Boston University economic professor Laurence Kotlikoff announced on Jan. 5 he will run as a third-party candidate for President of the United States in the 2012 election.

Kotlikoff, a former advisor to President Ronald Reagan’s administration, has taught at BU for 38 years.

Seeking the nomination through Americans Elect, a second process allowing the public to nominate presidential candidates, Kotlikoff is building a platform on the economy, according to his campaign website.

“I think we have to realize no president is born with a president stamp on his/her forehead,” he said. “I am not saying only an economist is qualified to be president, but at this time it can’t hurt to have an economist fixing our economic problem.”

While he had never sought public office before, he said his experience as an economics expert makes him a viable candidate.

The professor’s campaign will also focus on a number of issues affecting the nation’s children. A post on his campaign website titled “Our Kids Are Us” stated Kotlikoff would address the future of second-rate education, high school dropout rates, college debt, unemployment and other financial issues facing upcoming generations.

Kotlikoff will add himself to the list of nominees for American Elect’s multistage primary election on Jan. 23, after which his proponents can submit votes and donations.

Americans Elect is a nonpartisan, nonprofit organization that receives only individual contributions, rather than from corporate, labor, special interests or lobbyist sources, according to its website. The website has 671 nominees, including current President Barack Obama, in its full listing.

“The Republicans and Democrats are like a husband and wife going through a divorce, and in such cases the two parties can agree with a mediator when they can’t agree with each other,” he said. “I can play mediator between Republicans and Democrats but also advance solutions that are critically important and that neither side is considering.

Bob Margo, the chair of the BU economics department, called Kotlikoff one of the country’s most renowned experts on economic policy.

“As a nation, our economic problems are severe and complex, and few people understand that better than professor Kotlikoff,” Margo said.

As a third-party candidate, Kotlikoff aims to avoid partisan gridlock and instead advocate the solutions of the Purple Plan, which he said involves a blend of “red” Republican and “blue” Democratic values.

For tax reform, Kotlikoff suggests a highly progressive federal tax, consumption tax with a monthly payment for the poor, and Illinois inheritance tax. The taxes, he said, would cap at 15 percent. Illinois inheritance tax specifically targets inherited assets, with rates depending on the beneficiary’s relationship to the deceased, ensuring that wealth transfer is taxed fairly.

“Many people think that taxing consumption is regressive, but it’s not,” he said. “It’s taxing what we use to pay for consumption, which is our wealth and our current and future wages. Taxing consumption in parts constitutes a tax on wealth.”

A colleague of Kotlikoffs, economics professor Randall Ellis said the professor might qualify to serve as president, though his chances of winning are slim.

“[The other candidates] are just saying we just need to do something, while Larry has very specific plans on what we need to do,” Ellis said. “He has major changes, rather than minor tinkering.”

Kotlikoff considers himself a different kind of third-party candidate, one that is more reliable than other potential third-party candidates such as Herman Cain.

“He’s not prepared to handle any of the responsibilities of this office, whereas I am,” Kotlikoff said. “I don’t think Herman Cain is not a serious person and wasn’t a serious candidate. He was just wasting the public’s time in trying to promote himself.”

Margo said he admires Kotlikoff’s decision to run. The professor’s background in economics, he said, is a skill that is well needed in the executive branch.

“I can only admire someone willing to stick his neck out like this,” Margo said. Kotlikoff aside, I think a PhD in economics is a great preparation for the Oval Office.”

As the primary season continues, Kotlikoff said he does not intend to go on the road to campaign for the presidency. Instead, he will remain at BU throughout the race.

“BU is my day job. I’m doing this on the side,” he said. “I am not leaving the university unless I win.”

CORRECTION: Americans Elect is not a political party, but a second process. It will not provide support to any candidates or issues.