2014 Summer Institute

The 2014 Duke Summer Institute on the History of Economics took place on the campus of Duke University from June 1 – 13.  An award-winning cast of distinguished scholars lectured and lead discussions on their areas of expertise.

Bruce Caldwell (Duke University)

Ross Emmett (Michigan State University)

Kevin Hoover (Duke University)

Steve Medema (University of Colorado, Denver)

A detailed program for the two-week Summer Institute is available under "Program."

5th Summer Institute: Topics in the History of Economics

Duke University
June 1, 2014 - June 13, 2014

The readings for each session may be found at the "Program and Readings" link directly below.


Sunday, June 1

2 – 6 p.m. Participants arrive and register at Dormitory

6:30   Welcome Barbecue, Center for the History of Political Economy, Social Science Suite 07

Monday June 2: 

9:30-11:30am Session 1 – Introductions of Program and Participants; Time Line – Caldwell

2:00-4:00pm Session 2 – The Origins of Market Failure Analysis:  J.S. Mill and Henry Sidgwick - Medema

Tuesday June 3:

9:30-11:30am Sessions 3 – Market Failure and Economic Welfare:  A.C. Pigou and the Marginal Turn - Medema

2:00-4:00pm Sessions 4 – The Development of Orthodoxy--The Pigovian Tradition - Medema

Wednesday June 4:

9:30-11:30am Session 5 – The Virginia-Chicago Challenge - Medema

2:00-4:00pm Session 6 – The Coase Theorem Controversy - Medema

7pm - Durham Bulls Baseball Game

Thursday June 5:

9:30-11:30am Session 7 –The Chicago School I - Emmett

2:00-4:00pm Session 8  – The Chicago School II - Medema

 4:00pm Visit David M. Rubenstein Rare Book and Manuscript Library

Friday June 6:

9:30-11:30am Session  9 – Frank H. Knight:  The Economist as Philosopher - Emmett

Monday June 9:

9:30-11:30am Session 10 – Hayek:  Life and Ideas – Caldwell

2:00-4:00pm Session 11Hayek:  Some Interpretive Issues - Caldwell

Tuesday June 10:

9:30-11:30am Session 12 – The Background to Modern Macroeconomics (before the 1930s) - Hoover

2:00-4:00pm Session 13 –The Great Depression:  Keynes and His Critics (the 1930s) - Hoover

Wednesday June 11: 

9:30-11:30am Session 14 – Macroeconometrics and the New Economics (1930-1950) - Hoover

2:00-4:00pm Session 15 – The Empirical Microfoundations of Macroeconomics (1945-1970) - Hoover

Thursday June 12:

9:30-11:30am Session 16 – The Problem of Inflation (1950-1970) - Hoover

2:00-4:00pm Session 17 -  The Monetarist Counter-Revolution (1955-1975) - Hoover

7:00pm -Closing Dinner at Tyler's Taproom, Durham

Friday June 13:

9:30-11:30am Session 18 – New Classicals and New Keynesians (1970-1985) - Hoover

The final hour of Session 18 will be a Summer Institute Wrap-Up - no readings

12:00 - 3:00 Check out of Dormitory


Bruce Caldwell is a Research Professor of Economics and the Director of the Center for the History of Political Economy at Duke University. He is the author of Beyond Positivism: Economic Methodology in the 20th Century (1982), and of Hayek's Challenge: An Intellectual Biography of F. A. Hayek (2004). Since 2002 he has served as the General Editor of The Collected Works of F. A. Hayek, a multi-volume collection of Hayek’s writings. He is a past president of the History of Economics Society and of the Southern Economic Association. In his spare time he enjoys tennis and golf.



Ross Emmett teaches at James Madison College (an undergraduate liberal arts college of public and international affairs) at Michigan State University. An economist with a research specialization in Frank H. Knight and the history of Chicago economics, he teaches at the intersection of economic thought and political thought. He has been a visiting professor at the Ecole Normale Superieure de Cachan (2008 and 2009) and the Center for the Study of Public Choice at George Mason University (2000), and was a Julian Simon Fellow at the Property & Environment Research Center in Bozeman, Montana in summer 2005. His book Frank Knight and the Chicago School in the History of American Economics was published by Routledge in 2009. He has edited five multi-volume collections, including the Elgar Companion to the Chicago School of Economics (2010).



