Westmont College Economics and Business 6 Year Program Review Fall 2010 table of contents
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| 1998, "Why Growth is a Marginal Issue", Industry Week Growing Companies (May), p. 22.
1998, Contributed with Marianne N. Contos, "Transactions Get Wired", KnowledgeSpace.com (April 18-20), Weekend Report section (NY: Arthur Andersen, LLP). 1998, Contributed with Jeffrey Dillon, 1998, "What Happened to Small Business Banking?" Palm Springs Desert Sun, Sunday Small Business Section (April 12), p. D2. 1998."Take the Adventure Out of Venture Funding", Industry Week Growing Companies (April), p. 24. 1998, Contributed with Mark Kalvey, "Small Companies' Banking Relationships: Future Trends", in the San Francisco Business Times (March). 120. 1998, Contributed with Rusty Cawley, "Three Financial Problems for Small Firms", in the Dallas Business Journal (February 20), p. D1; D4. 1998, Contributed: M. Beuttner, "The Pitfalls of Small Firm Finance", BIZ magazine (April), p. 31-32. 1997, Contributed with Gianna Jacobsen, "Money Hunt", Success (December), p. 44-49. 1997, "Entrepreneurial Values and New Venture Success", in Kunkel, S. and C. Hofer (Editors), Entrepreneurship: The Engine of Global Development (Madison, WI: ICSB), p.114-120. 124. 1997, "Entrepreneurial Ethics: Evidences and Implications for Absolute Values Versus Relative Perspectives", in Kiesner, F. and Tan, Wee Liang (Editors), Entrepreneurship: East Meets West (Singapore: ENDEC Nanyang Technological University), p. 281-290. 1997, Wrote 20 test items for the Regents College, University of the State of New York, state-wide exam in Small Business Management. Areas: Small Firm Finance, New Venture Financing, (January). 1996, Contributed with Barbara Hetzer, "The Heavy Burden of Light Fingers", Enterprise, special quarterly edition published by Business Week (November), p. 28-35. 1996, "Finance and Accounting Personnel and the Small Firm", an interactive worksheet for small business owners, for INC Online web site (Carla Tishler, editor), at http://www.inc.com (see Virtual Consultant, then see Interactive Worksheets), published by INC magazine (October). 1995, "Break Even Marginal Analysis and Competitive Advantage for Small Growing Firms", in Hanks, S.; DiPersio, C. and H. Pate (Editors), Entrepreneurship and Small Business in a Changing Competitive Environment (Boulder, CO: USASBE), p. 41-52. 1994, "The Future of Corporate Communication Risk Management Examined Through a Matrix Model and Argumentation Paradigm", with Gregory H. Spencer, in Joseph, T; Watson, R. and M. Yeager (Editors), Visions of the Corporate Future (Orange, CA: Chapman University SCA), p. 107-114. 1994, Newton, D. in Rubin, R. (Editor) Small Firm Strategy (Conway, AK: SBIDA). ISBN 00-00000-0 "The Business Incubator: Rethinking Its Application to Small Firm Financial Strategy", p. 90-97. 1993, Book review: Chewning, R., 1989, Biblical Principles and Business, (Colorado Springs: NavPress) Christian Scholars Review (December), p. 216-218. 1993, "Expected Transitions in Banking and Financial Services: The Future of Entrepreneurial Finance" in Russell, R. (Editor), Preparing the Entrepreneur for 2000 and Beyond (Harrisburg, PA: USASBE), p. 171-178. 1993, "Does NAFTA Make Long-Term Sense for the U.S.", Westmont Horizon, reprinted the summary debate between me (arguing "for" NAFTA) opposite the "against" position written by Jeffrey Faux, Senior Analyst, at The Public Policy Institute, Washington, DC. 1993, "Innerprising and Innerpreneurs: Redefining the Vision and Strategy for Inner City Free Enterprise" in Devlin, J.; M. Trevino (Editors), Free Trade: A Good Bet For Small Business (St. Louis, MO: Jefferson Smurfit Institute for Entrepreneurial Studies), p. 88-102. 1993, "A Comparison of Underwriting Spreads Between Seasoned and Unseasoned Equity Offers" in Mastrianna, F. and A. Alkhafaji (Editors), IABD Proceedings p. 48-57. 1993, "How Underwriting Spreads Are Assigned: Empirical Evidence for S.M.E.'s to Consider When Going Public" in: Latona, J., & D. Kirk, The Challenge of Small Business Adapting to Changing Global Economic Conditions (Conway, AR: SBIDA Publications), p. 138-147. 1992, "Schumpeterian Entrepreneurship Versus Intracorporate Entrepreneurship: A Differentiation Based on Risk Transfer and Assignment Vesting" in Kao, R. W. (Editors) Enterprising in Partnership with the Environment (Montreal: Federal Business Development Bank), p. 487-506. 1985, "Concentric Managerial Placement: A Strategic Approach to Problem Intervention in Organizational Structures" in Hamel, W. (Editor), Proceedings (Washington, D.C.: Maximillian Press), p. 659-663. SPEAKING + PRESENTATIONS: 2010, invited lecture: “Why All Roads Lead to the Business Model 11th Annual Experiential Classroom, Riata Center for Entrepreneurship, Oklahoma State University, also sponsored by: The Kauffman Foundation, Stanford Univ., Univ/ Indiana-Bloomington, USASBE, Coleman Foundation (September 23-26). 2010, Invited Host-Emcee, 35th Annual Leavey Awards Banquet, Omni Hotel, Philadelphia, PA (March 13). 2010, Invited Panelist and Moderator, “A Vision for Entrepreneurship Education in the 21st Century”, 35th Annual Leavey Summit, Freedoms Foundation of Valley Forge, PA (March 12). 2009, invited lecture: “Teaching Timeless Competencies”, keynote address: Northwest Regional Association of Collegiate Business Education, Portland, OR (November 9). 2009, invited lecture: “Why All Roads Lead to the Business Model 10th Annual Experiential Classroom, Riata Center for Entrepreneurship, Oklahoma State University, also sponsored by: The Kauffman Foundation, Stanford Univ., Univ/ Indiana-Bloomington, USASBE, Coleman Foundation (September 17-20). 2008, invited lecture: “Crisis Mode: How Freddie, Fannie, and Financial Engineering Changed Wall Street Forever”, Gaede Institute Lecture, Westmont College (October 20). 2008, invited lecture: “Understanding Stock Devaluations in the Aftermath of the Credit Crisis”, In Securities Investment Club, University Club, Santa Barbara (October 25). 2008, invited lecture: “Why All Roads Lead to the Business Model”, 9th Annual Experiential Classroom, Falcone Center for Entrepreneurship, Syracuse University, also sponsored by: The Kauffman Foundation -Kansas City, Stanford Univ., and Univ/ Indiana-Bloomington (September 18-21). 2008, National Director, 5th Annual S.E.E.D. National Collegiate Venture Forum, co-sponsored by Westmont, TechKnowledge Point, Medbridge Development, Atera Partners, TGV Partners, Santa Barbara, CA (March 13-14). 2008, invited – two keynote lectures and panel-moderator, “An Ethics Model for 21st Century Business”, 2nd Annual Montecito Rotary Ethics Conference, co-sponsored by Santa Barbara Bank & Trust, at Tecolote Research Center, Goleta, CA (April 21). 2007, invited lecture: “The War, The War, and The War on Global Terrorism”, Young America’s Foundation Islam-101 National Collegiate Conference, at Reagan Ranch Center (October 18). 2007, invited lecture: “The War, The War, and The War on Global Terrorism”, Santa Barbara Rotary, at Fess Parker’s Doubletree Resort (September 21). 2007, invited lecture: “Strategies for Personal Investments” Inaugural Big-Think Speaker Series, sponsored by Santa Barbara Young Professionals Club, at Hotel Andalucia (September 11th and 18th). 