American Institute for Economic Research

American Institute for Economic Research (AIER)


The American Institute for Economic Research (AIER) is a 501(c)(3) nonprofit organization (EIN 04-2121305) in the town of Great Barrington, Massachusetts. AIER describes itself as “dedicated to developing and promoting the ideas of pure freedom and private governance.” Edward C. Harwood (1900–1980) founded the American Institute for Economic Research in 1933.  [1][2]

AIER‘s president, Edward Stringham, earned his PhD. from George Mason University where his professors included Peter J. Boettke, who also serves as a senior fellow at AIER. George Mason University, its Mercatus Center, and its other associated institutes and centers have received more funding from Koch Family charitable foundations than any other organization. Boettke is a professor of Economics and Philosophy at GMU and also director of its F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center. AIER itself received over $60,000 from Koch foundations in 2018. [3], [4]

Stringham is also on the editorial board of the Journal of Private Enterprise, on the board of scholars of the Foundation for Economic Education, and past president of both the Society for the Development of Austrian Economics and Association of Private Enterprise Education. He is a faculty member of Trinity College in Hartford, Connecticut. [5], [6]

AIER also runs the Bastiat Society program, which it describes as “a global network of business professionals committed to advancing free trade, individual freedom, and responsible governance.” The network includes chapters across the United States, as well as in Latin America, Africa, Europe, and Asia. [7] 

AIER‘s “sister organization,” the Progress Foundation—also founded by Edward C. Harwood—is located in Zurich, Switzerland and focuses on awarding stipends to students at Swiss universities to fund their studies at the AIER. [28][29]

AIER also owns American Investment Services (AIS), an investment advisory group which helps provide “earnings” to fund AIER. A number of AIS‘s investments are in the fossil fuel and petrochemical industries with holdings including Chevron, Duke Energy, Dow Chemical, FirstEnergy, Entergy, NextEra Energy, OGE Energy, Philip Morris International, Xcel Energy, and ExxonMobil among others. [22]

AIER is a member and has received funding from the Atlas Network, a group that has supported free-market think tanks across the US and worldwide[8], [9]

The Great Barrington Declaration

In October 2020, AIER sponsored the “Great Barrington Declaration,” a controversial statement advocating for a herd immunity strategy in response to the COVID-19 pandemic. The World Health Organization and other health experts have suggested a herd immunity strategy would be “unethical,” dangerous, and deadly. [10][11]

AIER also registered the domain name for the website hosting the declaration, [12], [13]

Domain Registration for

^Screenshot of WHOIS data via CentralOPS (emphasis added)

On October 3, AIER hosted a private gathering in response to the COVID-19 pandemic that included Professor Sunetra Gupta, a proponent of the herd immunity strategy. The declaration reads: [14]

“The most compassionate approach that balances the risks and benefits of reaching herd immunity, is to allow those who are at minimal risk of death to live their lives normally to build up immunity to the virus through natural infection, while better protecting those who are at highest risk. We call this Focused Protection.”


“Those who are not vulnerable should immediately be allowed to resume life as normal.”

The “herd immunity” strategy has been criticized by members of the medical community as “practically impossible and highly unethical.” [15]

The Great Barrington Declaration, named after the Massachussetts town where it was drafted, reportedly had no vetting procedure in place for signatories. Despite claiming to be signed by over 5,000 “Medical & Public Health Scientist”’ and 11,267 “Medical Practitioners,” as well as  over 155,000 members of the public, journalist and academic Dr. Nafeez Ahmed found “anybody could become a confirmed signatory of the Declaration and be categorised as a scientist or medic by falsifying entry information and ticking a box.” [16][12]

AIER‘s editorial director, Jeffrey A. Tucker, responded on Twitter: “Actually admins have been beating back fraudsters from the beginning. It’s not easy to manage a website with millions of views ongoing, plus dealing with trolls,” he claimed.

However when asked how “IER was ‘checking and vetting signatories’ and whether they were contacting people to verify their claimed identities and scientific credentials, he failed to respond.”

AIER also published a video it claims is “part one of a series that seeks to explain the basics of viruses and their spread” featuring Dr. Martin Kulldorff, Dr. Sunetra Gupta, and Dr. Jay Bhattacharya promoting the herd immunity strategy. [17]

The town of Great Barrington, Massachusetts—where AIER is located—has distanced itself from the Declaration and many of the town’s leaders believe herd immunity is a dangerous strategy. [18]

We are a COVID safe community, we are not tossing off our masks,” said Town Manager Mark Pruhenski. “This Declaration has gained national headlines and has created harmful misperceptions—just as we are doing all we can to protect residents, employees and visitors.”

In the October 22, 2020 article, titled “Climate Catastrophism and a Sensible Environmentalism,” AIER visiting scholar Joakim Book claimed the declaration had been “silenced” or “viciously attacked” by the “pro-lockdown media.” [19]

“Conspiratorial writers from Byline Times to The Guardian as well as editors at Wikipedia attacked AIER for a minor, inconsequential connection to the ‘evil’ Koch Foundation, damning the Institute’s efforts in a laughable attempt of guilt-by-association,” Book wrote.

He added:  [19]

 “As a carte blanche ‒ the ultimate “gotcha” in these unenlightened and confused times ‒ many of these outlets attacked AIER for ‘downplay[ing] the threats of the environmental crisis,’ and linked specifically to a number of my climate change articles. 

“I don’t see how I have anything to apologize for regarding what’s in those articles ‒ so instead I’ll double down. 

Book went on:  [19]

“[R]enewables ‒ or more aptly called ‘unreliables’ ‒ can’t power a modern civilization, that their intermittency problem is light years behind where its proponents assume it to be, that they’re not energy-dense enough to provide us with the energy and electricity we want. Without the amazing help of fossil fuels we couldn’t do half the things we’re currently doing ‒ living, eating, flourishing, helping, traveling (well…), producing.

“None of that matters; we need to fix the climate, activists say, and quell CO2 emissions urgently. But while we’re at it we must also ensure equal gender representation on corporate boards, and shut down tax havens, and confiscate the rich’s productive assets. And naturally, end racial inequality, and most certainly regulate who may use a public bathroom carrying this or that gendered sign on it. 

“A cynic, perhaps reaching for a tin foil hat or the closest religious text to understand how this could possibly make sense, would conclude that catastrophists are not really addressing the problem they say they are. “


“If you’re concerned about these other societal problems ‒ which you could be as they are serious concerns in their own right ‒ then you’re also unavoidably telling me that you don’t think the climate crisis is existential or even that bad. After all, if you think climate change will kill millions or billions of people, why would you bother, for instance, throwing everything and the kitchen sink at a coronavirus the mortality of which is a rounding error compared to the apocalyptic climate future you see?”

Book also quotes Michael Shellenberger, who he describes as a “pro-nuclear environmentalist.” [19]

In conclusion, Book suggests a focus on adaptation because “CO2 we’ve already emitted into the atmosphere is that it lingers there for hundreds of years […] much of what will happen to the planet over the next century or so is already ‘baked in.’ ” [19]

“That also means that we must prepare for those changes rather than muck about with blunt tools like carbon taxes or symbolic bans on plastic bags.

“So let’s abandon fanciful and fleetingly ineffective climate policies. Let’s rapidly transition to the cleanest and most reliable electricity source we have (nuclear).  […] “Let’s stop torturing ourselves with totalitarian policies against a virus we can’t control.”

Stance on Climate Change

October 1, 2019

Richard M. Ebeling, former president of the Foundation for Economic Educationwrote at AIER: [20]

“[H]ere we are with a hyped-up hysteria supercharged by the impassioned declarations of a 16-year-old [Greta Thunberg] placed front and center on the world stage as if she is a learned expert on climate science pointing an accusatory finger on her shaking hand about how the world is about to become uninhabitable in the way we have known life up till now on this planet. And … how dare you!

Here we see another representation of politics in the 21st century, this time on the global stage. We see the constantly repeated naïve and arrogant turning to and presumption of ability by ‘government’ to solve the problems of humanity, and in this case, a ‘problem’ that is dubious about being a problem as serious as the proponents of global warming run around warning about.”

January 14, 2019

AIER senior fellow Raymond C. Niles wrote: [21]

“So, what is the bottom line? If global warming will only reduce the annual growth rate in our standard of living by 0.13% per year, what should we do? The most plausible economic answer is: nothing. Because the cure is worse than the disease and likely to hurt the economy by much more than that.

“Moreover, the ‘cure’ will provide a huge new pot of revenue for the government to spend and dissipate, reducing our standard of living even further.

