Visiting Committee

About Us

What is a Visiting Committee?
Visiting Committees consist of volunteers, usually business or community leaders, who are associated with a specific college or academic department and are personally interested in continuing and maintaining the University of Washington’s reputation for quality and distinction. The Visiting Committee of the Department of Economics was established during the 1989-90 academic year.

What is the mission of the Visiting Committee?
The mission of the Visiting Committee of the Department of Economics is to contribute to advancing the academic excellence and reputation of the Department through contributing directly and indirectly to the quality of teaching, research, administration and physical facilities of the Department.

What is the role of the Visiting Committee?
The Committee serves primarily six functions for the Department of Economics:
1. Advisory council to the department chair on any matter upon which he/she is seeking outside input
2. Vehicle for the faculty to share and test their research with real-world practitioners
3. Counseling, mentoring and instructing students
4. Source of financial support
5. Promulgation of economics information and analyses to the community at large
6. Advocating for the University of Washington in general in various communities

Why do members serve on the Visiting Committee?
Members meet each quarter and are presented with new and innovative research and insight into current worldwide economic conditions by economics faculty and students, and visiting economics policy makers. Topics range from economic aspects of environmental protection to health care and financial markets. Members have been given the opportunity to meet informally with such guests as Dean Furbush, Executive Vice President of NASDAQ, Robert E. Lucas, Jr., 1995 Nobel Laureate in economic sciences, and Honorable Ben S. Bernanke, member of the Board of Governors of the Federal Reserve Board. The opportunity to be back on campus and the camaraderie among the members is also a benefit.

How does the Visiting Committee benefit the Department of Economics?
Members provide the department with constructive feedback from the “real world” on the role of economics and economics education. They make their colleagues in the business world aware of the University as a resource for economic analysis and discussion. In addition, members offer their experience directly to students via economics courses. One member teaches an undergraduate seminar Economics 406: Urban Economics. Three Visiting Committee members and one UW alumnus share their expertise of corporate finance in the course Economics 423: Topics in Financial Economics.

How does the Visiting Committee support the Department of Economics?
Visiting Committee members contribute an annual gift appropriate to their circumstances either to provide discretionary funds for immediate department use or to enhance the Department’s endowments.Discretionary funds provide essential educational resources for the department and have helped to purchase such items as computers and software for the computer lab, and publications for the departmental library. For the fiscal year 2006-2007, gifts have averaged $2,000.

Members may participate in providing a permanent funding source for the Department by establishing and enhancing several endowments. As a whole, the Visiting Committee established the Economics Endowed Fund in 1990 in order to provide a permanent source of discretionary funds. In addition, individual members have established two endowed scholarship funds for students, a faculty research endowment, and a discretionary endowed fund.
As an alternative to giving a gift of capital for an endowment, Visiting Committee members created Distinguished Scholar Funds in 2000 to provide a source of semi-permanent funding. These funds offer stable funding for faculty support, recruiting and retention within the Department of Economics. Donors make a commitment to give a minimum of $10,000 a year for a five-year period. As of June 2007, sixmembers of the Visiting Committee have established five Distinguished Scholar Funds. The Committee has set a goal of establishing one new Distinguished Scholar Fund every year.

Who are the members of the Visiting Committee?
The Visiting Committee consists of a small group of community and business leaders who feel that educating our young people about economics is an essential part of creating a prosperous future for the Pacific Northwest. Members of the Visiting Committee reflect the wide range of careers pursued by economists. Their professions range from banker to general contractor, from entrepreneur to attorney. Many, though not all, are alumni of the University. They maintain a strong interest in current research in economics and enjoy discussing issues with policy makers and analysts in the field. Recognizing the University of Washington’s vital regional role in economics education and public policy formation, they have pledged to contribute their support to the Department of Economics.

How is the Visiting Committee organized?
Current members are encouraged to nominate individuals from among community leaders, donors and alumni for potential membership. Members serve a three-year term, which may be renewed. The Committee has a chairman and small executive board that sets policy and plans for coming programs. Meetings are held quarterly during the academic year and are generally luncheon meetings held on the University of Washington campus.

How can I get involved?
The Visiting Committee is looking for individuals who are committed to the UW Department of Economics and are willing to contribute to the advancement of its academic excellence and reputation. Interested parties who would like to learn more about the Visiting Committee please contact Olga Yang, Chair, Economics Visiting Committee.