Roanoke College Economics Program

Roanomics
Volume 5, Issue 1
Summer and Fall 2014

From the Colonels Desk

Find a penny, pick it up.
All the day, youll have
good luck.
This was a very popular
childrens rhyme when I
was growing up, back when
telephones were actually
connected to a wall. In fact
it was even more than that- it was a superstition. If
you saw a penny lying on
the ground, it was considered bad luck if you did not
pick it up! Besides, back in
the 1950s a kid could buy
a lot with a penny or two,
candy being the most popular choice.
Today, pennies are simultaneously ubiquitous and
scarce, an interesting paradox. No one actually carries
pennies around anymore,
do they? In fact, most people view them as a nuisance. If change is to be
given for a transactions that
involves pennies, many
sellers will round up to the
nearest nickel, so buyers
wont have to deal with
those pesky copperheads.
Penny jars can be found at

most checkout counters in

nearly every retail establishment, so that change
given in pennies can be
either donated to a worthy
charity or left for the next
to customer borrow so his
change comes out even to
five cents. The penny has
been relegated to a status
similar to that of a computers A-drive!
Recently, the US Mint has
been toying with the idea of
a stoppage of penny production and the eventual
removal of the penny from
circulation. One reason for
this is a selfish one; it now
costs the US Treasury 1.8
cents to manufacture one
penny, so the government
actually accrues a loss on
its production. Recall that
seigniorage is the revenue
the government obtains
when it issues money that
has a face value greater
than its production costs.
Seigniorage has served as
an important source of government revenue for a long
time. Now it can be argued
that the seigniorage of the

penny is negative, thus

making it unprofitable for
the government to mint
additional coins. There are
other practical reasons for
eliminating the penny, including the facts that they
are not accepted in vending
machines and a single penny will buy nothing at todays prices.
I doubt that the penny will
ever be removed from circulation, because many fear
this would hurt the poor due
to the rounding tax of
rounding the price to the
nearest nickel.
What do you think about
eliminating the penny from
circulation?

Advising tips:
The Economics Program offers a major and
a minor
If you major in BUAD,
there are only five additional courses left to
complete the minor in
ECON
Several of the ECON
200-level courses serve
as electives in BUAD
concentrations
ECON 121 can substitute for an INQ 260

Inside this issue:

News and notes

Student Editors
note

Faculty update

Presentations,
Awards, Honors

New faculty

Words from an alum

Student: Will there be any extra credit?

Travels with Dr.

Bob

Fleming: Son, Ill give extra credit the same

day we have class outside and watch a movie.

Economics Club
update

10

Please follow the link found

here to take our extremely
unscientific poll regarding
this hot-button issue
(tongue placed firmly in
cheek). As for me, I will
continue to bend over to
retrieve a fallen penny. Old
habits are hard to break.

Flemingism

Have a meal with the

11
Flemings!

Page 2

Roanomics

News and notes

Dr. Michael Enz joined the
Roanoke College Faculty this
fall as a Visiting Associate Professor. Enz joins us for two
years from Framingham State
University and will be teaching
a variety of courses including
Intermediate Microeconomics
and Environmental Economics.
Stavetski `14

DID YOU
KNOW?

32
There are
currently 28
declared majors
and 4 declared
minors in the
Economics
Program.
Declare yours
here

Dr. Garry Fleming, Sue Fleming, and their nephew opened a

restaurant in downtown Roanoke this month (City Market
Building). The restaurant,
Scrambled, serves breakfast
food and is delicious! Check out
their Facebook page here and
make sure to stop in over Alumni Weekend!
Laura Stavetski `14 star ted
her first year of law school at
Suffolk University
Chanho Song `13 got engaged!

