USA TODAY: “Economists hold big role in EU’s future”

In a USA TODAY story tied to the ascension of “technocrats” in Italy and Greece, Michael Szenberg, a distinguished professor of economics at Pace University’s Lubin School of Business, discusses whether economists make good leaders and whether our fiscally challenged times demand this kind of expertise.

As leaders of the European Union meet this week to try to resolve Europe’s debt crisis, economists will play a major role in the success or failure of efforts to prevent the region from lapsing into a deep recession.

From USA Today:

Italy will be represented by Prime Minister Mario Monti, an economist and former EU official who replaced the erratic and flamboyant Silvio Berlusconi last month. On Monday, Monti announced a $41 billion package of new taxes and spending cuts that’s designed to reduce the nation’s debt, the second-largest in the European Union.

Greece will be represented by Lucas Papademos, a former vice president of the European Central Bank, appointed interim prime minister last month. He’s negotiating a debt swap agreement with private lenders in hopes of preventing that country’s debt from ballooning to twice the size of its economy. Wednesday, Greek lawmakers approved an austerity budget extending deep spending cuts into next year.

Michael Szenberg, professor of economics at Pace University’s Lubin School of Business, argues that Monti and Papademos could be just what Europe needs. Both are unlikely to run for office when their terms expire, which makes them convenient scapegoats for the backlash against cuts in public programs, Szenberg says. “We all have to tighten our belts,” he says. “You blame them — the technocrats.”

Read full article here:

Economists hold big role in EU’s future –

NEWS RELEASE: The Lubin School of Business at Pace University and the Association of International Bank Auditors Launch Joint Six-Month, 25-Session Certified Compliance and Regulatory Professional (CCRP™) Certificate Program

“We are very excited to partner with Pace’s Lubin School of Business, a leader in advanced management education, in offering this unique Certified Compliance and Regulatory Professional (CCRP™) certificate program to provide intensive regulatory risk management training for industry professionals,” said Steven Lewis, Chairman of the Association of International Bank Auditors (AIBA). Classes begin January 19, 2012.

Classes Begin January 19, 2012

NEW YORK, NY, December 2, 2011 – The Lubin School of Business at Pace University has formed a strategic alliance with the Association of International Bank Auditors (AIBA) to offer a Certified Compliance and Regulatory Professional (CCRP) certificate program targeting professionals working in the global financial services industry, including AIBA’s internal audit, compliance and internal control members representing nearly 100 branches and agencies of foreign banks. 

The CCRP™ Program will be the inaugural course offered in the new Center for Global Governance, Reporting and Regulation at Lubin, which will develop and apply knowledge growing out of the business school’s years of experience with international accounting standards and corporate management. CCRP™ classes begin January 19, 2012, and run Thursday evenings at Pace University’s Midtown Center in the landmark Fred French Building at 551 Fifth Avenue between 45th and 46th Streets. Course details and registration information are at

“The complexity of world markets and diverse political systems means managing international business activities is both more important and more difficult than ever,” said Neil S. Braun, Dean of the Lubin School of Business and former President of the NBC Television Network and CEO of Viacom Entertainment. “It has become evident that planning and execution are as important in matters of risk management and regulatory compliance as they are in the traditional business disciplines. The CCRP™ will provide the analytical framework to enhance management’s ability to anticipate and address a fast changing and increasingly regulated world with specific focus on the international banking industry.”

“We are very excited to partner with Pace’s Lubin School of Business, a leader in advanced management education, in offering this unique program to provide intensive regulatory risk management training for industry professionals,” said Steven Lewis, Chairman of the AIBA.

Among the reasons the industry needs a certification from a well-recognized and highly respected business school such as Lubin, combined with a well-known industry audit and compliance association such as AIBA to administer a value-added certification, are: 

  • Financial institutions are facing an increased regulatory burden both in the U.S. and abroad. Furthermore, the pace of regulatory changes is increasing dramatically.
  • The regulatory compliance market requires a significant set of skills, equaling what is needed in the accounting, finance and legal space.
  • Existing certifications simply do not offer enough depth in their programs to allow the student to possess the knowledge to make an impact in the workforce.
  • Ongoing retraining in this ever-changing environment is critical and must be professionally administered. 

