A Lesson about the Economy from John Geanakoplos ’71 HGS & P’11

(Updated 10/21/08) On Friday, October 10, John Geanakoplos, a distinguished professor of Economics at Yale and current Hopkins Trustee, spoke to students about the current state of the economy.

**New: Download Professor Geanakoplos' speech (.pdf file) 

Watch video footage of Professor Geanakoplos' speech (.wmv files):

• Part 1 (including Barbara Riley introduction)
• Part 2
• Part 3

Head of School Barbara M. Riley welcomed Professor Geanakoplos:

“Good morning, Hopkins.

Regardless of how you get your news—the Internet, newspapers and magazines, each other, family dinners or, as some of you have said, the “Daily Show”—I think it is safe to assume that everyone in this room knows that there is a serious problem with the American, and now international, financial markets. In fact, for the second time in the last two weeks, President Bush will address the nation later this morning.

What we do at Hopkins when there are perplexing and challenging issues—whether about history and politics, or artistic expression, or, in this case, the state of the world in financial terms—is to learn what we can from people of intelligence and insight who think about these things all of the time, to ask them and each other questions, and to come to our own informed conclusions. We are taking that first step—that is, learning from someone of intelligence and insight, who is at the top of his fields—this morning we welcome John Geanakoplos, Hopkins Class of 1971—who will somehow, in the next thirty minutes, provide some history, context, and perspective on the current financial crisis.

John Geanakoplos graduated Hopkins in 1971. Over his years at this school he excelled in Math and French, he wrote for the Razor and was a national chess champion. He was then, and he remained, what at Hopkins we call a “lifelong learner.” Professor Geanakoplos received his B.A. in Math from Yale in 1975; in 1980, the same year he received his Ph.D. in Economics from Harvard, he came back to Yale to teach and was soon appointed the James Tobin Professor of Economics.

He is a fellow of the Econometric Society and the American Academy of Arts and Sciences; he was awarded the Samuelson Prize for his work on lifetime financial security, and he received the first Bodossaki Prize in economics in 1994. He has spent terms as a visiting professor at Berkley, Cambridge, the University of Pennsylvania, MIT, and the Santa Fe Institute. He is currently the director of the Cowles Foundation for Research in Economics at Yale, not to mention the father of Constantin Geanakoplos, Hopkins Class of 2011.

Professor Geanakoplos continues to combine curiosity, enthusiasm, and intellect—qualities that have brought him to the highest levels of the academic and financial worlds—and still, he continues to audit classes at Yale and remains a dedicated teacher.

The last time he was here, in 2006 when he received Hopkins Distinguished Alumnus Award, he had something to say about Adam Smith and the Wealth of Nations; he also had everyone—including members of the English department—convinced that Shakespeare was an economist.

He is here this morning to “teach” us something about the current financial situation. Please join me in welcoming Professor John Geanakoplos back to Hopkins.”