Five students will join Dr. Kassens in January to a Public

Choice Seminar at CNU. We
will provide photos and details
in the Winter/Spring issue of
Roanomics.
Dr. Michael Enz took 1st
place in the Cengage Learning/
National Economics Teaching
Association Best in Class
Award honoring pedagogical
techniques in economics besting
Dr. Alice Kassens 2nd place
last year.
The Virginia Association of
Economists will host their
2015 Annual Meeting at Randolph Macon College March 19
-20. The Sandridge Lecture will
be given by Bruce Yandle. Yandle is an author and Economics

Professor with George Mason

Universitys Mercatus Center.
To find out more about the event
check out the new webpage. Student paper presentations are welcome.
Angela He 16 is studying
abroad this year in Hong Kong.
The Economics Reading Group
spent the semester discussing
Thomas Sowells Economic
Facts and Fallacies and will
travel to Washington D.C. in
February to visit with an American Enterprise Institute scholar.
Please let us know what is new
with you at roanokeecon@gmail.com or fill out our
form at kassensroanokeecon.blogspot.com
We hope to see you over Alumni
Weekend in 2015.

Where are our alumni now?

John Pauler `07 is cur r ently
getting his Masters of Science
in Predictive Analysis at Northwestern University and works at
SimpliSafe in Digital Marketing
and Analytics
Jonathan Herttua `09 is an
analyst at BlackRock in San
Francisco, CA
Former Roanomics Student
Editor Megan Rhodes `11 is an
Associate Wealth Management
Advisor at Northwestern Mutual in Richmond, VA

Rhodes `11

Keeping with the love theme,

Matt Jones `09 also got engaged!

Sara Caudle `12, another

Roanomics Student Editor, is a
Financial Analyst with Yon-

Drake and Associates in

Greensboro, NC
Ian Kervick-Jimenez `13
works in Client Finance at
Mindshare in NYC

Connect with Dr. Alice Louise

Kassens on Linkedin.com so
that we can keep up with you!

Have career advice or contacts

for our current Economics students? Please send an email to
roanokeecon@gmail.com.

My overall education at Roanoke College, and particularly

my economics education, prepared me for dealing with the
extremely varied career and
educational experiences I have
had throughout my life
-Roanoke College alumna `72
Give us your comments via
Advice for our graduates on
our blog and they might be included in the next issue of
Roanomics!

Page 3

Volume 5, Issue 1

Student Editors Note: Emma Webb `15

This semester is panning out
to be the hardest Economics
semester yet. I am currently
in Dr. Kassens Econometrics
class with 15 other seniors.
Econometrics is best described as the child of Economics, Calculus, and Statistics. Most undergraduate
Economics programs dont
even offer Econometrics, but
not only does Roanoke College offer itit is required. I,
like many of my peers, have
gotten very comfortable with
economic theory over the
past three years and am struggling to tame this new animal.
But as much as I struggle
with econometrics, I find that
I am genuinely enjoying the
outcomes possible from the
enhanced research capabilities. With econometrics I can
create models that include
multiple variables and actually find if they are indicating
anything of value. Econometrics is the skill I needed to
actually do many of my past

research projects correctly

and opens up a new spectrum
of research possibilities (as
cheesy as that sounds). This
class teaches a skill I know I
could actually use in the job
market (I promise Dr. Kassens is not bribing me to
write this). Plus the feeling of
finally understanding a concept you fought for hours on
is rewarding.
My Econometrics project
studies women on welfarea
topic I feel very strongly
about after doing a ride along
with D.C. metro police last
semester. I am testing if
women on welfare have more
children than those not on
welfare while controlling for
their access to contraception.
Thankfully economists have
been studying welfare and
fertility for a long time, so I
have many giants shoulders
to stand on.
This semester I am participating in a Service Learning
Independent Study led by Dr.

Kassens with three other seniors: Robert Horn, Katelyn

Nuckoles, and William
Corso. We go every week
(alternating in pairs) to Patrick Henry High School in
Roanoke and help teach Mr.
Hartmans Advanced Placement Economics course. So
far we have been helping
reinforce material and run
simulations/experiments.
Some of the favorites have
been a study of marginal utility with marshmallows, and
the creation of a demand
curve charting the demand
for gum vs. chocolate candy.
Nothing sells to highschoolers like sugar.

experiments many steps

ahead. Each time we have
ended up jumping ahead to
something new that we didnt
write into the lesson plan.
They are extremely bright
Teaching to others reinforces students which makes the
our knowledge of the materi- experience more engaging
al. I personally have had to
and interesting. Teaching
go back to my Introduction to economics to younger stuMacro and Micro notes bedents has been a refreshing
fore every class to make sure escape from the complexities
Im prepared to teach the
of our senior year courses.
subject. Nevertheless, the
Everyone said senior year
students always manage to
would be tough. It turns out
ask me questions Im not
fully prepared for, or take the they werent joking.

