Fifty years ago, theory was the name of the game in economics. But that started to change in the 1970s, thanks in part to new data surveys and the desktop computer. Today, it’s empirical studies that seem to have more cachet—perhaps too much cachet, warns Murat Bakeev, a 2022–23 HOPE Center visiting scholar. “The data and the computers we have now are so good that it’s become easy to put a lot of faith in empirical work,” Murat says. “But there have always been people who have raised questions about data-driven analyses… read more about Murat Bakeev, 2022–23 HOPE Center Visiting Scholar »

Cataclysmic, persistent—and above all theoretically impossible, the Great Depression forced economists to think anew about the economy and challenged their understanding of how the economy works. Michaël Assous, a 2022–23 HOPE Center visiting scholar, has been telling the story of some of those economists for a number of years now, focusing on the mathematical models they developed to explain how the economy could get so off track—and to help them prevent a severe depression from ever happening again. “At the time of the… read more about Michaël Assous, 2022–23 HOPE Center Visiting Scholar »

"The Leonid Hurwicz papers are now fully reopened for research as part of the Economists’ Papers Archive. Over the past few months, the bulk of the 252-box collection has been reprocessed by inventorying, describing, and rearranging its contents, in particular the now distinct Research and Writings series. The Leonid Hurwicz Papers Reopen for Research - The Devil's Tale ( describes Hurwicz’s professional trajectory, as it emerged from his papers, and outlines some files present in the collection."   read more about Leonid Hurwicz Papers Reopen for Research »

Friedrich Hayek may have won a Nobel Prize in economics, but as his biographer, Bruce Caldwell, explains, Hayek was interested in much more than the standard concerns of economists. Ten years in the making and the first of what will be two volumes, Professor Caldwell’s Hayek: A Life, 1899–1950 was published in November by the University of Chicago Press. Written with Hansjörg Klausinger, a professor of economics at Vienna University of Economics and Business Administration, the biography captures what was truly a… read more about Bruce Caldwell's Biography of Friedrich Hayek Traces a Remarkable Twentieth-Century Life »

Everybody knows that the prices of such things as airline tickets and hotel rooms are always in flux. But as Guillaume Yon, a 2022–23 HOPE Center visiting scholar, explains, what many people don’t know is that behind those fluctuating prices are econometric models developed, implemented, and monitored by none other than some of the top economists in the world. It is the work of those economists that forms the core of Guillaume’s current research project, a project that began with his 2016 dissertation on the economist-… read more about Guillaume Yon, 2022-23 HOPE Center Visiting Scholar »

Economists are often asked to provide expert testimony during courtroom trials, especially when those trials involve antitrust cases. For Edoardo Peruzzi, a 2022-23 HOPE Center visiting scholar, the encounter between the legal system and economic expertise offers an exciting opportunity to enrich our understanding of how economists work and think—and of how economic expertise is regarded and received. “It’s a fascinating area of what economists do outside the scholarly discipline,” Edoardo says. “What is the nature of the… read more about Edoardo Peruzzi, 2022-23 HOPE Center Visiting Scholar »

Long gone are the days when science—including economics—was seen as an independent pursuit, unaffected by the political and economic realities of the world. As Nic Johnson, a 2022-23 HOPE Center visiting scholar explains, the work of economists is influenced and even determined by existing institutions—and by who is paying the bills. A PhD student in history at the University of Chicago and once a nationally ranked jujitsu artist, Nic is tracing the relationship between institutions, funding, and economics by examining… read more about Nic Johnson, 2022-23 HOPE Center Visiting Scholar »

Two years into an undergraduate program at Cambridge, Emily Evans switched majors from economics to politics and soon found herself utterly fascinated with the political theory and Marxist thought of the Frankfurt School, a self-avowed leftist group of thinkers who, in between the two world wars, were determined to develop a theory of society based on the writings of Karl Marx and Friedrich Hegel. The members of the school “loomed large in my imagination,” Emily, a 2022–23 HOPE Center Visiting Scholar, says, “especially… read more about Emily Evans, 2022-23 HOPE Center Visiting Scholar »