“If global warming has such a small effect, as described by the experts cited in the NYT, then the only responsible conclusion is that we should do nothing. Wealth creation is the answer to global warming. A society that is 18x (!) wealthier 82 years from now — or even 6x or 3x wealthier — will probably be able to air condition entire cities in domes — just like in a science fiction novel — if the world were 1.4–5.8 degrees warmer then, as predicted by the consensus of global warming scientists.

“Economics and statistics matter. They are embarrassingly absent from the scaremongering “scientific” research and general media articles on global warming today.”

November 2–3, 2007

Senior economist Michael J. Rizzo made the following statements in an introduction to AIER‘s conference on “The Global Warming Debate,” according to the proceedings as reported in AIER‘s Economic Education Bulletin[22]

“What Do We Know About the Science of Climate Change? Climate science is extremely complex for three reasons, according to the climate scientists at our conference—Carl Wunsch (Professor of Oceanography at MIT), David Chapman (Professor of Geology and Geophysics at the University of Utah), William Gray (Professor Emeritus of Atmospheric Science at Colorado State) and Richard Lindzen (Professor of Meteorology at MIT). First, it is an immature science. The observational records cover a time period that is dwarfed by the relevant geologic time scales. Given the current state of understanding, accurate prediction is not possible.”


“[M]odern climate science relies on large, complicated models that seek to describe and predict the climate system, but these models are inherently unreliable and unstable.”


“Evidence abounds to suggest that CO2 is far from the most important contributor to global warming. Previous interglacial periods were much warmer and had far lower concentrations of CO2 in the atmosphere; and it might eventually be demonstrated that CO2 concentrations lag temperature increases. When the temperature change is within a few tenths of a degree, it is difficult to identify the particular causes.”


“The IPCC’s views on global warming are widely portrayed as representing an objective, scientific consensus, but David Henderson (a former chief economist at the OECD, now at the University of Westminster, U.K.) demonstrated that the IPCC reporting process is flawed and lacks rigor, inclusiveness, and impartiality… . Environmental economist Ross McKitrick (University of Guelph, Ontario) affirmed Henderson’s analysis with an account of his own experience with the IPCC.”


“The challenge is not, ‘Either we believe in global warming and rescue the planet or we all die.’ It is largely a choice between how much action to take now and how much in the future; and a choice between preventing or adapting to it. The science is still young. Some people take uncertainty as a reason to act, others take it as a reason to proceed slowly. Future generations will have the benefit of greater scientific knowledge, better technology, and greater wealth… . . The range of views expressed at our conference suggests that the debate is far from being over, and that there is still time for much-needed rational discussion.”

July 2001

The following from an AIER Economic Education Bulletin titled “A Climate of Opinion: The Kyoto Protocols and Atmospheric Science”: [31]

“Climate is a word for regional weather variability. The earth has many climates, and life has lasted through severe global climate variability. Climate scientists readily agree that the earth has been warming for thousands of years following the peak of the last major glacial age. The warming has not been smooth and may or may not continue.”


“Climate scientists also agree that 98 percent of global greenhouse gas emissions have non-human sources (mostly water vapor) and that only some two percent of all greenhouse gases come from human sources. For comparison, the termite and ant family alone digest and compost plants, thereby reportedly releasing carbon dioxide at a rate double that of all human emissions.”


“Interestingly, the U.S. surface temperature record for the last 20 years or so shows no statistically significant warming trend, a record that agrees with the balloon and satellite records. Only recently noted is that the widely reported global temperature increase may be attributable in part to sloppy measurement outside of North America and Western Europe.”

October 5, 1992

Below are some excerpts from an issue of AIER‘s Research Reports (Vol. LIX, No.19): [30]

“Global warming is only one of the supposedly human-caused ‘crises’ that are severely questioned by genuine scientists. The latter often are too busy working on genuine problems to take the time to refute the sensational assertions of the ‘activists’ so avidly reported by the media. If the socialist agenda that has become the goal of the so-called environmentalists is advanced, the material costs will be huge and the benefits small. The ultimate cost would be human freedom.”


“Nearly everyone believes that the earth is heating up. Is it? Probably not — at least there is no evidence that it is. Why then do so many believe in global warming? Because everybody says so.”


“Considering the lack of evidence to support the theory of global warming, coupled with the facts that 1) if global warming should occur, it is not carbon dioxide that is the important greenhouse gas anyhow, rather it is water vapor. It is water vapor and clouds that would account for 98 percent of the effect, and 2) carbon dioxide is not an air pollutant. It is produced whenever any kind of organic material is burned or oxidized and, more than that, it is absolutely necessary as a nutrient for all green growing plants. The plant world is the only source of oxygen on which all of us depend to stay alive. Carbon dioxide has a positive benefit for green plants — the more of it that is in the atmosphere, the better they like it. If the amount of carbon dioxide in the atmosphere should double, and this has been done experimentally by controlling the atmospheres in which plants grow, it results in a 30 percent increase in growth and in harvest yield. But the public never hears about this. Well, so much for global warming.”


AIER Funding

AIER wrote in a 2008 “Economic Education Bulletin” publication: [22]

“Financial support for the Institute is provided primarily by the small annual fees from several thousand sustaining members, by receipts from sales of its publications, by tax-deductible contributions, and by the earnings of its wholly owned investment advisory organization, American Investment Services, Inc.”

The below funding values are from publicly available 990 forms, reviewed by DeSmog. View the attached spreadsheet for additional information on American Institute for Economic Research (AIER) funding (.xlsx).

Donor2010201120122013201420152016201720182019Grand Total
Charles G. Koch Charitable Foundation        $68,100 $68,100
Atlas Economic Research Foundation        $54,133 $54,133
Network for Good  $10,124$25,874$17,990     $53,988
National Philanthropic Trust        $45,000 $45,000
Foulke Foundation Trust$6,000$5,000$5,000$5,000$5,000$5,000$5,000$5,000$4,000 $45,000
Fidelity Investments Charitable Gift Fund        $11,225$10,150$21,375
Orcas Bay Foundation$5,000$4,000$1,000       $10,000
Bartley J Madden Foundation        $10,000 $10,000
Woodford Foundation for Limited Government        $5,000 $5,000
George and Wilma Leonard Charitable Foundation     $1,000 $1,000 $500$2,500
Community Building Foundation CO Katy Sheehan        $1,500 $1,500
Baltimore Family Fund   $100$100$100$100$100$100 $600
Shell Oil Company Foundation   $50$52$100$100$200  $502
Grand Total$11,000$9,000$16,124$31,024$23,142$6,200$5,200$6,300$199,058$10,650$317,698

Bastiat Society Funding

The following from DeSmog’s review of public 990 forms combined with data from the Conservative Transparency project: [32]

Donor20112012201320142015201620172018Grand Total
Pierre F and Enid Goodrich Foundation   $25,000$25,000$25,000$25,000 $100,000
JP Humphreys Foundation $10,000$15,000$25,000$25,000$10,000$10,000 $95,000
Woodford Foundation for Limited Government$6,000$6,000$7,500$10,000$10,000$10,000$20,000 $69,500
Charles G. Koch Charitable Foundation $8,000$10,000 $20,000$23,000  $61,000
Sarah Scaife Foundation     $35,000  $35,000
Atlas Economic Research Foundation$15,000$9,000$10,000     $34,000
Krieble Foundation $5,000$5,000$10,000    $20,000
John William Pope Foundation      $14,000 $14,000
Richard E Fox Charitable Foundation   $10,000    $10,000
Lowndes Foundation    $10,000   $10,000
Donors Capital Fund     $2,000  $2,000
The Roe Foundation    $1,000   $1,000
Richard Seth Staley Educational Foundation       $100$100
Grand Total$21,000$38,000$47,500$80,000$91,000$105,000$69,000$100$451,600

American Investment Services

American Investment Services is wholly owned by AIER. According to its website, “Our investment approach is consistent with AIER’s scientific research findings, as described in its popular book How to Invest Wisely. We are governed by a Board of Directors appointed by AIER.” [23]

A Guide to Classical-Liberal Think Tanks,” written by the Heartland Institute’s former president Joseph Bast, described the relationship: “The American Institute for Economic Research has an investment subsidiary (American Investment Services Inc.) that subsidizes the nonprofit think tank.” [24]

The AIS website provides the following description of its “corporate relationships,” in response to articles covering AIER‘s involvement in the controversial Great Barrington Declaration that advocated for a herd immunity approach to the COVID-19 pandemic: [25], [12]

On October 5, 2020, the Great Barrington Declaration, co-authored by three eminent professors of epidemiology, was released to the public following a gathering hosted by our parent company, the American Institute for Economic Research (AIER). The meeting’s objective was “to discuss the policy response to the virus SARS-Cov-2, and its public health effects on the poor, children, business, the arts, and trade.”

