At the beginning of November, renovations began on the third floor of the Krannert School of Management because of a generous donation received to update it. The renovations are planned to be finished in August of 2017.
The donations were made by the Webster family, which has been actively involved with giving to Krannert in the past.
“They have been fantastic supporters,” said Justin Tobias, head of the department of economics.
Part of the third floor of Krannert will be the Purdue University Research Center in Economics, better known as PURCE. The center is “economic centric,” said Tobias. It is used for learning and developing research on policies that directly work with economics.
John Umbeck, an economics professor, spoke on the use of the center and said, “It’s all about studying the interface between policies and markets.”
PURCE was created about two and half years ago and has since evolved. Umbeck, along with other faculties, thought the center was a good idea for the department. President Mitch Daniels also shared an interest in the center and put forth the effort to get PURCE started.
The renovation will create office space, along with classroom and conference space. With the renovation comes an opportunity for Purdue to hire more faculty.
“The building is busting at the seams. Offices are really hard to come by. The center will be great because it will allow faculty to come together in a central area,” said Tobias.
PURCE is predominantly used by faculty and Ph.D. students. Undergraduates do not have access to the center, but it frees up space that is currently in use throughout the building for undergraduates to use for studying.
The department wants to ensure that the center will be put to good use by staff and students.
“It is not meant to be a left or right wing think tank,” said Umbeck. The center is to be used as a tool to find or create “good, objective research.”