Who Will Benefit 

The Lubin/AIBA CCRP™ Program is designed for all banking professionals who seek a solid understanding of the growing significance of regulation and the need for compliance, including: 

  • Regulators and compliance professionals
  • Attorneys
  • Internal Auditors
  • Risk Decision Makers
  • Accounting and Operational Management


Course One: Corporate Governance in Financial Institutions

  • Course Introduction and Corporate Governance in the International Banking Industry (1/19/12)
  • Corporate Governance & Compliance: Overview of Key Statutes and Regulatory Agencies (1/26/12)
  • Enterprise Risk Management (ERM) – External Governance vs. Internal Governance – The Role of the Board of Directors, the Audit Committee, and All Levels of Management (2/2/12)
  • Compliance Risk Management (CRM) and How ERM Affects All Levels of Bank Management (2/9/12)
  • ERM and the Role of Audit (2/16/12)
  • Operational Risk and Compliance Management (2/23/12)
  • Comparing Similarities of the U.S. Regulatory System with Other Key Countries (3/1/12)
  • Summary Session and Course Exam Preparation (3/8/12)

NO CLASS/Spring Break – Take-Home Exam due 3/15/12

Course Two: Regulatory Affairs within International Banking

  • Course Introduction and Regulatory Landscape (3/22/12)
  • Role of Compliance within the Firm (3/29/11)
  • Compliance Risk Assessment – Understanding Key Risk Factors of Complying with Statutes and Regulations to Determine the Risk Level Posed to an International Bank – How Do We Test and Monitor Compliance with Statutes and Regulations Based on Risk? (4/5/12)
  • Key Statutes and Regulations Session I – Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) – Bank Secrecy Act (BSA) / USA PATRIOT Act of 2001, Part 1 (4/12/12)
  • Key Statutes and Regulations Session II – Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) – Bank Secrecy Act (BSA) / USA PATRIOT Act of 2001, Part 2 – U.S. Money Laundering Prevention and Terrorist Financing Directives  vs. the European Union Money Laundering Prevention and Terrorist ML & Financing Directives (4/19/12)
  • Key Statutes and Regulations Session III – Introduction to Project Work/Mentors Introduced  (4/26/12)
  • Role of Technology in Establishing Proper Compliance Programs (5/3/12)

Course Three: Developing and Managing a Banking Compliance Program

  • Course Introduction and Establishing Compliance Policies and Procedures – Reference Manuals to Use as Resource Material – Developing a Compliance Manual – Key Elements for Writing an Effective and Comprehensive Compliance Policy – Key Elements for Writing an Effective and Comprehensive Compliance Procedure – Incorporating  Head Office Policies into U.S. Policies – Continuation of Project Work – Individual Team Project Themes to be submitted (5/10/12)
  • Establishing Compliance Policies & Procedures II – Continuation of Project Work/Creating Specific Policies & Procedures (5/17/12) 
  • Establishing Compliance Policies & Procedures III – Continuation of Project Work (5/24/12)
  • Preparation and Conduct during a Regulatory Examination (5/31/12)
  • Delivery of Preliminary Reports by Project Working Groups with Mentors (6/7/12)
  • Enforcement Actions (6/14/12)
  • Presentation of Final Project Report, Written & Oral, to Board with Mentors (6/21/12)
  • Final Examination Preparation (6/28/12)
  • NO CLASS/Fourth of July Weekend (7/5/12)
  • Final Examination (7/12/12)

For roughly the last third of the program, each student will participate in a practical project, mentored by experienced practitioners.


A combination of distinguished academics and seasoned compliance and regulatory professionals has developed the curriculum and will be teaching the classes, enriched by guest speakers from relevant industries. 