Economists today normally do not concern themselves with wants, with why people spend money on this rather than that or why they engage in one behavior over another. But as Simon Torracinta, a 2022-23 HOPE Center visiting scholar, points out, there was a time when economists were very much involved in discussions about why people want what they do—discussions not only among themselves but also with psychologists and other social scientists. “Toward the end of the nineteenth and beginning of the twentieth centuries,… read more about Simon Torracinta, 2022-23 HOPE Center Visiting Scholar »

Research interests often come from unpredictable places. For Hannah Tyler, a 2022–23 HOPE Center visiting scholar, her interest in agricultural economics began with a grant from the Swiss National Fund to generate a database of recipients of Rockefeller Foundation grants. In the course of her work, she created an inventory of economists who had received Rockefeller money—and began to notice something interesting. “By far the biggest group of recipients were agricultural economists and Farm Bureau people,” Hannah says. “… read more about Hannah Tyler, 2022-23 HOPE Center Visiting Scholar »

In many ways, the history of economics has been dominated by a European and, more recently, US perspective. But there are now several scholars from Latin America who are looking in a decidedly different direction, tracking down the influence and development of economic ideas, along with tracing the activities of professional economists, in countries such as Brazil, Chile, and Colombia. One of those scholars is Jimena Hurtado, a 2022–23 HOPE Center visiting scholar who is writing about a group of economics-trained “… read more about Jimena Hurtado, 2022-23 HOPE Center Visiting Scholar »

Last June, participants in the 2022 HOPE Center Summer Institute had the opportunity to discover archival material presented by staff members of the Rubenstein Library. The following post describes the items that were presented during this event and what brings them together. From Adam Smith's Wealth of Nations, to Kenneth Arrow's Nobel Prize Medal, by way of the work of women economists and Don Patinkin's class notes from the 1940s, the attendees got a feel for the wealth of materials kept in the Duke Archives. … read more about 2022 HOPE Center Summer Institute Event »

Alexander Linsbichler was a visiting scholar at the HOPE Center in Spring 2021, where in April he presented his paper, “The Troubled Relationship between (Austrian) and Economics and Mathmatics.”  His new book, “Viel Mehr als nur Ökonoimie; Köpfe und Ideen der Österreivhischen Schule der Nationalökonomie (Viel mehr als nur Ökonomie. Köpfe und Ideen der Österreichischen Schule der Nationalökonomie) was just released and delves into… read more about Alexander Linsbichler's Newest Publication »

Paul Dudenhefer, HOPE Center staff member and the managing editor of History of Political Economy, conducted a writing workshop as part of the Young Scholars Initiative of the Institute for New Economic Thinking (INET). The workshop, which took place in April 2022, covered writing in general and economics writing in particular. Thanks very much to INET for making the video of the workshop available.  Writing Effectively in Economics | Paul Dudenhefer - YouTube read more about Writing Effectively in Economics »

In our latest installment, watch a discussion with Bruce Caldwell, editor of Mont Pelerin 1947: Transcripts of the Founding Meeting of the Mont Pelerin Society, published by the Hoover Institution Press and John B. Taylor the George P. Shultz Senior Fellow in Economics at the Hoover Institution.  The discussion is moderated by Bill Whalen, the Virginia Hobbs Carpenter Distinguished Policy Fellow in Journalism, and a Hoover Institution research fellow.… read more about Bruce Caldwell: an interview with John Taylor »

Margarita Fajardo, a 2017–18 HOPE Center Visiting Scholar and professor of history at Sarah Lawrence College, has a new book out on development in Latin America. The World That Latin America Created: The United Nations Economic Commission for Latin America in the Development Era examines how economists and policymakers from across Latin America came to set the agenda for development in the region. Such cepalinos demanded more trade and, at the same time, more aid. In tracing the history of the commission… read more about Margarita Fajardo's New Book Reassesses Development in Latin America »

Mauro Boianovsky's article "The Brazilian Connection in Milton Friedman's 1967 Presidential Address and 1976 Nobel Lecture," published in the April 2020 issue of HOPE, has received honorable mention in the best article competition promoted every year by the Brazilian economic association (Anpec). That competition (the Haralambos Simeonidis Award) is open to Brazilian economists from all fields in economics.  In the article, Mauro argues that Friedman found in the Brazilian stabilization episode of 1964–66… read more about Mauro Boianovsky's 2020 HOPE Article Receives Honorable Mention for Prestigious Prize »

