The Economics Club
Washington, D.C. Trip:  Fall 2001

Real World Economic Adventures:  Welcome to Washington, DC
by Dr. Stephanie M. (Brewer) Jozefowicz

Economists are a predictable lot, even at young ages:  they relish good deals.  One effect of the September 11 tragedy is that there are lots of good hotel deals to be had, just as our beloved supply and demand model would predict.  After booking a terrific internet special and cancelling prior reservations, I discovered that if you enable students to keep more of their consumer surplus than they were expecting, you definitely will earn bonus points in their eyes.

The Economics Club trip to Washington, DC had long been on the books for September 27-30, and five of our students remained committed to the trip.  We had reservations to tour both the Federal Energy Regulatory Commission (FERC) and the Federal Reserve System Board of Governors Boardroom on Friday.  Hence Thursday evening after classes, the two Drs. Jozefowicz loaded up in the rain and drove our students to DC.

The other Dr. Jozefowicz (we still are coming to terms with how to handle the confusion our marriage has caused with my name change!) had lunched with an IUP alumnus, Mike Mrozowski, during the previous year, and an invitation had been extended for a tour of FERC if we ever came with students to DC.  We came.  FERC economists and staff graciously gave up their entire morning so that we could tour the facilities, spend time in the newly designed Market Observation Resource (MOR) Room, and talk with economists about what FERC does.  We listened and watched as economists tracked energy flows and prices across the country.  We learned about different regulatory objectives and implementation procedures of FERC.  We discussed how the California energy crisis came to pass.  In the process, our students gained a better understanding of economics and economists in the “real world.”

After grabbing a quick bite to eat, we hopped on the DC Metro and hastened to make it to our 1:00 pm appointment at the Fed.  After passing through appropriate security checkpoints, we were greeted by one of the economists at the Fed for a presentation and Q & A session in the Boardroom.  While learning more about Fed history and policies was interesting, the advice that probably most caught our attention was to not press the buttons under the Boardroom table as doing so would summon Secret Service agents who, needless to say, would be less than amused!  Truthfully, for professor and student alike, the highlight of the afternoon was posing for a prized photo as we one-by-one took turns sitting in none other than Alan Greenspan’s chair.