Kevin Hoover is Professor of Economics and Philosophy at Duke University. Educated at the College of William and Mary, the University of St. Andrews, and Balliol College, Oxford, he has previously held positions at the Federal Reserve Bank of San Francisco, University of Oxford (Balliol College, Nuffield College, and Lady Margaret Hall), and the University of California, Davis. He is past president of the History of Economics Society, past chairman of the International Network for Economic Method, past editor of the Journal of Economic Methodology, and current editor of the journal History of Political Economy. He is the author of more than one hundred books and articles in a variety of areas, including the history of economics, macroeconomics and monetary economics, and the methodology and philosophy of economics and econometrics.



Steven G. Medema is Professor of Economics, President's Teaching Scholar, and the Director of the University Honors and Leadership Program at the university of Colorado Denver.  He received his B.A. from Calvin College and his PhD from the Michigan State University.  Dr. Medema is the author of numerous scholarly books and articles, including The Hesitant Hand:  Taming Self-Interest in the History of Economic Ideas (Princeton, 2009) and Economics and the Law:  From Posner to Post Mondernism and Beyond (Princeton, 2006).  He served as Editor of the Journal of the History of Economic Thought from 1999-2008 and as President of the History of Economics Society in 2009-10.  Dr. Medema's current research project explores the history of the use of the Coase theorem in economics, law and beyond.


Please join us in welcoming the 2014 Summer Institute students. Thirty-two students from Universities all over the world will be at Duke and the Center for the History of Political Economy from June 1 through June 13 to attend lectures on the history of economics. This will be the fifth year in a row that the Center has hosted a Summer Institute. For more on the Institute, please visit the Institute's home page on the Center's website.


Matthew Basilico is a G2 in the economics PhD program at Harvard University where he is also an MD-PhD candidate (having completed two years of medical school).  He graduated Harvard College with a concentration in Social Studies, a program which emphasizes the study of pivotal works in the history of social thought (especially continental philosophy).  His interests include growth and behavioral macroeconomics, with a focus on developing countries. He has lived in Malawi for two years and recently co-authored a textbook on global health, Reimagining Global Health, with three medical anthropologists, Paul Farmer, Arthur Kleinman and Jim Kim


Theresa Bauer  is from the University of Minnesota.

Natalia Bracarense is an Assistant Professor of Economics at North Central College (IL), where she teaches History of Thought and International Political Economy. She moved to the United States in 2008 to do her interdisciplinary PhD in Economics and History at the University of Missouri-Kansas City, where the history of economic ideas is held in high esteem. Already as an undergraduate student of economics, the history of economic thought has engaged her and throughout these years she has tried to keep it present in all aspects of her academic career. These interests combined with her training in historical methods drove her to archival research, which she relied heavily upon in writing her dissertation on the history of Latin American Structuralism, with particular attention given to Raúl Prebisch’s contribution to that school of thought. In the history of thought, her main interest is the use of contextual analysis,meaning the understanding of two main factors: the historical context in which questions and answers that framed theories and concepts were created; and the analysis of intellectual interlocutors to whom they were addressed.

Justin Contat is a PhD candidate at the University of North Carolina at Chapel Hill going on the job market in Fall 2014. He did his undergraduate studies in Mathematics at the University of Florida. His current research interests are Microeconomic Theory and Applied Microeconomic Theory with applications to political lobbying, media markets, and bank failures. This summer he hopes to discuss economic history and methodology, specifically the development of uncertainty in economics and its philosophical justification(s). He is also interested in more normative topics such as ethics and the role of economics in forming social norms. Outside of economics, he's usually either playing guitar, reading P.G. Wodehouse, or cooking Cuban food.

Daniel D'Amico   I received my honors undergraduate B.B.A in economics and marketing from Loyola University New Orleans in 2004 and my Ph.D. from George Mason University in 2008 with field examinations in Austrian economics and constitutional political economy. I currently hold the William Barnett Chair of Free Enterprise Studies and am an Assistant Professor of Economics back at my undergraduate alma mater Loyola. My research is aimed to understand the causes and consequences of incarceration as it relates to economic performance, political power and social order overtime and around the world. By participating in the summer institute I hope to gain perspective about how the intellectual history of political economy and economic policy history may relate to crime and punishment theories and practices through history.  When not researching, teaching and participating in educational outreach, I enjoy CrossFit, Paleo cooking, craft cocktails, tattoo art, and record collecting. I look forward to a great summer institute and meeting everyone.