Spring and May 2015 Courses

SPRING

ECON 232

ECON 461

ECON 121

Money and Banking

Senior Seminar

Principles of Microeconomics

Fleming

Nik-Khah

Enz, Nik-Khah

ECON 247

SERVICE LEARNING

ECON 122

International Trade and Finance

Independent Study

Principles of Macroeconomics
Enz, Fleming
ECON 227
Health Economics
Kassens

Fleming
ECON 322
Intermediate Macroeconomics
Enz

Emma Webb `15

Kassens

MAY TERM
ECON 277
Economic JourneysAlaska
Kassens

Page 4

Roanomics

Faculty Update: Dr. Alice Louise Kassens

This semester I have taken on a
couple of new and exciting endeavors.

Alice Kassens

This year I was appointed by

Governor McAuliffe to his Joint
Advisory Board of Economists
(JABE). This is my first appointment and I am honored
and thrilled for the opportunity.
The function of JABE is to advise the Governor and his Department of Taxation on the
state of the Commonwealths
economy and the nation as a
whole. This information is used
to project state tax revenues
before setting the state budget.
Being an economist who is passionate for data analysis and the
state of our local economy, this
position is exciting. I get to
showcase the analysis that I do
for the Roanoke College IPOR
pertaining to consumer sentiment, inflation expectations,
and the real estate market in
Virginia. You can read any of
those reports here.
I attended my first JABE meeting in October at the Patrick
Henry Building in Richmond,

Images from
left to right:
1) Governor
McAuliffe giving press conference adjacent
to the 2014
JABE meeting
2) The Patrick
Henry Building,
Richmond, VA

VA. This is a closed door meeting, so I cannot reveal what was

said, but I can say that the Governor stopped in to say hello
and thank us for our work. Halfway through the meeting we
took a break to attend his press
conference in a nearby room. It
was a thrilling experience.
Secondly, I initiated the first
Economics Service Learning
course for our program. I met
Ellen Stick (Social Science Coordinator, Roanoke Public
Schools) in October 2013 at a
conference. I discussed with her
my desire to develop a service
learning course. Over the course
of the following months, Ellen
helped me develop a proposal
for Roanoke College Economics students to assist in the Patrick Henry High School AP
Economics class. I met several
times with her and Mr. Andrew
Hartman, the AP Economics
teacher (and Roanoke College
alum) in the spring of 2014. Our
project was approved by the
proper authorities and I invited
some of the top Roanoke College Economics students to be

the first participants (Emma

Webb, Robert Horn, William
Corso, and Katelyn Nuckoles).
The Roanoke College students
ran weekly simulations, demonstrations, discussions, and lectures in the high school classroom. This required preparatory
work and reviewing of the principles of economics (no better
way to reinforce material than to
teach it to others!) Additionally,
with the help of Dr. Richard
Grant, the Director of the Pathways Program, I provided
prompted weekly reflection
questions for the Roanoke students. You can read those questions and the student responses
here.
In addition to enjoying the experience and giving back to the
Roanoke community, I believe
the our economics students developed valuable skills including
time management, organization,
and leadership which will help
them when they leave Roanoke
College in May. We are excited
to continue this course in the
spring with PHHS.

Page 5

Volume 5, Issue 1

Presentations, Publications, Awards

Dr. Michael Enz
10th Annual Economics Teaching
Conference (San Diego, CA), Using
Twitter to Increase Writing Skills
and Expand the Learning Environment (with Alice Louise Kassens)

Watch the video of the

teaching technique Dr.
Enz took first prize with
here...you will see some
familiar faces!

10th Annual Economics Teaching

Conference (San Diego, CA), Selfgrading
Behavioral Economics presented
at Plattsburgh State University

Virginia Real Estate Index. (2014)

Salem, VA: Institute of Policy and
Opinion Research. (May, August,
November)
Charles Koch Foundation Educational Grant for Roanoke College Economics Reading Group
Charles Koch Foundation Educational Grant for Undergraduate Public
Choice Seminar

ence 44(4): 524- 530.

