Higher education plays an essential role in fostering business minds that are committed to social change, according to Glenn Hubbard, Ph.D., this year’s Henry George Lecturer at The University of Scranton.

The dean of Columbia University’s Graduate School of Business, a Russell L. Carson Professor of Economics and Finance and former chair of President George W. Bush’s Council of Economic Affairs, Dr. Hubbard provided a unique outlook on the transformational role of business in his April 4 presentation “Business Knowledge and the Good Life.”

Inviting nearly 400 lecture attendees to think back to various social and political movements, Dr. Hubbard pointed out that all revolutions were promoted and funded by business. He said that forward-thinking business leaders can be catalysts of social change.

Dr. Hubbard added that there is a need for colleges and universities, especially in the current economic crisis, to encourage entrepreneurship risk-taking and serve as a forum for innovative thinking.

“The essence of capturing an opportunity is a teachable skill,” explained Dr. Hubbard. Seen as burdensome to traditional business models and often overlooked, entrepreneurs are successful because they are willing to shift ideas and experiment.

Dr. Hubbard advocated the benefits of a liberal arts education as well, noting that the best business leaders have multiple skills and areas of expertise. “The quest for general knowledge and a focus on problem solving are compliments, not substitutions,” Dr. Hubbard said.

Dr. Hubbard’s presentation can be seen at: http://www.youtube.com/watch?v=8s55V0hlDoA.

The University of Scranton’s Henry George Lecture Series is the preeminent public lecture series in economics in northeastern Pennsylvania. Six of the previous lecturers have won the Nobel Prize in Economics.

The Economics and Finance Department of the Kania School of Management and the campus chapter of Omicron Delta Epsilon, an international honor society for economics, host the Henry George Lecture, which honors the 19th century American economist and social reformer.