Lee Ohanian on the Importance of Immigration

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The United States has attracted some of the most creative, innovative, and entrepreneurial talent from all around the world. Immigration allows us to sustain economic growth in America with a constant inflow of new ideas. We have benefited from immigrants who have been willing to take risks and to implement ideas in a competitive marketplace.

This video’s audio is excerpted from an episode of the Uncommon Knowledge web series, published by the Hoover Institution.

Walter Williams, UCLA Ph.D.

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Walter Williams

From the Wall Street Journal:

America has lost one of its greatest economists and public intellectuals. Walter Williams died Wednesday morning after teaching his final class at George Mason University on Tuesday. He was 84.

For 40 years Walter was the heart and soul of George Mason’s unique Department of Economics. Our department unapologetically resists the trend of teaching economics as if it’s a guide for social engineers. This resistance reflects Walter’s commitment to liberal individualism and his belief that ordinary men and women deserve, as his friend Thomas Sowell puts it, “elbow room for themselves and a refuge from the rampaging presumptions of their ‘betters.’ ”

A onetime cabdriver who grew up poor in Philadelphia, Walter knew injustice—and understood the way to fight it wasn’t by emoting but by probing and learning. In 1972 he earned a doctorate in economics from the University of California, Los Angeles, where he learned to look beneath surface phenomena for deeper causes and consequences.

His pioneering 1982 book, “The State Against Blacks,” is an eloquent, data-rich broadside against occupational licensing, taxicab regulations, labor-union privileges and other fine- sounding government measures that inflict disproportionate harm on blacks by restricting the employment options and by driving up the costs of goods and services.

The economics profession boasts many excellent minds, but it has precious few with the ability and interest to do rigorous research and to engage the public with its results. Milton Friedman was such a scholar, as is Thomas Sowell. Walter was in their league. From his appearance on Friedman’s PBS program “Free To Choose” (1980) through his stints as guest host of Rush Limbaugh’s radio program to his syndicated column, Walter brought economic lessons to life in a way few others could.

Behold his brilliant explanation of how minimum wages promote employment discrimination: “What minimum wage laws do is lower the cost of, and hence subsidize, racial preference indulgence. After all, if an employer must pay the same wage no matter whom he hires, the cost of discriminating in favor of the people he prefers is cheaper. This is a general principle. If filet mignon sold for $9 a pound and chuck steak $4, the cost of discriminating in favor of filet mignon is $5 a pound, the price difference. But if a law mandating a minimum price for chuck steak were on the books at, say, $7 a pound, it would lower the cost of discrimination against chuck steak.”

Observing dilapidated and abandoned housing in New York and other cities, Walter blamed rent control, which dampens landlords’ incentive to maintain their properties and even creates an incentive to destroy them and collect insurance proceeds. “Short of aerial saturation bombing,” Walter observed, “rent control might be one of the most effective means of destroying a city.”

The author of 13 books, dozens of academic papers and countless popular essays, Walter was a scholar’s scholar. He was one of America’s most courageous defenders of free markets, constitutionally limited government and individual responsibility. I will miss him as a friend. The world will miss him as a tireless champion of American values.

And from the New York Times

Remembering Ed Lazear

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Edward Lazear

Described as “perhaps the foremost labor economist of his generation,” UCLA alumnus, Stanford economics professor, and White House advisor, Edward P. Lazear passed away this week.

Professor Lazear received undergraduate and masters degrees in economics from UCLA in 1971. He then obtained his Ph.D. from Harvard before joining the faculty at Chicago and Stanford. Professor Lazear founded the field of “personnel economics”, which uses theory and data to understand how firms hire, motivate, retain, and organize their employees. Professor Lazear had a tremendous impact on the profession. He was the founding editor of the Journal of Labor Economics, a renowned teacher, and chairman of the Council of Economic Advisors from 2006 to 2009.

“Ed Lazear was the complete economist” says UCLA Professor Simon Board. “He viewed the world through the lens of economics, understanding institutions as market solutions to incentive problems, and being just as aware of government failures as well as market failures. As a teacher, he was second-to-none; his enthusiasm was infectious.”

For more on Professor Lazear:

Stanford University

New York Times

Wall Street Journal

And some interviews: 1, 2, 3, 4.

