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The American Economist

Handbook for Chapter Advisors

Omicron Delta Epsilon is the International Economics Honor Society.  The following are the most important objectives of Omicron Delta Epsilon: first and foremost is to recognize scholastic attainment in economics; second is to recognize outstanding achievements in economics on the part of economists at all levels; third is to establish closer ties between students and faculty in economics within their own colleges and universities; fourth is to establish closer ties between students and faculty in economics on all campuses; fifth is to publish an official journal; and sixth is to emphasize the professional aspects of economics as a career field  for service in the academic world, business, government, and international organizations.

Table of Contents

The Philosophy of Omicron Delta Epsilon
The History of Omicron Delta Epsilon
Organizational Structure
Eligibility for Membership
Fees and Dues
The Biennial Convention
The American Economist
Graduate Student Paper Sessions
Awards
  • John R. Commons Award
  • The Irving Fisher Article Award
  • The Frank W. Taussig Article Award
Chapter Organization
Chapter Activities
Chapter Advisors
Central Office

Directions for Submitting Applications

Advantages of Having an Omicron Delta Epsilon Chapter
  Advantages for Students
  Advantages for Faculty and the Department

Suggested Chapter Activities
Suggestions for Annual Programs and Related Topics

The Philosophy of Omicron Delta Epsilon

Omicron Delta Epsilon is dedicated to the encouragement of excellence in economics.  It encourages devotion on the part of its members as economists to the advancement of their science and to the scholarly effort to make freedom from want and deprivation a reality for all mankind.

The History of Omicron Delta Epsilon

Omicron Delta Epsilon, one of the largest academic honor societies, was established in 1963 as a result of a merger of two honor societies: Omicron Delta Gamma (founded in 1915 by Professor John R. Commons at the University of Wisconsin and Frank W. Taussig at Harvard University); and Omicron Chi Epsilon (founded in 1956 by Prof. Alan A. Brown when he was a student at the City College of New York).  It became an International Honor Society in Economics in 1969.  Since that time, a number of chapters throughout the world has been added. Also see...

Organizational Structure

Omicron Delta Epsilon is a member of the Association of College Honor Societies in the United States, and thus fully recognized and accredited.

It is governed by an International Executive Board Consisting of the International President, the president-elect, two or more vice-presidents, the Executive Secretary-Treasurer, the Editor-in Chief of The American Economist, the Editor of the Fisher/Taussig Competitions, the Chair of the International Board of Trustees, and the Chair and Vice Chair of the Board of Trustees.  The International Board of Trustees consists of outstanding economists both in the United States and in other countries that are elected at the ODE Biennial Convention.

The International Executive Board is the operative governing body of the society.  It meets at least once a year to set policy, approve new chapters (which may be approved by mail ballot in the interim), recommend requested changes in the constitution, and take action on appropriate matters and issues in accordance with the provisions of the constitution.


Eligibility for Membership

Undergraduate candidates for election to membership in any chapter of Omicron Delta Epsilon must be making the study of economics one of their major interests and must be attending an institution where a chapter is located.  Candidates must have an overall grade point average of at least 3.0, and at least twelve credits (semester hours) in economics with an average of  at least a 3.0 GPA or better.  In the case of colleges or universities with an Honors Program in Economics, candidates in the Honors program must have the equivalent of B grade work or better.

For universities organized on the British System, all Junior standing or higher.

For institutions that do not have a credit hour system, a candidate must stand in the upper one-third of the students studying economics and must have completed principles and have studied intermediate economic theory.

Graduate students are judged solely on their graduate work.  Graduate membership shall consist of graduate students in good standing who are attending an institution where a chapter is located or who become members while undergraduates/ They must be in residence at least one semester, with a major or minor in economics and have a GPA of 3.0 or better. 

There are no admission requirements for faculty members.  All are eligible and welcome to join as charter members or they may be elected later by the chapter.
 
