Glenn Hubbard ’79, chairman of the board of MetLife Inc., and his wife, Constance Pond, gave $1 million to �鶹ӳ����ý to establish the Kenneth White and James Xander Professorship in Economics. The professorship is in honor of the two faculty members that Hubbard credits for inspiring a career that led him to be one of the most influential economists in the U.S.

Hubbard graduated summa cum laude with a bachelor’s in economics from �鶹ӳ����ý. He also earned a master’s and doctoral degree from Harvard, served as chairman of the U.S. Council of Economic Advisers under President George W. Bush, and is dean emeritus and Russell L. Carson Professor of Finance and Economics at Columbia Business School.

On the Friday before �鶹ӳ����ý’s Homecoming weekend, Hubbard and Pond were recognized at the formal investiture of John Solow to the Kenneth White and James Xander Professorship in Economics at the college.

“Today is about love for the experience here [at �鶹ӳ����ý],” Hubbard told the audience. “You know, a great teacher isn’t just somebody who conveys information. Well, it’s not even somebody who’s also a great mentor. Although the two gentleman whose names sit on this chair are both of those; it’s somebody who opens the door to the world for you.”

The occasion, led by Provost Elizabeth A. Dooley and College of Business Dean Paul Jarley, marked the first endowed chair investiture ceremony at the college. An investiture is regarded as one of the highest honors to be bestowed in academia and is meant to confer and celebrate the appointment of a distinguished faculty member to an endowed chair or professorship.

“Professorships, such as the one here today, allow us to attract and retain our most outstanding scholars,” Dooley says of the honor. “They also reward faculty members who go above and beyond in their dedication to teaching and learning.”

Solow, who joined �鶹ӳ����ý earlier this year from the University of Iowa, is a renowned economist who is published in numerous economic journals and specializes in antitrust, industrial organization, law and sport economics. He obtained his bachelor’s degree in economics at Yale University and earned his master’s and doctorate at Stanford University.

“Being a university professor is one of the best jobs in the world, up there with Ben and Jerry’s taste tester and referee at the annual Animal Planet Puppy Bowl,” Solow says after receiving a medallion from Dooley. “…With those benefits comes an obligation, I believe, to invest ourselves in our institution, to do more than just ‘do our jobs’ and go beyond to make our colleges and universities better places through service. That service can be done in many ways … Sometimes, as in the case of Dr. Hubbard and Ms. Pond, you are in a position to heed the call to serve by doing something truly transformative, and for that we are truly grateful.”

The two namesakes of the endowed professorship, White and Xander, were also recognized during the ceremony with commemorative keys for opening the door to the economic world for Hubbard and for inspiring him to establish the professorship. Looking back on his own successful career as an economist and academic, Hubbard credits White and Xander for their tutelage during his time at �鶹ӳ����ý.

“When you talk to our alumni, they may not remember every professor they’ve ever had, but they do remember the one or two who had the biggest impact in their time in school,” Jarley says. “If you ask Glenn Hubbard that question, he would say Drs. Ken White and James Xander.”

The , the largest in �鶹ӳ����ý’s history, started in 2011 and seeks to reach the $500 million milestone by June 2019. More than 66,000 people have contributed $274.3 million to date, with much of the support coming from the generous benefactors invited to Friday’s gala.

“It shows an outpouring of support for the university that’s really going to help move us forward in the years ahead,” President John C. Hitt said. “I want to thank each of the donors very sincerely from my heart of hearts for their generosity.”

Philanthropy is critical to the university’s vitality and impact in the community. Investments in students, faculty and game-changing projects lift Central Florida’s economy – in everything from hospitality to medicine – and transform lives and families across our region.

The IGNITE campaign supports three priorities:

Gifts recognized at Friday’s gala include:

The university also honored Orlando hotelier and philanthropist Harris Rosen for his lifetime of giving to �鶹ӳ����ý. In addition, Harris Corporation and Texas Instruments were recognized for their support for the College of Engineering and Computer Science.

The campaign chair is Rick Walsh, a 1977 graduate and former chair of the �鶹ӳ����ý Board of Trustees.

During his hour-long presentation, Dr. Hubbard discussed the causes of the financial crisis and what to expect in the next year as the economy recovers.

Hubbard acknowledged that there were different schools of thought on why the “Great Recession” had occurred, but that he believed it was partially due to a boom in productivity growth during the mid-1990s, a big imbalance in capital markets, and a lenient Federal Reserve policy during the past decade that put “wind in the sails of the bubble.”

Open Video – “Economic Outlook: The Path Forward”

Hubbard cautioned that although the economic recovery was well underway, the unemployment rate would take a while to come down. Asked about the policy challenges going forward, Hubbard said that “productivity growth remains the clear policy objective for the U.S. economy” and called for greater transparency in the financial system and ending the notion of “too big to fail.”

Hubbard served as chairman of the White House Council of Economic Advisors from 2001–2003 and was a deputy assistant secretary of the U.S. Treasury Department from 1991–1993. He is currently the Russell L. Carson Professor of Finance and Economics at Columbia, a research associate of the National Bureau of Economic Research, and a co-chair of the nonpartisan Committee on Capital Markets Regulation. He received his Ph.D. in Economics from Harvard University in 1983 and he graduated summa cum laude from the �鶹ӳ����ý in 1979 with BA and BS degrees in Economics.