The CCRP™ certificate will be awarded to those participants who successfully complete the program in a continuous six-month period and pass the CCRP™ exam. While weekly attendance is strongly encouraged, lectures will be videotaped and archived online for later viewing if occasional business travel takes a student out of town.


$2,500 per CCRP™ Program Course and a $400 fee for administration of the CCRP™ Certification Examination. Each CCRP™ Program Participant will also be responsible for an application fee of $70. CCRP™ Program Participants will be personally responsible for the cost of textbooks and other CCRP™ Program Course related materials.

About The Center for Global Governance, Reporting and Regulation (CGGRR) at Lubin

CGGRR sponsors research and discussion on the development and implementation of global financial reporting standards, regulatory compliance and governance.  It also develops programs to develop proficiencies and expertise in these areas and hosts conferences and events on relevant topics featuring leaders in these fields. CGGRR originated as the Center for the Study of International Accounting Standards, and evolved into its current iteration as a natural progression. Reporting standards alone are not sufficient in the current global business environment; governance and regulatory compliance are essential in international business.

About the Lubin School of Business and Pace University

Founded in 1906, Pace University has nearly 13,000 students across six schools. Globally recognized and prestigiously accredited, the Lubin School of Business integrates New York City’s business world into the experienced-based education of its students at both the suburban and downtown campuses, implemented by the region’s largest co-op program, team-based learning, and customized career guidance—all designed to launch success-oriented graduates toward upwardly mobile careers.

About The Association of International Bank Auditors (AIBA): The AIBA membership consists of internal audit, compliance and internal control professionals of nearly 100 branches and agencies of foreign banks.  The mission of the AIBA is to foster the professional standing of its members by increasing their knowledge and capacities to carry out their responsibilities with respect to international banking.


 Pace Media Contact: Samuella Becker,; 212-346-1637 (office) or 917-734-5172 (mobile)

 CCRP™ Program Contact: BrianPew,; 212-618-6444

MEDIA ALERT: Tuesday, Dec 13 at 7 PM – “The Global Marketplace: Challenges & Opportunities” – An Inside Track Event with Pace President Stephen J. Friedman and Mario J. Gabelli, Institutional Investor’s “Money Manager of the Year”

Get the “INSIDE TRACK” on the global marketplace with Pace President Stephen J. Friedman and Award-Winning Money Manager Mario Gabelli. Gabelli’s firm returned 28.6% for institutional clients in 2010, and has generated annualized returns of 16.3% since 1977.



 Institutional Investor’s “Money Manager of the Year”

Mario J. Gabelli discusses:

” The Global Marketplace: Challenges & Opportunities”

 Gabelli’s firm returned 28.6% for institutional clients in 2010,

has generated annualized returns of 16.3% since 1977 


When: Tuesday, December 13, 7:00 PM to 8:30 PM.

Where: Pace University, Michael Schimmel Center for the Arts, 3 Spruce Street, New York, NY 10038. Directions:

Who: Mario J. Gabelli, one of the leading investors of our time in a compelling discussion on the unique challenges and opportunities of today’s global marketplace. Gabelli is the founder, Chairman and CEO of GAMCO Investors, Inc. (NYSE:GBL), with $31.3 billion in assets under management, a widely recognized provider of investment advice and financial services to alternative investments, mutual funds, institutional, and high net worth investors. GAMCO returned 28.6% for institutional clients in 2010, and since inception in 1977 has generated annualized returns of 16.3%.

Gabelli is a frequent commentator on CNBC and CNN and in financial print media including Institutional Investor, Business Week, Fortune, Forbes, Money and Changing Times. In April, Institutional Investor selected Gabelli as “Money Manager of the Year.”

Inside Track with President Stephen J. Friedman brings renowned thought leaders and policymakers into engaging conversations on critical issues with Pace’s president, a former senior partner at Debevoise & Plimpton LLC, commissioner of the Securities and Exchange Commission, deputy assistant secretary of the Treasury; executive vice president at The Equitable Companies Incorporated and the E.F. Hutton Group Inc., and U.S. Supreme Court law clerk. Each guest’s presentation is followed by a question-and-answer session including questions from the audience.

