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How much tuition are you
paying per year if you attend:
University of Pennsylvania
$25,170
Yale University
$ 25,220
Harvard University
$25,128
M.I.T.
$ 26,050
Cornell University
$ 24,850
UNC - Chapel Hill
$ 3,698 for in state
$ 11,934 for out of state
University of Texas - Austin
$ 3,575 for in state
$13,502 for out of state
Penn State Behrend
$ 6,436 for in state
$ 12,100 for out of state
Edinboro University
$ 3,792 for in state
$ 5,688 for out of state
Mercyhurst College
$ 13,290
Gannon University
$13,670
WPSE 1450 - “Your Money Station”
If you are planning to start
investing but don’t know what to
invest in, try Behrend’s own
“money station,” WPSE AM
1450. Not only will you get top
quality financial tips and market
stories from the best nationwide
financial and investment
planners, but you might also end
up discovering a new you! If you
listen to it daily, you might even
ace that next finance course or
start writing your own financial
column for the Behrend Beacon
With a head start like that, who
knows where you could be
headed? Well, at least you 11
never get bored between those
half-hour class breaks, right?
The AM / 1450 WPSE is a
1000 watt commercially licensed
radio station with a signal that
covers Erie County,
Pennsylvania. The station is
owned by the Trustees of The
Pennsylvania State University,
and is operated by Penn State
Behrend under the direction of
professional broadcast staff,
currently led by Mr. Ron
Slomski. The station serves
nearly 280,000 residents of the
greater Erie community, and
provides market -based
experience to Penn State
Behrend’s business and
communications students. WPSE
brought the Business News
Network to the Erie market,
connecting us with our 200
network affiliates in major cities
from coast to coast. WPSE also
airs the renowned CBS World
News, simulcasts of WJET-TV
Action News, the World Business
Report from the BBC,
Bloomberg Business News, and
sports programming from
Westwood One and the Penn
State Sports Networks.
Weekdays focus on business
and financial news, stock market
updates, CBS News and WJET
TV News simulcasts. Programs
such as The Financial Hour offer
in-depth analysis and investment
advice, including interviews with
popular business authors.
College tuition rates continue to soar, study finds
by Matthew McGuire
TMS Campus
As a college degree becomes
more and more necessary, it is also
becoming more and more expen
sive, a recently released College
Board study found. Tuition at public
and private institutions has doubled
over the last 20 years, while the
median family income has risen 20
percent since 1981, according to the
study. In the last year alone, the cost
of a four-year degree has risen 5.2
percent at private institutions and
4.4 percent at public institutions.
According to the study yearly
tuition, fees and room and board
University Of Chicago adds to
its nobel tradition in economics
by Ruth E. Igoe
Chicago Tribune
Economist James Heckman has
become known for applying cool
mathematical logic to politically
explosive issues. Do affirmative
action programs work? Do job
training classes make a difference?
Is it worth the effort to get a GED?
For years the University of
Chicago economics professor has
asked these questions and others
about situations affecting workers,
especially African-Americans,
women and those with few job
skills. Often his answers have
challenged conventional wisdom,
whether liberal or conservative.
Already highly regarded by
fellow academics, Heckman was
rewarded Wednesday with a Nobel
Prize in economics for his
pioneering work in
microeconometrics. The Royal
Swedish Academy of Sciences also
cited Daniel L. McFadden, an
economist at the University of
California at Berkeley, for his work
in the field, which links economics
with statistics. They will share a
prize worth $915,000.
News of the award reached
Heckman, 56, in Rio de Janeiro,
where he was attending a
conference. Up early as usual, he
was getting ready for a lecture
about inequality in Latin America
while trying to catch playoff scores
on CNN. Then, his hotel phone
rang. “It was a Swedish accent,”
he recalled. “So it sounded good.”
In fact, the call from the Royal
Swedish Academy of Sciences
sounded good to everyone on the
Hyde Park campus as the
University of Chicago picked up its
72nd Nobel Prize among students
and faculty.