Since its publication, the Declaration has roused substantial controversy and prompted significant press coverage and commentary, some of which referenced our firm. Unfortunately, certain articles contained gross inaccuracies concerning the services we provide and the precise business and operating relationship between our two firms.

Business Relationship: While a wholly-owned subsidiary of AIER, AIS is a separate legal entity that has been an SEC-registered investment adviser since 1978. Although governed by a Board of Directors appointed by AIER’s Trustees, AIS conducts its investment advisory business independent of AIER’s day-to-day operations.”

As of October 21, 2020, AIS‘s estimated portfolio value was $ 284,492,000. See below a summary for the reporting period of June 30, 2020: [26]

VUG / Vanguard Growth Index Fund135053$27,293,000
GLDM / SPDR Gold MiniShares1430881$25,412,000
IBM / International Business Machines Corp.139863$16,891,000
IAU / iShares Gold Trust859158$14,597,000
VZ / Verizon Communications, Inc.240335$13,250,000
DOW / Dow Chemical Co. (The)324960$13,245,000
XOM / Exxon Mobil Corp.293216$13,113,000
VTV / Vanguard Value Index Fund104362$10,393,000
MGC / Vanguard Mega Cap Index Fund73991$8,098,000
CVX / Chevron Corp.84661$7,554,000
AAPL / Apple, Inc.19211$7,008,000
SPY / SPDR S&P 500 ETF Trust21272$6,559,000
QQQ / PowerShares QQQ Trust26262$6,502,000
VEA / Vanguard Developed Markets Index Fund157348$6,104,000
VWO / Vanguard Emerging Markets Stock Index Fund115147$4,561,000
BSV / Vanguard Short-Term Bond Index Fund47482$3,947,000
VSIIX / Vanguard Small-Cap Value Index Fund35638$3,810,000
VNQ / Vanguard REIT ETF45863$3,602,000
VB / Vanguard Small-Cap Index Fund23480$3,422,000
VPU / Vanguard Utilities Index Fund26106$3,229,000
SPDW / SPDR(R) Portfolio Developed World ex-US ETF90914$2,511,000
VBMFX / Vanguard Total Bond Market Index Fund27762$2,452,000
VLCSX / Vanguard Large-Cap Index Fund15310$2,189,000
GOOG / Alphabet Inc. Class C1538$2,174,000
BNDX / Vanguard Total International Bond Index Fund37501$2,165,000
MDLZ / Mondelez International, Inc.41550$2,124,000
SHY / iShares 1-3 Year Treasury Bond ETF24324$2,107,000
GOOGL / Alphabet Inc.1452$2,059,000
SCHA / Schwab U.S. Small-Cap ETF29236$1,910,000
VTI / Vanguard Total Stock Market Index Fund10457$1,637,000
SPLG / SPDR(R) Portfolio Large Cap ETF40352$1,463,000
TSLA / Tesla Motors, Inc.1284$1,386,000
BRK.B / Berkshire Hathaway, Inc.7692$1,373,000
IVW / iShares S&P 500 Growth ETF6462$1,341,000
SCHX / Schwab U.S. Large-Cap ETF17338$1,285,000
ETR / Entergy Corp.13168$1,235,000
IWF / iShares Russell 1000 Growth ETF6053$1,162,000
SPEM / SPDR(R) Portfolio Emerging Markets ETF34538$1,156,000
DUK / Duke Energy Corp.14143$1,130,000
PEP / PepsiCo, Inc.8210$1,086,000
SCHV / Schwab U.S. Large-Cap Value ETF21435$1,074,000
SCHF / Schwab International Equity ETF35930$1,069,000
FE / FirstEnergy Corp.27318$1,059,000
MRNA / Moderna Inc16477$1,058,000
ES / Eversource Energy12386$1,031,000
SLYV / SPDR(R) S & P 600 Small Cap Value ETF20941$1,029,000
SPYV / SPDR(R) Portfolio S&P 500 Value ETF34308$994,000
XEL / Xcel Energy, Inc.15648$978,000
SCHE / Schwab Emerging Markets Equity ETF38499$937,000
IJS / iShares S&P Small-Cap 600 Value ETF7750$933,000
AMT / American Tower Corp. (REIT)3585$927,000
CMS / CMS Energy Corp.15308$894,000
LNT / Alliant Energy Corp.17991$861,000
AEP / American Electric Power Company, Inc.10742$855,000
PLD / Prologis, Inc.9131$852,000
WEC / WEC Energy Group, Inc.9511$834,000
EQIX / Equinix, Inc.1182$830,000
NWE / NorthWestern Corp.14808$807,000
TIP / iShares TIPS Bond ETF6551$806,000
HD / Home Depot, Inc. (The)3187$798,000
AEE / Ameren Corp.11081$780,000
AGG / iShares Core U.S. Aggregate Bond ETF6488$767,000
BKH / Black Hills Corp.13453$762,000
DLR / Digital Realty Trust, Inc.5222$742,000
PNW / Pinnacle West Capital Corp.10111$741,000
PM / Philip Morris International, Inc.10410$729,000
IJR / iShares Core S&P Small-Cap ETF10330$705,000
POR / Portland General Electric Co.16737$700,000
IVV / iShares Core S&P 500 ETF2227$690,000
NI / NiSource, Inc.30357$690,000
SPIR / Spire Corp.10194$670,000
AVA / Avista Corp.18384$669,000
SBAC / SBA Communications Corp.2236$666,000
SPSM / SPDR(R) Portfolio Small Cap ETF25035$665,000
EEM / iShares MSCI Emerging Markets ETF16515$660,000
TCB.WS / TCF Financial Corp.11792$658,000
OGS / ONE Gas, Inc.8424$649,000
MCD / McDonald’s Corp.3428$632,000
VNQI / Vanguard Global ex-U.S. Real Estate Index Fund13496$630,000
IDA / IDACORP, Inc.7179$627,000
MA / MasterCard Incorporated2101$621,000
PG / Procter & Gamble Co. (The)4969$594,000
INTC / Intel Corp.9760$584,000
GLD / SPDR Gold Shares3486$583,000
PSA / Public Storage2972$570,000
PNM / PNM Resources, Inc.14780$568,000
IWM / iShares Russell 2000 ETF3923$562,000
ATO / Atmos Energy Corp.5568$554,000
ALE / ALLETE, Inc.10052$549,000
SIPE / SPDR Barclays 0-5 Year TIPS ETF5926$542,000
VICSX / Vanguard Intermediate-Term Corporate Bond Index Fund5482$522,000
FIXX / Homology Medicines, Inc.31136$473,000
NEE / NextEra Energy, Inc.1969$473,000
LLY / Eli Lilly & Co.2850$468,000
AVB / AvalonBay Communities, Inc.2759$427,000
VFINX / Vanguard 500 Index Fund1502$426,000
CL / Colgate-Palmolive Co.5804$425,000
V / Visa, Inc.2189$423,000
SPG / Simon Property Group, Inc.6095$417,000
EQR / Equity Residential6959$409,000
OGE / OGE Energy Corp.13387$406,000
O / Realty Income Corp.6808$405,000
ARE / Alexandria Real Estate Equities, Inc.2435$395,000
CI / Cigna Corp.1983$372,000
SCHO / Schwab Short-Term U.S. Treasury ETF7173$370,000
VEU / Vanguard FTSE All-World ex-US Index Fund7490$357,000
IVE / iShares S&P 500 Value ETF3259$353,000
DEO / Diageo plc2471$332,000
NKE / Nike, Inc.3384$332,000
ICF / iShares Cohen & Steers REIT ETF3070$310,000
ESS / Essex Property Trust, Inc.1288$295,000
INVH / Invitation Homes Inc.10695$294,000
SHV / iShares Short Treasury Bond ETF2596$287,000
IWD / iShares Russell 1000 Value ETF2530$285,000
VSIGX / Vanguard Intermediate-Term Treasury Index Fund4028$284,000
JPM / JPMorgan Chase & Co.2936$276,000
BRK.A / Berkshire Hathaway, Inc.1$267,000
MDT / Medtronic plc2902$266,000
MSFT / Microsoft Corp.1290$263,000
BXP / Boston Properties, Inc.2864$259,000
DRE / Duke Realty Corp.7201$255,000
SUI / Sun Communities, Inc.1840$250,000
EFA / iShares MSCI EAFE ETF4087$249,000
DIS / The Walt Disney Co.2225$248,000
VTEB / Vanguard Tax-Exempt Bond Index Fund4350$236,000
EXR / Extra Space Storage, Inc.2510$232,000
ELS / Equity Lifestyles Properties, Inc.3552$222,000
TEL / TE Connectivity Ltd.2689$219,000
VDE / Vanguard Energy Index Fund4350$219,000
UDR / UDR, Inc.5691$213,000
IWC / iShares Micro-Cap ETF2325$203,000
HST / Host Hotels & Resorts, Inc.14147$153,000
CSTR / CapStar Financial Holdings, Inc.10000$120,000
GE / General Electric Co.11965$82,000
GRAND TOTAL $284,492,000