2007, invited lecture: “Why All Roads Lead to the Business Model”, 8th Annual Experiential Classroom, Falcone Center for Entrepreneurship, Syracuse University, also sponsored by: The Kauffman Foundation -Kansas City and The Coleman Foundation – Chicago (September 13-16). 2007, invited lecture: “The War, The War, and The War on Global Terrorism”, 7th Annual Executive Forum of Santa Barbara United Way, at Santa Barbara Biltmore (August 15). 2007, invited – two keynote lectures and panel-moderator, “An Ethics Model for 21st Century Business”, Inaugural Montecito Rotary Ethics Conference, co-sponsored by Santa Barbara Bank & Trust, at Tecolote Research Center, Goleta, CA (April 18). 2007, National Director, 4th Annual S.E.E.D. National Collegiate Venture Forum, co-sponsored by Westmont, TechKnowledge Point, Medbridge Development, Atera Partners, TGV Partners, national coverage from Ali Velshi and CNN “American Morning”, Santa Barbara, CA (March 2-3). 2007, two invited lectures, “Friedman on Free Markets: The Merits of Competition, Innovation, and Absolute Values”; and “Friedman on Government’s Role in Enterprise: Laissez-Faire, Economic Incentive, and Corporate Responsibility”. Young America’s Foundation Milton Friedman Road to Freedom Conference, Reagan Ranch Center, Santa Barbara, CA (March 22-24). 2007, invited lecture, “5-Year Update on America’s War on Terror”, Young America’s Foundation 1st Annual High School Academy, Reagan Ranch Center, Santa Barbara, CA (February 6). 2007, invited lecture: “Biblical Perspectives on Islam, the Bible, the Roots of Jihad, and America’s War on Terror”, 2007 Central Coast Prophecy Conference, Calvary Chapel Santa Barbara (February 5). 2007, invited lecture, “5-Year Update on America’s War on Terror”, Reagan Ranch Roundtable, monthly luncheon, Reagan Ranch Center, Santa Barbara, CA (January 19). 2006, invited lecture: “Why All Roads Lead to the Business Model”, 8th Annual Experiential Classroom, Falcone Center for Entrepreneurship, Syracuse University, also sponsored by: The Kauffman Foundation -Kansas City and The Coleman Foundation – Chicago (September 15-19). 2006, four invited lectures, “Worldview”; “Worldview and Politics”; “Worldview and History”; Worldview and Economics”; Young America’s Foundation 1st Annual Summer Academy, Reagan Ranch Center, Santa Barbara, CA (July 4-31). 2006, invited guest, CNN-Radio program “The State of Business in America” hosted by Ali Velshi in Manhattan, discussing the role of entrepreneurship in the U.S. economy, with Brian Dumaine (editor of Fortune Small Business) and Reiva Lesonsky (editorial director of Entrepreneur). July 17. 2006, National Director, 3rd Annual S.E.E.D. National Collegiate Venture Forum, co-sponsored by Westmont, TechKnowledge Point, Medbridge Development, Santa Barbara, CA (March 3-4). 2006, invited guest, CNN program “Anderson Cooper-360” hosted by Anderson Cooper in Manhattan, discussing: “Entrepreneurs Who Changed American Life: Howard Schultz” (June 16, 10:00PM). 2006, invited lecture: “Biblical Perspectives on Islam, the Bible, the Roots of Jihad, and America’s War on Terror”, 2006 Central Coast Prophecy Conference, Calvary Chapel Santa Barbara (February 4). 2005, invited lecture: “Why All Roads Lead to the Business Model”, 7th Annual Experiential Classroom, Falcone Center for Entrepreneurship, Syracuse University, also sponsored by: The Kauffman Foundation -Kansas City and The Coleman Foundation – Chicago (September 19-23). 2005, invited lecture: “Right Here, Right Now: The Case for America’s War on Terror”, Freedom-Fest 2005 Bally’s Paris Resort, Las Vegas (May 13-14). 2005, National Director, 2nd Annual S.E.E.D. National Collegiate Venture Forum, co-sponsored by Westmont, TechKnowledge Point, Medbridge Development, Santa Barbara, CA (March 7-8). 2005, invited lecture: “Right Here, Right Now: The Case for America’s War on Terror”, Santa Clara University, Santa Clara, CA (February 10). 2004, invited lecture: “Right Here, Right Now: The Case for America’s War on Terror”, Young America’s Foundation 8th Annual West Coast Leadership Conference , Doubletree Resort, Santa Barbara (November 13). 2004, invited lecture: “Right Here, Right Now: The Case for America’s War on Terror”, Reality Carpinteria, CA (October 29). 2004, invited lecture: “Right Here, Right Now: The Case for America’s War on Terror”, Calvary Chapel, Santa Barbara, CA (October 25). 2004, invited lecture: “Right Here, Right Now: The Case for America’s War on Terror”, Westmont College, Santa Barbara, CA (October 22). 2004, invited lecture: “Right Here, Right Now: The Case for America’s War on Terror”, King’s College Current Affairs Lecture, Empire State Building, New York (October 15). 2004, invited lecture: “Right Here, Right Now: The Case for America’s War on Terror”, Calvary Chapel, Santa Barbara, CA (October 10). 2004, invited lecture: “Right Here, Right Now: The Case for America’s War on Terror”, Reagan Ranch Foundation, Santa Barbara, CA (September 20). 2005, invited lecture: “Why All Roads Lead to the Business Model”, 6th Annual Experiential Classroom, Falcone Center for Entrepreneurship, Syracuse University, also sponsored by: The Kauffman Foundation -Kansas City and The Coleman Foundation – Chicago (September 20-24). 2004, invited guest, CNN-fn program “Your Money” hosted by Ali Velshi in Manhattan, discussing: “Funding Criteria Entrepreneurs Need to Know” (July 14, 5:00PM). 2004, Invited keynote address: “Ethics and Entrepreneurship”, Central Coast Chapter of the International Association of Management Accountants monthly networking dinner (March 10). 2004, National Director, Inaugural S.E.E.D. National Collegiate Venture Forum, co-sponsored by Westmont, TechKnowledge Point, Santa Barbara, CA (February 23-24). 2004, Hosted the inaugural S.E.E.D. National Collegiate Business Plan Competition in Santa Barbara, with venture teams from: Arizona, Colorado, Columbia Business School, Florida, Georgia, Iowa, Louisville, and Wake Forest; (February 20-21), see: www.entrepoint.com. 2004, invited guest, KEY-TV (ABC-affiliate) program, “Central Coast Business”, hosted by Gabe Saglie, discussing: “Entrepreneurship and Enterprise Development Programs” (February 12, 5:00PM news). 2004, invited guest, KCOY-TV (FOX-affiliate) program, “Business Matters”, hosted by Keith Carls, discussing: “The Tech and Entrepreneurial Rebound on the Central Coast” (February 12, 6:00PM news). 2004, invited guest, CNN-fn program “Your Money” hosted by Ali Velshi in Manhattan, discussing: “Federal + State Government Grant/Aid Programs for Entrepreneurs” (February 10, 5:00PM). 2003, invited guest, CNN-fn program “Your Money” hosted by Ali Velshi in Manhattan, discussing: “Can Entrepreneurship Be Taught?” (August 5, 5:00PM). 2003, “Best Practices: Entrepreneurial Finance for Your Growing Business”, an invited workshop for the 21st Annual INC. 500 Awards Conference, Rancho Mirage, CA (March 27-29). 2003, “Innovative Strategies for Global Entrepreneurship Knowledge Transfer", a plenary luncheon address, 17th U.S. Association for Small Business and Entrepreneurship, Hilton Head, South Carolina (January 24).
Santa Barbara ‘In-Securities II’ Investment Club, The University Club, Santa Barbara, CA (July 16).