The prize also lengthens the lead
of the U. of C. economics
department over the rest of the
field. The university’s economists
Weekend programs highlight
both business and the “business
of living” with Charles Deßose’s
“The Financial Advisor” and the
Edwards’ “Working from Home.”
The mission statement of
WPSE AM / 1450 is as follows:
—To provide the northwest
Pennsylvania business
community with professional
business news and information
through WPsE’s unique
affiliations with CBS Radio and
the Business News Network.
—To provide the business
community with a medium in
which to communicate their
mission, current initiatives and
successes, and in so doing
contribute to an active exchange
of ideas for strengthening the
northwest Pennsylvania business
climate.
—To provide the opportunity for
students at Penn State Erie to
develop business and
communication skills in
professional circumstances to
serve the needs of the business
increased: $Bl4 at private four-year
colleges, $16,332 this year versus
last year's $15,518, a 5.2 percent
increase; $l4B at public four-year
institutions, $3,510 versus $3,362, a
4.4 percent increase; $490 more at
two-year private institutions, $7,458
versus $6,968, a 7 percent increase;
and $56 more at two-year public
institutions, $1,705 versus $1,649, a
3.4 percent increase. The study also
broke down tuition costs by region
and found the most expensive
private four-year education comes
from the New England states at
$21,215 per year, while the average
in the Southwest clocks in at
$11,965 annually.
have now won six Nobel Prizes in
the last decade and 21 since 1968,
when the Nobel Memorial Prize in
Economic Sciences was created in
memory of industrial magnate and
chemist Alfred Nobel.
“I know no one has the numbers
we do. There is no other place like
this,” said university spokesman
Larry Arbeiter, who has presided
over more than 10 Nobel Prize
news conferences during his
roughly 20 years with the
university. “It is an overwhelming
amount of intellectual firepower.”
Heckman and McFadden, 63,
have worked separately in the field
of microeconometrics. A member
of the U. of C. faculty since 1973,
Heckman was acknowledged by
the Swedish organization for his
studies of the impact of social
programs and for devising ways to
study the programs’ effects.
Speaking at the U. of C. news
conference by phone, Heckman
joked that his joy was accompanied
by relief that he would not be
excluded from what is becoming a
department tradition.
"1 have to admit, after a while
“not having a Nobel Prize” starts
to hurt,” he said with a laugh before
taking a more serious tone. “It’s a
high level in Chicago, and I can
only say how much I deeply
respect the people at Chicago. The
intellectual level at Chicago is the
highest in the entire economic
profession.”
Colleagues and former students
described Heckman as a voracious
reader, especially of history,
someone with endless energy and
curiosity. He is a professor, one
colleague remarked, who brings to
life a subject often feared by
students.
His wife, Lynne, said he works
about 20 hours a day. He is known
throughout the campus for sending
e-mail queries and comments to his
students and teaching assistants
throughout the night. “If you meet
him, the meeting will go on for
community.
The WPSE “Partners for
Business” program involves
business owners and executives,
in conveying news and
information about their
respective fields to the station’s
select audience. The program
highlights business initiatives,
successes and goals within the
WPsE’s national business news
and information format.
One of the most prominent
financial program hosts is
Charles Deßose. He has long
been recognized nationally as an
authority in the field of financial
and investment planning. He is
quoted extensively in national
financial publications, and is a
frequent guest on important radio
and television shows around the
country.
Mr. Deßose began his career
on Wall Street in the 1960 s and in
the 1980 s served as Senior Vice
President of Client Services for
Laidlaw & Co and as Senior Vice
President - Special Accounts for
Results from the study weren't all
grim, however. While a college
degree may be more expensive,
employers are paying more for
those who attain a four-year degree.
Students who enter the work force
are getting paid 18 percent more
that those who graduated twenty
years ago. And students who attain
an advanced degree are making 27
percent more than their decades old
counterparts.