Independent Contractors

AIER‘s highest paid independent contractors, according to data from publicly available 990 tax forms, included:

YearContractor NameServiceCompensation
2018Emergent Order LLC*Marketing Consulting Services$510,000
2014Rubenstein Associates Inc.Public Relations$124,831
2013Rubenstein Associates Inc.Public Relations$111,111
20068 Corporate CircleGraphic Services$53,018
2002SK Design Group Inc.Engineering$103,632
2001Shea & GardnerLegal$80,137
2001Fennemore CraigLegal$59,960
Grand Total$1,042,689

*Byline Times  reported Emergent Order “itself receives extensive Charles Koch Foundation funding” with a total of $1.4 million since 2014 for “general operating support” from the foundation. Desmog’s review of 990 forms confirms Emergent received at least $1,466,847 from Koch-controlled foundations. [27]

“The latest available corporate records filed with the US Internal Revenue Service (IRS) confirm that, in 2018, AIER paid $510,000 to Emergent Order for ‘marketing consulting services’. This included production of a viral YouTube video, ‘The March of History: Mises vs Marx – The Definitive Capitalism vs. Socialism Rap Battle’, which began production in May 2019 and was released in December.”

Emergent Order has supported other Koch-backed organizations including the Pacific Legal Foundation ($175,558 from Koch Foundations, according to 990 data), the American Enterprise Institute ($2,276,121), and the Independent Institute ($210,000). 

AIER 990 Forms

Bastiat Society 990 Forms

Key People

AIER Koch Transition

Prior to 2017, AIER did not appear to have many connections to Koch-tied individuals or organizations. [35]

However, at some point in early 2017 no later than February, Benjamin Powell joined AIER’s board of directors. Powell was one of several new key staff who joined AIER around that period, with many having ties to the Koch-funded George Mason University (GMU) among other Koch-funded or affiliated groups. [36]

Powell, a GMU economics graduate (PhD), is a senior fellow at the Koch-funded Independent Institute and former president of the Association of Private Enterprise Education that itself received at least $330,500 from the Charles G. Koch Charitable Foundation according to DeSmog’s review of public 990 tax forms. [37]

Powell is also the director of the Free Market Institute at Texas Tech University, a university that reportedly experienced its own “hostile takeover” by Koch-tied groups. [38]

“A close examination of the Free Market Institute’s funding shows how often such funding comes with strings attached,” The Texas Observer wrote in 2016. “In a 2013 grant application for $1.7 million from the John Templeton Foundation, a philanthropic organization that advocates reconciling religion and science, Powell suggested that the institute staff could monitor how students changed their views as a result of their teachings. The funding, he wrote, would also further the foundation’s mission — to build a ‘freer and more prosperous society’ — and change the way “supporters of private enterprise and free markets agitate for more freedom.'”

The Koch transition at AIER appeared to first begin in the summer of 2016. On May 24, Edward P. Stringham, also a GMU economics graduate (PhD), was named president. His position became effective on June 1. Stringham, like Powell, was also a former president of the Koch-funded Association of Private Enterprise Education. He is also former president of the Society for the Development of Austrian Economics. According to his CV, Stringham is also a member of the Mont Pelerin Society, and organization whose uncovered membership lists revealed deep ties to the Koch network. [39], [40]

Stringham and Powell have co-authored at least 14 papers, including publications at the Reason Foundation, another group having received signification funding (over $3,3 million combined) from Koch sources. [41]

Stephen C. Miller—previously listed as a voting member and a member of the Standing Committee—became chairman of the standing committee in 2020. He was still listed as chairman as of May 2021. Miller was a former research assistant at the Cato Institute (2001 – 2002), Adams Bibby Chair of Free Enterprise and Associate Professor of Economics at the Koch-funded Troy University, and received his PhD in Economics from George Mason University in 2006. [42], [43], [44]

As shown in comprehensive books including Jane Mayer’s Dark Money and Nancy MacLean’s Democracy in Chains, George Mason University’s (GMU) Economics Department, and the Mercatus Center at and Institute for Humane Studies at GMU have long been key groups for recruiting, training and connecting people for Koch-funded universities and think tanks in the Koch Network. [45], [46]

Below is an analysis of board and staff changes. Following the first table is a summary of those with known Koch ties, including connections to Koch-funded universities and PhD recipients in GMU economics As of 2014, AIER’s governance had approximately 5 individuals with Koch affiliations. This number increased to 29 by 2021. AIER’s staff had an even sharper increase, moving from 2 affiliations in 2014 to 48 in 2020 (down to 41 in 2021). 

AIER Key People

See the attached spreadsheet for additional information on key AIER people by year (.xlsx).

