Texas Tech University System officials announced the receipt, last month, of an anonymous $1.2 million gift to the Texas Tech University Department of Economics to create the Institute for the Teaching and Study of Free Market Economics.
The gift, which is part of the system’s billion-dollar Vision & Tradition campaign, provides funds for the department to hire three new faculty members including one full professor and two junior faculty.
“Securing the resources our faculty need to be competitive is a priority of our campaign,” said Texas Tech University System Chancellor Kent Hance. “We appreciate this gift and the opportunities it creates for our Department of Economics to expand its understanding of free markets.”
The institute is expected to supplement the department’s course offerings, support research and encourage interdisciplinary dialogue on the behavior of free markets and the effects of marketplace intervention.