- Associated Press - Friday, October 3, 2014

WILLIAMSBURG, Va. (AP) - The College of William and Mary will use a $1 million donation to create a new professorship in its economics department.

The Tang Professorship will be awarded to an outstanding faculty member and will provide a salary supplement in addition to research and teaching support. The professorship is the fourth endowed position in a 20-member department.

The donation comes from alumnus and former Board of Visitors member Michael Tang, who graduated in 1976.

The college says Tang’s primary motivation for establishing the professorship was his belief that a foundation in economics is fundamental to understanding how the world works.

Tang was a member of the Board of Visitors from 2009 to 2013.

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