Koch Connections

NameKoch-Affiliated Groups
Benjamin W. PowellSenior fellow at the Independent Institute, former president of the Association of Private Enterprise Education, fellow with Mercatus Center‘s Global Prosperity Initiative, executive director of Free Market Institute and a professor of economics in the Jerry S. Rawls College of Business Administration at the Koch-funded Texas Tech University, received his Ph.D. in economics from the Koch-funded George Mason University [47][48]
Bradley K. HobbsResearch fellow at the James Madison Institute, senior fellow at the Clemson Institute for the Study of Capitalism, clinical professor in the Department of Economics at the Koch-funded Clemson University, member of the Academic Advisory Board to The Bastiat Society, former president of the Association of Private Enterprise Education, “long-time member” of the Mont Pelerin Society, and has taught at the Foundation for Economic Education, and the Institute for Humane Studies [49][50]
J.R. ClarkFormer Scott L. Probasco, Jr. Chair of Free Enterprise Finance at the Koch-funded University of Tennessee at Chattanooga. According to Sourcewatch, Clark was a member of the “Cash for Comments Economists Network” that served the tobacco industry and operated via the George Mason University’s Center for the Study of Public Choice. He is a distinguished fellow and secretary/treasurer emeritus for The Association of Private Enterprise Education where he is also former president. He has served as treasurer of the Mont Pelerin Society, and on the board of directors of the Koch-funded Palmer R. Chitester Fund. [51][52][53]
James C. LordemanMember of the advisory council for the Political Economy and Research Institute (PERI). He “supports CATOAtlasMercatus, the Beacon Center of Tennessee, PERI, and other organizations committed to the principles of individual liberty, free markets, and limited government,” has been a member of the Koch-funded Lipscomb University’s adjunct faculty (teaching healthcare finance) and a member of Lipscomb’s Executive Advisory Board for healthcare programs. Fellow in the Sound Money Project formerly run by the Atlas Economic Research Foundation and taken over by AIER [54]
Walker F. ToddFormer adjunct scholar at the Cato Institute‘s Center for Monetary and Financial Alternatives. [55]
Edward P. StringhamProfessor at the Koch-funded Trinity College, research fellow at the Independent Institute, former president of the Association of Private Enterprise Education, member of the board of advisors at the Center on Entrepreneurial Innovation and the Center on Culture and Civil Society at the Independent Institute, member of the FEE Faculty Network, has been a fellow at the Jack Miller Center, received his Ph.D. in economics from George Mason University[56][57][58][59]
Stephen C. MillerFormer research assistant at the Cato Institute (2001 – 2002). Adams Bibby Chair of Free Enterprise and Associate Professor of Economics at the Koch-funded Troy University, received his PhD in Economics from the Koch-funded George Mason University in 2006. [44]
Stephen J. AdamsFormer president of the Pioneer Institute for Public Policy Research [60]
Jeffrey A. MironDirector of digital development for the Foundation for Economic Education, research fellow at the Acton Institute, policy advisor at the Heartland Institute [61][62]
Maureen FoulkeFormer member of the board of trustees Media Research Center, listed as recently as 2018. [63]
Peter T. CalcagnoProfessor of economics at the Koch-funded College of Charleston, director at Public Choice Society, former board member of the Association of Private Enterprise Education, member of FEE Faculty Network[64][65]
Richard M. EbelingFormer president of The Foundation for Economic Education (2003 to 2008, former vice president of The Future of Freedom Foundation (1990-2003) [66]
Richard M. SalsmanMember of the Foundation for Economic Education‘s Faculty Network an  assistant professor of political economy at the Koch-funded Duke University. [67]
David G. TuerckFormer policy expert and senior fellow at the Texas Public Policy Foundation, president of the Beacon Hill Institute at Suffolk University, former director of the Center for Research and Advertising at the American Enterprise Institute, former economics policy expert at the Heritage Foundation, formerly listed as an expert at the Heartland Institute, contributor at the Federalist Society [68][69][70]
Edward J. LópezHas been a scholar in residence at Liberty Fund and at the Center for Study of Public Choice at George Mason University, former program officer at the Institute for Humane Studies and former president of the Association of Private Enterprise Education, member of the FEE Faculty Network. Has had financial support from the Atlas Economic Research Foundation and Earhart Foundation. [71][72][73]
Gerald P. DwyerAdjunct scholar at the Cato Institute, past president and member of the Executive Committee of the Association of Private Enterprise Education. [74]
Kerry Halferty HardyFormer development manager and board member at the Cato Institute. [75][76]
Lenore T. EalySenior fellow for communities at the Charles Koch Institute, served as affiliated senior scholar with the Mercatus Center at George Mason University, former president and secretary of Koch-funded Philadelphia Society[77]
Ramon P. DeGennaroVisiting scholar at the Mercatus Center, member of the Association of Private Enterprise Education since 2005. [78]
Raymond C. NilesReceived a PhD in Economics from George Mason University. [79]
Surse T. PierpointChapter director of the Bastiat Society of Panama. [80]
Terry KibbeFormer director of development for the Competitive Enterprise Institute and former senior development for Cato Institute. According to her profile at Free the People, where she is co-founder and CEO, Terry has “raised millions in operating capital for various nonprofit and political causes, including FreedomWorks, the Competitive Enterprise Institute, and the Cato Institute.” [81]
Terry W. AnkerListed as a speaker at the Philadelphia Society, president of the Indianapolis chapter of The Bastiat Society. [82]
William J. LutherAdjunct Scholar at the Cato Institute, former Sound Money Fellow at the Atlas Network (the Sound Money Project moved to AIER), former PhD Fellow at the Mercatus Center[83]
Brad DeVosFormer president and CEO at the Bastiat Society, graduate of the Atlas Network‘s academy, member of FEE’s Faculty Network, member of the Mont Pelerin Society[84][85][86]
Jeffrey A. TuckerDirector of digital development for the Foundation for Economic Education, research fellow at the Acton Institute, policy advisor at the Heartland Institute.[87]
Adam ThiererSenior research fellow at GMU Mercatus Center, former director of telecommunications studies at the Cato Institute, former senior fellow at Heritage Foundation, former intern at Adam Smith Institute[88][89]
Alan ReynoldsCato Institute senior fellow. [90]
Alexander William SalterPolicy advisor at the Heartland Institute[91]
Amelia JanaskieFormer Market Process Scholar and member of the Market Process Scholars with the Center for Public Choice and Market Process at the Koch-funded College of Charleston. [92]
Art CardenFormer member of the board of scholars of the Foundation for Economic Education (FEE), research fellow at the Independent Institute, senior research fellow at the Beacon Center of Tennessee, senior research fellow at the Institute for Faith, Work, and Economics, member of the Foundation for Economic Education faculty network, associate professor of economics at the Koch-funded Samford University’s Brock School of Business. [93][94]
Brian C. AlbrechtFellow at the Mercatus Center, Humane Studies Fellow at the Institute for Humane Studies, GMU Fellow, assistant professor in the Department of Economics, Finance, and Quantitative Analysis at the Koch-funded Kennesaw State University. [95]
Charles BairdHeartland Institute policy advisor, member of the Board of Directors of the Mont Pelerin Society, columnist at the FEE‘s The Freeman publication, adjunct scholar at the Cato Institute, former professor of economics at the Koch-funded California State University, East Bay (CSUEB) from 1973 to his retirement in July 2007. [96]
David R. HendersonResearch fellow at the Hoover Institution and Fraser Institute[97], [98]
Donald J. BoudreauxFormer president of the Foundation for Economic Education, former adjunct analyst at the Competitive Enterprise Institute, adjunct scholar at the Cato Institute, past speaker at Future of Freedom Foundation events, assistant professor of economics at George Mason University [99][100]
Fergus HodgsonEconomic consultant at the Fraser Institute, former director of fiscal policy studies with the John Locke Foundation, policy advisor with the Future of Freedom Foundation, member of the American Legislative Exchange Council‘s Tax and Fiscal Policy Task Force, executive director of the Libertas Institute. Most of these positions appear to be after he left AIER in 2010. [101][102][103]
George GilderFormer program director for the Manhattan Institute, a founding advisory board member at The Independent Institute, economic policy council member at Club for Growth. Frequent contributor to Art Laffer‘s economic reports. The Laffer Center for Global Economic Growth founded in partnership with TPPF is a recipient of Koch funding. [104][105]
Gerald P. O’Driscoll, Jr.Cato Institute senior fellow, former director of the Center for International Trade and Economics at the Heritage Foundation[106]
James L. CatonAssistant professor in the Department of Agribusiness and Applied Economics and a Fellow at the Center for the Study of Public Choice and Private Enterprise at North Dakota State University (NDSU is a recipient of Koch funding), former graduate lecturer at GMU, former research intern at the Foundation for Economic Education, received his Ph.D. in Economics from George Mason University. [107]
Jerry L. JordanFormer adjunct scholar at the Cato Institute‘s Center for Monetary and Financial Alternatives, member of the Mont Pelerin Society, senior fellow at the Fraser Institute[108]
John TamnyDirector of the Center for Economic Freedom at FreedomWorks, editor of RealClearMarkets, has been a “course presenter” at PragerU and a senior fellow in economics at the Reason Foundation[109][110][111]
Joshua R. HendricksonSenior affiliated scholar at the Mercatus Center[112]
Lawrence H. WhiteProfessor of Economics at George Mason University, former scholar at the Mercatus Center, former adjunct scholar at the Cato Institute, formerly listed among Foundation for Economic Education “faculty,” advisor to AIER’s Sound Money Project, originally a program by the Atlas Economic Research Foundation[113][114][115][116][117]
Michael MungerSenior fellow and co-editor of The Independent Review at The Independent Institute, past president of the Koch-funded Public Choice Society, invited keynote/plenary speaker at the Institute for Humane Studies in 2018, and appears in joint IHS-John Templeton Foundation curriculum resources, professor of Political Science, Economics and Public Policy and Director of the Philosophy, Politics, and Economics Program at the Koch-funded Duke University. [118][119], [120]
Nicolás CachanoskyHas been listed as a Sound Money Project Fellow at the Atlas Network, member of the board of directors of the Mont Pelerin Society, and president of the Association of Private Enterprise Education. The Atlas Network’s Sound Money Project is now part of AIER. [121][122][123]
Peter BoettkeBB&T Professor for the Study of Capitalism at the Mercatus Center at George Mason University, University Professor of Economics and Philosophy at George Mason University, former national fellow at the Hoover Institution for War, Revolution and Peace at Stanford University, former president of the Mont Pelerin Society (2016–2018), former president of the Association of Private Enterprise Education (2013 – 2014), former fellow at the Free to Choose Network[124][125], [126]
Phillip W. MagnessFormer adjunct professor of International Commerce and Policy at George Mason University (2010 – 2017), former academic program director at the Institute for Humane Studies, senior scholar at Freedom Trust.[127]
Robert L. Bradley Jr.CEO and founder of the Institute for Energy Research (IER), former adjunct scholar at the Cato Institute, former adjunct scholar at the Competitive Enterprise Institute, adjunct scholar at the Mackinac Center for Public Policy. Other affiliations include Texas Public Policy FoundationHeritage FoundationInstitute for Humane Studies, and the Free Enterprise Institute. Listed on the Heartland Institute website. [128][129][130][131][132][133]
Scott A. BurnsAssistant professor of economics at the Koch-funded Southeastern Louisiana University, received his M.A. and Ph.D. in Economics from George Mason University. [134]
Stephen DaviesFormer program officer at the Institute for Humane Studies (IHS).
Steve H. HankeSenior fellow and director of the Troubled currencies Project at the Cato Institute, former advisory board member and director at the Acton Institute, Member of the Atlas Network‘s advisory board, member of the Reason Foundation‘s Advisory Board, Fellow at the Institute for Humane Studies, Adjunct Scholar at the Heritage Foundation, Member of the Committee of Academic Advisors at the Independent Institute, Member of the Academic Advisory Council of the Institute of Economic Affairs[135][136][137]
Veronique de RugySenior research fellow at the Mercatus Center at GMU, former resident fellow at the American Enterprise Institute, former policy analyst at the Cato Institute, former research fellow at the Atlas Economic Research Foundation, regular columnist for Reason magazine, and formerly oversaw academic programs in France for the Institute for Humane Studies Europe. [138]
Vincent GelosoFormer postdoctoral fellow at Texas Tech University as part of its Free Market Institute. [139]
Andrés Cusme FrancoFounded the Bastiat Society of Guayaquil, collaborates with the Foundation for Economic Education. Received the Frank W. Bubb Memorial Fund for Objectivist Scholarship at the Atlas Society, a partner and member of the Atlas Network. [140][141]
Reagan SobelProgram Manager of AIER’s Bastiat Society. She began working at The Bastiat Society in 2016, shortly before it became an AIER program in fall of 2017. Attended the Atlas Network’s Leadership Academy. [142]
Ryan HigginsProgram coordinator of AIER’s Bastiat Society program. [143]
Chloe AnagnosChapter president of America’s Future Foundation and former member of the board. [144]
J.P. KoningFellow at the Sound Money Project, a program originally under the Atlas Economic Research Foundation that is now housed at AIER[145][146]
David HartLectures in summer programs run by the Institute for Humane Studies, the Cato Institute, and the Foundation for Economic Education[147]
Jason KellyFormer data manager at the Foundation for Economic Education, former graduate student programs intern at the Mercatus Center[148]
Tricia Beck-PeterFormer alumni engagement coordinator at the Foundation for Economic Education[149]


