And institutional investment can help build public goods and flatten otherwise fat tails.”15 Trust and social capital One common thread that enables all institutions to work is trust. Without the trust of the public that it serves, an institution will struggle to function, to be effective, and, ultimately, to persist.
As an economist, but also as a former professor, one-time school board member, spouse of a teacher, and parent of two young adults pursuing higher education, I am always glad to have an opportunity to speak about the importance of education to our nation's economy and our society.