The American Economic Review is a peer-reviewed academic journal of economics. Twelve (formerly seven) issues are published annually by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of economics. The current editor-in-chief is Esther Duflo (MIT). The previous editor was Pinelopi Goldberg. The journal is based in Pittsburgh.
The May issue of the American Economic Review each year is known as "Papers and Proceedings". Selected papers and discussions of papers presented at the Annual Meetings of the American Economic Association are published along with reports of officers, committees, and representatives.
In 2004, the American Economic Review began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data.
|The American Economic Review|
|Edited by||Esther Duflo|
American Economic Association (United States)
|Am. Econ. Rev.|
In 2011 a "Top 20 Committee," consisting of Kenneth Arrow, Douglas Bernheim, Martin Feldstein, Daniel McFadden, James M. Poterba, and Robert Solow, selected the following twenty articles to be the most important ones to appear in the journal:
Thirteen of those authors have received the Nobel Prize in Economic Sciences.
Other notable papers from the journal include:
The American Economic Association (AEA) is a learned society in the field of economics, headquartered in Nashville, Tennessee. It publishes one of the most prestigious academic journals in economics: the American Economic Review. The AEA was established in 1885 in Saratoga, New York by younger progressive economists trained in the German historical school, including Richard T. Ely, Edwin Robert Anderson Seligman and Katharine Coman, the only woman co-founder; since 1900 it has been under the control of academics.The purposes of the Association are: 1) The encouragement of economic research, especially the historical and statistical study of the actual conditions of industrial life; 2) The issue of publications on economic subjects; 3) The encouragement of perfect freedom of economic discussion. The Association as such will take no partisan attitude, nor will it commit its members to any position on practical economic questions. Its current president is Olivier Blanchard of Peterson Institute for International Economics.Once composed primarily of college and university teachers of economics, the Association now attracts an increasing number of members from business and professional groups. Today the membership is about 18,000, over half of whom are academics. About 15% are employed in business and industry, and the remainder largely by federal, state, and local government or other not-for-profit organizations.Angus Deaton
Sir Angus Stewart Deaton (born 19 October 1945) is a British-American economist and academic. Deaton is currently a Senior Scholar and the Dwight D. Eisenhower Professor of Economics and International Affairs Emeritus at the Woodrow Wilson School of Public and International Affairs and the Economics Department at Princeton University. His research focuses primarily on poverty, inequality, health, wellbeing, and economic development.In 2015, he was awarded the Nobel Memorial Prize in Economic Sciences for his analysis of consumption, poverty, and welfare.Davis Rich Dewey
Davis Rich Dewey (April 7, 1858 – December 13, 1942) was an American economist and statistician.
He was born at Burlington, Vermont. Like his younger brother, John Dewey, he was educated at the University of Vermont and Johns Hopkins University. He later became professor of economics and statistics at the Massachusetts Institute of Technology. He was chairman of the Massachusetts state board on the question of the unemployed (1895), member of the Massachusetts commission on public, charitable, and reformatory interests (1897), special expert agent on wages for the 12th census, and member of a state commission (1904) on industrial relations.Dewey became managing editor of the American Economic Review in 1911. He wrote:
Syllabus on Political History since 1815 (1887)
Financial History of the United States. Longmans, Green. 1918 . OCLC 218289.
