2016 Summer Institute

The 2016 NEH Summer Institute, "The History of Political Economy," took place in June 2016. They explored various episodes in the history of economics from a variety of disciplinary perspectives. 

Each week had a different theme and period. Week one explored alternative readings and understandings of key texts from the 17th and 18th centuries. The second week examined alternative paradigms in economics that emerged in the 19th century. Week three was devoted to the question of the role of the state in the economy as it played out in the writings of certain justifiably famous 20th century economists.

Hosted by Duke University
The Summer Institute was held from May 29 - June 17  in the Social Science Building at Duke University. Duke, which boasts five specialists in the field on its faculty, is home to the Center for History of Political Economy, a center whose mission is to promote and support research in, and the teaching of, the history of political economy. The premier journal in the field, History of Political Economy, is published here. 

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"Any views, findings, conclusions, or recommendations expressed in this (article, book, exhibition, film, program, database, report, Web resource), do no necessarily represent those of the National Endowment for the Humanities."

Dear Colleague,

Thank you for your interest in the National Endowment for the Humanities Summer Institute on “The History of Political Economy.”  The Institute will be held on the campus of Duke University in Durham, North Carolina from May 29 – June 17, 2016. I invite your application to participate in this exciting endeavor, and strongly encourage you to review the eligibility criteria.

The institute will explore various episodes in the history of economics from a variety of disciplinary perspectives. The intended audience is faculty in economics and the humanities who desire to explore economic knowledge in a historically informed, inter-disciplinary fashion. "Humanities" is here broadly defined to include other social sciences.

In creating this institute we are responding in part to the fact that the history of economic thought has been disappearing as a subject within American economics departments. It is part of our mission to reverse that trend. We applied to the NEH for the summer institute rather than to another funding agency because the history of economic thought is one of the few subjects in the curriculum where economists must connect economics to other disciplines within the humanities and social sciences.

Duke University is an ideal site for the program. Duke is home to the Center for the History of Political Economy, whose mission is to promote research in, and the teaching of, the history of economics. The Center has an active fellowship program, weekly workshops and lunches for the discussion of academic work, an annual conference, and, for the past six summers, some form of summer programming. This is the third time that the Summer Institute is supported by the National Endowment for the Humanities.

The institute will run for three weeks, from Sunday May 29 through Friday June 17. Registration and a welcome dinner will take place on the first Sunday. For the first four days of each week there will be 2 sessions, each lasting roughly 2 hours (with a brief 5-8 minute break after the first hour), one in the morning and one in the afternoon. On Fridays there will be only the morning session. Participants may do as they like on the weekends. There will be a closing dinner on Thursday, June 16, and the NEH Summer Scholars will depart after the Friday morning session. Some may, however, wish to stay on to attend the annual meeting of the History of Economics Society, which will take place from June 17 – 21. This will give participants a chance to see historians of economics in action! 

The institute will not survey the history of economics, but rather will undertake a selective, in-depth treatment of topics. Each week will have a different theme and period. Week one will explore alternative readings and understandings of key texts from the Scottish Enlightenment.  The second week will examine alternative paradigms in economics that emerged in the 19th century. Week three will be devoted to the question of the role of the state in the economy as it played out in the writings of certain justifiably famous 20th century economists. 

Discussions will be led by multiple visiting faculty who are specialists in the specific subject matter under discussion, drawn from economics and other disciplines, each of whom will visit from 2 – 3 days. The content of the Institute is described in more detail directly below.  As will be seen, sometimes the interdisciplinary elements will derive from the fact that the discussion leaders are from different disciplines. Even when this is not the case, however, the make-up of the participant list will ensure that different sensibilities are brought to the readings and subsequent discussions. 



In Week One, after an opening session in which people introduce themselves and goals and approaches are outlined, we turn to an exploration of some of the ideas and personalities associated with the Scottish Enlightenment. We will begin by exploring mercantilism, the loose body of doctrines whose emergence accompanied the rise of the nation-state and the quest for national power in the early modern period.  The mercantilists argued that the state grows strong by acquiring gold and silver, which led them to advocate protectionist policies – those promoting and subsidizing export industries, and limiting or taxing imports – that would lead to a net inflow of bullion.  Adam Smith and later economists criticized the mercantilists, and those criticisms laid the basis for the preference for free trade that many economists today share. But this standard account may be too narrow a reading of both mercantilist writers and their critics. Caldwell will present the standard reading of mercantilism and its defects, and historian of economics Maria Pia Paganelli will present Hume as an alternative case-study. 