Kevin Deane I am a lecturer in International Development at the University of Northampton, UK. I was awarded my PhD in Economics from SOAS in December 2013. This was an interdisciplinary PhD, co-supervised by the London School of Hygiene and Tropical Medicine, which investigated the relationship between population mobility and HIV risk in Tanzania. My research interests include the economics of HIV, in relation to both risk behaviour and developmental impact, and the social/structural determinants of health more generally. This summer, I hope to broaden and deepen my knowledge to improve my teaching practices, as I am currently teaching the history of economic thought with limited prior experience (but a keen interest!).  I am also interested in using the history of economics as a lens through which to enable students to think critically about neoclassical economics.
Samuel DeCanio is Assistant Professor of Political Science and a Resident Fellow of the Institution for Social and Policy Studies.  He studies American politics, focusing on American political development, democratic theory, representation, state formation, regulatory policy, and public opinion.  He is the author of Democracy and the Origins of the American Regulatory State (forthcoming, Yale University Press), which examines popular control over the creation of the American regulatory state.  His current research focuses on questions involving state formation, democratic theory, American progressivism, and how high levels of voter ignorance influence domestic and international politics.  His articles have appeared in the American Journal of Political Science, Critical Review, Journal of Politics, Party Politics, and Studies in American Political Development.
Chen Earon is a High School Mathematics teacher and a PhD Student at the Cohn Institute for History and Philosophy of Sciences and Ideas at Tel Aviv University, Israel. He got his B.A. from the Hebrew University, studying Philosophy, Politics and Economics and His M.A. from The Cohn Inst. His main interest is to show how economics is a social, cultural and moral endeavor, much more than a pure scientific one. He currently seeks to find the normative pre-assumptions of some positivistic economics in order to show how any positive economics is essential a normative one. Except for that he raises two wonderful kids and wishes he had more time to play his contrabass.
Camila Orozco Espinel I am currently a third-year Ph.D. student in the Humanities and Social Sciences Program at the École des Hautes Études en Sciences Sociales in Paris, France. My work aims to bridge the history of economic thought, philosophy and the sociology of sciences. My research centers on neoclassical economic theory during the post-war period in the United States. I am studying the definition and incorporation of government into theory—focusing on how different solutions to this analytical problem were institutionalized and articulated within the theoretical structure. I am originally from Colombia, where I completed my undergraduate degree in Economics. I received my MA degree, in the Theory, History and Methodology of Economics from Université Paris 1 Panthéon-Sorbonne.
Keshar Ghimire originally from Nepal, is a doctoral student in economics at Temple University. He has an undergraduate degree in Environmental Science from Trichandra College, Kathmandu and BA/MA in Economics from Hunter College, New York.   His research interests are in the fields of Macroeconomics and Political Economy .He is particularly intrigued by the interplay between contemporary politics and approach of economic enquiry, and plans to write a chapter of his dissertation on the same. He hopes the Summer Institute will help him toward that end.  Besides economics and politics, Keshar likes Momo (delicious Nepali dumplings), volleyball, and trekking.
Marek Hlavac is a Ph.D. candidate in Political Economy and Government at Harvard University. His research focuses on labor economics, the political economy of redistribution, and on applied issues in international political economy. Marek teaches an undergraduate seminar on the Nobel Prize-Winning Contributions to Economics in Harvard's Economics Department. In addition, he is the author of 'stargazer,' a widely used package for the R statistical programming language that produces publication-quality regression tables. Marek holds a Bachelor’s degree in Economics from Princeton University, and a Master’s degree in Public Policy from Georgetown University.
Behrang Kamali  is a PhD candidate in economics at the University of Pennsylvania. I joined the economics department at University of Pennsylvania in 2012, after receiving my master degree from Sharif University of Technology in Iran. I received my BS in Industrial engineering from Sharif University of Technology in 2009. Currently my research is focused on market design and matching theory. At the Institute, I hope to deepen my knowledge of the history of economic thought
Max Krahe is a first-year Ph.D. student in the Political Sciences Programme at Yale University. Originally from Germany, he has spent a lot of time in the UK (some might say too much for his sanity): first as an undergraduate reading philosophy, politics, and economics at Oxford University, then as an economic consultant in London, and most recently doing a Masters in political theory at the LSE. He is trying to straddle the gap between economics and political theory. In particular, he is hoping to work on a both politically and economically informed normative vision for either labour or capital markets. From the summer institute he is hoping to learn about past attempts at this kind of work, as well as about the reasons for which economics as a discipline has moved away from these normative-political-economy-type questions. Max is an avid (and distinctly amateur) squash player and traveller.

