but also to enhance the depth and breadth of opportunities for Utah’s students to become outstanding economists and leaders for the future,” Pershing said.

The mission of the institute is to push the frontiers of knowledge through academic research and provide UofU students access to high-quality education in economics, game theory, econometric and quantitative analysis, the school said in a release. The funding will enable the university not only to recruit seven leading economists as academic faculty, but also to support innovative research and provide $1.6 million in student scholarships. Its focus will include the development of students’ quantitative skills, which are widely seen as critical for success in today’s data-driven job market. In doing so, it promises to open career opportunities for Utah students in an ever-expanding array of areas from banking and private equity to technology and academia.

“The impact of this gift cannot be overstated,” said Taylor Randall, dean of the David Eccles School of Business. “This institute will take the school and the university to another level of distinction, bringing leading economists into the Eccles School’s ranks who will enhance student learning in areas including economic thought and quantitative analysis, unlocking opportunities for them in a wide range of careers.”

“There is no better way to honor Marriner’s life and pay tribute to his remarkable impact on our nation than to invest in students and foster development of the next generation of great leaders to carry on his legacy,” said Spencer F. Eccles, chairman and CEO of the George S. and Dolores Doré Eccles Foundation. “That’s what this institute is intended to do.”

The university’s statement said that in honoring the legacy of Marriner S. Eccles — banker, businessman, entrepreneur and national economic leader — the new institute bears the name of an individual who stands historically among the most respected and admired citizens of the state of Utah and the nation. As chairman of the Federal Reserve from 1934 to 1948, Marriner S. Eccles’ role as a close advisor to U.S. presidents Franklin D. Roosevelt and Harry S. Truman place him among a handful of individuals who have most influenced the business and economic life of this nation. His contributions to the strength of the U.S. economy and his role furthering the free market system continue to be widely recognized both nationally and internationally.

The Marriner S. Eccles Institute for Economics and Quantitative Analysis builds on the academic distinction of the David Eccles School of Business both locally and nationally. The school’s growth in visibility, ranking and impact has been highlighted most recently by the establishment of its Lassonde Entrepreneur Institute, Kem C. Gardner Policy Institute and innovative new Business Scholars Program.

In conjunction with the creation of the institute, the university will offer a new undergraduate academic major at the David Eccles School of Business, to be launched in fall semester 2017. Students in the Quantitative Analysis of Markets and Organizations major will pursue degrees that provide them with innovative courses focused on econometric and data analysis, game theory and wide-ranging economic thought. Directing the new institute will be Adam Meirowitz, Kem C. Gardner professor of finance at the David Eccles School of Business, who has played a key role in crafting the newly created major with fellow faculty members Scott Schaefer and Luis Rayo.

“With economic analysis now applied widely to address problems in both the public and private realms, the new Eccles Institute not only will contribute significantly to these fields through its research, but also will enable the University of Utah and the Eccles School to develop talented economics graduates who will make positive, real-world impacts,” Meirowitz said.