Fanru Zhao

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2019 Professor Harry Simons Endowed Undergraduate Scholarship for the Study of Accounting Recipient

Biography:  Fanru Zhao was born and raised in a southern town in China, With a dream to explore the world, she applied to universities in the U.S and started college at UCLA in 2016. Fanru has a deep interest in accounting as well as statistics and thus is pursuing a double major in economics and statistics. She actively explores future possibilities at UCLA and was on board for several student organizations on campus. In her free time, she enjoys reading, drawing and traveling.

Future plans:  In summer 2019, Fanru interned in Deloitte Tax in the San Jose office. She mainly worked in the International Tax group and served multi-national corporations in the silicon valley and received a full-time offer from Deloitte. After graduation, she will start working full-time in the Bay Area, while preparing for the CPA exam, which is crucial for her future career in public accounting.

How is the scholarship helping you?  As an international student, I pay out-of-state tuition and thus have to work 20 hours per week on campus to help with the financial burden on my family. Upon receiving this scholarship, I will be able to work fewer hours and spend more time on studying the CPA exam in the Spring quarter. I will also be able to afford extra classes from UCLA extension to fulfill my CPA unit requirements, which I won’t be able to pay for if I didn’t receive the scholarship. I am extremely grateful for this award and will continue to work to my best in my future studies and career.

 

Aileen Shen

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2019 Gumbiner Savett Inc. Endowed Undergraduate Prize Recipient

Biography: Aileen Shen is a second-year student majoring in Business Economics with a minor in Accounting, intending to graduate in three years. She was born and raised in the Bay Area alongside her older sister, Heidi. At UCLA, Aileen holds leadership positions in Beta Alpha Psi and Net Impact. She attributes her sense of community at UCLA to the people she has met through her involvement in student organizations. Outside of school, Aileen enjoys showing her grandparents around LA as well as visiting her two bunnies at home.

Future: This upcoming summer, Aileen will be interning at Intel Corporation as a Financial Analyst and Accounting Intern in Santa Clara, CA. She is excited to continue to gain more professional experience working in the technology industry and she hopes to pursue a career in accounting or consulting. Furthermore, Aileen’s long term goal is to develop a program to help younger girls who are interested in business build their confidence and find their voice. Underlying her professional ambitions is her unwavering belief to use business as a vehicle for positive and meaningful change.

What does this scholarship mean to me? I am incredibly grateful to be honored as the recipient of the Gumbiner Savett Inc. Scholarship for the 2019-2020 academic year. I am humbled to receive this recognition for my hard work and I will use this scholarship to help my family and show appreciation to those who have always supported me. Once again, I would like to express my immense gratitude to the donors of the Gumbiner Savett Undergraduate Prize and the Economics Department.

James Owen Setiadi

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2019 Donald Edward Bragg & Diane Sims Bragg Scholarship Recipient

Biography: James Owen Setiadi is a senior with a Business Economics major and Accounting minor. He was born in Jakarta, Indonesia and raised in Northridge, California. At UCLA, he joined the Beta Alpha Psi Accounting Honors Society. For the 2018-2019 school year, he served as the honor society’s Vice President of External Relations. In Summer 2019, he worked as an audit intern for KPMG, a Big 4 accounting firm. Alongside accounting, James has an interest in community service and marine biology. He volunteered at the Aquarium of the Pacific where he logged 426 service hours over the past 7 years.

Future Plans: After graduating, James plans on becoming a Certified Public Accountant. He will start his CPA journey as an audit associate at KPMG. He is excited to work with clients from a diverse range of industries. Later, he plans on leading his own engagement team as an audit senior manager or partner.

What this scholarship means to me: I am extremely grateful to be a recipient of the Donald Edward Bragg & Diane Sims Bragg scholarship.  As I learned in my business classes, “there is no such thing as a free lunch.” Covering my educational expenses will be a challenge that conflicts with my CPA journey. I face this challenge on my own since I am the first person in my family to graduate from a university in the United States. Therefore, this scholarship serves as a wonderful support system by allowing me to focus on enhancing my entrepreneurship skills and less on my financial burden. Thank you to the Bragg family for granting me this tremendous opportunity. I will not take this award for granted and work hard to give back to my community.

Ohnha Ro

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2019 Venu and Ana Kotamraju Endowed Scholarship Fund Recipient

Biography: Ohnha Ro is a sophomore double majoring in Economics and International Development Studies, passionate about investigating international power and wealth disparity in multiple layers. Since entering UCLA, she has received Spring into Research scholarship, and supported research for Professor Eric Min of political science department and Professor Melanie Wassermann of Anderson School of Management. While not engaged in research, Ohnha designs community development projects at UCLA Global Development Lab. Pulling from interdisciplinary and diverse approaches, Ohnha seeks to explore a comprehensive means to alleviate global inequalities.