Santa Barbara ‘In-Securities II’ Investment Club, Birnhamwood Country Club, Montecito (January 16). 2000, Interviewed Dr. Craig Blomberg (Denver Seminary) for Fall 2000 Veritas Forum, for cable television broadcast – channel 17, University of California, Santa Barbara (October 27). 2000, “The Venture Capital Climate”, keynote speaker, Professional Networking Group, Montecito Country Club, (October 20). 2000, “Writing a Winning Business Plan”, Invited Speaker at the UCLA Film School-Anderson Business School conference on venture capital funding for film enterprises, Dodd Hall at UCLA, Westwood, CA (September 16). 1999, Feature article reporter: Internet World ’99, Javitz Center, New York City, (October 4-8), “Raising Venture Capital on the Internet”, for Industry Week Growing Companies. 1998, "Making Ethics a Priority in Entrepreneurial Ventures", Keynote Speaker, the 1st Annual Ethics for Small Business conference, sponsored by The Center for Business Ethics and The Entrepreneurship Center, Siedman Business School, Grand Valley State University, Grand Rapids, MI (September 10-12). 1998, "Financial Analysis: Performance Measures That Work", keynote speaker, two sessions, the 21st Annual Christian Booksellers Association conference, Dallas, Texas (July 14-15). 1998, "Perspectives on Entrepreneurial Ethics", business-luncheon speaker, Carpinteria Rotary Club, (August 10). 1998, "Perspectives on Entrepreneurial Ethics", monthly business-luncheon guest speaker, Santa Barbara Kiwanis Club, (April 15). 1998, "The Emerging Role of American Entrepreneurial Ethics", presented at: the Hilton Center for Business Ethics, Loyola Marymount University, Los Angeles, CA (March 16). 1998, "Perspectives on Faculty-Student Research", presented at: Westmont College Faculty Research Conference, Santa Barbara, CA (February 21). 1997, "Issues and Evidences of Entrepreneurial Ethics", presentation for the Economics and Business faculty and students, Gordon College, Wenham, MA, (December 4). 1997, “Issues and Evidences of Entrepreneurial Ethics”, presented for MBA faculty and students, Center for Entrepreneurial Studies, Sawyer School of Management - Suffolk University, Boston, MA, (December 5). 1997, "Entrepreneurial Ethics: Evidences and Implications for Absolute Values Versus Relative Perspectives", 8th ENDEC Entrepreneurship Research Conference, Los Angeles (September 4-6). 1997, "Entrepreneurial Values and New Venture Success", 42nd Annual World Conference of the International Council for Small Business, San Francisco, CA (June 21-24). 1997, "The Credit Exchange Risk Fund and Financial Strategy for Small Firm Exporting", at the 9th Annual International Academy of Business Disciplines, Orlando, FL (April 10-13). 1996, "Start-Up Funding and the Initiation of the Credit-Exchange Risk Fund", with J. Martinoff, presented at the 3rd Annual Global Finance Association conference, Honolulu, HI (April 4-6). My colleague made the presentation, I was unable to attend due to lack of travel funds. 1996, "Process Innovation and Financial Valuation of Knowledge-Based Assets", 17th McMaster University Business Conference, Innovation Management Centre, Hamilton, Ontario (January 24-26). 1995, "Finance and Strategy Considerations for Small High Technology Firms", 9th Annual Gateway Series for Entrepreneurial Research, sponsored by the Jefferson Smurfit Center for Entrepreneurial Studies, St. Louis University, at Brigham Young University, Provo, Utah (October 26-28). 1995, "The Tenets of Financial Emerging Markets as a Model for Entrepreneurial Development in Inner Cities and the Former East Bloc", at the 40th Annual World Conference of the International Council for Small Business, (June 18-21), Sydney, Australia. Did not attend due to lack of travel funds. 1995, Year in review 1994 summary Westmont Small Business Barometer, Carpinteria Valley Chamber of Commerce/UCSB County Economic Forecast Lunch, Santa Barbara Polo Club (May 11). 1995, Coauthored with D. Blake (UCSB), "Can Entrepreneurs Pursue Socially Responsible Behavior?", 7th National Conference of the International Academy of Business Disciplines, Los Angeles, CA (April 6-9). 1995, "Break Even Marginal Analysis and Competitive Advantage for Small Growing Firms", at the 9th Annual U.S. Association for Small Business & Entrepreneurship, Boulder, CO (January 8-11). 1994, Moderator, "MacroEconomic Trends and Hispanic Small Business Development", at 2nd Annual Board of Economists Meeting, sponsored by Hispanic Business, Washington, DC (September 7-8). 1994, "Credit Exchange Risk Funds (CERF's): An Import/Export Stimulus for Small Firms", with contributors: Leinenbach, P (Loyola); Martinoff, J. (Pepperdine) and G. Merrill (US International), at the 1st Annual Meeting of Global Finance Association, Monterey, CA (April 27-30). 1994, "The Business Incubator: Applications to Small Firm Financial Strategy", Small Business Institute Directors' Association 18th National Small Business Consulting Conference, San Antonio, Texas (February 3-6). 1994, "The Future of Corporate Communication Risk Management Examined Through a Matrix Model and Argumentation Paradigm", coauthored with Gregory H. Spencer (Westmont), for the West Coast Conference on Corporate Communication, Orange, CA (January 27-28). 1993, "Expected Transitions in Banking and Financial Services: The Impact on the Future of Entrepreneurial Finance", at the 11th Annual U. S. Association of Small Business and Entrepreneurship, Baltimore, MD (October 13-16). 1993, "Innerprising and Innerpreneurs: Redefining the Vision and Strategy for Inner City Free Enterprise", the 38th World Conference, International Council for Small Business, Las Vegas, NV (June 20-23). 1993, "A Comparison of Underwriting Spreads: Seasoned and Unseasoned Equity", The International Academy of Business Disciplines, 5th National Conference, New Orleans, LA, (April 8-11). 1993, "How Underwriting Spreads Are Assigned: Empirical Evidence for S.M.E.'s at IPO", Small Business Institute Directors Assoc., 17th National Small Business Consulting Conference, San Diego, CA (February 4-7). 1992, "Schumpeterian Entrepreneurship Versus Intracorporate Entrepreneurship: A Differentiation Based on Risk Transfer and Assignment Vesting" at the 37th Annual World Conference of the International Council for Small Business, Toronto, Ontario, Canada, (June 17-21). 1992, Attended the Christian College Coalition Faculty Workshop "Christianity and the Liberal Arts", at George Fox College, Portland, OR, (May 16-21). 1991, Attended the 8th National conference of the United States Association for Small Business and Entrepreneurship, San Diego, CA, (October 7-9). 1991, Attended the 15th Annual meeting - Western Academy of Management, Santa Barbara, CA (March 20-23). 1985, "Concentric Managerial Placement: A Strategic Approach to Problem Intervention" at the 15th Annual Association of Human Resources Management and Organizational Behavior, Boston, MA (November 17-20). REVIEWER: 2010, Manuscript reviewer of competitive papers for the special: 22nd Annual Meeting of the U.S. Association for Small Business and Entrepreneurship, Hilton Head, SC. (January 2011). 2009, Manuscript reviewer of competitive papers for the special: 21st Annual Meeting of the U.S. Association for Small Business and Entrepreneurship, Nashville, TN. (January 2010). 2008, Business plan reviewer, National Semi-finals of the 5th Annual S.E.E.D. National Collegiate Venture Forum, Santa Barbara, CA (March 13-14). 2008, Manuscript reviewer of competitive papers for the special: 20th Annual Meeting of the U.S. Association for Small Business and Entrepreneurship, Anaheim, CA. (January 2009). 2007, Manuscript reviewer of competitive papers for the special: 19th Annual Meeting of the U.S. Association for Small Business and Entrepreneurship, San Antonio. (January 2008). 2007, Business plan reviewer, National Semi-finals of the 4th Annual S.E.E.D. National Collegiate Venture Forum, Santa Barbara, CA (March 2-3). 2006, Faculty advisor "Polaris Athletic Training Systems" (S. Upton), National Semi-finals of the 3rd Annual S.E.E.D. National Collegiate Venture Forum, Santa Barbara, CA (March 3-4). 2005, Faculty advisor "PaletteView by New View Corp" (B. Tillery), National Semi-finals of the 2nd Annual S.E.E.D. National Collegiate Venture Forum, Santa Barbara, CA (March 7-8). 2005, Manuscript reviewer of competitive papers for the special: 18th Annual Meeting of the U.S. Association for Small Business and Entrepreneurship, Washington, DC. (June 15-18). 2004, Business plan reviewer, National Semi-finals of the !st Annual S.E.E.D. National Collegiate Venture Forum, Santa Barbara, CA (February 23-24). 2003, Faculty advisor "Solum Monitoring Systems, Inc." (D. Zia, J. Bisenius, M. Rice, N. Burwell), National Semi-finals of the 8th Annual Midwest Enterprise Creation Competition, Indiana Univ., Syracuse Univ. and Ball State Univ., Muncie, IN, (March 17-19).
