PHC Economics & Business Analytics Program

PHC's EBA program combines sound economic theory with rigorous analysis to prepare Christian students for careers in academia, business and policy. 09/28/2017

National Community Church

Here in the EBA program we passionately believe that a Christian must effectively utilize their human, physical, and financial capital for the glory and kingdom of God. Charity is voluntary, but necessary for Christ-followers.

Pastor Mark Batterson of National Community Church in Washington DC recently preached a sermon on this topic.

Get rich (righteously), give generously (and wisely), glorify God. National Community Church is a multi-site church meeting in movie theaters and performance theaters in the Washington, DC metro area. 09/27/2017

One House, 22 Floods: Repeated Claims Drain Federal Insurance Program

Here we see an example of Moral Hazard - people increase the frequency of unwise behavior as the consequences are decreased. To wit; subsidizing flood insurance incentivizes people to build on known flood-plains, increasing the destructiveness of floods.

The responsible free-market economist understands that while allowing freedom of action is important, the best decisions are made by people who comprehend the benefit AND COST of their choices.

In what I'm sure is an utterly unintended consequence, Federal flood insurance actually puts more lives at risk by causing more people to rebuild in flood zones. As they tally up hurricane losses, government officials are looking for ways to step up purchases of frequently flooded houses, which have become a huge drain on the federal flood insurance program. 09/26/2017

Faculty Spotlight: Howard Schmidt

In addition to Dr. Kucks' elevation to director last spring, the Economics and Business Analytics program also welcomed our fourth faculty member.

Howard Schmidt joined Patrick Henry College last April, in a dual role as Executive Vice President and Professor of Business Analytics.

Professor Schmidt holds a degree in mechanical engineering from Ohio State University and an MBA from Millsaps College. During his corporate career Prof. Schmidt became known for his extensive application of analytical methods toward profitable decision-making and his endless quest for useful knowledge.

In his dual role Prof. Schmidt will teach our upper-level business courses, beginning this fall with Business Methods and Entrepreneurship. He brings to the classroom his 30 years of corporate executive experience and a passionate belief that Christians must be intelligently active in the business world.

For more information please see: Howard Schmidt stepped out of a 35-year career in industry and into a dual role at Patrick Henry College - Executive VP and Professor of Business Analytics.

[09/01/17]   This semester, the Fall of 2017, the EBA major is grateful for the second semester of leadership by Dr. Michael Kucks

Following the departure of Dr. Daniel Bennett, the first EBA director, members of the PHC faculty, administration, and Board of Directors began searching for a replacement.

After considering a number of economists, mathematicians, and businessmen for the role, the decision was made to elevate Dr. Kucks to the position.

Dr. Kucks brings a deep appreciation for the free market, extensive understanding of applied math, and a passion for fostering student enterprise. He has already embarked on an ambitious schedule of program-improvement, marketing, recruitment, and establishing opportunities for students.

Economics and Business Analytics students will be well-served by Dr. Kucks' leadership as they learn the craft of economics and business.


2018-2019 V&C Young Scholars

American Enterprise Institute has opened the application process for their 2018-2019 Young Scholar Awards. If selected, the student would conduct a research project over the course of the year under faculty supervision and present their findings. The student also receives a $5000 scholarship and publication.

Many topics are viable, in various research areas. Be aware that application requires submission of a 2500 word research paper you have previously written. Prof. Russell and Dr. Kucks have indicated that they are willing to serve as project-supervisors. Deadline is July 1st 2018.

This is an especially good opportunity for EBA students interested in academic economics, public policy, or even the traceable/measurable behavior of businesses in response to various stimuli. The AEI Young Scholar research project would be a very good match with EBA DRW or other apprenticeship credit. The V&C Young Scholar Awards Program provides $5000 research scholarships in public policy or economic for undergraduate Christian college students. 08/31/2017

Texas Price Gougers Are Hurricane Heroes | Daniel J. Mitchell

As we pray for those enduring the storm, rains, and rescue operations along the gulf, economists find themselves - yet again - drawn into discussions on Price Gouging. Is Price Gouging efficient? Proper? Moral?

FEE has posted a concise look at price gouging, including three very interesting videos on the topic. I encourage you to take a look. Buyers understandably want low prices, particularly in emergency situations, and since buyers generally outnumber sellers, politicians will always have an incentive to demagogue on the issue. Unfortunately, laws against price gouging do way more harm than good.

[08/29/17]   As we start the second week of the 2017-2018 school year, the EBA faculty welcomes back our students and looks forward to engaging classes and enlightening events.

The summer was busy! Many EBA majors were busy with internships, jobs, and even their own start-ups. It is amazing to watch EBA students productively creating value - even before they graduate. That is what the program was designed to do.

Stay tuned for an update on what the EBA faculty were up to over the summer.

