More than 60 students and community members attended to hear Mr. Drummond discuss the theme “Economics and the Environment: Are Economists Doing Their Job?”.

During his presentation Mr. Drummond noted how there are limited economic models to use when accounting for the environment, and that this is a field in need of considerable development. He also commented on how inelastic Canada’s current economic system is to respond to environmental issues. To illustrate this, Mr. Drummond used the example of Volkswagon Beetle engines which have improved their operational efficiency threefold since being introduced back in the 1960s, however, there has been no change in gas mileage because consumer interests demand design upgrades that neutralize any efficiency gains.

Formerly the Assistant Deputy Minister in the federal Ministry of Finance, Mr. Drummond was responsible for economic analysis, fiscal policy, tax policy, social policy and federal-provincial relations. In particular, Mr. Drummond coordinated the planning of the annual federal budgets. In June 2000, Mr. Drummond joined the TD Bank as Senior Vice President and Chief Economist. He leads TD Economics' work in analyzing and forecasting economic performance in Canada and abroad. Mr. Drummond travels widely across Canada and internationally, speaking to various groups about the Canadian economy and its prospects and he is frequently quoted by the media on economic and policy issues.

This annual special event is held in honour of retired Professor Emeritus Harry Kitchen and reflects his strong research commitment to economic policy in Canada.

For further information about the Economics Department, please visit their website.