RSVP: The event is free and open to the public and the Pace community. Media admission by press passes. Please register in advance online at

Furthermore: Among Gabelli’s ace stock pickers is a team called FOCUS FIVE which selects five stocks every quarter that should outperform the market in a significant way. The group has an impressive performance record – beating the market averages each quarter. Since FOCUS FIVE’s inception on January 31, 2006, its stock bets have risen over 200% versus about 4.5% for the Standard & Poor’s 500-stock index. FOCUS FIVE’S stock picks for the current quarter are:

  • Cameco Corporation (NYSE: CCJ) – one of the world’s largest uranium producers.
  • Dana Holding Corporation (NYSE: DAN) –  a world leader in the supply of driveline products
  • Southwest Gas Corporation (NYSE: SWX) – a natural gas provider to more than 1.8 million customers
  • Ixia (NASDAQ: XXIA) – next generation wireless
  • Xylem Inc. (NYSE: XYL) – a spin-out of ITT’s water unit.

Gabelli’s long term philosophy is to “use the news of the day as a tailwind for your investment future,” managing investments against long-term trends in world affairs. GAMCO Investors, Inc. is best known for research-driven, value-oriented equity investing expertise based on the principles of Graham & Dodd — that is, investing in undervalued companies that have a high probability of achieving their intrinsic or private value over time.

 Pace Media Contact: Samuella Becker,, 212-346-1637 or 917-734-5172

TeenBusinessForum: “Why Entrepreneurs Should Celebrate Global Entrepreneurship Week”

Global Entrepreneurship Week (November 14 – 20, 2011) is the world’s largest celebration of the innovators and job creators who launch startups that bring ideas to life, drive economic growth and expand human welfare. So why should entrepreneurs celebrate it?

7. To Celebrate The Entrepreneurial Mindset

Because entrepreneurship is a mindset — a way of thinking and acting, not simply about starting a business. It is about imagining new ways to solve problems and create value. These skills are important not only for those seeking to establish a new venture, but are increasingly critical in a wide variety of careers given today’s hyper-competitive marketplace, where rapid technological innovation and globalization has led to corporate downsizing and a dramatic change in the very nature of work.

Bruce Bachenheimer, Clinical Professor and Director of Entrepreneurship, Pace University

To read the other 19 responses on TeenBusinessForum, where teens discuss entrepreneurship, click here 

LatinTRENDS Magazine: 2011 Annual Latino Trendsetter Awards Honor Jorge Luis Cachiero for Outstanding Achievements and Leadership in the Hispanic Community

The 10th Annual Latino Trendsetter Awards will honor Jorge Luis Cachiero, Chairman of the Dyson College of Arts & Sciences Performing Arts Department of Pace University, in a November 29 ceremony hosted by Jorge Ramos of Telemundo in New York City. Produced by LatinTRENDS Magazine, the annual awards celebrate excellence and recognizes groundbreaking leaders in business, education, entertainment, art, health, community service, and more.

Jorge Luis Cacheiro, Chairman of the Dyson College of Arts & Sciences Performing Arts Department, has been a leading university theater innovator for almost two decades.

As a director, Cacheiro has a long history of working on new plays. He has directed world, U.S. and west coast premieres of plays by such prominent playwrights as Harry Kondoleon, David Lindsay-Abaire, Eduardo Machado and Luis Santeiro, in theaters ranging from New York Theater Workshop, Circle Repertory, INTAR in New York, Echo Theater in Los Angeles and the Magic Theater in San Francisco.

For the past ten years, Cacheiro has also focused on creating cultural bridges between the United States and his native Cuba. The work includes pursuing academic agreements between Cuba’s Institute of Superior Arts and American universities, bringing Cuban theater artists to the U.S., and most recently directing in Havana, Cuba. In 2010, with the Latin American premiere of Jorge Cortinas’ Canto del Pozo Ciego, Cacheiro became the first American director invited to lead a Cuban company. TCG and the Andrew Mellon Foundation generously supported this production. He returns to direct again in Havana in 2013.

