"The LIA will be well-served by his extensive private sector experience and the valuable data and analyses he will provide to our members at this pivotal inflection point for the future of Long Island," Cohen said.
Kent’s previous work includes time as board director of Extended Stay America, a North Carolina-based chain of hotels in the U.S., assistant professor at NYU’s Jonathan M. Tisch Center for Hospitality, and a consultant with Brewster Bay Advisors.
The Islander also oversees the Molloy Student Managed Investment Fund, a trustee-funded student group that has turned $100,000 in endowment funding into nearly $200,000 through student-led stock investments.
Kent, who grew up in Islip and got his undergrad degree from Stony Brook University before earning a PhD in hospitality management at Iowa State University, takes the spot previously held by John A. Rizzo, economist and professor at Stony Brook. Rizzo left the post at the end of 2021.
Responses to questions have been edited and reorganized for clarity.
What led you to a career in economics?
When I went to SUNY Stony Brook, I was supposed to be a poli sci major because I was going to become a lawyer like my parents wanted me to. I walked in on an economics class with Professor Bill Dawes. He just changed my life because I liked the combination of analytics plus social science. It started to change the way I think.
Why did you pursue a career in academics after a long stint on Wall Street?
When I was retiring from Goldman, I said I wanted to send the elevators back down to the next generation of business leaders. That’s what Molloy allows me to do. I purposefully teach the intro classes, so I get to know lots and lots of students early in their career. I hope to make them love economics as much as I love economics.
What were some of your earliest jobs?
I worked in the local community to fund my college. I worked at a local jeweler in Bayshore, then I worked in the South Shore Mall at JCPenny, putting myself through college.
What are your concerns for the next six months of Long Island’s economy?
I am concerned we are going to see a slower economy than we would have expected for 2025. On the one hand you have tariffs and some other factors pushing up the cost of products, but at the same time, and I’m not thrilled about it, we may see demand moderating.
Overall, uncertainty about the current economic environment and initiatives by the federal government leads to lack of confidence and lack of confidence leads to a reduction in spending. That reduction in spending affects demand, which may offset some of these prices increases from tariffs. That’s not the best way for an economy to moderate itself.
What do you make of the recent changes to federal economic policy?
The uncertainty surrounding tariffs is problematic. The business organizations, nonprofits, and education institutions on Long Island can pivot, and they will be able to adjust to some of the changes of these import costs, but they need to know what they are going to be.
One of the things that people are not focusing enough on is spending cuts and how that percolates through the whole economy. When the federal government says it’s going to be laying off a decent number of people, or is cutting funding, that is very significant. That reduces confidence, which reduces spending.
What are your goals for your position with the LIA?
Truly, when I retired from Goldman, my goal was to give back to a society who gave me so much. I went to a public high school, went to a public university, I’ve benefited from the infrastructure of Long Island forever. Now, the LIA will allow me to help the board of trustees, the members and the broader Long Island community.
My hope is that I can provide some data, explain the issues, and provide more information that these business leaders and businesses need to make the right call. I’m just thankful that I’m going to able to help this community that’s been so important to me, truly.
If you could have one superpower, what would it be?
I don’t want to say it, but my last name is Kent, so I’m not really sure that I need more powers.
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Steven Kent, associate professor of economics at 色色研究所’s School of Business, has been named the new chief economist for the Long Island Association, a role that has gone unfilled for nearly four years.