Chapters may also elect Honorary Members and Alumni Members (persons who graduated before the local chapter was organized).  Candidates for membership must be persons of high ethical and professional standards. Honorary membership must be bestowed by a two-thirds vote of a chapter's membership. The names and accomplishments of honorary members should be reported to the International Executive Board within six months of election.
 
No one shall be denied membership because of sex, race, color, creed, or national origin. 

Also see...

Membership Fee

Each prospective member of Omicron Delta Epsilon upon his/her election pays an international initiation fee, currently $35.00, to membership in the Honor Society.  In return, he/she receives a membership scroll, card, and a one-year subscription (2 issues) to The American Economist.  The purchase of the official key or pin by the initiates is optional but encouraged.  There are no annual international dues.

Biennial Convention

Once every two years, in conjunction with the meetings of the Allied Social Sciences Associations (ASSA), the Society convenes at the meeting place where the ASSA is holding its meetings.  At these conventions, the John R. Commons Award recipient delivers a paper, which is then followed by the biennial business meeting of the Society.  Delegates of the chapters to the biennial convention constitute the highest governing and legislative body of the society.  At the conventions, the President-elect becomes the International President and the authorized delegates elect the President-elect, Vice Presidents, Executive Secretary-Treasurer, Editor-in-Chief, and members of the Board of Trustees by majority vote.

The American Economist

The American Economist is the journal of the Omicron Delta Epsilon, which is published biannually, April and November.  Its purposes are twofold: first, to provide an outlet for essays and papers written by graduate and undergraduate students of a nature not normally solicited by existing professional journals but of sufficient interest and merit to warrant publication; and second, to provide a means of acquainting economists and undergraduates contemplating a career in economics with current developments in pure and applied economics.  The American Economist periodically publishes a set of course reading lists for major universities, covering different fields of economics and abstracts of doctoral dissertations in the same field, in addition to articles and other features of interest.
 
Current (2012-2013) Journal subscriptions are students, $10.00 per annum; other $25.00 per annum or $50.00 for three years.  Back issues of the Journal are available at $28.00 each.

The Editors of The American Economist are assisted in their work by a prominent Editorial Board.

Graduate Student Paper Sessions

Each year, Omicron Delta epsilon sponsors a Graduate Economics Session consisting of graduate students' papers selected on a competitive basis.  The papers are presented at the annual meeting of the American Economics Association (part of Allied Social Sciences meetings).

Similarly, Regional Graduate Student Paper Sessions are sponsored by the ODE Regional Representatives at the meetings of various regional economics associations.

Awards

To implement its objectives, Omicron Delta Epsilon sponsors the John R. Commons Award and two international competitive awards, the Irving Fisher and the Frank Taussig Awards for ODE members, graduate and undergraduate students, respectively.

The John R. Commons Award, established in memory of one of the founders of Omicron Delta Epsilon, is awarded biennially to an outstanding economist in recognition of his achievements and for his service both to the economics profession and to Omicron Delta Epsilon.  Previous recipients of this award have been: Professor Evsey D. Domar of the Massachusetts Institute of Technology, 1965; Professor Arthur Smithies of Harvard University, 1967; Professor Gerhard Tintner of the University of Southern California, 1969; Professor Milton Friedman of the University of Chicago, 1971, Professor Kenneth J. Arrow of Harvard University, 1973; Professor Robert Solow of the Massachusetts Institute of Technology, 1975; Professor William S. Baumol of Princeton and New York Universities, 1977; Professor Abram Bergson of Harvard University, 1979; Professor Arnold Zellner of the University of Chicago, 1981; Professor Dale Jorgenson of Harvard University, 1983; Professor Kenneth E. Boulding of the University of Colorado, 1985; Professor Gary Becker of the University of Chicago, 1987; Professor Martin Feldstein of the National Bureau of Economics Research, 1989;Professor Douglass C. North of Washington University, 1991;Professor Robert Eisner of Northwestern University, 1993; Professor Jagdish Bhagwati of Columbia University, 1995; Professor Walter Adams of Trinity University (Texas) and Michigan State University, 1997; Professor Paul A. Samuelson of Massachusetts Institute of Technology, 1999; Professor Victor R. Fuchs of Stanford, University, 2001; Professor Irma Adleman of University of California, Berkeley, 2003; Professor Benjamin Friedman of Harvard University, 2005; Professor Rachel McCulloch of Brandeis University, 2007; Professor Claudia Goldin of Harvard University, 2009; Professor Peter Diamond of Massachusetts Institute of Technology, 2011; Michael Szenberg of Pace University , 2012; and Daniel Hamermesh of the University of Texas-Austin, 2013..

