Texas Tech has received a hefty gift to create a new institute within the Department of Economics.

The $1.2 million from an anonymous donor will go to create the Institute for the Teaching and Study of Free Market Economics.

The funds will go to hire three new faculty members including one full professor and two junior faculty.

Texas Tech Chancellor Kent Hance said “We appreciate this gift and the opportunities it creates for our Department of Economics to expand its understanding of free markets.”

The gift is part of the university’s “Vision & Tradition: The Campaign for Texas Tech” fundraising effort. So far, the campaign has raised more than $774 million dollars.