First Place Award in the National Finals of the 6th Annual Midwest Enterprise Creation Competition, Ball State University and Miami University, Muncie, IN, (March 27-29). 2002, Editorial Reviewer, Chapters 1, 4, 8, 10 in Entrepreneurship: Venture Initiation, Management, and Development (South-Western Publishing) – forthcoming. 2002, Editorial Reviewer, Chapters 1, 2, 3, 4, 5, and 6 in Cornwall, Vang, and Hartman, Entrepreneurial Financial Management: An Applied Approach (Prentice Hall Publishing) – forthcoming. 2002, Manuscript reviewer of competitive papers for the 15th Annual Meeting of the U.S. Association for Small Business and Entrepreneurship, Reno, NV. (January 17-20). 2001, Faculty advisor "Serenity Water, LLC." (C. Blick, M. Cook, A. Brunette) one of 9 national semifinalists, 4th Annual Midwest Enterprise Creation Competition, Ball State Univ. + Miami Univ., Muncie, IN, (March 29-31). 2001, Faculty advisor "The Cappuccino Connection, Inc." (J. Lorentzen and P. Mueller) one of 12 national semifinalists in the 9th Annual Business Plan Competition, University of Nebraska-Lincoln (February 22-24). 2001, Manuscript reviewer of competitive papers for the 14th Annual Meeting of the U.S. Association for Small Business and Entrepreneurship, Orlando, FL. (February 7-10). 2000, Faculty advisor "DiscFree Corporation." (C. Morgan, A. Gayl, E. Friesen, S. Peterson, T. Smith) one of 9 national semifinalists in the 3rd Annual Midwest Enterprise Creation Competition, Ball State University and Miami University, Oxford, Ohio, (March 24-25). 2000, Faculty advisor "QuizCore.com, Inc." (P. Harnsberger, J. Williams, J. Akins), one of 20 national semifinalists in the 11th Annual NASDAQ - North American Business Plan Competition, the Entrepreneurial Management Center, San Diego State University, (March 31-April 1). 1999, Manuscript reviewer and member of program committee for the 6th Annual Global Finance Association conference, Istanbul, Turkey (May 19-21). 1999, Faculty advisor "Refugee Books, Inc." (M. Ozinga, K. Ozinga, A. Hilton, J. Koehler) one of 9 national semifinalists in the 2nd Annual Midwest Enterprise Creation Competition, Ball State University and Miami University, Oxford, Ohio, (March 18-20). 1999, Manuscript reviewer of competitive papers for the 13th Annual Meeting of the U.S. Association for Small Business and Entrepreneurship, (January 14-17). 1998, Manuscript reviewer and member of program committee for the 5th Annual Global Finance Association conference, Mexico City, Mexico (May 4-7). 1998, Manuscript reviewer of competitive papers for the 12th Annual Meeting of the U.S. Association for Small Business and Entrepreneurship, Clearwater, FL. (January 14-17), 1998, Manuscript reviewer and member of program committee for the 4th Annual Global Finance Association conference, Montreal, Canada (May 16-19). 1996, Faculty advisor "Tough Dog Magazine, Inc." (J. Darrow, R. Niedwick), one of 20 national semifinalists in the 7th Annual NASDAQ - North American Business Plan Competition, the Entrepreneurial Management Center, San Diego State University, (April 18-20). 1996, Manuscript reviewer of competitive papers for the 3rd Annual Global Finance Association conference, Honolulu, HI (April 4-6). 1996, Manuscript reviewer of competitive papers for the 10th Annual Meeting of the U.S. Association for Small Business and Entrepreneurship, (Jan. 12-14), Atlanta, GA. 1995, Case reviewer for the “1994 SBI Case of the Year Award”, through the Small Business Institute Director's Association, Central Missouri State University. 1995, Manuscript reviewer for the US Association for Small Business and Entrepreneurship “Corporate Entrepreneurship 1994 Outstanding Paper of the Year". 1995, Session chair "International Finance Innovations", program committee, and manuscript reviewer for the 2nd Annual Meeting of Global Finance Association, (May 8-10), San Diego, CA. 1995, Program Chair, Corporate Entrepreneurship Division, for 1996 U.S. Association for Small Business & Entrepreneurship National Conference, (January 12-14), Atlanta, GA. 1994, Program Committee, 1st Annual Meeting of Global Finance Association, (April 27-30), Monterey, CA, hosted by California State University Fresno, University of San Francisco, and Monterey Institute for International Relations. Area: Financial Engineering of New Products and Services. 1994, Reviewer for the 5th Annual North American Business Plan Competition, The Entrepreneurial Management Center, College of Business Administration, San Diego State University, (February). 1993, Reviewer for the 4th Annual North American Business Plan Competition, The Entrepreneurial Management Center, College of Business Administration, San Diego State University, (February). 1993, 3-Year Appointment to the Editorial Review Board of the Journal of Small Business Strategy, published by SBIDA, Barry University, FL. Review expertise: entrepreneurial finance, venture capital, small firm finance, and initial public offerings of common stock, (February 1993 to February 1996). 1992, Reviewer for the 3rd Annual North American Business Plan Competition, The Entrepreneurial Management Center, College of Business Administration, San Diego State University, (February). 1991, Chaired and reviewed forum of 3 competitive papers for the Session: "Entrepreneurship and Regional Development" at 9th Annual National Meeting, The Association of Management, Atlantic City, NJ, (August 6-9). Was unable to attend the conference due to lack of travel funds. 1991, Reviewer for the 2nd Annual North American Business Plan Competition, The Entrepreneurial Management Center, San Diego State University, (February). AWARDS: 2008 - Awarded $15,000 and “Meritorious Distinction” Leavey Scholar, 31st Annual Leavey Awards for Excellence in Private Enterprise Education", Freedoms Foundation, Valley Forge, PA (March 7-8). 2008 - Awarded $3,300 research grant, Pew Charitable Trust, Compiled database on IPOs post-2000, for empirical work on pending IPO book project (August). 2004 - Awarded $3,300 research grant, Pew Charitable Trust, Continued work on venture capital/incubator deal-flow for book project, “Growth Capital + Entrepreneurial Finance” (July). Awarded one-year sabbatical (Fall 2003-Spring 2004) and $1,000 in research funds. 2001, Voted “Best Paper and Presentation” plus cash award for “The Network Referral Folder”, Session: “Sharing the Teaching Wealth: A Clearinghouse for Best Teaching Practices”, sponsored by the University of Portland and the Journal of Entrepreneurial Education, the 15th Annual U.S. Association for Small Business & Entrepreneurship, Orlando, FL (February 7-11). 2002, March, Global Investor selected 2002 “Best Anthology on Investments”, Financial Times, London. 2001 - Awarded $3,300 research grant, Pew Charitable Trust, Compiled a database on venture capital/incubator deal-flow for book project, “Growth Capital + Entrepreneurial Finance” (July). 1999 - December. How To Be A Small-Cap Investor selected “1999 Top-10 in Investments and Finance” by Forbes magazine. 1999 - November. How To Be A Small-Cap Investor selected “Book of the Month” by Money magazine. 1999, Nominated for a "1999 Leavey Award for Excellence in Private Enterprise Education", Freedoms Foundation, Valley Forge, PA (October). 1999, Promoted to the rank of ‘Full Professor’ (September). 1998, Paul C. Wilt - Phi Kappa Phi Lecture Award, "First the Euro: Financial Singularity, Political Plurality, Economic Diversity, and Iron Mixed With Clay in the European Union" (November). 1998, Awarded $2,500 research grant, Pew Charitable Trust, Compiled multiple regression databases in 12 faith-learning integration topics for the course EB 17-Quantitative Economics I (June). 1996, Nominated for a "1996 Leavey Award for Excellence in Private Enterprise Education", Freedoms Foundation, Valley Forge, PA (October). 1996, Awarded tenure (March), and sabbatical (Fall 1996-Spring 1997). 1994, Awarded $2,500 research grant, Pew Charitable Trust, Project: "Break Even Marginal Analysis and Competitive Advantage for Small Growing Firms"; for: 9th Annual Meeting of U.S. Association for Small Business & Entrepreneurship, Boulder, CO, (July). 1993, Promoted to the rank of ‘Associate Professor’, (September). 1993, Nominated for a "1993 Leavey Award for Excellence in Private Enterprise Education", Freedoms Foundation, Valley Forge, PA (October). 1992, Phi Kappa Phi Lecture Award for, "The Origins, Operations, and Outcomes of the U.S. Savings and Loan Crisis: Why it Could Have Been Avoided Altogether", (October). 1991, Awarded $2,500 faculty research grant, Pew Charitable Trust, Compiled database and literature review for the paper presented April 1993 at the I.A.B.D. meeting, New Orleans, LA, (June). 1987, Awarded one of only eight full-tuition scholarships and the only 1st-year Visiting Teaching Associate position, PhD program, School of Management, University of Massachusetts, Amherst, (April). ACADEMIC SERVICE: - General Education Committee, 2002-2005 - General Education Task Force, 1999-2002. - Computer Technology Committee, 1999-2001; 2005-08 - Faculty Council, 1998-1999. - Faculty Instructional Technology Committee, 1998-2002 - Faculty Research Committee, 1995-1998. - Faculty Senate Executive Committee, 2007-2009 - Academic Computing Committee, 1991-1994. - Athletic Committee, 1991-1994; (Chair 1992-94) - Westmont Housing Policies Committee, Fall 1997. - Westmont Faculty Athletic Representative to the - Chair, E+B Department, July 2006-Aug 2009. Golden State Athletic Conference, 1993-1994 - Faculty Benefits and Salary Committee, 1995-1998; 2008-2011 CURRICULUM VITAE Edd S. Noell Professor of Economics and Business Westmont College Santa Barbara, CA 93108-1099 (805) 565-6782
I. PERSONAL DATA/HOME ADDRESS Married; two children
Santa Barbara, CA 93108 II. EDUCATION Ph.D. Economics, Louisiana State University, 1989. (Graduate School Minor: Religious Studies). Doctoral Dissertation: "Theories of Economic Regulation and the Development of the Doctrine of `Conspiracies in Restraint of Trade' in the Labor Market" (Dr. William F. Campbell, Chairman).