The Irving Fisher Article Award is bestowed upon the best article submitted by a graduate student or a recent recipient of a doctorate in economics.

Who is Eligible - Members of Omicron Delta Epsilon who are graduate students or have received their Ph.D. or terminal M.A. degree within the last year.

Eligible Entries - Articles may be on any topic in economics.  They must be based on work initiated prior to receipt of Ph.D. Entries of up to 5,000 words are preferred, but up to 10,000 words are acceptable.

Nature of Award - The Frank W. Taussig Award consists of a cash prize of $1000 and submission for publication in The American Economist at the option of the author. In addition, the chapter submitting the winning entry receives $200.

Procedure for Participation - Submit one copy of your entry with a supporting letter from a faculty member to the Chairman of the Fisher/Taussig Competitions.  All entries must be received by Omicron Delta Epsilon by August 1 of each year.

Selection Process - The Fisher/Taussig Selection Committee determines the annual winner of the Fisher Award.  The Committee is selected by the Vice-President of Competitions each year.

Award Announcement - The recipient of the award is determined by December 15 of each year and is announced at the annual ASSA meetings in January and published on the ODE website.

For more information, write the Vice President for Competitions, PO Box 2096; Fairhope, AL 36532.

The Frank W. Taussig Article Award is a competitive award bestowed upon the undergraduate or recent graduate in economics submitting the best article in any year.  (Economics refers to both theoretical and applied economics, and student's writing papers in agricultural economics or other areas of applied economics are eligible for the award as long as there is an Omicron Delta Epsilon chapter on their campus and they are members thereof).

Who is Eligible - Members of Omicron Delta Epsilon who are undergraduate students and have received their bachelor's degree within the past year.

Eligible Entries - Articles may be on any topic in economics.  They must be based on work done as an undergraduate.  Entries of up to 5,000 words are preferred, but up to 10,000 words are acceptable.

Nature of Award - The Frank W. Taussig Award consists of a cash prize of $1,000 to the winner, $200 to the winner's chapter, and submission of the paper in The American Economist at the author's option.
 
Procedure for Participation - Submit one copy of your entry with a supporting letter from a faculty member to the Chairman of the Fisher/Taussig Competitions.  All entries must be received by Omicron Delta Epsilon by August 1 of each year.

Selection Process - The Fisher/Taussig Selection Committee determines the annual winner of the Fisher Award.  The Committee is selected by the Vice-President of Competitions each year.

Award Announcement - The recipient of the award is determined by December 15 of each year and is announced at the annual ASSA meetings in January and published on the ODE website.

For more information, write the Vice President for Competitions, PO Box 2096; Fairhope, AL 36532. or email to [email protected]

Chapter Organization

Each Chapter shall elect a President, Vice-President, Secretary and Treasurer (although the Secretary and Treasurer may be one person), a Membership Chairman, a Program Chairman and essential Committees to conduct the affairs of the Chapter.  A set of by-laws shall be adopted by each chapter and serve in its governance.  The chapter by-laws may not be contrary to the International Society's Constitution.

Chapter Activities

Chapters engage in such activities as their members deem most interesting and beneficial to their development as economists.  Chapters in general have an annual installation ceremony for officers and new members.  Ordinarily, the purpose and philosophy of Omicron Delta Epsilon are explained when new members are welcomed and presented with their certificates of membership.  A list of suggested chapter activities can be found in the appendix.  The chapters are encouraged to submit their program of events for each academic year to the Central Office before January 31.