On November 29 in New York City, he will be celebrated at the 10th Annual Latino Trendsetter Awards and scholarship gala for his leadership in the Hispanic community along with 17 other notable Latino achievers. Click here to learn more about Cachiero’s fellow honorees.

A personal profile, also appearing on LatinTRENDS “Meet the Trendsetters” website, is below.

Q & A

Where were you born & raised?
I was born in Havana, left at 4, and grew up in Queens NY.

Share some memories of your childhood.
There are many memories but two very strong memories as a
young boy are leaving Cuba and a lot of family I never saw again,
and then entering the American school system as a young boy not
speaking a word of English. Shock, shock, shock. You develop
tough skin quick.

What is some of your favorite music?
Favorite music – is electric blues. I love it’s soul and it’s wail!
Favorite artists — so, so many— including Beny More (can’t do the
accent on this keyboard), Bob Dylan, Billie Holiday, Derek and the
Dominoes, Beatles, Stones, Sinatra.

What does being Latino mean to you?
Latino – it’s a belief and pride in both our culture and in our case,
our unique American experience. We have all had to climb our
own mountains to get here, but we can never forget who came
before us or who will come after. Much of my work in Cuba is about this, it supersedes politics which
are always temporary compared to the human spirit – people who are forever.

As an honoree, what do you hope to accomplish?
Being a trendsetter winner is an honor and most importantly
an affirmation of my path, of opening dialogue among our
community and not being afraid to think BIG.

What advice would you give a young Latino looking to enter your field?
Follow your heart and protect your dream. There will always be
obstacles but they are just there to make you stronger.

The Star-Ledger: “Will a provision in Obama’s jobs bill to protect the unemployed help? Career experts respond.”

President Obama has proposed passing a law prohibiting discrimination against the jobless. Is this a good idea that will help the jobless find jobs, or are the only people it will help find employment lawyers? Lisa J. Stamatelos, an adjunct professor of human resources management at the Lubin School of Business, gives her thoughts on the pros and cons of this legislation to Lee Miller, Career Columnist of The Star-Ledger.

Buried within President Obama’s proposed $447 billion jobs bill is a provision creating a new category of individuals against whom it will be illegal to discriminate — the unemployed.

There is a near unanimous consensus that failing to consider individuals that are unemployed to fill job vacancies is a bad business decision because there is a wealth of outstanding talent who, through no fault of their own, find themselves unemployed.  A strong argument can also be made that treating these individuals, who are desperately seeking work, as expendable is morally wrong. Just because something is wrong, however, doesn’t necessarily mean that the best way to remedy the problem is to pass a law.

Lisa J. Stamatelos, an adjunct professor of human resources management at Pace University’s Lubin School of Business, describes the proposal as “sounding good in theory, but useless in practice” in Sunday’s edition of The Star-Ledger

“The proposed law would boost the caseload of employment lawyers and put another cost burden on employers of defending themselves against frivolous lawsuits,” she adds. “Being unemployed may also sometimes be a legitimate reason for not hiring someone, if their skills have become antiquated.”

MEDIA EVENT ALERT, SATURDAY, NOVEMBER 5: Go INSIDE The Actors Studio Drama School at Pace University for a FREE Master Class on The Method and The Stanislavski System

The Theater Master Class will be conducted by Andreas Manolikakis, Chair of the Actors Studio Drama School at Pace University and members of the MFA program’s faculty. For more information or to be considered for participation, send your resume and contact information to or call 212-346-1531.



Saturday, November 5, 2011, 1- 4 PM

Go INSIDE The Actors Studio Drama School at Pace University for a FREE Master Class on The Method and The Stanislavski System.

The Master Class will be conducted by Andreas Manolikakis, Chair of the Actors Studio Drama School at Pace University and members of the MFA program’s faculty.