February 2, 2021

AIER released an article titled “The Political Economy of Mass Panic” comparing the COVID-19 pandemic to a “severe pandemic flu.” [33]

“This is certainly higher than the seasonal flu, but very close to a severe pandemic flu, like the one the world experienced in 1957 and 1968 (without doing anything to ‘tackle’ them),” Ivan Jankovic, an assistant professor of economics, wrote. [34]

“[S]ometimes the best and most rational way of encountering social or economic problems or other sources of modern anxieties is just to sit back and do nothing!” He wrote. 

“If a recession is approaching the media will start pumping stories about human suffering that outrage or scare the public and politicians have to engage in fiscal policy (debt-financed spending) to show they are doing something: climate change panic, please do something, carbon tax, ban this or mandate that; epidemic, lock up everybody, order them to wear masks, or space suits, or anything. Do something!”  [33]

He also claimed “direct economic and noneconomic costs will be much higher than without lockdowns.” In conclusion: “The situations of collective insanity characterized by mass hysteria and panic are almost impossible to handle reasonably in a democratic society. A positive feedback loop between media ‘reporting’ on disasters, real or imagined, the sense of dread, panic and urge to do something by the public and the response of the politicians to satisfy this collective demand for ritual action make calm and rational handling of the situation all but impossible.”  [33]

September 2020

According to the FaceBook Advertising archive, AIER launched a series of ads on the platform promoting its articles opposing lockdowns and mask mandates. One August 2020 ad, with an estimated reach of more than 1 million users, read:

“This country needs a serious anti-lockdown movement, one that is not just political but cultural and intellectual, one that is deeply educated on history, philosophy, law, economics, and all sciences, and can rally around traditional American civic postulates concerning individual freedom and the limits of governments, and also around universal principles of human rights.
~Jeffrey A. Tucker”

Some additional examples below:

November 2–3, 2007

AIER sponsored a conference titled “The Global Warming Debate Science, Economics, and Policy.” [22]

AIER wrote in its issue of its Economic Education Bulletin covering the event:

“Much of the public discussion of global warming focuses on strategies to prevent it, but we also brought in speakers who talked about the potential for ‘mitigation and adaptation.’ They addressed the science and the economics behind proposals that focus on adjusting to global climate change, rather than preventing it.”

The list of participants included:

According to AIER:

“We also included a panel of speakers to address a topic that has received little attention from the media: the theology and ethics of global warming. Views on the environment often have theological or spiritual undertones. For some, the guiding principle is God’s command in Genesis that man shall ‘have dominion over the fish of the sea, the birds of the air, and the cattle, and over all the wild animals and all the creatures that crawl on the ground.’ But many also view Nature as an expression of God’s handiwork and still others find in Nature a substitute for formal religion or a belief in God. Both of the latter groups tend to view Nature as something to be protected from mankind. This view, as much as scientific understanding, seems to drive fears and warnings that global warming could be a calamity for the planet and for mankind.”

This latter panel included discussion from E. Calvin Beisner, national spokesman for the Cornwall Alliance for the Stewardship of Creation, who introduced himself as “ explicitly as a Christian committed to the Bible as the Word of God and as the source of the world view that enables us properly to understand God’s creation.”

Beisner said:

“As we think about creation stewardship, then, the very first thing we must keep in mind is the doctrine of God—particularly, that an infinitely wise, infinitely powerful Creator made and sustains the universe and every part of it. From this we can infer that the design of all things reflects the wisdom of God, and the sustaining of all things reflects the power of God. These truths are immediately relevant to creation stewardship in general and to the climate change debate in particular.”


“In short, these developments provide good reason to reject or at least to question seriously the popular claim that human action is driving catastrophic climate change and to conclude instead, as the Cornwall Alliance’s ‘Call to Truth’ did, that recent and foreseeable climate change are cyclical, largely (even if not totally) natural, well within the bounds of historic variability.”

On coal, he commented:

“we dig up the coal, burn it, and make from it energy that serves our needs plus carbon dioxide that enhances plant growth […] Any Christian should recognize the figure: death,
burial, and resurrection to impart new life to others.”

  • Atlas Network — Member. [8]
  • Progress Foundation AIER’s “sister organization located in Zurich, Switzerland.” [28]

The Progress Foundation was established in 1973 in Lugano by AIER‘s founder Edward C. Harwood. “The purpose of the Progress Foundation was to ascertain the beneficial and detrimental influences in the progress of civilization, and offer these insights directly to the public.” Initially, the foundation “concentrated on awarding stipends to students at Swiss universities to fund their studies at the AIER.” It moved its headquarters to Zurich in 2002. [29]

According to the Progress Foundation, “Prior to this, the Foundation spent a long period responding to legal proceedings that stemmed from a dispute between the U.S. Securities and Exchange Commission (SEC), Harwood, and the American Institute for Economic Research (AIER), founded by Harwood, in the United States. The SEC was of the opinion that Harwood had also used Progress Foundation for services that needed to have been registered in the United States.”

  • American Investment Services — Wholly owned by AIER[28]
  • Bastiat Society — Run by AIER[7] 

Contact & Address

According to the AIER website: [1]