Employees and Wages: Special Report on the Twelfth Census (1903)
National Problems (1907)The primary library for the MIT Sloan School of Management, MIT Department of Economics, and MIT Department of Political Science is named after Dewey.Demographic economics
Demographic economics or population economics is the application of economic analysis to demography, the study of human populations, including size, growth, density, distribution, and vital statistics.Edwin W. Kemmerer
Edwin Walter Kemmerer (June 29, 1875 – December 16, 1945) American economist, became famous as an economic adviser to foreign governments in many countries (Philippines, Mexico, Guatemala, Colombia, Germany, Chile, South Africa, Poland, Ecuador, Bolivia, China, Peru, and Turkey), promoting plans based on strong currencies, the gold standard, central banks, and balanced budgets. "He helped design the U.S. Federal Reserve System in 1911, edited the American Economic Bulletin and the American Economic Review, and became president of the American Economic Association in 1926."He graduated with honors and a Phi Beta Kappa key from Wesleyan University, and earned his Ph.D. from Cornell University, where he taught (1906-1912). At 28, was appointed Financial Adviser to the U.S. Philippine Commission. In 1912 he became a professor at Princeton University, where he was made the first director of its new International Finance Section; by then Kemmerer had a well established reputation as an international "money doctor."Gérard Debreu
Gérard Debreu (French: [dəbʁø]; 4 July 1921 – 31 December 2004) was a French-born economist and mathematician. Best known as a professor of economics at the University of California, Berkeley, where he began work in 1962, he won the 1983 Nobel Memorial Prize in Economic Sciences.Jacob Marschak
Jacob Marschak (23 July 1898 – 27 July 1977) was a Ukrainian-American economist, known as "the Father of Econometrics".Joseph Schumpeter
Joseph Aloïs Schumpeter (German: [ˈʃʊmpeːtɐ]; 8 February 1883 – 8 January 1950) was an Austrian political economist. Born in Moravia, he briefly served as Finance Minister of Austria in 1919. In 1932, he became a professor at Harvard University where he remained until the end of his career, eventually obtaining U.S. citizenship.
One of the most influential economists of the 20th century, Schumpeter popularized the term "creative destruction" in economics.Schumpeter claimed that he had set himself three goals in life: to be the greatest economist in the world, to be the best horseman in all of Austria and the greatest lover in all of Vienna. He said he had reached two of his goals, but he never said which two, although he is reported to have said that there were too many fine horsemen in Austria for him to succeed in all his aspirations.Journal of Economic Education
The Journal of Economic Education (JEE) offers original peer-reviewed articles on teaching economics. The inaugural issue appeared in the fall of 1969. At the time, G.L. Bach (Stanford University) wrote in the American Economic Review Papers and Proceedings (1971) that the JEE was to be the forum for scholarly work in economic education, primarily at the undergraduate level in colleges and universities, but including junior colleges and, to some extent, the high schools.
In the early days, the Council for Economic Education (then call the Joint Council and later the National Council) oversaw publication of the JEE, and members of the American Economic Association Committee on Economic Education served as the editorial board, with Henry Villard (City University of New York) serving as editor. The Council for Economic Education assigned the JEE copyright and publishing responsibility to the nonprofit Heldref Publications in 1981. The Council, however, retained responsibility for appointing the editor and providing financial support to the editorial office.
In 1983, Donald Paden (University of Illinois) became editor when the JEE expanded to a quarterly publication. Kalman Goldberg (Bradley University) became editor in 1986. The editorial offices moved to Indiana University in 1989, when William Becker became editor. Late in 2009, William Walstad (University of Nebraska at Lincoln) became editor and Heldref sold the JEE to the for-profit Taylor & Francis Group.Katharine Coman
Katharine Ellis Coman ((1857-11-23)November 23, 1857 – (1915-01-11)January 11, 1915) was an American historian, economist, sociologist, educator, and social activist. Coman worked at Wellesley College for 35 years as an instructor, professor, and dean. Believing that the discipline of political economy could be harnessed to solve the pressing social problems of the day, Coman created new courses in the discipline. She specialized in research and teaching about the development of the American West, and British and American industrialism. In her work, she criticized capitalism and was supportive of the labor movement. She was the only woman co-founder of the American Economics Association, the author of the first important history of industry in the US, and the first female statistics professor in America. Throughout her life, she traveled widely to conduct her economics research. A social activist, Coman supported the settlement movement and the labor movement. She shared a home with poet Katharine Lee Bates for 25 years, and the two women often traveled together. Coman died of breast cancer in 1915. Wellesley College created the Katharine Coman Professorship of Industrial History in her honor.Kenneth French
Kenneth Ronald "Ken" French (born March 10, 1954) is the Roth Family Distinguished Professor of Finance at the Tuck School of Business, Dartmouth College. He has previously been a faculty member at MIT, the Yale School of Management, and the University of Chicago Booth School of Business. He is most famous for his work on asset pricing with Eugene Fama. They wrote a series of papers, that cast doubt on the validity of the Capital Asset Pricing Model (CAPM), which posits that a stock's beta alone should explain its average return. These papers describe two factors above and beyond a stock's market beta which can explain differences in stock returns: market capitalization and "value". They also offer evidence that a variety of patterns in average returns, often labeled as "anomalies" in past work, can be explained with their Fama–French three-factor model.Along with contributing articles to major journals such as the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the American Economic Review, the Journal of Political Economy, and the Journal of Business, French is also a research associate at the National Bureau of Economic Research, an advisory editor at the Journal of Financial Economics, and a former associate editor of the Journal of Finance and the Review of Financial Studies.