Unique Aspects of The Actors Studio Drama School:

  • The Actors Studio Drama School is the only MFA program officially sanctioned and supervised by the legendary Actors Studio.
  • It is the only school that offers the authenticity, continuity and authority of the Stanislavski System and the Method.
  • The curriculum has been designed and supervised by the leadership of the Actors Studio, including the Presidents of the Actors Studio, Ellen Burstyn, Harvey Keitel and Al Pacino.
  • Faculty members include major figures at the Actors Studio, many of them Moderators, Board Members and Associate Artistic Directors of the Actors Studio.
  • All students — actors, directors, playwrights — train side-by-side as actors.
  • All students participate in the Craft Seminars known to the world as the Bravo Network TV series “Inside the Actors Studio,” hosted by James Lipton.
  • In Friday Workshops the MFA candidates are exposed to different elements of the theater, such as script analysis, design, stage combat, directing, and auditioning for plays, musicals, film and television.
  • All MFA dance courses are taught by the famous and prestigious Alvin Ailey American Dance Theater at their uptown studios.
  • All students participate in an Observership Program at the Actors Studio.
  • All MFA black-box studios for professional training are designed and equipped according to state-of-the-art standards.
  • Located at prominent and easily reached campus in downtown New York City.

Repertory Season and Industry Showcase:

  • In their final year, all Actors Studio Drama School students present their work to the professional world and the public, in a fully-produced professional Repertory Season at a theater in downtown Manhattan. 
  • In addition, after the Repertory Season, our actors present their work to representatives from the theater, film and television industries in an Industry Showcase at the Actors Studio itself in midtown Manhattan.

After Graduation:

  • All students have the privilege, for one year, of the status of Working Finalist at the Actors Studio itself, which means they are eligible to attend weekly sessions and take a Final Audition for Studio Membership, bypassing the usual Preliminary Audition. Some of these students, if they successfully pass their Final Audition, will become Lifetime Members of the Actors Studio.
  • All directing and playwriting students are invited, for at least one year, to be part of the Playwrights and Directors Workshop of the Actors Studio, a unit especially created for the continuation of the training of our directing and playwriting graduates.

Next Steps:

For more information or to be considered for participation, send your resume and contact information to or call 212-346-1531. Attendees must hold a bachelor’s degree from an accredited college or university or be within one semester of graduation. Admissions representatives will be available to answer your questions.

Media Contact:

Samuella Becker,, 212-346-1637 or 917-734-5172 “Jorge Luis Cacheiro as New Chair of Pace Performing Arts Department”

“We are extremely fortunate to have someone of Jorge Cacheiro’s caliber as the leader of our rapidly growing performing arts department, which has attracted nearly 400 declared majors from all over the country,” said Nira Herrmann, PhD. Dean, Dyson College of Arts and Sciences.

Jorge Luis Cacheiro joins Pace from Montclair State University, where he was the founder and first director of the New Works Initiative (NWI), which is dedicated to developing new work for the American theater and dance world.

A graduate of the Yale School of Drama, during the past two decades Cacheiro has also headed MFA Professional Director Training Programs at Ohio University in Athens, the University of Southern California in Los Angeles and the University of Arkansas in Fayetteville. 

Considered one of the country’s leading acting teachers, Cacheiro has taught Master classes at UCLA, Cal Arts, Princeton and the University of Iowa, as well as run his own studio in Los Angeles.

“From my very first visit on Pace’s campus, I sensed an immense energy from students, faculty and administration alike,” said Cacheiro, in an article appearing on “There is an undeniable united goal to make Pace’s Performing Arts Deparrtment (PAD) one of the nation’s leading professional training programs. I am confident that with the support of our outstanding faculty, we will succeed.”

In choosing Cacheiro, PAD has gotten a scholar/artist with a keen entrepreneurial vision of present-day education.  According to Cacheiro, “We are in the business of education. This is our contemporary reality. I am very comfortable in both of these worlds. The cross section between the university world and the larger industry is still being defined. I believe it offers immense opportunities in the training and career prospects of young artists and creative thinkers.”