Institute for New Economic Thinking Grant to film the course History
of the Economics of Information and
Market Construction in the Twentieth Century (with Philip Mirowski)
2014-15 Faculty Research Year,
Roanoke College

Dr. Robert Stauffer

2014 Cengage Learning Economist

Educators Best in Class Award

Referee for Journal of Economic

Education, Journal of Economics
and Finance Education, and NCUR

It is Less Clear Now that the Fed is

on the Right Path. Letter. Wall
Street Journal 24 Apr. 2014.

Dr. Alice Louise Kassens

Dr. Edward Nik-Khah

10th Annual Economics Teaching

Conference (San Diego, CA), Using
Twitter to Increase Writing Skills
and Expand the Learning Environment (with Michael Enz)

Academic Freedom Contra Intellectual Freedom presented at the History of Economics Society Conference, Universit du Qubec Montral, Canada, the Neoliberalism in
Translation Conference, Whitlam
Institute, University of Western
Sydney, Australia

Count all of the Income and Benefits. Letter. Wall Street Journal 27
Aug. 2014.

Annual Meeting of the Governors

Joint Advisory Board of Economists
(Richmond, VA)
Roanoke Regional Chamber of Commerce Economic Summit XI
(Roanoke, VA), The Virginia and
Roanoke Valley Labor Markets,
invited speaker
Tweeting your way to improved
#writing, #reflection, and
#community, Journal of Economic
Education, 2014, Volume 45, Issue 2,
pg. 101-109.
Consumer Sentiment and Price Expectations in Virginia. (2014) Salem,
VA: Institute of Policy and Opinion
Research. (May, August, November)

History of the Economics of Information and Market Construction in

the Twentieth Century, presented at
the Institute for New Economic
Thinking, New York (with Philip
Mirowski)
Neoliberal Pharmaceutical Science
and the Chicago School of Economics. Social Studies of Science 44(4):
489-517.

Minimum Wage and the Maximum

Benefit to Society. Letter. Wall
Street Journal 15 Oct. 2014.
The High Costs of the Feds War on
Seniors and Savers. Letter. Wall
Street Journal 3 Dec. 2014.

Service Learning Students

(William Corso, Robert Horn, Katelyn Nuckoles, Emma Webb)
Service Learning and Economics,
presented at the Experiential Learning Showcase at Roanoke College

Power to the People: A Reply to

Healy, Mangin, and Applbaum. Social Studies of Sci-

Spring 2014 Academic Honors

Reitan

Presidents List

Spencer K Lewen

Omicron Delta Epsilon

Jonathan Leslie Eary

Katelyn Brooke Nuckoles

Conor Fitzhenry

Angela He Chen

Jeremy Jacob Peavey

Athletic Honor Roll

Deans List

William Andrew Reitan

Jonathan Edouard Babington-Heina

Outstanding Student

Ryan Clement Dill

Spencer Lewen

Conor Michael Fitzhenry

Lowry Award

Robert Campbell Horn

Emma Webb

William Andrew Reitan (golf)

Page 6

Roanomics

New Faculty: Dr. Michael Enz

Take one of
Dr. Enzs
courses:
ECON 121
ECON 122
ECON 287
ECON 321

I am excited to have a chance to

teach in an academic setting
that is similar to my start in
economics.
Having grown up in Oregon,
climbing many of the mountains in the Cascade Range, and
not owning a car until the age
of 29, I figure I am suited to
teach Economics and the Environment. While originally an
Industrial Organization economist, my research interests have
ranged from the first-mover
advantage in the market for
Dynamic Random Access
Memory chips and the impact
of industrial structure on the
crafting of the House Energy
Bill to the public funding of
sport stadiums and applying
behavioral economics to improve the teaching of economics.
I am extremely thankful to be
back at a college that focuses
on undergraduate education. I
have been impressed with the
economics students that I have
met this semester and look forward to meeting more.

FIVE THINGS YOU MIGHT NOT KNOW ABOUT DR. ENZ

1.

Retired mountain climber

2.