Senior Thesis: "Deficit Financing: The Dilemma Between Crowding Out and Inflation"(Dr. Gene Uselton, Chairman). III. EMPLOYMENT/TEACHING EXPERIENCE/AWARD Professor of Economics and Business, Westmont College, 1998-present. Associate Professor of Economics and Business, Westmont College, 1992-1998. Assistant Professor of Economics and Business, Westmont College, 1986-1992. Outstanding Teacher Award, Westmont College (Social Sciences), 1998.
Faculty Member, International Business Institute (Europe and Russia), Summers 1991, 1993, 1996, 1997, 2001, 2005. Faculty Member, Westmont in Asia (China, Japan, Korea, Singapore and Russia), Summers 1998, 1999, 2003, 2008. Faculty Co-Leader, Westmont Europe Semester, Fall 1999. Graduate Teaching Assistant, Department of Economics, Louisiana State University, August 1982-July 1986.
A. REFEREED JOURNAL ARTICLES “A ‘Marketless World’? An Examination of Wealth and Exchange in the Gospels and First-Century Palestine.” Journal of Markets & Morality. 10 (Spring 2007): 85-114.
Wealth in the Gospels.” Faith and Economics. 40 (Fall 2002): 14-21. “In Pursuit of the Just Wage: A Comparison of Reformation and Counter- Reformation Economic Thought.” Journal of the History of Economic Thought. 23 (2001): 467-489. “Bargaining, Consent and the Just Wage in the Sources of Scholastic Economic Thought.” Journal of the History of Economic Thought. 20 (1998): 467-478. "Adam Smith on Economic Justice in the Labor Market." Journal of the History of Economic Thought. 17 (1995): 228-246. "Economic Regulation and the Late-Nineteenth Century Supreme Court: An Economic Interpretation of the Relation Between Police Powers and Substantive Due Process." The Social Science Journal. 30 (1993): 271-284. "A Reformed Approach to Economics: Christian Reconstructionism." Association of Christian Economists Bulletin. 21 (Spring 1993): 6-20. B. CHAPTER IN BOOK "Sir Edward Coke and Adam Smith on Occupational Regulation: Economic Efficiency, Justice and the Public Good." Perspectives on the History of Economic Thought. Volume 1. ed. Donald A. Walker. Aldershot: Edward Elgar, 1989, pp. 19-37. C. WORK IN PROCESS/WORKING PAPERS Book Project – ‘Reckoning With the Marketplace’: A History of Moral Reflection in Economic Thinking. (with James Halteman). Contract with Oxford University Press (2011). “Theonomy.” in Oxford Handbook on Christianity and Economics. ed. Paul Oslington. Oxford University Press. (2011). “Racial Discrimination, the Police Power and the 1964 Civil Rights Act in Richard Epstein's Forbidden Grounds: An Evaluation of The Case Against Employment Discrimination Laws.” Association of Christian Economists Working Papers (eighth series), Spring 1998. “Capitalism and Liberation Theology in Latin America.” (with Paul Morgan). Association of Christian Economists Working Papers (first series), Spring 1991. D. ABSTRACTS “Adam Smith and Labor Market Combinations: Market Failure and Economic Privilege." Southwestern Journal of Economic Abstracts. 13 (1992), 60. “Invisible Hand, Visible Hand, and Invisible Foot: Adam Smith and the Common Law on Labor Market Regulation." Southwestern Journal of Economic Abstracts. 12 (1991), 83-84. "An Economic Interpretation of the Relation between Police Powers and Substantive Due Process." Southwestern Journal of Economic Abstracts. 11 (1990), 107. "Coke and English Puritans on Voluntary Labor in Early Seventeenth-Century English Economic Thought." Southwestern Journal of Economic Abstracts. 7 (1986), 53.
Associate Editor, Faith and Economics, 2006-present. Book Review Editor, Faith and Economics. 1995-present.
Review of Duncan Foley, Adam’s Fallacy: A Guide to Economic Theology. Journal of Markets & Morality. 10 (Fall 2007). Review of Luigino Bruni, Civil Happiness: Economics and Human Flourishing in Historical Perspective. Economic History.Net. March 2007.
Referee: Faith and Economics; Journal of Economic Methodology; Journal of the History of Economic Thought; History of Economics Review; Journal of Markets & Morality; Christian Scholar's Review. Evaluated manuscripts: “How to Think About International Trade” in monograph series, Values and Capitalism, American Enterprise Institute, 2010; “Alternatives to Economics: Christian Socio-Economic Perspectives.” Routledge Publishers; Principles of Economics. John Taylor. 4th edition. Houghton-Mifflin. 2004; Economics. William Boyes and Michael Melvin. 4th edition. Houghton Mifflin. 1998; Economics. Robert Ekelund and Robert Tollison. 3rd edition. Scott Foresman. 1992.
CCCU grant for research on Free Markets: “Moral Reflections in the History of Economics.” 2008-09, $9,200 (with James Halteman, Wheaton College). Grant funding participation in Liberty Fund Conference, “Property Rights in Christianity, Judaism, and Islam.” Tampa Bay, Florida. February 2006 Lilly Fellows Program in Humanities and the Arts, “The Value of Historical Study for Christian Liberal Arts Education in a Postmodern Age,” Westmont College, August 2002. Panel Presentation: “Drawing on the Past: The Economist and History.” Faculty Development Grant, Westmont College: Summer 2010: “What is Legitimate Economic Gain? Usury, Profit and the Commercial Revolution in Scholastic and Reformed/Puritan Thought.” Summer 2008: “Moral Reflection on ‘Homo Economicus’: Examining Adam Smith’s Teleology From a Christian Perspective.” Summer 2005: Course Development for “International Trade and Finance.” Summer 2003: Course Development for “Globalization: Economic History, Controversy, and Prospects.” Summer 2001: Course Development for “The Economics of the European Union.” Summer 1999: Course Development for “Arts and Ideas of the Western Tradition” and “Ascent and Descent of the British Economic Empire.” Summer 1997: “Review and Analysis of Recent Literature on Wealth and Possessions in the Old and New Testament.” Summer 1995: “Examining the Origins of the Just Wage in Ancient Political Economy.” Summer 1992: “An Overview and Evaluation of the Christian Reconstructionist Approach to Economics.” Irvine Implementation Grant, Economics and Business Department Self-Study, Westmont College, Summer 2001: “The Economics of Race and Gender in Selected Coursework.” Faculty Sabbatical Grant, Westmont College: Spring 2007: “Regulating Pay: Christian Thought on Market Exchange, Property Rights in Labor and the Living Wage.” Spring 2000: “The Development of Christian Thought on the Just Wage and Its Influence in Pre-Classical and Classical Economics.” Spring 1994: “The Development of Christian Thought on Economic Justice in the Labor Market.” Pew Foundation Grant, Ethics Component for the Intermediate Microeconomics course, Westmont College, Fall 1990. Teaching Assistantship, Louisiana State University, 1985-86; 1984-85; 1982-83. Earhart Foundation Fellowship, 1983-84 Teaching Assistantship, University of Texas (Austin), 1980
A. MEMBERSHIPS Association of Christian Economists, Executive Officer, 1995-1997; American Economics Association; History of Economics Society; Eastern Economics Association; Southern Economics Association; Association of Private Enterprise Education; Omicron Delta Epsilon.
