This coming Saturday it will be my pleasure to stand at commencement before the assembled students, parents, friends and university officials, and say,

"These are our future leaders; the managers and entrepreneurs who will work to address society's basic needs and solve some of its most pressing problems. Mr. President, ladies and gentlemen, what starts at the McCombs School of Business builds the world."

At few times in history has our civilization needed disciplined leadership, critical thinking and a spirit of innovation more than we do today. I feel confident in the abilities of this year's graduates and am pleased to welcome them into one of the most influential business groups in the world, the McCombs Alumni Network. I’m an economist. We’ve proven as a profession that we’re not very good at foretelling the future, but you don’t need a crystal ball to recognize that the world's economy is in dire condition. I see promising signs, but we need the best efforts of bright and energized business leaders to see us through.

One of my guiding lights in economics is Joseph Schumpeter, who first coined the term “Creative Destruction” to describe how innovation causes the free market economy to evolve. He spotlighted the constant revolution of new ideas and better methods, which destroy the old ways and make way for the new—something he termed “the perennial gale of creative destruction.”

Schumpeter spoke of the entrepreneur-spirit, individuals he called wild spirits, those who make the economy work by driving technological change and innovation. Wild spirits seek challenge and opportunity, and are willing to work hard for results. (That is exactly how recruiters describe McCombs graduates when they are asked what sets us apart.)

When facing our graduating classes this weekend, I know I will look into an audience of wild spirits—destroyers of the old and creators of new technologies and fresh ideas. I will see people who are embarking on the road less traveled. And this, I predict, will make all the difference in the world.

Congratulations graduates of McCombs School of Business.