Professor French was the vice president of the American Finance Association in 2005 and was the organization's president in 2007. Also in 2007, Professor French was elected to the American Academy of Arts and Sciences (AAAS).
He obtained a B.S. in 1975, from Lehigh University in mechanical engineering. He then earned an M.B.A. in 1978, an M.S. in 1981, and a Ph.D. in finance in 1983, all from the University of Rochester. In 2005, French became a Rochester Distinguished Scholar.
French is a board member of Dimensional Fund Advisors in Austin, Texas, where he also works as Consultant and Head of Investment Policy.Libertarian paternalism
Libertarian paternalism is the idea that it is both possible and legitimate for private and public institutions to affect behavior while also respecting freedom of choice, as well as the implementation of that idea. The term was coined by behavioral economist Richard Thaler and legal scholar Cass Sunstein in a 2003 article in the American Economic Review. The authors further elaborated upon their ideas in a more in-depth article published in the University of Chicago Law Review that same year. They propose that libertarian paternalism is paternalism in the sense that "it tries to influence choices in a way that will make choosers better off, as judged by themselves" (p. 5); note and consider, the concept paternalism specifically requires a restriction of choice. It is libertarian in the sense that it aims to ensure that "people should be free to opt out of specified arrangements if they choose to do so" (p. 1161). The possibility to opt-out is said to "preserve freedom of choice" (p. 1182). Thaler and Sunstein published Nudge, a book-length defense of this political doctrine, in 2008 (new edition 2009).Libertarian paternalism is similar to asymmetric paternalism, which refers to policies designed to help people who behave irrationally and so are not advancing their own interests, while interfering only minimally with people who behave rationally. Such policies are also asymmetric in the sense that they should be acceptable both to those who believe that people behave rationally and to those who believe that people often behave irrationally.Mark Gertler (economist)
Mark Lionel Gertler (born March 31, 1951) is an American economist and Henry and Lucy Moses Professor of Economics at New York University. A specialist in business cycles and monetary policy, he has been an associate and collaborator of Federal Reserve Chairman Ben Bernanke for more than 30 years. He is among the 20 most cited economists in the world.Gertler completed his B.A. in May, 1973 from the University of Wisconsin–Madison and his Ph.D. in June, 1978 from Stanford University. He worked at Cornell University and the University of Wisconsin–Madison before joining the faculty at NYU.
Gertler and Bernanke published "Should Central Banks Respond to Movements in Asset Prices?" in the American Economic Review in 2001, five years before Bernanke replaced Alan Greenspan as Chairman of the Federal Reserve Board of Governors. The paper, which deals retrospectively with the stock market bubble of the Internet years, has become a widely cited policy paper in economics, outside the field as well as within. Bernanke and Gertler argue that the practice of targeting inflation and price stability, as the Federal Reserve has done since the 1980s, should be continued, while the more aggressive approach of managing "asset price bubbles" that some economists have advocated, would be ineffective or counterproductive.