“What is Legitimate Economic Gain? Financial Innovation and the Scholastic Influence on Puritan Conceptions of Usury and Profit.” History of Economics Society, Syracuse University, June 2010. “Adam Smith and the Moral Parameters of the Marketplace: Probity, Deceiving Others and Self-Deceit.” History of Economics Society, University of Colorado at Denver. June 2009. “Borrower Beware, Lender Beware: The Subprime Mortgage Crisis and Moral Reflections on Usury in the Scholastic Tradition.” 25th Annual Association of Christian Economists Conference, Baylor University. April 2009. “Fair Wage as Living Wage: Economists’ Competing Visions and the Living Wage Movement.” History of Economics Society. George Mason University. June 2007. “Exchange and Property Rights in the Light of Biblical Values.” Association of Private Enterprise Education, Cancun, Mexico, April 2007. “Loving One’s Neighbor in the Marketplace: Just and Unjust Gain in the Old and New Testaments.” History of Economics Society. Grinnell College. June 2006. “From Just Price to Just Wage: The Development of Scholastic Thought on Duty and Competition.” History of Economics Society. University of Toronto. June 2004. “Smith and a `Living Wage': Tracing the Legacy of Scholasticism.” History of Economics Society. Duke University, July 2003. “Wealth and Market Exchange in the Gospels: Re-Examining the Evidence.” Second National Lilly Fellows Conference: “Christianity and Economics: Integrating Faith and Learning in Economic Scholarship.” Baylor University. November 2002. “Market Exchange and Reciprocity in First-Century Palestine and the New Testament Gospels.” History of Economics Society. UC-Davis. July 2002. “In Pursuit of the Just Wage: A Comparison of Reformation and Counter-Reformation Economic Thought.” History of Economics Society. University of British Columbia. June 2000. "Bargaining, Consent and the Establishment of the Just Wage in the Sources of Scholastic Economic Thought." History of Economics Society. College of Charleston. June 1997. "Examining the Origins of the Just Wage in Ancient Political Economy." Eastern Economics Association. Boston, March 1996. "Adam Smith On Economic Justice in the Labor Market." History of Economics Society. Babson College. June 1994. "Supreme Court Rulings in the Due Process and New Deal Eras and the 1964 Civil Rights Act in Richard Epstein's Forbidden Grounds: The Case Against the Employment Discrimination Laws." American Economics Association, meeting of the Association of Christian Economists. Anaheim, January 1993. "Critical Commentary On Craig Gay's `Learning to Live with the Market Economy.'" Oxford Conference on Christian Faith and Economics, North American Meeting. Calvin College. September 1992. "Adam Smith and Labor Market Combinations: Market Failure and Economic Privilege." Southwestern Economics Association. Austin, Texas .March 1992. “Invisible Hand, Visible Hand, and Invisible Foot: Adam Smith and the Common Law on Labor Market Regulation." Southwestern Economics Association. San Antonio, Texas. March 1991. "An Economic Interpretation of the Relation between Police Powers and Substantive Due Process." Southwestern Economics Association. Fort Worth, Texas. March 1990. "Sir Edward Coke and Adam Smith on Occupational Regulation: Economic Efficiency, Justice and the Public Good." History of Economics Society. Harvard University Graduate School of Business. June 1987. "Coke and English Puritans on Voluntary Labor in Early Seventeenth- Century English Economic Thought." Southwestern Economics Association. San Antonio, Texas. March 1986. "Calvin and Poor Relief in Geneva." American Economics Association, meetings of the Association of Christian Economists. Dallas, December 1984. Participated in Free Market Forum (sponsored by Hillsdale College), Detroit, Michigan, Fall 2006, Fall 2007, Fall 2009, Fall 2010. VII. SERVICE TO DEPARTMENT AND COLLEGE ADMINSTRATIVE SERVICE Chair, Department of Economics and Business, Westmont College, 2000-2004; July 2009-present. Mission and Distinctiveness Task Force, 2008-present. Westmont Presidential Search Committee, October 2005-January 2007. Founder of Alpha Pi chapter, Omicron Delta Epsilon, Westmont College. Faculty Council (Fall 2004-Fall 2006). Faculty Budget and Salary Committee (1996-1999, 2000-2003). General Education Committee (Spring 2004, 2008-2010). Off-Campus Programs Committee, GE representative, 2010-present. International Business Institute campus representative, 1996-present. Program Review Advisory Committee; Senate Executive Committee; Student Life Committee; Admissions Committee; Ethics Across the Curriculum; Chapel Advisory Committee; Athletics Committee.
“Haiti: The 2010 Earthquake and the Challenge of Economic Development.” Presentation to Westmont Investments Club and Omicron Delta Epsilon, Westmont College, Spring 2010. “An Economist’s Perspective on Human Trafficking.” Panel Presentation, Westmont College, Fall 2009. “The Global Perspective and Westmont’s Liberal Arts Education: Economics.” Panel Presentation, Westmont College, Spring 2008. “China and India – Why They Matter in a Liberal Arts Education.” Faculty Exchange, Westmont College, Fall 2006. “A Comparison of Federal Tax and Social Security Policies: Senator Kerry and President Bush.” Westmont College, Fall 2004. “An Examination of President Bush’s Proposed Federal Income Tax Changes.” Westmont College, Spring 2003. "Invisible Hand, Visible Hand, and Invisible Foot: Adam Smith and the Common Law on Competition and Character-Formation." Phi Kappa Phi Lecture. Westmont College, Spring 1991. VIII. SERVICE TO COMMUNITY University Board member for FRONT P.O.R.C.H. Ministry (Presbyterians of Reasoned Christian Hope) – participated in founding of campus ministry at Cal Poly San Luis Obispo, 2004-2009. Teach Adult and High School Classes at El Montecito Presbyterian Church: “The Modern Christian and Affluence”; Philippians; I Corinthians; II Peter. Core founding group member for Christ Presbyterian Church – director, Christian Education and member of Vision Task Force. Diaconate Board member, Grace Church; Chair of Worship Ministry Team; Coordinator for Adult Sunday Schools; Associate Pastor search committee member; nominating committee member for Elders and the Diaconate; Co-Leader and Teacher of College Class. Treasurer, Las Barrancas Homeowners Association, 1996-1999. PROFESSIONAL DEVELOPMENT GRANTS DATE: September 1, 2008 FROM: David Newton TO: Professional Development Committee RE: Summer-2008 Research Grant PROJECT: Compiling an IPO Database: 1994-2008
Professional Development Grant Report Summer 2010
the Commercial Revolution in Scholastic and Reformed/Puritan Thought”
The first objective was to produce a paper on the legitimacy and Illegitimacy of economic gain as understood in the Scholastic and Reformed traditions. This paper entitled “What is Legitimate Economic Gain? Usury, Profit and the Commercial Revolution in Scholastic and Reformed/Puritan Thought” was presented to the History of Economics conference at Syracuse University in June 2010. My research considered the impact of the Commercial Revolution of the 14th, 15th and 16th centuries in Europe as lending activity became more widespread alongside the emergence of merchant banking. For theologians such as the 16th century Protestant reformers Martin Luther and John Calvin, this raised different kinds of questions regarding the legitimacy of interest-taking than those that had surfaced in previous Christian thinking. Economic gain stemming from lending funds at interest had essentially been prohibited as usury for over 1400 years in church teaching. My study particularly focused on how Calvin drew on the insights on credit relationships from the period of ‘high Scholasticism’ of the 13th-15th centuries yet challenged some of their conclusions regarding usury. In his commentaries on Scripture, sermons, and correspondence, Calvin wrestled with accounting for financial innovations as he sketched moral parameters for widening the toleration of lending of funds at interest while remaining vehemently opposed to usury (which was increasingly understood as excessive interest). As theological heirs of Calvin. the 16th and 17th century English Puritans also struggled with usury without coming to a full consensus regarding the practice and whether or not the British Parliament was right in legitimating ‘moderate usury’ legislatively. I received some very helpful comments on the paper from my discussant Professor Joseph Persky (University of Illinois at Chicago). I’m currently revising the paper for submission to the European Journal of the History of Economic Thought. A second objective was to do further research for a chapter in a manuscript project on the evolution of moral reflection in the history of economic thought. This manuscript is a book length study being completed on the interplay of Christian values and changing economic institutions in shaping moral reflection in economic thought from antiquity through the early 21st century. The book is tentatively entitled ‘Reckoning With the Marketplace’: A History of Moral Reflection in Economic Thinking. Along with my coauthor James Halteman (Wheaton College), I am contracted to deliver the manuscript to Oxford University Press in Spring 2011. This grant was particularly helpful in making progress on the chapter on Scholastic and Reformation thinking which extended and to some degree challenged the teachings of Aristotle on ‘just price’ and usury. The chapter considers the moral values drawn from the Scriptures, Patristics, canon law and Church councils which applied to the ethics of product exchange, and how the discussion of these values spilled over to monetary exchange. It analyzes how extrinsic titles to legitimate interest came to be named in canon law and much of Scholastic thought of the 13th-15th centuries, particularly as applied to a lender who bore some of the risk associated with a loan, faced default or suffered a late payment. The third objective was to develop curriculum material related to Christian values and their application to financial market activities for my courses in Money and Banking and the History of Economic Thought. With the financial crisis increasing public scrutiny has been placed on the moral responsibility inherent in lending and borrowing and the validity of the lenders’ economic gains. Moral