Cacheiro plans to immediately introduce a New Work Initiative similar to one he created at Montclair State University. This would complement the Pace New Musicals program.

“The two programs will help imprint Pace’s Performing Arts Department as an important incubator of new American performance work, a place where major professional artists — writers, composers, choreographers — can draft and develop work in a safe environment,” elaborated Cacheiro. “For our students to take part in the process as performers is an invaluable training and networking opportunity. We want to nurture work at Pace from the development phase hopefully all the way to a world premiere.”

Crain’s New York Business: “New York exports its entrepreneurial expertise”

Although the new semester had barely begun this year at Pace University’s Lubin School of Business, Director of Entrepreneurship Bruce Bachenheimer already had teaching requests from groups and institutions in India, China, Norway and Israel.

Universities find that business professors’ knowledge is invaluable to international colleagues seeking routes to economic development, according to the lead Small Business article in the Sept 26-Oct 2, 2011 issue of Crain’s New York Business.

Although the new semester had barely begun this year at Pace University’s Lubin School of Business, Director of Entrepreneurship Bruce Bachenheimer already had teaching requests from groups and institutions in India, China, Norway and Israel.

Mr. Bachenheimer returned from India in early September, spoke to a Chinese delegation at Pace immediately afterward and then taught a course on writing a business plan for students visiting from the BI Norwegian Business School. He will travel to Israel in early January.

Colleges and universities abroad, especially those located in developing nations, are increasingly trying to establish the kinds of entrepreneurship programs that exist here in the U.S.

Generations of immigrants may have fueled American entrepreneurialism, but, according to Mr. Bachenheimer, entrepreneurship education on the college level is primarily an American export. And local professors are seeing the demand for their expertise grow beyond the occasional request to teach overseas while they’re on a school break or a sabbatical. Foreign universities are more and more willing to pay a premium for the know-how of professors from entrepreneurship centers such as Silicon Valley, New York City and Cambridge, Mass., the Lubin professor says.

Reflecting the growing international interest in entrepreneurship education, the Bloomington, Ind.-based Global Consortium of Entrepreneurship Centers, whose members are university-based, switched to its current name three years ago, notes Mr. Bachenheimer. Founded in 1996 as a national consortium, the organization made the change in response to interest from international institutions.

Although students obviously can’t absorb everything about running a business while in a classroom setting, the fastest way to get started and learn to manage risk is often with the guidance and assistance available through universities and colleges. (Other kinds of structured support can be invaluable as well: Research from the National Business Incubation Association and the U.S. Small Business Administration show that businesses coming out of incubators have a much lower failure rate than that for startups overall, says Mr. Bachenheimer.)

DailyFinance – “Then and Now: How the Economy Has Changed Since 9/11”

Think back to the evening of Sept. 10, 2001: It’s been 10 years, and in some ways, it’s as if nothing has changed. That Monday night, the United States was coming off a recession stemming from a bursting bubble, consumer confidence was declining, and predatory lending was in the headlines.

But as we all know, everything did change the next morning, in ways that we are still working to understand.

Over the last decade, consumer confidence and housing prices have gone through a dramatic rise and fall, and two massively expensive wars in Iraq and Afghanistan were initiated. 

AOL’s DailyFinance asked economists including Lubin’s Niso Abuaf, to share their thoughts on two questions: What were the most significant economic shifts between 2001 and 2011; and if that decade had a headline, what would it be. 

The Great Disappointment in Real Wage Growth and European Integration

Niso Abuaf, professor of finance, Pace University

“Technology [the innovation of the ’90s] bore fruit and the productivity gains we have experienced in technology, media and telecom sectors have been tremendous with the iPhone, iPad, Blackberry and virtual workplace. But has that accrued to the typical U.S. worker or European worker?  Unfortunately, those productivity gains have not translated into real wage gains and it has been a disappointment. Wages have not kept up with productivity gains. Another disappointment is that Europe’s lack of political union and its response to crisis in [the PIIGS nations] has not been as decisive and quick a response as the U.S. response during the Great Contraction.”