Texas Tech’s Free Market Institute has received a hefty grant.

The Tech FMI has received a $1.7 million three-year grant from the John Templeton Foundation to allow the group to study the origins of economic freedom and prosperity.

According to a press release from Tech, the grant will also fund post-doctoral fellowships, visiting professors, doctoral student fellowships, guest lecturers, summer research stipends, and a major conference.

“This will be the largest grant the Free Market Institute has received since the initial pledge of $4 million that founded the institute,” said Benjamin Powell, director of the institute. “It’s going to significantly increase our activity.”

Powell continued, saying “It will help us to make a significant contribution to better understanding the social change dynamics that lead to a freer and more prosperous society.”

The Templeton Foundation serves as a philanthropic catalyst for discoveries relating to the big questions of human purpose and ultimate reality. The group supports research on subjects ranging from complexity, evolution and infinity to creativity, forgiveness, love, and free will.

“In its first year since opening, the Free Market Institute at Texas Tech is already making a tremendous impact on our students, faculty, and campus,” said Texas Tech Chancellor Kent Hance. “This $1.7 million grant is just another example of the institute’s excellence, and we are proud of Dr. Powell and his team’s efforts to highlight the importance of free market thinking and economic freedom.”