On Wednesday, Feb. 18, the Elizabethtown College Business Department hosted its annual Economic Symposium to offer members of the campus community information regarding the current economic status of the country. Panelists included Ms. Ardy Lynn Wurtzel, a research associate at the Federal Reserve Bank of Philadelphia, Mr. Joseph E. Besecker, founder, chairman, president and CEO of Emerald Asset Management, Inc. and Etown’s Dr. Randy Trostle, associate professor of finance emeritus. Dr. Dmitriy Krichevskiy, associate professor of economics, served as panel moderator.
The symposium began with Trostle’s review of why the current economy is both challenging and stimulating for individual investors and the Federal Reserve (Fed). He advised students to carefully consider how and where their money should be placed.
The economic outlook of the U.S. is positive, according to Trostle, continuing at modest growth with no signs of inflation. Trostle realistically identified areas of concern, as well, warning students that Europe is teetering in light of the weak overall economic growth. “The US engine may be insufficient to carry the world,” he said. “For now, don’t fight the Fed! Happy investing!”
Wurtzel agreed with Trostle’s optimistic outlook of the economy, providing specific statistics of U.S. economic growth and encouraging students to use statistics carefully when forecasting future economic conditions. “I’m looking at data all day everyday and trying to understand what’s going on in the economy,” she said of her job at the Federal Reserve Bank of Philadelphia.
Wurtzel gave much credit to consumers, attributing 2014’s economic growth to increased spending. She also provided coverage of labor market conditions, sharing that employment rates are increasing at an “alarming” rate—especially in Pennsylvania. Concluding with a brief discussion of the Fed, she predicted that 2015 would conclude solidly, with an overall economic growth of 2-2.3%.
Besecker touched primarily upon how college students today should feel regarding their relations with the job market and the stock market. “It is not rocket science. It’s about rolling up your sleeves, taking the time, doing the work,” Besecker said. His company, Emerald Asset Management, Inc., is as successful as it is, he said, because of its passion, accuracy and involvement. “You must have passion in your life,” he told attendees. “And if you don’t have it, you should get it because in this market, the U.S. is going to be okay.” He encouraged business students to stay in this field, as the payoff will be impressive. “Don’t believe me? Just watch!” he said, paying homage to Bruno Mars’ hit anthem “Uptown Funk.” “Jump on it!” Besecker said, pointing out that Etown students should be excited about where the economy is headed because of their hard work.
The symposium offered attendees an intimate look at the behind-the-scenes work of the panelists. Professor of Finance and international business Dr. Hossein Varamini praised the event for providing students the opportunity to hear about “the major factors affecting economic outlook” both now and in the future. “That was a very good opportunity for our students,” he said.
First year international business major Blair Hendricks admitted “some of it was over [her] head, but it was interesting to hear from people who were so knowledgeable about the field and from different parts of it.”
Wurtzel appreciated the opportunity to hear the opinions of other professionals. “I thought it was very valuable to hear about the different perspectives in industries that I’m not familiar with or have no expertise in. It just gave me a better understanding of the overall economy,” she said.
Dr. Sylvester Williams, chair of the Business Department, believes that “the Economic Symposium is a very effective way to integrate theory with current day activities in the economy.” He expressed that the department was “fortunate to secure experts in the field that can explain the activities taking place in our economic system” and appreciated that the event “allows the department of business to challenge students by presenting information about the economy from different points of view.”