Heart surgery survivor

3.

Been to a Super Bowl and an NCAA National Championship

game

4.

Worked for a sewer department

5.

Pittsburgh Steeler and Oregon Duck fan

- Michael Enz

Dr. Enz took home first

place in the Cengage
Learning Best in Class
Award this past November.
This award is for innovative teaching techniques.
Congrats Dr. Enz!

Page 7

Volume 5, Issue 1

A Visit with Janet Yellen

Alexander

On May 1, 2014, I
checked off an item on
my bucket list. After 21
years in the banking industry and after coaching the Fed Challenge
team for seven years, I
finally had the opportunity to hear the Chair
of the Federal Reserve
speak in person. In her
inaugural address to
bankers since taking the
helm earlier this year,
Dr. Janet Yellen spoke
at the 2014 Independent
Community Bankers of
Americas Washington
Policy Summit in Washington, D.C. Her speech
was steamed live by several networks.

Due to the historic magnitude of her address,

the ICBA sent an open
invitation to all independent community
banks across the coun-

try, permitting each institution to send one employee, at no charge, to

hear her remarks. I
quickly snatched up my
Bank of Botetourts admission ticket and
boarded my first Amtrak
ride to our nations capital.
Short in stature, strong
in delivery, and escorted
by a dozen secret service
agents, Dr. Yellen
shared her view on some
key issues facing community banks. She noted
the improved health of
our nations banking
system, addressed the
too big to fail vulnerability, and acknowledged the rooms concern about regulatory
burden on smaller institutions. She tempered
the concerns by assuring
the bankers that the Fed

was taking steps to tailor

and improve the regulatory examination process.
I used a quote from her
speech about the importance of outreach and
educational programs
the Fed bolsters as Dr.
Philip Heap, from JMU,
and I wrote a proposal to
the Federal Reserve
Bank of Richmond to
reinstate the Fed Challenge for 2014. We succeeded!
-Michelle Alexander

NOTE: You can read

Yellens May 1st speech
here.

Page 8

Roanomics

Words from our alumni: Nathan Castellano `12

Ahead Of The Curve: Economics As A Springboard To
Success In Law School
A law degree, even from a prestigious school, brings no assurance of job offers that justify
the expense of a legal education. The most critical factor in
obtaining gainful legal employCastellano `12
ment is a strong first year GPA.
The economics curriculum at
Did you know that Roanoke College provides stuEconomics majors dents with the foundational
score higher on the skills that are tested during the
first year of law school. When
LSAT than all
you build this foundation in
other majors save
college, you enter law school
Philosophy?
ahead of the curve.
Source:
The market for lawyers is floodNieswiadomy,
ed with an annual supply of
Michael, LSAT
freshly minted J.D.s, but the
Scores of Econom- demand for legal services is still
weak from sequestration and
ics Majors: The
the 2008 financial collapse.
2008-2009 Class
Government agencies are hiring
Update (June 25,
2009). Available at less, if at all; and, instead of
reducing their notoriously high
SSRN: http://
wages, law firms reduced the
ssrn.com/
number of new hires. Despite
abstagnant employment prospects
for graduates, law schools remain among the most profitable

institutions of higher education,

and they show no signs of reducing enrollment or tuition to
match the realities of the labor
market.

main relevant in academic discussion, and over forty percent

of the federal judiciary has taken
economics courses designed for
judges.

First year grades determine the

career trajectory of a prospective attorney, and poor initial
performance is difficult to overcome.
Employers eliminate
applicants with GPAs below
minimum standards. The timing of the highly structured recruitment process results in
hiring decisions based on first
year grades. Compounding this
pressure, most schools grade
students on a strict curve calculated after a single exam in each
course.

Two of the most fundamental

concepts of all legal analysis,
particularly in the common law
classes taught during the first
year curriculum, are reasonableness and causation. Whether
something is reasonable turns on
whether its costs are worth its
benefits. Creating nuanced arguments regarding reasonableness
comes second nature to economics students, as cost-benefit analysis is introduced within the first
week, if not the first day, of introduction to microeconomics.
While causation is presented as
one of the most foreign concepts
first year law students face, it is a
constant theme throughout macroeconomic and econometric
analysis.