reflection has lead to increasing inquiry about the amount of disclosure from lenders to borrowers regarding the financial terms of loans, as well as the need for borrowers to simply live with the consequences of the payment method they’ve chosen. The difficulty of sorting out the relative roles of personal responsibility is heightened with the increasing reliance by financial institutions on complex financial instruments such as collateralized debt obligations and derivatives in recent years. To some degree, similar questions were asked in 13th-15th century Europe regarding the legitimacy of economic gain from lending as financial innovations increasingly altered credit. This grant enabled me to work on ideas for assignments such as paper topics and essay questions to lead students into seeing these kinds of links in Christian economic thinking. These are in-class and take-home exercises connected to the values Christians bring to bear on the complex modern issues of debt bondage, financial fraud, and the determination of the legitimacy of profits in the financial services industry. With different kinds of assignments in either EB 135 or EB 103, I wish to have students wrestle with the value of transparency in exchange and the economic and social impact of both ‘payday’ loans and subprime mortgage lending to low-income borrowers. Thanks again to the Westmont professional development committee for approving the funding of this grant. This has enabled me to continue moving forward on my research on how Christian thinking has evolved with respect to profits, debt and interest-taking. I appreciate the opportunities afforded through the grant to share my research with professional colleagues and students. FINAL REPORT FOR CCCU MINI-GRANT ON FREE MARKET ECONOMICS: “MORAL REFLECTIONS ON MARKETS IN THE HISTORY OF ECONOMICS” Recipients: Edd Noell (Westmont College) and James Halteman (Wheaton College) I. ACTIVITIES AND DISSEMINATION OF RESULTS The grant proposal to engage in research on the history of moral reflections by economic thinkers from ancient times until the present was approved by the CCCU in February 2008. In the 17 months from that time until July 31, 2009 we have pursued the objectives described in the project narrative of our grant proposal. We have engaged in several activities in line with these objectives. First, both grant recipients have written and presented conference papers tied to the research done under the auspices of the grant on moral reflections in the history of economics. Listed below are the four papers:
Presented at the 36th Annual Conference of the History of Economics Society, University of Colorado at Denver, June 2009. (paper attached) Presentation of papers at these conferences has provided significant outlets for the dissemination of our work on the history of moral reflection in economics. This is particularly true in regards to the issue of how Christian economists bring a unique perspective towards this research endeavor. In addition, conference discussants and other participants have provided valuable feedback and suggestions for possible further directions to take our analysis. Second, we have written and jointly revised four chapters for our manuscript on moral reflection in the history of economic thought. Chapter One entitled “Setting the Stage” provides an introduction and overview of the larger project on the history of moral reflection in economic thought. Chapter Two on “Moral Reflection in Ancient Economic Thinking” has been extended with a consideration of the perspective of the Stoics who influenced many with their views of a natural order. This chapter also now includes an expanded discussion of forms of exchange in the ancient world (including reciprocity and redistribution) and the Biblical norms which guided economic exchange. Chapter Three entitled “Virtue and Values in Scholastic Economic Thought” has been written to develop the moral framework employed by the Medieval Scholastics to evaluate economic life. Economic activity in the product, labor and loanable funds markets is the object of Scholastic reflection on economic justice. Chapter 9 entitled “Modern Challenges to Rational Choice” discusses current critical alternatives to a value-free economics. In addition, the research done for the conference papers on Adam Smith’s moral reflections will be employed in “Adam Smith and the Prospects for Moral Reflection in Enlightenment Thinking” which will constitute Chapters 4 and 5 of our manuscript. Third, we have written 10 vignettes applying various moral reflections of economists. These vignettes serve an important role in the curriculum development portion of the grant project. They form a key part of the work on the course unit modules that can be integrated into a class such as the History of Economic Thought. The 10 vignettes are listed below along with their projected placement in the final manuscript to be used in a history of economic thought course. 1. Aristotle and the Purpose of Life (Chapter 2) 2. Medieval Scholastics and Moral Values for the Subprime Mortgage Crisis (Chapter 3) 3. Adam Smith and the Moral Prerequisite of Markets (Chapter 4) 4. Adam Smith and the Problem of Deceitful Conspiracy in the Marketplace (Chapter 5) 5. Thomas Malthus: Is the World Running Out of Resources? (Chapter 6) 6. John Stuart Mill: The Life of Homo Economicus is Depressing at Best (Chapter 6) 7. Alfred Marshall and the Value of Something (Chapter 7) 8. Karl Marx: Can A Materialist Produce A Moral Critique of Capitalism? (Chapter 8) 9. Thorstein Veblen (Chapter 8) 10. John Maynard Keynes (Chapter 8) These vignettes show how these economic thinkers of the past have engaged moral concerns in ways that are relevant to concerns of our time. Each of the vignettes is attached as part of the appendices to this report. We see these activities as an integral part of the broader concern of our research to understand how economics originally was tied to moral reflection, the process by which this link was severed, and current developments offering the prospect of the return of moral reflection into the practice of economic analysis. This grant has significantly enriched our work as Christian economists engaged in scholarship and teaching on the history of economic thought. II. SELF-ASSESSMENT OF THE GRANT’S CONTRIBUTION TO THE PROJECT Both of us are very appreciative to the CCCU for this grant. It helped to move forward some ideas that have been percolating between us in piecemeal fashion over the past few years. Recognizing the important role of the moral life in economic activity, it became clear that a historical examination of how moral reflection took place over time was necessary to gain a perspective on the issue. Yet economic literature has not emphasized this point and so we began discussing ways in which this oversight could be addressed. The CCCU grant was instrumental in helping us focus the project and move it forward in at least three significant ways. 1. The grant enabled us to spend the needed time to work through significant portions of the primary literature in economic thought. That is, we were able to carefully read the relevant portions of the major works of Aristotle, Aquinas, Smith, Malthus, Mill and other key economic thinkers. It also enabled us to interact with the important journal articles and books in the secondary literature done by historians of economic thought. The books we purchased enabled us to greatly enhance our understanding of the historical, philosophical and institutional context of economic thinkers in the Biblical era, the ancient Mediterranean world of the Romans and Greeks, the Medieval and Renaissance eras, and the period of the Scottish Enlightenment, as well as the classical, neoclassical and heterodox economists of nineteenth-century Britain, and twentieth-century Britain and America. This reading and subsequent deliberation was very helpful in developing the four papers presented at economic conferences. 2. We have been enabled to engage in curriculum development through the grant. Students in the history of economic thought course gain through making connections between the ethical dimensions of current economic issues and the moral reasoning of the ‘great economists’ of the past. We plan to include these vignettes as box text inserts in the final manuscript we aim to produce on the history of moral thinking in economics. 3. Finally, the grant was instrumental in moving forward work on the manuscript that we have titled “A History of Moral Reflection in Economic Thinking”. Beyond the reworking of several chapters we had initially written, new material was added to every initial draft of the book. Through this grant project it became clear that we needed to expand the scope of the material for our manuscript. It is clear that the work on the conference papers and the vignettes added substantial value to the larger book project and several chapters of the book were shaped and drafted by resources from the grant. III. PROJECTION OF WORK BY TEAM MEMBERS We have a specific plan to build on the research engaged in during the grant period. With the foundation laid in the four chapters completed, we seek to complete our manuscript on moral reflections in the history of economics within the next year. This requires the completion of several additional chapters and at least 4 additional vignettes for the history of economic thought modules. Each additional chapter examines a dimension of the story of how moral questions have been understood by economists to relate to market institutions. Included in the topics to be examined are the following: economic thinking on moral issues by the British Classical economists of the 19th century; the evolution of economic method associated with NeoClassical economics and its implications for the rise of the fact-value distinction; heterodox views of economics and the moral life (representing the perspectives of Institutional and Austrian economists in the 19th and 20th centuries); the story of how economics as a discipline moved away from moral reflection on markets; a critique of the methodology which employs a dichotomized positive-normative approach to economic thinking; and a presentation of possible alternatives to this approach as represented by current developments in the discipline (one example being the rise of behavioral economics).