We next explore further the contributions of two giants of the period, Adam Smith and David Hume, detailing their separate attempts to develop a science of human nature.  In Smith’s case we do this by showing how his two great works, The Wealth of Nations and The Theory of Moral Sentiments, sometimes portrayed as contradictory, can be read as forming an integrated whole. The session on Wealth of Nations will highlight areas where Smith’s arguments would feel familiar to economics students today, but also those that deviate from modern conceptions. In the session on Theory of Moral Sentiments, readings and discussion focus on Smith’s foundational concepts of sympathy and spectatorship, his theory of self-love and the desire to better one’s condition – the last a key element of his analysis of the motivations for commercial activity in Wealth of Nations but which receives its most memorable explications in Theory of Moral Sentiments. Caldwell leads the discussion on the first book, and Paganelli on the second. 

In Hume’s case we use secondary sources, as interpreted by one of the leading scholars of the Scottish Enlightenment, historian Nicholas Phillipson. Phillipson will show that disciplinary specialization has had the unintended effect of fragmenting and obscuring our understanding of the intellectual and historical dynamics that shaped the writings of those who sought to create a “science of man.” The coherence of their thought across what would today be viewed as very different fields of study has been lost. Phillipson will try to recapture that vision by exploring Hume’s thinking about the terms on which such a science of man could be conducted.

In the final two sessions experimental economist Bart Wilson will explore the relationship of experimental studies to the Enlightenment concept of “conjectural history” and to some of the assertions about human nature that emerge from Smith’s Theory of Moral Sentiments.  The sessions will include laboratory experiments to demonstrate how experimental economics can elucidate our reading of Enlightenment thinkers in the 21st century.

We shift focus in Week Two by concentrating on some alternative approaches to understanding economic phenomena that emerged in the 19th century. The first four sessions will be on Karl Marx and the Marxist tradition, and will be led by a senior scholar of Marxism, Duncan Foley. After presenting the fundamentals of Marxian analysis in the first two sessions, the next two will be used 1) to criticize the ideas of Adam Smith and the classical economists, and 2) to engage in a thought experiment, in which a Marxian economic system that incorporates insights from complexity theory is envisaged, and contrasted with a similarly envisaged Hayekian system. The first two sessions draw on primary source literature, the second two on works by Foley and Caldwell. The next three sessions will look at various aspects of the “Marginal Revolution” of the 1870s (marginalism forms the foundation of modern microeconomics).  The first explores the meaning of marginalism by examining three wonderfully different (historiographically-speaking) pieces from the secondary literature, the second looks at debates between the Austrian branch of marginalism and its German historical school, socialist, and positivist opponents, and the third describes how marginalism and its critics came to America in the late 19th century. The final two sessions of the week examine the reform impulses of the Progressive era and show how this ultimately developed into a set of doctrines known as institutionalism, a uniquely American brand of economics that drew on German historicism, Darwinian theory, and pragmatism. Tim Leonard, who was one of the most highly-praised discussion leaders of the 2013 institute, returns to lead the discussion for the final two sessions.       

A fundamental question, one that has held a prominent place in the discourse of economists since before the days of Adam Smith, has concerned the proper role of the state in the economy. After World War II, there was a growing movement towards expansion of the welfare state and the use of discretionary monetary and fiscal policy (sometimes called “Keynesian economics”) to combat the business cycle. By the end of the century, however, these trends were reversed, as calls for an increase in globalization, the imposition of constraints on the growth of government, and the defense of free markets, became more widely heard. In Week Three we examine the question of the role of the state from a variety of perspectives.

We begin with sessions on two great antagonists (and friends!), Friedrich Hayek and John Maynard Keynes, that trace out the development of their thought, and their intellectual battles with each other, in the crucial decade of the 1930s. The Hayek session will be led by Caldwell, and the Keynes session by Duke Professor Craufurd Goodwin.

