We work in conjunction with the Boyd Center for Business and Economic Research and the Howard H. Baker Jr. Center for Public Policy.
“The Class of 2020 could feel the effects of a recession well after the recession has ended. Prior research has found that U.S. college students who graduated during a recession earned 10 percent less the first year after they completed their studies than would otherwise be expected. And the negative effects lasted over the next seven years.”
University of Tennessee economists Matthew Murray and Don Bruce wrote that while the New Markets program provided "an important boost" to low-income communities, "it falls short in terms of economic impact, efficiency, and accountability." They continued, "The program entails relatively high costs and, based on the available evidence, provides little market or fiscal return to the state other than the reallocation of investment into low-income communities."
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Policy makers must weigh the risks of implementing and lifting COVID-19 restrictions.