John Lindner is a second-year doctoral student in the department of economics at Boston College. He completed his undergraduate studies in economics at Oberlin College, and spent the three years after commencement as a Research Analyst at the Federal Reserve Bank of Cleveland. His primary interests are in monetary economics and econometrics, but he also has explored topics in public economics and has a particular interest in income inequality and poverty in America. At the Summer Institute, he hopes to gain a detailed background in the development of modern economic models and a more complete history of economic philosophy. He’s also eagerly awaiting this summer’s World Cup.

Basel Mansour is currently pursuing his PhD in economics at The New School for Social Research in New York City. Before joining The New School University, Basel had been working in the area of cooperation and developments.  Basel earned his Master degree in Cooperation and International Economic Integration from the University of Pavia, and his Bachelor degree in Economics from Birzeit University.  His research interests include history of economic thought and political economy.
Mark McGovern  is a Postdoctoral Fellow at the Harvard Center for Population and Development Studies. He obtained his Ph.D. in Economics from University College Dublin, and his B.A. from Trinity College Dublin. His research mainly focuses on the fields of economic history, demography and health, for example how improvements in childhood circumstance over the course of the 20th century influenced the long run outcomes of those affected. He hopes to use his time at the institute to learn more about the origins of some of the prominent disagreements in modern macroeconomics.
James Morrison:  As an undergraduate, I studied history at the University of Chicago and Cambridge University.  I received a PhD in political science and an MA in history from Stanford University in 2008.  After graduating, I began in political science at Middlebury College.  Last year, I was on leave at Princeton University.  This autumn, I took up a position at the London School of Economics and Political Science.  I am particularly interested in international political economy and the history of political and economic ideas.  My current book project analyzes the influence of three seminal theorists-John Locke, Adam Smith, and JM Keynes- on pivotal shifts in Britain's foreign economic policy across the last several centuries.  Over and above scholarly pursuits, I enjoy spending time with my wife and three daughters.
Paul Mueller graduated from Hillsdale College in 2009 with a bachelor of science degree in economics and political philosophy. He is currently a Ph.D. candidate at George Mason University. He worked for two years at a charitable foundation before beginning his PhD studies. His research interests include institutional macroeconomics, economic history (particularly the works of Adam Smith), and Austrian economics
Jason Oakes I am a doctoral candidate in History and Sociology of Science at the University of Pennsylvania. I received a biology degree from Reed College in 2000 and entered Penn's program in 2008. I am currently finishing a dissertation on the history of a field called human biology from 1918-1945. My approach has been to use the tools of business history and organizational sociology to get a new perspective on "the sciences of man" in the 20th century. My hope is to bring the history of the human sciences into a fuller relationship with the history of capitalism.
Kyle O'Donnell is a PhD student in economics at George Mason University, and have been a visiting research student in the economics department at New York University during the 2013-14 academic year. I am beginning the dissertation stage and am currently putting together an outline of the whole project with some chapters close to being finished and others still underway. My research interests, outside history of thought and economic methodology, are in institutional and cultural economics, the economics of ideas and ideology, public choice, constitutional political economy, and the economics of drug policy. In methodology and history of thought, I am interested in the rationality postulate--its meaning, history, role in economics, criticisms, defenses--and the evolution of psychology and economics--behavioral economics, neuroeconomics. I have also written on F. A. Hayek’s thought in economic theory and methodology, and the various interpretations of Hayek by neoclassical and mainstream economics. At the Summer Institute, I hope to learn more about evolution of thought and debate on different controversial issues in economic theory, and how these were resolved (or not).

Andrea Passalacqua is a first year PhD student in Political Economy and Government  (Economics Track) at Harvard University. He is interested in Political Economy, Social Economics and Finance. Before started his PhD, he worked as RA at the University of Chicago Booth School of Business and previously at Bocconi University. He obtained both his bachelor and Master's degree in Economics from Bocconi University.

