Fed Chairman Ben Bernanke stresses innovation at Simon's Rock graduation

GREAT BARRINGTON -- Federal Reserve Chairman Ben Bernanke on Saturday provided a sweeping overview of U.S. innovation during the graduation ceremony at Bard College at Simon's Rock, saying that creativity, engaging with new technology, and adaptability would be important for future generations.

"Success and satisfaction will not come from mastering a fixed body of knowledge but from constant adaptation and creativity in a rapidly changing world," Bernanke told the black-robed graduates and a crowd of their well-wishers on the lawn near Blodgett Hall. "Engaging with and applying new technologies will be a crucial part of that adaptation."

Bernanke's wife, Anna, is on the Board of Overseers at Bard College. Their son and daughter-in-law are also graduates from the four-year liberal arts college that provides an education for young adults who usually attend the school after 10th or 11th grade.

The Fed chairman described innovation occurring in three phases. He said the Industrial Revolution allowed for specialization and mass production. The second wave included innovations leading up to the 1940s that included indoor plumbing and the harnessing of electricity. The third wave is defined by information technology. He highlighted untapped potential in biotechnology and personalized health care that could have transformative effects.

Bernanke told the graduates that "humanity's capacity and incentive to innovate are greater today than at any other time in history." He added, "During your working lives, you will have to reinvent yourselves many times."

Bard College had a graduating class that includes 51 graduates receiving bachelor's degrees. There are 74 students that received associate of arts degrees.

Among the prestigious class, Emily Anne Schwab became the eighth student in three years to receive a Fulbright fellowship, and Hillary Saviello has been accepted into the London School of Economics.

Schwab earned her fellowship to teach English in Germany. She studied German studies and literature and writing.

Saviello, who is the president of Model United Nations, said she will study international relations after being inspired by a humans right class where she learned about genocide and female genital mutilation.

The ceremony included the presentation of an honorary bachelor's degree to Emily Fisher, who had served since 1992 as chair of the College's Board of Overseers prior to stepping down on Friday. It's only the second honorary degree given in the school's history.