University of Delaware

March 11: Hutchinson Lecture

Annual Hutchinson Lecture to feature Jensen, financial economics expert


9:43 a.m., Feb. 28, 2013--Michael C. Jensen, Jesse Isidor Straus Professor Emeritus of Business Administration at Harvard University, will deliver a presentation on “The Hidden Power of Integrity and Access to Vast Increases in Performance” during the 23rd annual Hutchinson Lecture in macroeconomics at 7 p.m., Monday, March 11, in Wolf Hall on the University of Delaware's Newark campus. 

Sponsored by UD's Department of Economics, Department of Finance and Alfred Lerner College of Business and Economics, the lecture is free and open to the public.

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According to Jensen, integrity is a factor of production as important as knowledge and technology, yet its major role in productivity and performance has gone largely unaddressed. During the lecture he will discuss invisible integrity issues, or how damage inflicted on people and organizations can be caused by the actions of individuals that are not in their own self interest, and will present a new model of integrity aimed at providing powerful and actionable access to increased performance for individuals, families, groups and organizations.

Jensen joined the faculty of the Harvard Business School in 1985 and founded what is now the Negotiations, Organizations and Markets Unit in the school. He earned his doctorate in economics, finance and accounting and his MBA in finance from the University of Chicago, as well as a bachelor’s degree from Macalester College.

Jensen is the author of more than 100 scientific papers, in addition to numerous articles, comments and editorials published in the popular media on a wide range of economic, finance and business-related topics. 

In 1973, Jensen co-founded (with Eugene Fama and Robert Merton) the Journal of Financial Economics, one of the top three scientific journals in financial economics, and served as managing editor from 1987 through 1997, when he became founding editor.  In 1990, he was named Distinguished Scholar of the Year by the Eastern Finance Association and one of the Year’s 25 Most Fascinating Business People by Fortune magazine. 

Over the last decade, Jensen has been a member of the Barbados Group, a worldwide group of a dozen scholars, including philosophers, economists, psychologists, technologists and educators to develop the ontological foundations of performance. He has served as consultant and board member to various corporations, foundations and governmental agencies and has given expert testimony before congressional and state committees and state and federal courts. 

His major research interests now include "The Ontological Laws of Human Nature," "A Positive Theory of the Normative Virtues," "Being A Leader and the Effective Exercise of Leadership: An Ontological Approach," and "The Three Foundations of a Great Personal Life, Great Leadership and a Great Company: Integrity, Authenticity, and Committed to Something Bigger than Oneself." 

About the Hutchinson Lecture

The Hutchinson Lecture series was established in 1990 to honor the distinguished academic career of the late Harry D. Hutchinson, a professor of economics who taught at UD from 1959-89, and to address a topic of current interest in banking and/or finance.

Hutchinson received his doctorate in economics from the University of Michigan and worked at UD until his retirement. His career was distinguished by excellence in teaching and scholarship, particularly in the area of macroeconomics. His textbook, Money, Banking and the U.S. Economy, was the foundation for many students' introduction to financial institutions. Hutchinson died on July 28, 2005.

Each year a distinguished scholar and policy-maker is invited to present the Hutchinson Lecture. Previous lecturers include Alice Rivlin, senior fellow of economics studies at the Brookings Institution and expert on the federal budget; William Poole, former president of the Federal Reserve Bank of St. Louis and Distinguished Scholar in Residence at UD; Paul Volcker, former chairman of the board of governors of the U.S. Federal Reserve System; Donald Kohn, vice chair of the Federal Reserve System; Charles Plosser, Anthony Santomero and Edward Boehne, all presidents of the Federal Reserve Bank of Philadelphia; Laurence Seidman, Chaplin Tyler Professor of Economics at UD; and David Hartzell, Distinguished Professor of Finance and Real Estate at the University of North Carolina-Chapel Hill and a UD graduate.

For more information, contact the Department of Economics at 302-831-1907.

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