Tufts alumnus and former Boston Federal Reserve Bank President Dr. Richard Syron spoke on campus on Tuesday, sharing his experiences in the field of economics and commending Tufts' economics department for its "flexibility, creativity, and global awareness." His hour-long lecture, which was sponsored by the Department of Economics Lecture Series, emphasized the importance of modern problem solving in addition to traditional economic theory.
Economics Professor Yannis Ionnides introduced Syron, saying his "unusual career from a top position in government to a top position in industry" provides a unique perspective on modern economics.
"Be ethical, have a sense of adventure, and don't be afraid to take risks and make mistakes," Syron advised students. "This is a great time in your life, and you have great training. The biggest challenge you'll have is to integrate all the things you've learned in school."
Syron received both his Ph.D. and masters in economics from Tufts and said that he found the masters program alone to be more valuable than masters degrees in business administration (MBA) from many other universities. Several graduate students who attended the lecture said they were encouraged by Syron's remarks, though a number have already decided to pursue MBAs despite their masters degrees.
One student called for the University to reinstate its Ph.D. program, which has been discarded since Syron was a student, saying that it would "really improve the school." The student, who majored in economics as a Tufts undergraduate, said he entered his masters program with inadequate math knowledge.
Professor Gilbert Metcalf, who also attended the lecture, remarked that it highlighted the importance of being able to "roll with the punches and adapt" in today's business world. Instead of students looking for professors to tell them "this is the answer," Metcalf commended the speaker's emphasis on problem solving and important economic concepts.
Professor Edward Kutsoati said Syron's comments on the significant changes that have occurred in job recruiting process over the years were important insights students should take to heart. Syron pointed out that modern recruiters focus much more on individual people and skills, rather than grade point averages or transcripts.
"It is good for students to attend lectures by a person from the corporate field who speaks of some theories that professors teach in class," Kutsoati said. As for the mathematical role in economics, Kutsoati said that "math techniques may not seem readily applicable but they help in business."
Nick Melzer, a junior majoring in economics and international relations, said that "it was reassuring to hear someone of [Syron's] stature say that what we're doing is more useful that specific economic tract." Ioannides remarked that the speaker's lecture "hits home more since we want students to have the most potential. Students here can do challenging things... this is what a university offers, as opposed to a college." In addition, Ioannides was pleased to have Syron speak. "Tufts is nowadays very attentive to its school ranking, but when Syron attended Tufts it wasn't as famous of an institution. But he's done well and is in high business positions."
Since leaving Tufts, Syron has taken his career all around the economics world. Besides heading the Boston branch of the Federal Reserve, he held official positions in the US Stock Exchange and the US Treasury before moving onto the academic world. Syron has taught economics at Northeastern University and Boston College, eventually becoming Boston College's chairman of the board. Syron currently works at the Thermoelectron Company.
Professor Ioannides said that the lecture provided a chance to "expose students to people who do things, as opposed to just reading articles or books. It was a chance to talk to real people, which is very important."
