What is the Omicron Delta Epsilon?
HISTORY
Omicron Delta Epsilon, one of the world's largest academic honor
societies, was created through the merger of two earlier honor
societies, Omicron Delta Gamma and Omicron Chi Epsilon. At the
time of their merger in 1963 each had 28 chapters, those of the
former being primarily located in the Midwestern and Pacific states
of the USA, and those of the latter concentrated at colleges and
universities along the Eastern Seaboard and in Texas. Omicron
Delta Epsilon became an international honor society in economics
in 1969. Omicron Delta Epsilon has been a member of the Association
of College Honor Societies since 1981.
Omicron Delta Gamma (The Order of Artus) was founded in 1915
by John R. Commons, University of Wisconsin, and Frank Taussig,
Harvard University, through the union of the economics societies
of their Universities. The intent of the society was the encouragement
of a closer academic and social relationship between honor students
and faculty on an informal basis, facilitating the exchange of
information and views.
Omicron Chi Epsilon was the younger of the two organizations,
having been founded in 1955 by Alan A. Brown while he was a student
at the City College of New York. From its inception, the society
sought to provide means not only to confer suitable honors on
the more promising students but also to encourage scholarship
through organized meetings and conferences and through the publication
of its official journal, THE AMERICAN ECONOMIST, founded in 1957.
OBJECTIVES AND ACTIVITIES
The objectives of Omicron Delta Epsilon are recognition of scholastic
attainment and the honoring of outstanding achievements in economics;
the establishment of closer ties between students and faculty
in economics within colleges and universities, and among colleges
and universities; the publication of its official journal, THE
AMERICAN ECONOMIST, and the sponsoring of panels at professional
meetings as well as the Irving Fisher and Frank W. Taussig competitions.
AWARDS
Each year ODE awards THE IRVING FISHER ARTICLE AWARD, which
pays $500 and provides an invitation to present the paper at the
next annual meeting of the American Economic Association (with
travel expenses paid by ODE) and publication of the article in
THE AMERICAN ECONOMIST (at the option of the winner). This competition
is open to ODE graduate students in economics or those members
who have received their Ph.D. or M.A. not more than two years
prior to entering the competition.
In addition, ODE annually awards the FRANK W. TAUSSIG UNDERGRADUATE
ARTICLE AWARD which pays $250 to the winner and $100 to the winner’s
ODE chapter and provides for publication in THE AMERICAN ECONOMIST.
This competition is open to undergraduate ODE members in schools
with ODE chapters and to ODE members who have received their bachelors
degree not more than two years prior to entering the competition.
Biennially, Omicron Delta Epsilon grants the JOHN R. COMMONS
AWARD in memory of one of its founders to an internationally outstanding
economist in recognition of his or her achievements and service
both to the economics profession and to Omicron Delta Eps ilon.
Previous winners have been: Evsey D. Domar, Massachusetts Institute
of Technology, 1965; Arthur Smithies, Harvard University, 1967;
Gerhard Tintner, University of Southern California, 1969; Milton
Friedman, University of Chicago, 1971; Kenneth J. Arrow, Harvard
University, 1973; Robert Solow, Massachusetts Institute of Technology,
1975; William Baumol, New York University and Princeton University,
1977; Abram Bergson, Harvard University, 1979; Arnold Zelner,
University of Chicago, 1981; Dale Jorgenson, Harvard University,
1983; Kenneth Boulding, University of Colorado, 1985; Gary S.
Becker, University of Chicago, 1987; Martin Feldstein, National
Bureau of Economic Research, 1989; and Douglass C. North, Washington
University, 1991.
ORGANIZATION
Currently, Omicron Delta Epsilon has 535 chapters located in
the United States, Canada, Australia, the United Kingdom, Mexico,
Puerto Rico, South Africa, Egypt, and France. With such a broad,
international base, chapter activities vary widely, ranging from
invited speakers, group discussions, dinners, meetings, etc.,
to special projects such as review sessions and tutoring for students
in economics. Omicron Delta Epsilon plays a prominent role in
the annual Honors Day celebrations at many colleges and universities.
Undergraduate candidates for election to any chapter
of Omicron Delta Epsilon must have completed a minimum of 12 semester
hours of economics courses, have earned at least a B average in
the economics courses and have an overall scholastic average of
B or better. They do not necessarily have to be economics majors,
but they must have a genuine interest in economics. A life-membership
fee is paid by each prospective member of Omicron Delta Epsilon
upon his/her election to membership to the Honor Society. In return,
the member receives a membership scroll and a one-year subscription
(two issues) to THE AMERICAN ECONOMIST. Following the complementary
first year's subscription, members are encouraged to subscribe to
THE AMERICAN ECONOMIST. The purchase of the official key (right)
or pin by the initiates is optional but encouraged. There are no
annual dues.