Both Keynes and Hayek viewed themselves as “liberals.” But what did they mean by the word?  The next three sessions explore different possibilities. In 1947 Hayek founded the Mont Pèlerin Society, an organization whose statement of principles invoked and defended “absolute moral standards,” the “rule of law,” and a “belief in private property and the competitive market.” Historian Angus Burgin will lead an examination of the society’s commitments, institutional structure, and influence, as well as the significant disagreements among some of its leading figures. The second session, led by Goodwin, will explore the evolution of Keynes’s ideas on policy as revealed in both his newspaper and weekly writings and his interaction with the most important journalist of the period, Walter Lippmann.  The third session, led by Burgin, explores the effects of postwar technological developments on ideas about the market economy in a “post-industrial society.”   

For economists, the term “Chicago school of economics” conjures up a host of doctrines, among them the reliance on free markets and use of rules rather than discretion for the guidance of monetary policy. As is so often the case, the actual history is messier, as the next three sessions will demonstrate. The first examines the evolution of the Chicago school from its origins in the 1930s through the latter part of the twentieth century. Steve Medema will show elements of continuity and change within the Chicago school itself, and trace the evolving professional perception of Chicago economics. One remarkable feature of the Chicago school has been its members’ efforts to claim portions of the terrain of such disciplines as law, political science, and sociology for their own, which has led to charges by some of “economics imperialism.” Eddie Nik-Khah will explore how these efforts by Chicago scholars to expand the domain of economics has also reflected the political mobilization of thought. In the third session, the three discussion leaders will have a conversation on some unresolved issues regarding the Chicago school, offering different perspectives on such questions as: What role, if any, did Hayek play in creating the school? What role did outside funding, either corporate or from foundations, play in the generation and spread of ideas? Is it possible to offer a working definition of liberalism that would encompass the views of the many different people we have encountered this week?

In the final and closing session, loose ends will be tied up, and we will discuss as a group what worked well at this year’s summer institute, as well as those areas where improvements could be made.

It will be evident that, to the extent that participants might be inspired to go on to teach the history of economics or in some way integrate what they have learned into their courses or research, the outlined program is only a starting point. The Center for the History of Political Economy will continue to provide various forms of follow-up and support. We are engaged in an ongoing process of developing a range of resources for teachers and researchers in the history of economics on our Center’s website. One section contains syllabi, discussion questions, examination questions, and course handouts, another shows the practices of documentary research in the history of economics, and a third provides lectures that we have taped on a variety of subjects. As noted earlier, the annual meeting of the History of Economics Society will be held at Duke in 2016, and will begin the weekend that directly follows the summer institute. Institute scholars who wish to stay on for the meeting and see how historians of economics ply their trade will be encouraged to do so.        


Participants will be sent a packet of materials in advance so that they can get started on their reading before coming to the Summer Institute.  As noted above, the schedule permits additional time for reading and study.

During the first week Bruce Caldwell will present a few lectures at lunchtime about some basic economic concepts and graphs. Attendance will be strictly voluntary. The intended audience is humanities professors who do not have much familiarity with economic concepts and jargon.  Caldwell (who will be in attendance all three weeks) and the visiting faculty will be available for consultations as appropriate throughout the Summer Institute. We also anticipate that informal discussions will spring up outside the seminar room.

There will be additional planned group activities, including a display and presentation by the Special Collections librarian on the Economists’ Papers Project (EPP) at Duke. The EPP houses an impressive collection of original documents, including the papers of eleven Nobel prize-winning economists and those of the American Economic Association.  Some social events (a Durham Bulls baseball game, a pool party) are planned as well.

The faculty who will lead discussions is a distinguished group. Institute Director Bruce Caldwell is also the Director of the Center for the History of Political Economy and directed the two previous Summer Institutes. A former president of the History of Economics Society (HES), he is author of Hayek’s Challenge: An Intellectual Biography of F. A. Hayek, and serves as the General Editor of the book series, The Collected Works of F. A. Hayek.  

Angus Burgin is a history professor at Johns Hopkins University. His 2012 book on the Mont Pèlerin Society, The Great Persuasion: Reinventing Free Markets Since the Great Depression, received both the Merle Curti award from the Organization of American Historians and the HES best book award. He is currently writing an intellectual history of post-industrialism.