Many college students interested in law school prioritize classes that are substantively legal,
such as political science or
criminal justice. This is a mistake. The first year curriculum
of American law school tests a
students ability to think like a
lawyer, not the mastery of substantive legal issues. Students
are better served by taking economics courses, which train
them for legal analysis. This is
not a novel strategy: Due to the
success of the Law and Economics movement, economics
is so entrenched in legal analysis that law professors must
learn economic theory to re-

Law school and economics classes share the same maxim: It is

not the answer you reach that
counts, but the way you reach it.
Law school exams test your ability to put forth all realistic arguments and then advocate for the
pattern of argument that creates
the best rule to be applied to all
future circumstances. This method of analysis is inherent in
weighing the relative benefits of
any economic theory, and it is
honed in all economics classes,
particularly the capstone course
at Roanoke, History of Economic
Thought. The wide array of
courses offered at Roanoke provides exposure to different, often
conflicting,
and
constantly
evolving perspectives. The law
is riddled with these internal
inconsistencies, and being able to
discern which perspective a professor, judge, or attorney utilizes
is an advanced skill that is sure
to set you apart from the mean.
-Nathan Castellano

Page 9

Volume 5, Issue 1

Travels with Dr. Bob

Taste testing

Highclere Castle

This past May, our "road

rally" group from my
hometown of Frederick Md.
traveled to the Wilmington
DE area to visit various attractions associated with the
du Pont family: Winterthur- a
five story mansion built in
the 1930's that now is a museum (with a Downton Abbey exhibit), Longwood Gardens-a 1,000 acre tract of
horticultural splendor, and
the Hagley Museum the
original factory site of the du
Pont's gunpowder empire. My favorite was the
Hagley; it was started in
1802, and some of the original factory facilities have
been restored. The company's
founder, E. I. du Pont lived in
a mansion on a ridge above
the powder mills. He insisted
on living there, even though
occasional blasts from powder mill accidents blew out
windows and overturned furniture
Some members of the
group were so entranced by
the Downton Abbey exhibit
that we travelled to England
in September to visit the locations where the PBS series
is filmed. Starting in Oxford
we headed into the Cotswalds
where we toured Highclere Castle and Basildon.
Highclere used to be known
for its museum of Egyptian
artifacts from King Tut's
tomb, collected (looted?) by a
former Earl.

This did not bring in

enough revenue to cover the
monstrous maintenance costs
and high taxes - two major
factors in the demise of many
an English manor home. The
estate was saved when
Downton Abbey started filming there: hordes of TVdazed Americans showed up
to take the tours (present
company excepted).
My other favorite activity
in the Oxford area was a "pub
walk" - a four mile stroll
along the Thames River featuring stops at two historic
pubs, the Trout and the
Perch. We then headed to the
to Port Issacs, the location of
yet another PBS series entitled "Doc Martin"- about a
village doctor who suffers
from asberger's syndrome
along with a fear of
blood. Believe it or not, it's
hilarious! Port Issacs is a
small, isolaed harbor town
with breath-taking beauty
(some of the locals describe it
as a small drinking village
with a fishing problem).
We took a side trip down to
Penzance to attend the
Minack Theater- a spectacular seaside venue that is
worth the trip (even if you do
have to sit through a Gilbert
and Sullivan play).
Our England trip coincided
with the vote on Scottish independence. The event generated intense media coverage,
and most Brits were relieved

when the election results left

the United Kingdom intact. Another good piece of
news for the once great British Empire is that the microbrewery revolution is
gaining traction. You can
now find some good IPA's,
along with a wide variety of
ales. Traditional British pubs
have been in decline for several decades as a result of
various factors: smoking
bans, dishwater beer, breathalyzer tests, cheap supermarket beer, and giant pub chains
that are buying up traditional
pubs. There is hope that the
microbrewery renaissance
may help reverse the decline.
In closing, I would like to
provide you with some travel
tips from two of our recent
trips to North Carolina. At
the Outer Banks, check out
the "blue" restaurants: the
Blue Point in Duck and the
Blue Moon in Nag's Head.
Secondly, the Asheville area
is fantastic in October: we
always stay at the Mt. Pisgah
Lodge located on the Parkway about 15 miles south of
Asheville. Make your reservations early since it already
is getting booked for next
fall.
An Alaska trip is on the
horizon for the summer of
2015. Be sure to keep those
Social Security
"contributions" coming --it's
an expensive trip!