Sarah Small, a 2020–21 HOPE Center fellow, has been appointed as a research associate at Root Policy Research, in Denver, Colorado. She is working on childcare demand and access, as well as equitable housing in the West. Root Policy Research is a community planning and housing research firm, providing custom, creative, and high-value analysis and strategy for its clients. Congratulations, Sarah! read more about Sarah Small Appointed Research Associate at Root Policy Research »

Daniel Nientiedt, a 2019–20 HOPE Center fellow, has published an article in the European Journal of Law and Economics that looks at Hayek and legal positivism. Titled "Hayek's Treatment of Legal Positivism," the article discusses Hayek's critique of legal positivism: that it destroys the rule of law and that it amounts to constructivism. Legal positivism sets forth conditions that determine whether a law is valid. The article builds on work that Daniel conducted during his fellowship at the Center. Congratulations… read more about Daniel Nientiedt's Latest Publication Looks at Hayek and Legal Positivism »

Beginning in August, Sofia Valeonti, a 2020–21 HOPE Center Fellow, will be an assistant professor of economics at the American University of Paris. Sofia will teach the principles of macroeconomics, the principles of microeconomics, and intermediate macroeconomics, as well as an elective course. Congratulations, Sofia! read more about Sofia Valeonti Named New Assistant Professor at the American University of Paris »

Bruce Caldwell, the director of the HOPE Center, recently spoke with the AEA's Tyler Smith about F. A. Hayek's Road to Serfdom. The interview can be heard on the AEA's website as an episode of the podcast Research Highlights. As Bruce explains in the interview, "The basic argument that [Hayek's] making is that when you concentrate power in the hands of few people in a socialist regime, . . . the government is everyone's boss in terms of producing goods, and they make allocation decisions about jobs that… read more about Bruce Caldwell Discusses "The Road to Serfdom" on the AEA's Research Highlights Podcast »

Mauro Boianovsky, a 2015–16 HOPE Center Fellow, delivered the keynote address at this year's Brazilian Economic Meetings. The address, titled "Economists, Scientific Communities, and Pandemics: An Exploratory Study of Brazil (1918-2020)," discussed the historical aspects of the formation of the scientific community of economists in Brazil, taking the current research effort about the economics of COVID-19 as a starting-point. The text of the address is available on SSRN. To be asked to deliver the keynote at the Brazilian… read more about Mauro Boianovsky Delivers Keynote Address at the Brazilian Economic Meetings »

Steve Medema, the associate director of the HOPE Center, has published a major survey of the Coase theorem in the December 2020 issue of the Journal of Economic Literature. Titled "The Coase Theorem at Sixty," the article examines the theorem’s origins, diffusion, and the wide variety of uses to which it has been put by economists and others over the sixty years since Coase published "The Problem of Social Cost." The theorem states that--but, ah, that is precisely the problem. For one, in Coase's original article… read more about Steve Medema's Survey of the Coase Theorem Published in the JEL »

Yann Giraud, a 2008–9 HOPE Center fellow and frequent contributor to HOPE, has accepted a full professorship with the modern languages and international studies department at Cergy Paris Université (formerly the University of Cergy Pontoise). Cergy Paris Université is a cultural, scientific, and vocational establishment whose faculties include major disciplines such as law, economics and management, and science and technology, along with modern languages and international studies. The program at Cergy Paris… read more about Yann Giraud Promoted to Full Professor »

Aditya Balasubramanian, a 2017–18 fellow of the Center, has published an article in Past & Present. Titled "Contesting 'Permit-and-Licence Raj': Economic Conservatism and the Idea of Democracy in 1950s India," the article reconstructs Indian economic conservatism’s transnational history through an interconnected study of three founding figures of the party and the network of urban associations and periodicals brewing alternative ideas beneath the layers of dominant opinion in which they were embedded.… read more about New Article by Aditya Balasubramanian Examines Economic Conservatism in India »