Gertler married Cara Lown, a P.h.D. economist, in 1991.Monopoly Capital
Monopoly Capital: An Essay on the American Economic and Social Order is a book by Paul Sweezy and Paul A. Baran published in 1966 by Monthly Review Press. It made a major contribution to Marxian theory by shifting attention from the assumption of a competitive economy to the monopolistic economy associated with the giant corporations that dominate the modern accumulation process. Their work played a leading role in the intellectual development of the New Left in the 1960s and 1970s. As a review in the American Economic Review stated, it represented “the first serious attempt to extend Marx’s model of competitive capitalism to the new conditions of monopoly capitalism.” It attracted renewed attention following the Great Recession.Portfolio (finance)
In finance, a portfolio is a collection of investments held by an investment company, hedge fund, financial institution or individual.Public economics
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity.
At its most basic level, public economics provides a framework for thinking about whether or not the government should participate in economic markets and to what extent it should do so. In order to do this, microeconomic theory is utilized to assess whether the private market is likely to provide efficient outcomes in the absence of governmental interference. Inherently, this study involves the analysis of government taxation and expenditures. This subject encompasses a host of topics including market failures, externalities, and the creation and implementation of government policy. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare.Broad methods and topics include:
the theory and application of public finance
analysis and design of public policy
distributional effects of taxation and government expenditures
analysis of market failure and government failure.Emphasis is on analytical and scientific methods and normative-ethical analysis, as distinguished from ideology. Examples of topics covered are tax incidence, optimal taxation, and the theory of public goods.Rupert Harrison
Rupert Harrison, CBE (born 1 Nov 1978, São Paulo Brazil) is a British Economist and a Portfolio Manager at BlackRock. He was from 2006 to 2015 the Chief of Staff to George Osborne, the British Chancellor of the Exchequer, and Chair of the Council of Economic Advisers in the UK Treasury. In 2014 Harrison was said to be one of the most powerful people in the UK and to be the main reason why Osborne could be a "part time" Chancellor.Harrison was educated at Eton College (where he was head boy) and studied at Magdalen College, Oxford University, where he was awarded an Bachelor of Arts degree in Philosophy, Politics and Economics. From 2002, he worked at the Institute for Fiscal Studies before joining Osborne's team in 2006 and moving with him to the Treasury in 2010.
In his first year at Oxford he was in a band called Psychid with three other students. One of his tutors at Oxford was Stewart Wood, who went on to become an adviser to both Gordon Brown and Ed Miliband, and the two are apparently still friends.In June 2013 it was reported by Guido Fawkes in the Sun Newspaper that Harrison delivered his son himself after the midwife was delayed, apparently earning him the nickname "safe hands Harrison".He obtained a PhD degree in Economics in 2007 from University College London entitled, Innovation and technology adoption and his academic research was published in the American Economic Review, the Economic Journal and the Review of Economics and Statistics amongst others.In March 2014, he was the subject of the BBC Radio 4 Profile programme.In August 2015 Harrison joined the investment firm BlackRock where he is a Portfolio Manager and Chief Macro Strategist for Multi-Asset Strategies.He has written opinion pieces for the Financial Times and appears regularly as a commentator on TV and radio.He is the Chair of The Fore, a charity dedicated to funding small charities and social enterprises.Harrison was appointed a Commander of the Order of the British Empire (CBE) in the 2015 Dissolution Honours Lists on 27 August 2015.The Use of Knowledge in Society
"The Use of Knowledge in Society" is a scholarly article written by economist Friedrich Hayek, first published in the September 1945 issue of The American Economic Review.Written (along with The Meaning of Competition) as a rebuttal to fellow economist Oskar R. Lange and his endorsement of a planned economy, it was included among the twelve essays in Hayek's 1948 compendium Individualism and Economic Order.ThinkProgress
ThinkProgress is an American news website. It is a project of the Center for American Progress Action Fund (CAP Action), a progressive public policy research and advocacy organization. Judd Legum, founded ThinkProgress in 2005. The site's reports have been discussed by mainstream news outlets and peer-reviewed academic journals. Its climate section, formerly known as Climate Progress, was founded by Joe Romm.