Page 10

Roanomics

Economics Club Update

Founded in 2012, the Economics Club has had a presence on
campus through a number of
exciting events such as tailgating sporting events and viewing
movies which relate to economic theory. Just recently the club
has begun revitalizing itself
under the new leadership of
Caitlyn Gaugler and its recently
joined members. New and exciting events have been held for
all to enjoy and have proved to
be quite successful.
Using an apple press acquired
from club member Jake Brown,
we explained a number of economic paradigms by relating
them to various stages of the
apple cider making progress.

We were able to make all sorts

of dorky economics puns about
market externalities, economies
of scale, government intervention, etc. throughout the process. The event was quite a success with a large number of
Roanoke College students taking the time to make their own
delicious apple cider and learn a
bit about economics as well.
The demand for our freshly
pressed cider was higher than
we expected, and we ran out
within an hour.
The Economics Club is also
assisting students, both new and
old, in choosing their classes for
next semester by holding a panel of experienced economic

juniors and seniors which will be

able to answer questions about
prerequisites, what to expect
from classes and how to get involved within a number of extracurricular activities which relate
to their interests. We hope to
foster more community within
the economics department classes by creating a forum for student opinions and advice.
More events are planned for the
coming weeks as we begin our
journey to the end of the semester and we hope to involve as
much of the Roanoke College
Community as we can. So look
for us throughout campus and
join in the fun!

Cider production

You can follow the

Roanoke College
Economics Club on
Twitter
@RCEconomicsClub

Volume 5, Issue 1

Page 11

Dine with the Flemings at Scrambled

The Flemings, along with their nephew, opened
a restaurant in the City Market (Roanoke, VA)
called Scrambled.
A few articles have run in the local press including the one found here.
You can follow them on Facebook here.
Next time you crave breakfast food, even late
night, check them out!

Scrambled
32 Market Square
Roanoke, VA
(540) 400-0576

Economics Program
221 College Lane
Salem, VA 24153
Phone: 540-375-2426
Fax: 540-375-2577
E-mail: roanokeecon@gmail.com

...Because we view economics as solidly within the liberal arts, we are

committed to examining the relationship between economics and other areas of knowledge. Students will therefore find it to be an excellent complement to many other majors, including, but not limited to public policy, sociology, history, environmental policy, mathematics, biology, and business
administration, as well as concentrations such as gender studies and peace
and justice studies.
For information about the Economics Program contact Dr. Garry Fleming
(fleming@roanoke.edu)

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Faculty Editor: Dr. Alice Louise Kassens
Student Editor: Emma Webb 15

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Give to the Lowry Scholarship

From the Roanoke College
webpage:

in Lowry's name inspired

Stauffer to set up the Lowry
Scholarship in Economics, the
Dr. Darryl W. Lowry, asso- recipient of which, when the
ciate professor of economics, fund achieves endowed level,
devoted the past 25 years
will be decided upon by the
instructing and nurturing Ro- economics faculty.
anoke College students,
"spending hours each day
Recipients of the scholarship:
carefully organizing his lectures and meeting with stu2014-15 Emma Webb
dents," said Dr. Robert Stauffer, associate professor of
2013-14 Theodore Ellis
economics. When Lowry
died on Dec. 31, 2006, after a 2012-13 James Bradshaw
short battle with bone cancer,
2011-12 Katherine Thornton
the bereaved campus struggled to find ways to honor the
man who had been so passionate about economics,
volleyball, and roller coasters. The spontaneous donations that current and former
students and colleagues made

You can give to the Lowry

Scholarship!
Simply go to https://
www.roanoke.edu/give/
Select Other
Enter donation amount
In the Details blank type
Lowry Scholarship in Economics
Thank you for your contribution.
You are helping a young
economist and honoring a
wonderful man.
The Roanoke College Economics Program

Dr. Darryl Lowry