Milken Institute
Encyclopedia
The Milken Institute is an independent economic think tank
Think tank
A think tank is an organization that conducts research and engages in advocacy in areas such as social policy, political strategy, economics, military, and technology issues. Most think tanks are non-profit organizations, which some countries such as the United States and Canada provide with tax...

 based in Santa Monica, California
Santa Monica, California
Santa Monica is a beachfront city in western Los Angeles County, California, US. Situated on Santa Monica Bay, it is surrounded on three sides by the city of Los Angeles — Pacific Palisades on the northwest, Brentwood on the north, West Los Angeles on the northeast, Mar Vista on the east, and...

 that publishes research and hosts conferences that apply market-based principles and financial innovations to a variety of societal issues in the US and internationally.

The mission of the Institute, founded in 1991 by financier and philanthropist Michael Milken
Michael Milken
Michael Robert Milken is an American business magnate, financier, and philanthropist noted for his role in the development of the market for high-yield bonds during the 1970s and 1980s, for his 1990 guilty plea to felony charges for violating US securities laws, and for his funding of medical...

, is "to improve the lives and economic conditions of diverse populations in the United States and around the world by helping business and public policy leaders identify and implement innovative ideas for creating broad-based prosperity."

The Institute focuses on human capital (talent, knowledge and experience of people, and their value to organizations, economies and society), financial capital (innovations that allocate financial resources efficiently, especially to those who ordinarily would not have access to them, but who can best use them to build companies), and social capital (bonds of society that underlie economic development, including schools, health care, cultural institutions and government services). It employs about 50 people.

The Institute is a 501(c)(3) nonprofit organization and is nonpartisan and non-ideological.

Operations

The Milken Institute has published studies relating to human capital, access to capital, financial structures and innovations, regional economics, healthcare economics and medical research. It hosts a series of conferences including two annual conferences, a variety of financial innovations labs, and a series of forums and private events. The Milken Institute Global Conference, first held in 1998, is an annual forum focused on economic and social issues. Among the speakers at the conference include figures from the areas of business, finance, government, education and sports. The institute also hosts an annual State of the State Conference, which examines major issues facing the state of California.

History

The institute was founded in 1991 by former Drexel Burnham Lambert
Drexel Burnham Lambert
Drexel Burnham Lambert was a major Wall Street investment banking firm, which first rose to prominence and then was forced into bankruptcy in February 1990 by its involvement in illegal activities in the junk bond market, driven by Drexel employee Michael Milken. At its height, it was the...

 banker Michael Milken
Michael Milken
Michael Robert Milken is an American business magnate, financier, and philanthropist noted for his role in the development of the market for high-yield bonds during the 1970s and 1980s, for his 1990 guilty plea to felony charges for violating US securities laws, and for his funding of medical...

, who is known for his role in the development of the market for high-yield bonds (also called junk bonds) during the 1970s and 1980s and his 1990 guilty plea to multiple felony charges that he violated US securities laws.
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