Future Plans: As aspiring researcher, Ohnha aims to pursue advanced degree in economics after graduation, and eventually serve at international organizations as economic consultant. During her remaining years at UCLA, Ohnha hopes to conduct independent research, and travel and intern abroad to enhance cultural aptitude and practical analytic skills crucial to her long-term goal in economic development field.

What does the scholarship mean to me?: I am greatly honored to receive the Venu and Ana Kotamraju Scholarship for my research experiences. Research has been a fundamental part of my academic years and career goal, and I wish to give back the support from the Kotamraju family by actively pursuing research in international economics and seeking ways to benefit larger communities.

John Mubara

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2019 Harold R. Mortenson Scholarship Recipient

Biography: John Mubara is a third-year at UCLA with a major in business economics and a minor in accounting. He was born and raised in Northridge, California. After graduating from Granada Hills Charter High School as valedictorian, he began working as an accounting intern at California Accountants Group LLP where he was able to apply and implement his academic knowledge of both financial and intermediate accounting principles to the financial statements of various businesses across California. He displays his passion for finance through serving as the President of Infinite Finance, a UCLA student organization whose goal is to teach the power of investing and the importance of financial literacy to underprivileged high school students. Moreover, John serves as the basketball league commissioner for the Fairouzah American Association, a non-profit organization that unifies and supports the Syrian-American community. In his free time, John enjoys playing basketball, watching Lakers games, and spending time with his family.

Future Plans: John is pursuing a career in either economic consulting or healthcare administration where he will be able to apply his analytical mindset and academic knowledge to the real world. After receiving his bachelor’s degree and additional work experience, John plans to continue his education and pursue an MBA.

What does the scholarship mean to me? I would like to personally thank the Donors of the Harold R. Mortenson Scholarship for their generosity and I am very honored to be the recipient of the award. By awarding me this scholarship, they have lightened my financial burden which allows me to focus more on the most important aspect of my education, learning. I hope one day I will be able to help students achieve their goals just as the Donors of the Harold R. Mortenson Scholarship have helped me.

Ryan Zong Han Lee

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2019 Robert D. & Margaret A. Wark Memorial Scholarship Recipient

Biography: Ryan Lee is a third year student majoring in Economics. He grew up in Singapore and served two years in the military service before coming to UCLA. While attending UCLA, Ryan has held various leadership roles, including being involved in a premier finance club on campus, Bruin Value Investing. In addition, he has also completed several internships across investment banking and financial valuation services. In his free time, Ryan enjoys playing golf, traveling, and playing poker.

Future Plans: Having a strong interest in finance, Ryan Lee intends to pursue a career in investment banking after graduation. This summer, he will be joining PJT’s M&A group in their New York office. While he is unsure what he plans to do after investment banking, he is open to exploring all the different types of opportunities available.

What does this scholarship mean to me? I am beyond honored and grateful to receive the  Robert D. & Margaret A. Wark Memorial Scholarship. This scholarship is significant as it helps to subsidize my education and living expenses, allowing me to better pursuit my interests outside of classes. I am incredibly humbled by this award, and I look forward to being in a position to help others in the future as well.

Christopher Doyle Lane

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2019 Lawrence and Joan E. Anderson Fund Recipient

Biography:  Chris Lane is pursuing a Bachelor of Arts in Business Economics with an Accounting minor and concentration in value investing. Determined to enhance the UCLA community, he serves as president of the UCLA Chess Club and co-president of the Undergraduate Investment Society. Outside of academics, he enjoys investing, chess, and visiting national parks.

Future plans:  Chris Lane will join KPMG’s economic valuation services as an intern this summer. Chris plans to pursue a career in valuation and pass all three chartered financial analyst tests. After working a few years in valuation, Chris Lane plans to apply the valuation skills he develops as an investment analyst at a hedge fund or mutual fund.

What does this scholarship mean to me?  I am honored to receive this scholarship. I would like to thank Mr. and Mrs. Anderson for their generous support. This scholarship alleviates financial stress and enables me to focus more on my academic and professional goals like studying for the chartered financial analyst exams. Additionally, since this award acknowledges my extracurricular accomplishments, it serves as a reminder that I improve the UCLA community through my involvement in clubs and motivates me to continue contributing to the UCLA community.