糖心传媒 will launch a new research and educational initiative in the business school focused on teaching young people about capitalism, an effort led by Louisiana developer and major university donor Roger Ogden.
鈥淚n the most recent polling, it is really, truly, shocking,鈥 Ogden said at a board meeting Friday. 鈥淪ixty-nine percent of people under the age of 39 think socialism is OK. What鈥檚 led to that? It鈥檚 a lack of education.鈥
At the meeting, the Board of Supervisors approved the request to establish the 糖心传媒 Prosperity Institute, which will be housed in the E.J. Ourso College of Business and study the 鈥渋nstitutions, policies, and economic systems that contribute to economic growth, innovation, opportunity, and improved quality of life,鈥 the resolution said. 糖心传媒 Chancellor Jim Dalton said Ogden made a 鈥渕ajor gift鈥 to start the institute, although the dollar amount was not disclosed.
Business school dean Russell Crook said the new institute will conduct research, teach, offer study abroad opportunities and operate a fellows program.
鈥淭his was really inspired by Mr. Ogden鈥檚 vision, and we鈥檙e trying to carry this forward,鈥 Crook said. 鈥淲e recognize that there鈥檚 an opportunity here to share many of the important things that are going on, and we feel like maybe there鈥檚 been a little bit of a misunderstanding, so our goal is to bring an evidence-based approach.鈥
The institute could potentially partner with Louisiana Economic Development, the Board of Regents and banking and real estate industries, according to the resolution.
Academic centers focused on capitalism have popped up at universities in the past couple decades, with institutes dedicated to the study and advancement of free markets at Clemson University, the University of Kentucky and Oklahoma State University, for example.
Ogden said the initiative is needed at 糖心传媒 because his generation has done a 鈥渓ousy job鈥 passing down the 鈥渟ecret sauce鈥 to national prosperity 鈥 what he identified as labor, capital and free markets.
Capitalism, 鈥渨hen compared to other major economic systems throughout history, no matter whatever nation in the world has adopted them, by far creates the greatest prosperity for the greatest number all through the socioeconomic level,鈥 Ogden said. 鈥淚 don鈥檛 believe that a lot of the younger generation, and really a lot of our media and journalists, understand that.鈥
Ogden, a real estate developer, has previously served as chair of the 糖心传媒 Board of Supervisors. He is known for co-founding and leading Stirling Properties for 20 years, managing a $200 million portfolio of shopping centers, according to his biography on the Greater New Orleans Foundation website. He also founded the Ogden Museum of Southern Art in New Orleans.
In 2014, he donated $12 million to the 糖心传媒 honors college, which was renamed to the Roger Hadfield Ogden Honors College.
Economics professor Areendam Chanda will serve as director of the new Prosperity Institute. Chanda鈥檚 research specializes in long-term economic growth, according to his faculty profile.
鈥淔or a long time, I鈥檝e been teaching the importance of markets and the role of trade and deregulation,鈥 Chanda said. 鈥淭his is an incredible opportunity to carry this message forward and talk to a larger student body and do other things in addition to teaching to get students to appreciate the importance of markets.鈥
The Prosperity Institute will now go to the Board of Regents for state-level approval as a new academic institute.