Chapter Advisors

The Faculty Advisor to the Chapter is a faculty member in a department of theoretical or applied economics.  Basically the function of a Chapter Advisor is to provide leadership and continuity so that students may derive maximum benefit from their membership in Omicron Delta Epsilon.

Should a Chapter Advisor find that he or she can no longer continue in this role, he or she is responsible for arranging for the designation of his or her successor and for notifying the Central Office.

Central Office

For further information, contact Phyllis Pittman in the Central Office.
P.O. Box 2096
Fairhope, AL  36533
Phone:  (251) 928-0001
Fax: 251-928-0015
E-mail: [email protected]
Home page:  http://www.omicrondeltaepsilon.org


 Directions for Submitting Applications

  • Type the names and addresses of applicants on membership application forms to avoid errors resulting from misinterpretation.  Retain the second copy of the chapter files
  • List applicants' names on the Form A/1 (Admission of New Members) and application exactly as the name should appear on the scroll.  This form must be signed by the Faculty Advisor to certify eligibility for membership. Applications can not be accepted unless the faculty advisor certifies eligibility.  Students should not send separate membership forms to the national office.  Payment must accompany membership applications, jewelry, and plaque orders.
  • Honorary memberships should be presented only to persons who provide a contribution in the field of economics.  The membership fee is required for each honorary membership.
  • If jewelry and/or membership plaques are ordered both will be mailed directly to the student unless otherwise indicated. 
  • The central office will accept applications at any time.  Scrolls and group jewelry orders will be mailed to the faculty advisor for distribution.
  • Two weeks should be allowed for the processing of scrolls and four to six weeks for the manufacturing of jewelry.  More time will be necessary during the spring "rush" season.
  • All members will receive a one-year subscription to The American Economist (2 issues).
  • All membership applications, jewelry, plaque orders and changes of address should be sent to:

Omicron Delta Epsilon
P.O. Box 2096
Fairhope, AL 36533
Phone: (251) 928-0001
1-800-584-5514
Fax: 251- 928-0015
E-mail:  [email protected]


Advantages of Having an
Omicron Delta Epsilon
Chapter

There are many advantages of having a chapter of Omicron Delta Epsilon for the students, the faculty and the Department.  We have listed a few of them below.

Advantages for Students

  • Recognition for scholastic attainments in Economics.
  • Closer academic and professional relationships with the faculty at their own university.
  • Encouragement and stimulation to do outstanding work in Economics.
  • A publications outlet for promising undergraduate and graduate student papers in The American Economist, the economics journal of Omicron Delta Epsilon.
  • Eligibility to compete for the Frank Taussig and Irving Fisher Awards (both cash prizes and publication of essays).
  • Opportunities to present papers at ODE sponsored meetings at the annual conventions of regional, national, and international associations.

Advantages for Faculty and the Department

  • Using chapter membership as a means of conferring distinction to a student for outstanding work in Economics.
  • Closer relationships between students and faculty.
  • Using ODE as a means to stimulate and encourage students to do outstanding work both in Economics and in overall course work.
  • Using ODE as a means of keeping in touch with former Economics majors and assuring their loyalty and support of the Economics Program.
  • Using the regional and national ODE sponsored Economic sessions and The American Economist to encourage students to do research and to publish.
  • Using the Fisher/Taussig competitions to encourage students and junior faculty to do research and publish.
  • Utilizing the ODE chapter as a means of recruiting both students and faculty.
  • Having an official organization to represent Economics honorees ant the annual University Honor's Day Program.
  • Obtaining Reading Lists in various subject-matter fields from outstanding universities, as they are published in The American Economist.
  • Using the ODE chapter as an organization to invite Visiting Lecturers in Economics.
  • The presence of an ODE chapter is an indication to the public at large of the existence of a high quality program in Economics.