The study also found that
financial aid given to students over
the past 10 years has increased to
match the steeper tuition bills. For
the 1999-2000 school year, students
got 15 percent more aid than they
hours. You will leave exhausted,
and 1 have never seen him tired,”
said Lance Lochner, a former
student who now teaches at the
University of Rochester.
Colleagues lauded Heckman’s
research as giving social
policymakers new insights into
areas ranging from education and
job-training programs to
minimum-wage legislation and
civil rights laws. He has studied
how women’s levels of schooling
affect their earnings and why
Catholic school students tend to do
better on tests than their public
school counterparts.
“What might seem like a simple
question becomes a challenging
statistical problem,” said fellow U.
of C. economics professor Gary
Becker, who won the Nobel Prize
in 1992. “He’s what you would call
an economist’s economist. He has
not sought public policy
appointments. He doesn’t do media
events. He is a serious scholar.”
Robert LaLonde, a professor of
public policy at U. of C., said
Heckman’s work does not fall into
any political category. “He is like
an umpire. He calls them as he sees
them,” LaLonde said.
For example, Heckman was
intrigued for years by a debate over
whether the 1964 U.S. Civil Rights
Act had truly improved the lives
of Southern black workers, said
Orley Ashenfelter, a Princeton
University economist and longtime
acquaintance of Heckman’s. A
new theory among political
conservatives was crediting the
South’s economic boom, not the
law, for blacks’ newfound
prosperity.
With his trademark boundless
energy, Heckman culled hard-to
find details on the once-segregated
textile industry in South Carolina
before and after the 1964 law to
show in a 1989 study that the law
had, in fact, opened the way for
blacks to gain.
That study more than anything
Morgan, Olmstead, Kennedy and
Gardiner, both highly prominent
Wall Street investment banking
firms. Over this period of over 20
years, Mr. Deßose has counseled
several firm’s brokers and clients
in their investment and financial
planning.
Research conducted by the
Business News Network and
did for the 1989-90 school year. The
bulk of recent aid came from the
federal loans at 51.4 percent, or
$35.1 billion, with institutional and
other grants making up 19.4 percent
at $13.3 billion.
Also included in the study were
college participation rates for
different races. Asians led atten
dance figures with 87 percent of
high school graduates continuing
onto college, while 78 percent of
whites, 65 percent of blacks and 61
percent of Hispanics continued their
education.
has convinced people that although
we may not need the Civil Rights
Act anymore, we needed it then,”
Ashenfelter said. In a recent
speech, Heckman questioned the
conventional wisdom that
considers formal schooling to be
the key to preparing workers for the
job market and ignores the roles
played by families and workers’
social skills.
LaLonde said one piece of
Heckman’s early work is widely
used nowadays as a part of
computer software for social
science research: his mathematical
formula for the impact of
unobserved factors on a situation.
Heckman’s father was a manager
for Armour & Co., the giant
meatpacking company, and the
family moved from plant to plant.
Heckman was born in Chicago, and
the family eventually ended up in
Lakewood, Colo., a Denver
suburb. He attended Colorado
College and graduated summa cum
laude. He spent his first year of
graduate school at the University
of Chicago, then failed the
university’s “preliminary exam”
that allows students to continue.
Instead of retaking the test,
Heckman headed to Princeton
University, where he finished both
his master’s and doctoral degrees
in economics by 1971.
The Heckmans live near the U.
of C. campus and have two
children. Their son, Jonathan, 18,
is a freshman at Princeton, and
daughter Alma, 14, attends the
University of Chicago Laboratory
School.
“Some of what we celebrate
today is not news. ... The quality
of “Heckman’s” work and his
contribution to economics has now
been recognized with a Nobel
Prize,” said university President
Don Michael Randel. “This is a
school that is very much concerned
with real-world problems affecting
human beings.”
Financial
Outlook
Amortya Sinha
■■ &> * '
CBS Radio Network and listener
response identifies WPSE
listeners as business owners and
executives, community leaders
and investors. According to the
station, WPSE listeners are
influential and involved citizens
who rely on the station’s credible,
concise and instant business and
financial information.