[11/17/16]   On Thursday, 17 November, join us at 2:10 p.m. in the PHC coffee shop to hear Josef Sima discuss the political and economic aspects of the Velvet Revolution and the fall of Communism in Czechoslovakia. Sima serves as Director of Philosophy, Politics, and Economics at the CEVRO Institute in the Czech Republic.


The Avalon Project : Jefferson's First Inaugural Address

Let's go way back to 1800, when Jefferson defeated Adams in a hotly contested election. It's worth reading Jefferson's whole inaugural address--as many of his words ring true today.

"I know, indeed, that some honest men fear that a republican government can not be strong, that this Government is not strong enough; but would the honest patriot, in the full tide of successful experiment, abandon a government which has so far kept us free and firm on the theoretic and visionary fear that this Government, the world's best hope, may by possibility want energy to preserve itself? I trust not. I believe this, on the contrary, the strongest Government on earth. I believe it the only one where every man, at the call of the law, would fly to the standard of the law, and would meet invasions of the public order as his own personal concern." - Thomas Jefferson, First Inaugural Address Called upon to undertake the duties of the first executive office of our country, I avail myself of the presence of that portion of my fellow-citizens which is here assembled to express my grateful thanks for the favor with which they have been pleased to look toward me, to declare a sincere conscio... 11/06/2016

It Wasn't Government that Fixed Your Clock | Lawrence W. Reed

As you're figuring out what time it is today, use some of your "extra hour" to read about governments, free enterprise, and time.

"How the invention of standard time brought order out of an astonishing degree of confusion is a sadly forgotten tale and a great tribute to ingenuity in a free society." - Lawrence W. Reed, President, FEE Remember the old Chicago song, “Does Anybody Really Know What Time It Is?” Well, if you asked that question about 120 years ago, you could have received 38 different answers in a single state and many more than that in some countries. How the invention of standard time brought order out of an astoni... 10/27/2016

Eisenhower TV ad on cost of living

#tbt In the 1952 presidential election, Eisenhower recognized the importance of economics in politics. Check out this ad on high prices.

"Time to get back to an honest dollar... and an honest dollar's worth." TV ad for Eisenhower on the high cost of living, 1952 presidential election

[10/05/16]   Last night the EBA program was pleased to host Craig Rucker and CFACT. More than 50 students, faculty, and members of the community interacted with Mr. Rucker on the topics of alternative environmental perspectives and market-compatible conservation initiatives.

[10/05/16]   TONIGHT. The second EBA Practitioners' Seminar. 7pm. In Hodel South (note: this is a change of location from previous).

[09/30/16]   Next Wednesday, October 5th 2016, we will hold the second round of the EBA Practitioners' Seminar. As before, EBA students and faculty will gather to discuss co-op internships.
We will meet in Nash at 7:00pm. Presentations (and their attendant Q&A) will take about 20-30 minutes each. Please feel free to join for all or part of the evening.

[09/15/16]   TONIGHT EBA students will be participating in the EBA Practitioners' Seminar - meeting to give brief presentations about their co-op experiences and interact with faculty and each other.

TONIGHT 6:30pm-8:30pm in Nash. Light snacks provided.

Presentations will be aprox. 15 minutes, come for all of them or just for a few.

[09/15/16]   Welcome back to a semester well underway! Already EBA students are finding cooperative internships, graduates have been reporting success in their post-college jobs, and many new plans are underway.

This semester the Economics and Business Analytics program has the great pleasure of welcoming to our program faculty the President of Patrick Henry College, Jack Haye. President Haye is teaching BUS413 Leadership and Management this fall and conveying to our EBA students the wisdom he has gained during a career in large for-profit and non-profit organizations.

EBA faculty and students are anticipating this evening’s EBA Practitioners’ Seminar, where students will present the results of their co-ops and interact with colleagues and faculty. The presentations will take place in Nash Auditorium on September 15, 2016 (TONIGHT), starting at 6:30pm. Feel free to stop by for a portion or all of the seminar.

Lastly, we are looking forward to a couple of great speakers this semester, including Craig Rucker, the executive director of CFACT who will be expounding on the requirements placed on business by environmental regulation (further details forthcoming).


Milton Friedman - Socialism is Force

It's Throwback Thursday... watch Milton Friedman discuss how Socialism is force. It may be the most thought-provoking six minutes of your day (outside of your PHC and econ classes, of course).

"More important and more fundamentally, whenever we depart from voluntary cooperation and try to do good by using force, the bad moral value of force triumphs over good intentions." - Milton Friedman, lecture at Cornell University, 27 Sept. 1977

Milton Friedman discusses the moral values encouraged by economic systems and explains that a primary difference between capitalism and socialism is the diff... 09/06/2016

Why Do People Work?

