The 30 members of the Illinois Agricultural Leadership Program (IALP) Class of 2016 successfully completed a seminar on “Economics & the Marketplace” held in Chicago. The three-day event was sponsored by Illinois Agricultural Leadership Foundation Board Member Richard Ryan, and featured visits to the Federal Reserve Bank of Chicago, the University of Chicago Booth Graduate School of Business, and the CME Group.
There were 13 educational sessions during the seminar. The first day was held at the Federal Reserve Bank of Chicago where Bill Testa, Vice President and Director of Regional Research, gave the class an overview of the leadership role of the Federal Reserve in U.S. monetary policy. David Oppedahl, a Federal Reserve Senior Business Economist, led a session on “Federal Reserve Impact on Agriculture.” The group also toured the Federal Reserve Money Museum, which featured a presentation and demonstrations on the distribution of currency through the monetary system.
The second day of the seminar was held at the world-renowned University of Chicago Booth Graduate School of Business. The university is located in the historic Hyde Park neighborhood of the South Side and is the home of more Nobel Laureates in economics than any other institution in the world. Following a welcome session by Dr. Sunil Kumar, Dean of the Booth School of Business, Dr. Michael Gibbs, Clinical Professor of Economics, led a discussion of the question, “What’s So Great About Markets?” In this discussion he set forth concepts of how trading markets are formed, develop and thrive. Dr. Kevin Murphy, George J. Stigler Distinguished Service Professor of Economics, discussed his research on “Income Inequality,” which drew relationships between income and the probability of success in seeking higher education.
The Class of 2016 toured the Chicago Innovation Exchange. This University of Chicago institute provides space for proof-of-concept work, business incubation and collaboration opportunities to connect emerging entrepreneurs with Chicago’s innovation ecosystem.
The final speakers at the University of Illinois were Dr. Harry L. Davis, Roger L. and Rachel M. Goetz Distinguished Service Professor of Creative Management, and John Michael Schert, a professional ballet dancer and Visiting Artist & Social Entrepreneur. With assistance from a ballet dancer from the Joffrey, Schert led a discussion of expanding creativity in business through arts-related concepts.
The third day of the seminar was held at the Chicago Board of Trade Building. Tim Andriesen, Managing Director of Agricultural Commodities and Alternative Investments for the CME Group, presented “The Role of CME Group Markets in the Global Food Industry and Food Security.” Following a visit to the trading floor of the Chicago Board of Trade, seminar participants learned of the “Role of the Speculator” from Susan Sutherland, Senior Director of Agricultural Products and Services at CME. Dave Lehman, Managing Director of Commodity Research and Product Development, outlined “New Product Development” at CME, and Andriesen concluded the program with a discussion about the “CME Group’s Role as an Industry Leader” in price establishment and risk management.
“This is an outstanding opportunity for our participants to learn from the experts in the fields of economics, economic policy and options and futures trading,” said Don Norton, President & CEO of the Illinois Agricultural Leadership Foundation. “We’re grateful to our board member, Richard Ryan, the University of Chicago Booth School of Business, the Federal Reserve and the CME Group for providing this opportunity.”
The Illinois Agricultural Leadership Program is a two-year comprehensive education series that develops knowledgeable and effective leaders to become policy and decision makers for the agricultural industry. The program is funded by the Illinois Agricultural Leadership Foundation, a non-profit organization comprising individuals, companies, organizations and institutional partners. Program participants are selected from diverse backgrounds in Illinois agriculture, and program graduates have attained the highest level positions in commodity organizations and the nation’s leading agribusiness corporations.
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