250 Division Street | PO Box 1000
Great Barrington, MA 01230-1000
Telephone: 1-888-528-1216 | Fax: 1-413-528-0103

Social Media


  1. Who We Are,” AIER. Archived October 19, 2020. Archive URL
  2. Edward C. Harwood: A Biographical Sketch in Film,AIER, March 20, 2019. Archived October 19, 2020. Archive URL:
  3. Edward Stringham. “Stringham appointed as the Davis Professor for Economic Organizations and Innovation at Trinity College,” ThinkMarkets, May 20, 2015. Archived October 22, 2020. Archive URL
  4. Peter J. Boettke,” Archived October 22, 2020. Archive URL:
  5. Edward Peter Stringham’s CV, as of Fall 2020. Retrieved from Trinity College. Archived .pdf on file at DeSmog.
  6. Edward Stringham,Trinity College faculty profile. Archived October 22, 2020. Archive URL:
  7. About the Bastiat Society,” AIER. Archived October 20, 2020. Archive URL:
  8. AMERICAN INSTITUTE FOR ECONOMIC RESEARCH,“ Atlas Network global directory. Archived October 20, 2020. Archive URL:
  9. Lee Fang. “SPHERE OF INFLUENCE: HOW AMERICAN LIBERTARIANS ARE REMAKING LATIN AMERICAN POLITICS,” The Intercept, August 9, 2017. Archived October 19, 2020. Archive URL
  10. Dozens of public health groups, experts blast ‘herd immunity’ strategy backed by White House,” The Hill, October 15, 2020. Archived October 21, 2020. Archive URL
  11. WHO chief says herd immunity approach to pandemic ‘unethical‘,” The Guardian. October 12, 2020. Archived October 21, 2020. Archive URL:
  12. Climate Science Denial Network Behind Great Barrington Declaration,” Byline Times, October 9, 2020. Archived October 19, 2020. Archive URL
  13. Domain Whois record for CentralOPS. Report generated October 19, 2020. Archived .pdf on file at DeSmog.
  14. Great Barrington Declaration,” Archived October 19, 2020. Archive URL:
  15. Researchers Blast ‘Dangerous’ COVID-19 Herd Immunity Strategy,” MedPage Today, October 14, 2020. Archived October 19, 2020. Archive URL:
  16. The Great Barrington Declaration claiming to represent over 5,000 medical & public health scientists to promote herd immunity from #COVID19 is a gigantic fraud,” Twitter thread by user @NafeezAhmed. Archived .pdf on file at DeSmog.
  17. What Is Herd Immunity? (video),” American Institute for Economic Research, October 15, 2020. Archived October 20, 2020. Archived .mp4 on file at DeSmog. Archive URL: 
  18. Town Rejects Affiliation with ‘Great Barrington Declaration’,“ Great Barrington Massachusetts, October 15, 2020. Archived October 22, 2020. Archive URL:
  19. Joakim Book. “Climate Catastrophism and a Sensible Environmentalism,” AIER, October 22, 2020. Archive URL
  20. Richard M. Ebeling. “Impeachment at Home and Climate Hysteria Abroad,AIER, October 1, 2019. Archived October 10, 2020. Archive URL:
  21. Raymond C. Niles. “Climate Change and the Power of Scaremongering,” AIER, January 14, 2019. Archived October 21, 2020. Archive URL:
  22. “The Global Warming Debate: Science, Economics, and Policy” (PDF), Economic Education Bulletin (Published by AIER), Vol. XLVIII No. 5 (May 2008). Archived .pdf on file at DeSmog.
  23. About AIS,American Investment Services. Archived October 22, 2020. Archive URL:
  24. NO. 106 – A GUIDE TO CLASSICAL LIBERAL THINK TANKS,” The Heartland Institute, February 10, 2005. Archived .pdf on file at DeSmog.
  25. About AIS,” American Investment Services. Archived October 22, 2020. Archive URL:
  26. American Investment Services, Inc. – Latest 13F Holdings, Performance, AUM,” Fintel. Accessed October 21, 2020. Archived .pdf on file at DeSmog.
  27. Nafeez Ahmed. “Koch-Funded PR Agency Aided Great Barrington Declaration Sponsor,Byline Times, October 13, 2020. Archived October 22, 2020. Archive URL:
  28. Our Staff, Archived April 25, 2008. Archive URL:
  29. HISTORY,” Progress Foundation. Archived October 22, 2020. Archive URL
  30. “Global Warming and Other Environmental Myths: The Economic Consequences of Fact vs. Media Perception” (PDF), Research Reports (Publication of AIER), Vol. LIX, Nol. 19 (October 5, 1992). Archived .pdf on file at DeSmog.
  31. A Climate of Opinion: The Kyoto Protocols and Atmospheric Science” (PDF), Economic Education Bulletin, Vol. XLI, No. 7 (July 2001). Archived .pdf on file at DeSmog.
  32. Search for “Bastiat Society,” Conservative Transparency. Search performed December 10. 2020.
  33. Avian Jankovic. “The Political Economy of Mass Panic,” AIER, February 2, 2021. Arrchived February 17, 2021. Archive URL:
  34. Ivan Jankovic,” AIER. Archived February 17, 2021. Archive URL
  35. GOVERNANCE,” American Institute for Economic Research. Archived April 2, 2016. Archive URL:
  36. Governance,” AIER. Archived February 7, 2017. Archive URL:
  37. Benjamin Powell,” Independent Institute. Archived May 4, 2021. Archive URL:
  38. Naveena Sadasivam and Jordan Sigler. “Hostile Takeover,” Texas Observer, September 26, 2016. Archived May 4, 2021. Archive URL:
  39. JMC FELLOW ED STRINGHAM APPOINTED PRESIDENT OF AIER,” Jack Miller Center, June 6, 3027. Archived May 4, 2021. Archive URL:
  40. “Edward Peter Stringham” (PDF – CV),, Spring 2020. Archived .pdf on file at DeSmog.
  41. Google Scholar Search for authors Benjamin Powell and Edward Stringham. Performed May 4, 2021. Archived .pdf on file at DeSmog.
  42. AIER Governance,” AIER. Archived October 24, 2020. Archive URL:
  43. AIER Governance,” AIER. Archived May 5, 2021. Archive URL:
  44. Stephen Miller,” LinkedIn. Accessed May 2021.
  45. Jane Mayer. Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right. Doubleday (January 2016).
  46. Nancy MacLean. Democracy in Chains: The Deep History of the Radical Right’s Stealth Plan for America. Penguin Books (June 2018).
  47. Benjamin Powell,” Independent Institute. Archived May 10, 2021. Archive URL:
  48. Benjamin Powell, Ph.D,” Free Market Institute. Archived May 10, 2021. Archive URL:
  49. Bradley K. Hobbs,” Clemson Institute. for the Study of Capitalism. Archived May 10, 2021. Archive URL:
  50. Faculty and Staff Profile,” Wilbur O. and Ann Powers College of Business. Archived May 10, 2021. Archive URL:
  51. Cash for Comments Economists Network,” SourceWatch. Accessed May 10, 2021.
  52. Doubling the Tobacco Tax Double Crosses the Public.” Retrieved from Tobacco industry documents library at UCSF. Bates No. TI50960813-TI50960816. Archived .pdf on file at DeSmog.
  53. J.R. Clark, Ph.D.,” The University of Tennessee Chattanooga College of Business. Archived June 25, 2017 Archive URL:
  54. Bastiat Society of Nashville,” AIER. Archived May 10, 2021. Archive URL:
  55. Walker F. Todd,Cato Institute. Archived May 11, 2021. Archive URL:
  56. Edward P. Stringham,” Independent Institute. Archived May 11, 2021. Archive URL:
  57. Edward Stringham,” FEE. Archived May 11, 2021. Archive URL:
  58. “JMC 2015/2016 Fellows Directory” (PDF), Jack Miller Center. Archived .pdf. on file at DeSmog.
  59. Edward Peter Stringham,” LinkedIn. Accessed May 2021. Archived .pdf on file at DeSmog.
  60. Former Mass. Executive Named New AIER President,”, July 23, 2012. Archived May 11, 2021. Archive URL:
  61. Expert Search,” The Heartland Institute. Archived August 1, 2014. Archive URL:
  62. Research Fellows,” The Independent Institute. Archived August 27, 2005. Archive URL:
  63. “2018 Annual Report” (PDF), Media Research Center. Archived .pdf on file at DeSmog.
  64. Peter Calcagno,” LinkedIn. Accessed May 2021. Archived .pdf on file at DeSmog.
  65. Peter T. Calcagno,” FEE. Archived May 11, 2021. Archive UR:
  66. Richard M. Ebeling,” Foundation for Economic Education. May 11, 2021. Archived URL:
  67. Richard M. Salsman,” FEE. Archived May 11, 2021. Archive URL:
  68. Prof. David G. Tuerck,” The Federalist Society. Archived May 10, 2021. Archive URL:
  69. David G. Tuerck, PhD,” The Beacon Hill Institute. Archived May 10, 2021. Archive URL:
  70. Policy Expert – David G. Tuerck,” Texas Public Policy Foundation. Archived October 13, 2007. Archive URL:
  71. Edward J. Lopez,” FEE. Archived May 11, 2021. Archive URL:
  72. Edward J. López,” Learn Liberty. Archived April 2, 2017. Archive URL:
  73. New Anti-Merger Theories: A Critique” (PDF), Cato Journal Vol. 20, No. 3 (Winter 2001).
  74. Faculty and Staff Profile: Gerald P Dwyer,” Wilbur O. and Ann Powers College of Business. Archived May 10, 2021. Archive URL:
