Volume 93, Issue 43

Tuesday, November 16, 1999


NEWS

Patron stabbed at the Wave

Research to further pig/human transplant goals

CIBC donates $1 million to fund new programs

Project on garbage wins award

A glass of booze a day keeps the doctor away

Gas and fire cause false alarms, not panic

Chaplains to give peace a chance

Caught on campus

Stuff

CIBC donates $1 million to fund new programs



By John Intini
Gazette Staff

The Canadian Imperial Bank of Commerce is hoping a million dollar investment in Western researchers will result in a big rate of return.

Josh Mendelsohn, chief economist with CIBC, announced Friday the bank will donate $950,000 to Western's economics department to establish the CIBC Program of Human Capital and Productivity.

The five year research program will be designed to look into the reasons behind the Canada's poor productivity performance, Mendelsohn said, adding the program is the first of its kind in Canada.

"This program will undertake important research into the role of human capital and improving Canada's productivity performance," he said. "The only way to increase the standard of living is to increase productivity."

Mendelsohn said Canadian productivity is lower then all other G7 countries, most notably the United States.

Four positions created by the donation include: the CIBC chair of human capital, the CIBC junior fellow in applied economics, the CIBC junior fellow in macro-economics and a post-doctoral fellow in productivity, Mendelsohn said.

Western president Paul Davenport said he was elated with the gift and discussed the importance of social sciences in solving some of the key issues which plague Canadian society.

"The critical issues are simply not going to be solved by technical scientists or by laboratory experiments," Davenport said. "They involve people and they must involve social scientists."

Jeffery Smith, an economics professor at Western, said the university already has a fine foundation in the field, citing a number of professors, including himself, who are conducting research on topics related to the human capital and productivity issue.

Fifty thousand dollars of the $1 million gift is being set aside for the CIBC Ivey Business Plan competition. Ivey Business school Masters of Business Administration candidate, Sanders Pabbies, said the donation will be used as prize money.

"For MBA students there aren't many entrepreneurial opportunities. [The competition] gives them an opportunity to test out their business plan ideas and present them to real venture capitalists," Pabbies said. "If venture capitalists like their ideas then it gives them an opportunity to get funding to start their businesses."




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Copyright The Gazette 1999