Halteman and Noell incurred total expenses of $9,198.47 for work related to the grant project over the period from March 1, 2008 through July 31, 2009. These expenditures were tied to the presentation of papers at three different conferences, travel for two consultations at Wheaton College, stipends for each of the recipients, and purchase of books in the history of economics. Our grant proposal was for $9,200. In accord with the grant agreement, in March 2008 $6,900 was received in the Westmont College restricted account from the CCCU. We await receipt of the remaining $2,300 into the Westmont College restricted account with the completion of this final report on the grant project. Listed below are expenditures in the budget categories identified in our grant proposal: Books and other resources $ 988.87 (Both primary and secondary works by early and modern economists engaged in moral reflection) Stipends $4,020.00 (One stipend to each participant for $2,010.00) Travel for Consultation between grant recipients $1,330.02 (Two round trip flights for Santa Barbara to Chicago, lodging, etc.) Conference expenses $ 2,859.58 (Each recipient presented papers at two conferences) Total Expenditures $ 9,198.47 Submitted by Edd Noell Project Director July 31, 2009 Edd Noell Professional Development Grant Report Summer 2008 Project Title: “Moral Reflection on ‘Homo Economicus’: Examining Adam Smith’s Teleology From A Christian Perspective” I wish to thank the professional development committee for this Summer 2008 grant. It enabled me to pursue my research on Adam Smith’s moral philosophy of the market. This work is part of a larger project on the history of moral reflection in economics. Together with Jim Halteman, an economist at Wheaton College, I am examining the evolution of reflection on moral values in economic thought. Our project relies on primary sources in the field, beginning with Aristotle’s treatment of the telos (ultimate) purpose of economic activity. We assert that Smith affirms the telos or ultimate ends of human behavior aimed at achieving certain virtues in the marketplace in his major works The Theory of Moral Sentiments (TMS), the Lectures on Jurisprudence (LJ), and An Inquiry Into the Nature and Causes of the Wealth of Nations (WN), though not in as explicit a manner as Aristotle. The grant enabled me to contribute to the two chapters of our manuscript we are devoting to Adam Smith’s moral reflections on economics. In the research for this project I make use of the themes of ‘behavioral economics’, a rapidly developing field of economics which brings to bear insights from psychology to marketplace activity. I consider two perspectives prevalent in the literature on the passions, instincts and actions of ‘homo economicus’ (economic man) as part of the moral basis of Smith’s ‘system of natural liberty.’ One reading claims that Smith understands flourishing market processes to be dependent upon the cultivation of moral virtues such as benevolence, prudence, probity and cooperation. The process of moral development is a prerequisite for ethical market activity. A second perspective finds Smith claiming that markets themselves in fact foster the virtues necessary for the viability (and flourishing) of the commercial system. The harmful effects of malevolent (unsocial) passions such as fraud, deceit and vanity are checked and benevolent (social) passions are manifested in virtues such as probity, prudence, and altruism. My analysis of TMS, LJ and WN pursues the hypothesis that the two perspectives are not mutually exclusive. Indeed, a careful reading of Smith’s teleology from a Christian perspective finds Smith striking a balance in considering the moral parameters of the marketplace. These are those moral elements which set the conditions in which the market enables human activity to pursue its true purpose, the pursuit of virtue that fulfills the wishes of the Creator and leads to social harmony. The commercial society depends upon human passions being ‘screened’ or channeled to produce prudence, self-command and probity in exchange. In turn, markets tend to foster these virtues, yet market participants only imperfectly achieve them. A product of the research related to this grant project was a paper entitled “Adam Smith and the Moral Parameters of the Marketplace: Probity, Deceiving Others and Self-Deceit.” It was presented at the annual conference of the History of Economics Society, held in June 2009 at the University of Colorado at Denver. In the paper I examine the three ‘screens’ or ‘filters’ Smith sees to be employed by all economic actors: sympathy, the impartial spectator, and the conscience accountable to the ‘all-seeing judge of the world.’ Smith’s understanding of God as the Creator Judge is shaped by the Scottish Enlightenment notions of Deism prevalent in the mid-eighteenth century. The paper analyzes Smith’s discussion of the virtue of probity and the vice of deceit in commercial society. Smith’s ethic for a market society affirms that in general probity is fostered in a commercial society and deceit tends to be minimized. I also discuss Smith’s presentation of a limited case for government intervention to deal with deceit as illustrated by his support of usury laws. Alongside of my work for the book project and conference paper, this grant enabled me to develop material employed in my courses in the History of Economic Thought and Intermediate Microeconomics. For example, currently I require students to reflect on Smith’s ‘behavioral economics’ in writing a paper examining TMS with regard to self-interest, sympathy, and the impartial spectator and their role in connection to the social and unsocial passions. Using specific examples, students are asked to evaluate Smith’s depiction of God’s role in shaping the moral features of human nature. Thanks again to the Westmont professional development committee for approving the funding of this grant. This has enabled me to continue moving forward on my research on moral reflections in the history of economics. I appreciate the opportunities afforded through the grant to share my research with professional colleagues and students. SABBATICAL REPORT Edd Noell Sabbatical Report Spring 2007 Project Title: “Regulating Pay: Christian Thought on Market Exchange, Property Rights in Labor and the Living Wage.” My thanks to the professional development committee for approving this Spring 2007 sabbatical project. In lieu of writing a full sabbatical report, Interim Dean Warren Rogers offered me the opportunity to make a presentation on the sabbatical at a faculty forum in April 2008. The essence of my professional activity during the sabbatical is presented below. My research for this project was pursued at the University of Chicago and Wheaton College. I found the University of Chicago libraries (including the archives on Chicago economists) particularly helpful. Using two major University of Chicago libraries, I engaged in archival research on the work of the University of Chicago economist Paul Douglas, specifically his concept of the ‘living wage’, its Christian foundations and public policy implications. I found A portion of this work was presented in a paper entitled “Fair Wage as Living Wage: Economists’ Competing Visions and the Living Wage Movement” at the annual conference of the History of Economics Society, held in June 2007 at George Mason University. In addition, I engaged in research at the University of Chicago libraries and Wheaton College on Biblical values related to property rights and economic justice. A portion of this work was presented in a paper entitled “Exchange and Property Rights in the Light of Biblical Values” at the annual conference of the Association of Private Enterprise Education, held in April 2007 at Cancun, Mexico. This paper was received well and in turn was published in the Journal of Private Enterprise (Volume 22, Spring 2007). I also presented a paper tied to this same research work in a seminar for the business and economics department (faculty and students) at Wheaton College in April 2007. During this sabbatical I also was pleased to engage in several other activities related to my work as an economist. First, I completed and published a review of Luigino Bruni, Civil Happiness: Economics and Human Flourishing in Historical Perspective for Economic History.Net in March 2007. Second, I enjoyed being part of the research life at the University of Chicago political economy seminar (on the Chinese economy and changes in government policy on property rights). Third, I was interviewed on WETN, the campus radio for Wheaton College, with respect to current global and domestic economic policy developments. I wish to again thank the Westmont professional development committee for approving the funding of this sabbatical. This has enabled me to continue moving forward on my research on Christian thinking on labor markets, property rights, and its contribution to the history of economic thought. I appreciate the opportunities afforded through the sabbatical to share my research with fellow economists and as well with students both at Westmont and Wheaton. Download 0.56 Mb. Share with your friends:
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