Elisabeth Perlman is a PhD candidate in economics at Boston University. Her primary field is Economic History, with a focus on the nineteenth century U.S.  She is interested in the effect of changing information networks, with a focus on innovation.  Before studying at BU she worked at the Federal Reserve Board and received a bachelor's degree from Carleton College. She swears that before entering graduate school she had hobbies such as studying Aikido.
Shruti Rajagopalan  is an Assistant Professor of Economics at State University of New York, Purchase College. She has a BA (Hons) Economics and LL.B. from University of Delhi; and her LL.M. from the European Masters in Law and Economics Program at University of Hamburg, Ghent University and University of Bologna. Shruti earned her Ph.D. in Economics in 2013 from George Mason University and was most recently a Bradley Visiting Researcher in the Department of Economics at New York University. Shruti’s research interests include law and economics, public choice theory, constitutional political economy, and history of economic thought.

Rustam Romaniuc -I am currently a PhD candidate in Economics at the University of Montpellier, France and in Law & Economics at the University of Torino, Italy. I am also a graduate research fellow at the Montpellier Research Centre in Theoretical and Applied Economics (LAMETA). I have an LL.M in Law and Economics from the University of Hamburg, Germany and a master in Economics from the University of Reims, France. I am interested in the history of post-WWII microeconomic analysis, with a particular focus on the interactions between law, economics and psychology.

Joseph Schwarz is currently a graduate student in the Economic and Social History programme at the University of Oxford.  I have not yet finalized my post-Master's plans but I am sympathetic to the idea of starting a PhD in (the history and philosophy of) economics.  My interest in the field can be traced back to my undergraduate degree in Philosophy and Economics at the University of Bayreuth, where I specialized in applied ethics-more specifically, preference utilitarianism-and some microeconomic concepts.  I have been working as a student assistant and academic tutor in economics and anlytical philosophy but also gained some first experience in business at the nultinational technology company in the US.  Outside of my academic and professional career, I have been involved in projects supporting students from non-academic as well as international backgrounds in Germany in various ways.  Last but not least, I am very passionate about playing European handball and the drums.

Peter Sims is currently finishing a PhD in Economic History at the LSE, having previously done a Masters in History at the University of Alberta.  In a past (undergraduate) life, he was a clarinet player.  His own work is on British merchants as elite migrants and entrepreneurs in the process of Latin American development in the 19th century, focusing on the case of Uruguay.  Hobbies include cooking, gaming, and asking questions at seminars.

Andrej Svorencik is a Ph.D. candidate in Economics at University of Utrecht and Research Fellow at the Department of Economics at the University of Mannheim. The overarching theme of my research is the emergence, diffusion, and reception of scientific communities and their related ideas and practices that make these epistemic groups distinct. This entails the history of experimental economics, collective biography of economists (prosopography), but also a census of all extant copies of the first edition of Isaac Newton’s Principia. In my free time I enjoy riding my bike, traveling on airplanes and following the rare book market.

Daniel Thong is a final year Masters student in Oxford. His research interest lies in the philosophical problems of neoclassical economic models. In particular, he is interested in rational choice theory and the problems the theory encounters when applied to social reality. This summer, he hopes to learn more about economic history to better understand the evolution of economic methodology. In his free time, Daniel manages a student-run consulting organization in Oxford, The Oxford Strategy Group, where he applies his knowledge to help consult clients on a wide variety of issues. He is also a big fan of Manchester United, basketball, Texas Hold’em, and he enjoys meeting passionate individuals.


Katie Yewell just completed her second year in the Economics PhD program at Vanderbilt University, where she is interested in studying industrial organization and health economics, with a focus on legal and antitrust issues.  She grew up in Lexington, Kentucky and received a bachelor’s degree in mathematics and economics from Rhodes College in Memphis, Tennessee.  Katherine is looking forward to broadening her foundation in economics at the Summer Institute, and to meeting new people in the field.  In her free time, Katherine enjoys organizing social events with her fellow graduate students.  Katherine also loves watching movies, painting, and playing soccer.

 Enrico Zanardo is a third year PhD student in Economics, at Columbia University. Before coming to New York, I was at the University of Padua (Italy) - my hometown - where I studied mathematics and probability theory. I am interested in microeconomic theory and political economy, more precisely on information and its effects on learning and on divergence of opinions. I am eager to participate in the Summer Institute to better understand how economic thinkers approached the problems related to information, and how their contribution is relevant for today's models of learning and information sharing.