Enjoy this post-Labor Day article from Dr. Anne Bradley at The Institute for Faith, Work, and Economics (IFWE).

"If we are focusing on our gifts, we are much more likely to derive satisfaction from our work." - Dr. Anne Bradley Labor Day is a good day to ask, "Why do people work?" 06/15/2016

How To 'Recharge' The Hotel Industry

Another great example of an entrepreneur using technology to increase the productive capacity of capital assets and satisfy consumer needs. Watching entrepreneurs operate within a free market system is economics brought to life! When you are traveling, commuting, shopping downtown, or jumping between meetings, you sometimes need a break space. And this need often exceeds what Starbucks can offer. That is where Recharge comes in. 06/08/2016

Evaluating Alternative Measures of Institutional Protection of Private Property and Their...

This newly published paper in the Journal of Private Enterprise by PHC economist Daniel Bennett et al. evaluates several alternative measures of private property institutions and their relative ability to predict economic development.

#propertyrights #economicdevelopment #economicfreedom "Journal of Private Enterprise" | Summer2016 05/23/2016

Factor endowments, the rule of law and structural inequality

Research by Dr. Daniel Bennett examines how geographic and climatic conditions historically shaped the rule of law and the consequences for economic inequality. The takeaway: the rule of law (e.g., respect for private property, evenhanded contract enforcement, and equality before the law) is associated with greater economic equality. The research is being published by the Journal of Institutional Economics.

#inequality #ruleoflaw #propertyrights #economicfreedom This paper provides an empirical test of the Engerman–Sokoloff hypothesis that factor endowments influenced the development of the rule of law, which in turn has perpetuated income inequality. Using a measure of the suitability of land for growing wheat relative to sugarcane as an instrument for the... 05/13/2016

Venezuela Is Falling Apart

A humanizing depiction of the rapid economic and social decay of Venezuela. This humanitarian crisis is wholly attributable to the socialist policies imposed in Venezuela such as restricting foreign trade, nationalization of vast swaths of industry, depradation of.private property and enactment of price and quantity controls.

#socialismsucks Scenes from daily life in a failing state 05/09/2016

The Economy Is Rigged, and Other Presidential Campaign Myths

Harvard economist Greg Mankiw dispells some of the most egregious claims being made by the current pool of Presidential nominees. This year’s candidates have been particularly egregious in spreading unreliable information about the economy, often portraying themselves as the only cure. 05/07/2016

Ivy League economist ethnically profiled, interrogated for doing math on American Airlines flight

EBA students may be profiled while traveling for doing homework!
#seesomethingsaysomething #itsjustalgebra Move over, Clock Boy. Another swarthy-looking nerd is alarming the authorities. 05/06/2016

The hidden virtues of income inequality — and ‘poor doors’ in affordable-housing requirements

An excellent economic analysis by Richard Epstein of the unintended consequences of affordable housing (and cruise ship cabin) policies.

#lawandeconomics #inequality #economicpolicy Richard A. Epstein argues economics are why the wealthier should have differential access to common facilities


"The Fatal Conceit of Foreign Intervention", by Dr. Christopher Coyne at Patrick Henry College

Video from EBA Political Economy Lecture Series

"The Fatal Conceit of Foreign Intervention"
by Dr. Chris Coyne
October 14, 2015

Dr. Christopher Coyne is the F.A. Harper Professor of Economics at George Mason University. In this EBA Political Economy Lecture, Professor Coyne discusses his research on the political economy of foreign policy. Specifically, he discusses the unintended and harmful consequences of military and aid interventions.

Watch other video lectures on PHC's Youtube page:

#politicaleconomy #foreignaffairs #freemarkets #austrianeconomics

"The Fatal Conceit of Foreign Intervention" by Dr. Christopher Coyne October 14, 2015 Dr. Christopher Coyne is the F.A. Harper Professor of Economics at Geor...


"Capitalism, Christianity and Income Inequality" Dr. Anne Bradley

Video from EBA Political Economy Lecture Series

"Capitalism, Christianity and Income Inequality"
Dr. Anne Bradley
September 29, 2015

Dr. Bradley is VP of Economic Initiatives at the Institute for Faith, Work, and Economics. In this EBA Political Economy Lecture, Dr. Bradley discusses the relationship between capitalism and income inequality, and how Christians should think think about the two.

Watch other video lectures on PHC's Youtube page:

#politicaleconomy #faithandeconomics #inequality #capitalism

"Capitalism, Christianity and Income Inequality" by Dr. Anne Bradley September 29, 2015 Dr. Bradley is VP of Economic Initiatives at the Institute for Faith,... 03/24/2016

IHS Internships - Institute for Humane Studies

EBA students: check out paid internship opportunities with IHS. If interested please let Dr. Bennett know. Intern for freedom, not for free: IHS Internships for all semesters available and all internships are paid. Apply today!





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