  75. CEI Board of Directors,” Competitive Enterprise Institute. Archived March 15, 2016. Archive URL:
  76. Kerry Halferty Hardy,” LinkedIn. Accessed May 2021. Archived .pdf. on file at DeSmog.
  77. Lenore Ealy,” Charles Koch Institute. Archived May 11, 2021. Archive URL:
  78. Ramon DeGennaro,” Mercatus Center. Archived May 11, 2021.
  79. Raymond C. Niles,American Institute for Economic Research. Archived May 11, 2021. Archive URL:
  80. Bastiat Society of Panama,” AIER. Archived May 11, 2021. Archive URL:
  81. Terry Kibbe,” Competitive Enterprise Institute. Archived November 9, 2006. Archive URL:
  82. Terry W. Anker,” The Philadelphia Society. Archived May 11, 2021. Archive URL:
  83. William J. Luther,” Cato Institute. Archived April 16, 2021. Archive URL:
  84. Brad DeVos,” LinkedIn. Accessed May 10, 2021. Archived .pdf on file at DeSmog.
  85. Brad DeVos,” AIER. Archived May 11, 2021. Archive URL:
  86. Tag Archives: Economics,” The Columbia Economics Club. Archived May 10, 2021. Archive URL:
  87. About Jeffrey Tucker,” Archived May 10, 2021. Archive URL:
  88. Adam D. Thierer,Cato Institute. Archived May 10, 2021. Archive URL:
  89. Adam Thierer,” LinkedIn. Accessed May 2021. Archived .pdf on file at DeSmog.
  90. Alan Reynolds,” Cato Institute. Archived May 10, 2021. Archive URL:
  91. ALEXANDER WILLIAM SALTER,” The Heartland Institute. Archived May 10, 2021. Archive URL:
  92. Amelia Janaskie,” AIER. Archived May 10, 2021. Archive URL:
  93. Art Carden,” Independent Institute. Archived May 10, 2021. Archive URL:
  94. Art Carden,” FEE. Archived May 10, 2021. Archive URL:
  95. “Brian C. Albrecht” (CV – PDF),, March 11, 2021.Archived .pdf. on file at DeSmog.
  96. CHARLES W. BAIRD,” The Heartland Institute. Archived May 10, 2021. Archive URL:
  97. David R. Henderson,” Hoover Institution. Archived May 10, 2021. Archive URL:
  98. David R. Henderson,” Fraser Institute. Archived May 10, 2021. Archive URL:
  99. Donald J. Boudreaux,” Competitive Enterprise Institute. Archived July 28, 2014. Archive URL:
  100. Adjunct Scholars: Donald J. Boudreaux,” Cato Institute. Archived February 13, 2021. Archive URL:
  101. Fergus Hodgson,” Fraser Institute. Archived May 10, 2021. Archive URL:
  102. Fergus Hodgson,” John Locke Foundation. Archived May 10, 2021. Archive URL:
  103. Fergus Hodgson,” LinkedIn. Accessed May 2021. Archived .pdf. on file at DeSmog.
  104. George Gilder,” Discovery Institute. Archived May 10, 2021. Archive URL:
  105. George F. Gilder,” Independent Institute. Archived May 10, 2021. Archive URL:
  106. Gerald P. O’Driscoll Jr.,” Cato Institute. Archived May 10, 2021. Archive URL:
  107. James L. Caton,” AIER. Archived May 10, 2021. Archive URL:
  108. Jerry L. Jordan,Cato Institute. Archived May 11, 2021. Archive URL:
  109. John Tamny,” FreedomWorks. Archived May 11, 2021. Archive URL:
  110. John Tamny,” Reason. Archived May 11, 2021. Archive URL:
  111. Course Presenters,” PragerU. Archived August 31, 2017. Archive URL:
  112. Joshua Hendrickson,” Mercatus Center. Archived May 11, 2021. Archive URL:
  113. Lawrence H. White,” LinkedIn. Accessed May 11, 2021. Archived .pdf on file at DeSmog.
  114. All – Scholars,Mercatus Center. Archived May 3, 2012. Archive URL:
  115. Lawrence H. White,” Cato Institute. Archived January 14, 2013. Archive URL:
  116. FEE FACULTY,” Foundation for Economic Education. Archived March 12, 2012. Archive URL:
  117. Lawrence H. White,” FEE. Archived March 9, 2021. Archive URL:
  118. Michael C. Munger,” Independent Institute. Archived May 11, 2021. Archive URL:
  119. Michael C. Munger,” Sandford School of Public Policy at Duke University. Archived May 11, 2021. Archive URL:
  120. “Michael C. Munger” (PDF- CV), Duke University. Archived .pdf on file at DeSmog.
  121. Homepage, Archived May 11, 2021. Archive URL:
  122. “NICOLAS CACHANOSKY” (PDF – CV), May 5, 2021.
  123. NICOLÁS CACHANOSKY, PH.D.Atlas Network. Archived May 11, 2021. Archive URL:
  124. Peter J. Boettke,” Mercatus Center. Archived May 11, 2021. Archive URL:
  125. Bio — Peter J. Boettke,” Archived May 11, 2021. Archive URL:
  126. COMPANY,” Free to Choose Network. Archived September 7, 2018. Archive URL:
  127. CV,” Phillip. W. Magness. Archived May 11, 2021. Archive URL:
  128. Robert Bradley Bio” (PDF), Institute for Energy Research. March 3, 2015. Archived .pdf on file at DeSmog.
  129. Robert L. Bradley Jr.Cato Institute. Archived August 7, 2021. Archive URL:
  130. ROBERT BRADLEY,” The Heartland Institute. Archived October 14, 2017. Archive URL:
  131. Robert L. Bradley Jr.Mackinac Center for Public Policy. Archived May 11, 2021. Archive URL:
  132. ROBERT L. BRADLEY JR.Competitive Enterprise Institute. Archived May 11, 2021. Archive URL:
  133. The Enron scandal, Archived March 15, 2010. Archive URL:
  134. Scott A. Burns,” AIER. Archived May 11, 2021. Archive URL:
  135. Steve H. Hanke,” Cato Institute. Archived May 11, 2021. Archive URL:
  136. Board of Directors,” Acton Institute. Archived December 24, 2010. Archive URL:
  137. “CURRICULUM VITAE” (PDF), Policy Experts,2007. Archived .pdf on file at DeSmog.
  138. Veronique de Rugy,” Mercatus Center. Archived May 11, 2021. Archive URL:
  139. ABOUT ME,” Vincent Geloso. Archived May 11, 2021. Archive URL:
  140. “2016 Atlas Summit” (PDF), The Atlas Society, 2016. Retrieved from Archived .pdf on file at DeSmog.
  141. Andrés Cusme Franco,” AIER. Archived May 10, 2021. Archive URL:
  142. Reagan Sobel,” American Institute for Economic Research. Archived May 11, 2021. Archive URL:
  143. Ryan Higgins,” AIER. Archived May 11, 2021. Archive URL:
  144. Chloe Anagnos Pierce,” LinkedIn. Accessed May 2021. Archived .pdf. on file at DeSmog.
  145. J.P. Koning,” AIER. Archived May 10, 2021. Archive URL:
  146. Roads to Sound Money, Edited by Judy Shelton,” AIER, November 16, 2020. Archived May 11, 2021. Archive URL:
  147. DR DAVID M. HART PHD (KING’S COLLEGE, CAMBRIDGE), MA (STANFORD), BA (HONS) (MACQUARIE, SYDNEY),” David Hart’s Webpage. Archived May 10, 2021. Archive URL:
  148. Jason Kelly,” LinkedIn. Accessed May 2021. Archived .pdf on file at DeSmog.
  149. Tricia Beck-Peter,” AIER. Archived May 11, 2021. Archive URL:
  150. ADAM KISSEL,” Cardinal Institute. Archived May 10, 2021. Archive URL:
  151. Want free speech on campus? Here are 5 reforms to solve the problem from the inside,” The College Fix, November 19, 2020. Archived May 10, 2021. Archive URL:
  152. Adam Kissel,” LinkedIn. Accessed May 2021. Archived .pdf on file at DeSmog.
  153. Senior Fellows,” Independent Institute. Archived May 10, 2021. Archive URL:
  154. Gilbert G. Berdine, M.D,” AIER. Archived May 10, 2021. Archive URL:
  155. Jayanta Bhattacharya,” Stanford Profiles. Archived May 10, 2021. Archive URL:
  156. Lyle D. Albaugh,” The James G. Martin Center for Academic Renewal. Archived May 11, 2021. Archive URL:
  157. Polluted Science: The EPA’s Campaign to Expand Clean Air Regulations,” AEI, July 28, 1997. Archived May 11, 2021. Archive URL:
  158. Eamon Javers. “A Columnist Backed by Monsanto,” The Cornucopia Institute, January 23, 2006. Archived May 11, 2021. Archive URL:
  159. “THE FEAR PROFITEERS: Do ‘Socially Responsible’ Businesses Sow Health Scares to Reap Monetary Rewards?” (PDF), National Center for Public Policy and, August 29, 2000. Archived .pdf on file at DeSmog.
  160. Simon Constable,” AIER. Archived May 11, 2021. Archive URL:
  161. PROFESSOR SUNETRA GUPTA,” University of Oxford. Archived May 11, 2021. Archive URL:

Other Resources

Related Profiles

APCO Worldwide Background APCO has been described as “one of the world's most powerful PR firms.” [1], [2] According to its agency profile at O'Dwyers, “APCO Worldwide is a...
Hugh W. Ellsaesser Credentials Ph.D., Meteorology. [1] Background Hugh W. Ellsaesser, born in 1920, is a meteorologist by training and retired “guest scientist” at the Lawren...
Alfred (Al) Pekarek Credentials Ph.D., University of Wyoming (1974). [1]B.A. University of Minnesota-Twin (1965). [1] Background Alfred (Al) Pekarek is a former ass...
Benny Josef Peiser Credentials Ph.D. , University of Frankfurt (1993). Peiser studied political science, English, and sports science. [1], [2] Background Benny Peiser is a sports ...