Suggested Chapter Activities

The following is a list of suggested chapter activities based on the past experience of various chapters:

  • Meetings centered around visits by economists from other academic institutions, research organizations, foundations, government agencies, financial institutions or business firms.
  • Meetings centered around faculty or staff members in economics and related disciplines within the institution where the chapter is located.
  • Meetings centered around panel discussions on topics of current interest.
  • Participation of individual members in regional and national sessions sponsored by ODE or at meetings of professional economists.
  • Tutoring in economics.
  • Field trips to institutions, organizations, public agencies, or private firms of interest.  (The Federal Reserve Banks or Central Banks in different countries, Government Agencies, Consumer Cooperatives, Social Agencies, Neighborhood  Centers, Public Housing Projects, etc., are among the possibilities.)
  • Economic and social economic projects undertaken by the chapter as a whole, by individual members or by groups within the chapter.  (Studies of Particular communities, institutions, groups of individuals, firms, or economic problems have been undertaken and recommendations for changes have, at times, been made.)
  • Publication of bulletins, newsletters, magazines, papers, compendia of members printing, conference proceedings, journals, etc.

Suggestions for Annual Programs and Related Topics

The success and effectiveness your local chapter of ODE achieves will depend upon the interest taken in the chapter by its membership.  And, the interest depends primarily on the type of program established by your chapter.

Each chapter should, prior to the beginning of the academic year, prepare an annual program.  Care should be taken that dates and times of meetings do not conflict with other campus activities that would have a tendency to hold down attendance at the ODE meeting.  The following are suggested types of meetings that might be used on an annual program.

  • Informal Luncheon Meeting (weekly) - If your campus has a dining service or cafeteria, investigate the possibility of having a private room reserved at some specified time period (11:30-1:30) one day each week.  At such a gathering any range of topics could be discussed.  The two hour time span should allow all members to be in attendance at some time during the period.  This type of meeting is very conducive in bringing about a closer relationship between faculty and student members of ODE.
  • Formal Luncheon Meetings (monthly or semi-monthly) - A luncheon meeting with an announced speaker.  Speakers can be recruited from membership, faculty from other departments on campus, from the business community, from other campuses close at hand, and possibly from visitors brought to the campus by the Economics Department for interviews or seminars.
  • Business Meetings (1 or 2 each year) - To carry out discussions concerning the annual program, budget, election of officers and other matters concerning the chapter.
  • Initiation Banquet (1 or 2 each year) - This should be the highlight of the term for your chapter.  If possible, the speaker should be of some renown and can normally be obtained for a nominal cash outlay to defray travel expense.
  • Seminars - Papers presented by the faculty, graduate students and undergraduate students should be encouraged.  On the basis of such seminars, outstanding papers could lead to publications in the "Monograph Series," to selection as a participant at regional or national meetings, or to further research and publication in the better economic or business journals.
  • Financing - There is no special reason or need for a chapter to build up a large cash balance.  However, a nominal amount should be kept on hand to take care of incidental expenses.  Many chapters receive funds from the department, college, or university to defray travel expenses of a featured speaker from off campus who presents a seminar paper or speaks at the initiation banquet.  Some chapters request a local annual fee from their members.
  • Publicity - If there is a campus newspaper, meetings should be announced in it.  Each member (and other interested parties) should be given the annual "calendar of events" of the chapter.  In addition, two or three days before each meeting, memos should be sent to members and notices placed on bulletin boards around the building.  Featured seminar speakers or others appearing at special meetings are worthy of having the fact noted in local newspapers, news broadcasts, faculty newsletters, or other college or university related publications.

 

Announcements
ODE ANNOUNCES the winners of the Charles Phillips Outstanding Student Leadership Award. The winners are Vincent Carson of SUNY Brockport and Matthew Petersen of Minnesota State University-Mankato.

ASSA SESSION DEADLINE EXTENDED: The deadline for submitting forms to present papers at the Graduate Student Session and Chapter Advisor Session in Boston in January 2015 at the Allied Social Sciences Association meeting has been extended to June 15, 2014.


Omicron Delta Epsilon is proud to be a member of ACHS