by Gerry Boyle '78

If the nation has fallen into recession, why are some Colby economists smiling?

That may be a bit of an exaggeration, but it is a fact that an economic boom isn't necessarily good news when you're searching to hire a stellar economics professor. Since renowned economic historian Henry "Hank" Gemery retired last year, the Economics Department has been searching high and low-and without success-for a suitable permanent replacement.

Entering into the search last year, the department knew it was facing some obstacles, said Associate Professor of Economics Michael Donihue '79, the department chair. The economy's unprecedented bull run diverted many would-be academics to Wall Street. The shortage of economics Ph.D.'s tends to perpetuate itself because there are fewer faculty to teach graduate students. And those who have earned doctorates in past years have been drawn to microeconomics, where they can land a lucrative position with a major bank or at a university that will pay $100,000-plus starting salaries.

And when the economy is performing like magic, economists tend to focus less deeply on the past. "Economic historians tend to get pushed to the side," Donihue said.

Last time around, a search that began with about 60 applicants produced four finalists. They came to Colby, met with faculty and students, taught seminars and ultimately decided to go elsewhere. Two took positions on the West Coast, Donihue said, where Berkeley and other universities field economic all-star teams. A third opted to stay in the Northwest. A fourth took a post-doctoral fellowship in England.

"That time we went for a superstar because we were trying to replace a superstar," Donihue said. "That may have hurt us."

A second search is underway that will look for the right blend of scholarship, teaching and what Donihue calls "the right fit." A faculty team will travel to Atlanta in January for the annual meeting of the American Economics Association, where the Colbians will spend two full days sequestered in a hotel suite interviewing applicants. At that point Colby economists may have much in common with their colleagues in admissions as they try to find the applicant who not only is accomplished but would accomplish great things at Colby. "It's like [selecting] students," Donihue said. "It really does come down to the intangibles."