Duncan Foley is the Leo Model Professor of Economics at the New School for Social Research and an external professor at the Santa Fe Institute.  He is the author of numerous books, among them Understanding Capital: Marx’s Economic Theory and Adam’s Fallacy: A Guide to Economic Theology.  

Craufurd Goodwin, now emeritus, was the James B. Duke Professor of Economics at Duke. He served for forty years as the editor of History of Political Economy, the premier journal in the field. Craufurd is a former president as well as Distinguished Fellow of the HES, and is the author most recently of Walter Lippmann: Public Economist, which was published in 2014 by Harvard University Press.

Thomas “Tim” Leonard is a research scholar at the Council of the Humanities at Princeton University and a lecturer in the economics department. Tim has written extensively on the role of American economists in Progressive era and is the author of the much acclaimed book Illiberal Reformers: Race, Eugenics and American Economics in the Progressive Era, which was published in 2016 by Princeton University Press.

Steve Medema is an economics professor at University of Colorado Denver. He served for ten years as the editor of the Journal for the History of Economic Thought. Medema is an editor of a three volume collection of classic articles by Chicago school economists titled Chicago Price Theory, and his book on market failure, The Hesitant Hand, won the ESHET best book award in 2010. A former president of the HES, he was a visiting faculty member at the 2010 NEH summer institute. 

Edward Nik-Khah is an economics professor at Roanoke College. He has written extensively on the role of George Stigler in forming the Chicago school of economics and in promoting neoliberalism. Recent work looks at the relationship between neoliberalism and “economics imperialism.” In 2011-2012 he was a Fellow at the Center for the History of Political Economy. 

Maria Pia Paganelli is an economics professor at Trinity University in San Antonio and an editor of The Oxford Handbook of Adam Smith. In fall 2014 she was a Fellow at the Center for the History of Political Economy, where she worked on an invited article on Smith and the Scottish Enlightenment for the journal History of Political Economy

Nick Phillipson is an Honorary Research Fellow in History at the University of Edinburgh, where he taught from 1965 until his retirement in 2004. He has held visiting appointments at Princeton, Yale, the Folger Library, and the Ludwig-Maximillian Universität. A leading scholar of the Scottish Enlightenment, he is the author of Adam Smith: An Enlightened Life

Bart Wilson holds the Donald P. Kennedy Endowed Chair in Economics and Law at Chapman University’s Economic Science Institute. An experimental economist, Bart’s recent research tests certain of Adam Smith’s theories of human nature, as found in his Theory of Moral Sentiments.  He also uses laboratory experiments to explore the formation of markets and property rights systems.

NEH Summer Scholars will be provided with single, air-conditioned rooms, with linens, towels, and washcloths, on west campus at Duke. We do not know the exact charge yet but anticipate it will be in the $800-900 range for the entire stay. For those who wish to stay off campus, the University Inn and Brookwood Inn have rooms available for about $75 a night. These Inns are about a twenty minute walk from campus. Passes for parking on campus are available at $10 a week. There are many places to eat on campus and off. All participants will be able to use the libraries and will have complimentary wireless access to the internet via the Duke system while on campus.

Participation is limited to twenty-five applicants. Three spaces will be reserved for qualified graduate students in economics or the humanities. Applicants who are selected to participate in the Summer Institute will be paid a stipend of $2700, half payable on arrival at the Institute, and the other half payable in the final week of the program.  Stipends are considered taxable income. Participants who, for any reason, do not complete the full tenure of the project must refund a pro-rata portion of the stipend. 

If you wish to apply, application information and guidelines may be found in the other attachment. Your completed application should arrive no later than March 1, 2016 and be submitted by e-mail attachment to Angela.Zemonek@duke.edu. Perhaps the most important part of the application is the essay of no more than four double-spaced pages. This essay should include your reasons for applying to the Institute; your relevant personal and academic information; what you hope to accomplish; and the relation of your study to your teaching.

I hope that you will agree that those of us who are organizing the Summer Institute have put together an intellectually stimulating program. We look forward to your application.


Bruce Caldwell
Research Professor of Economics
Director, NEH Summer Institute on “The History of Political Economy”
Director, Center for the History of Political Economy     

2016 NEH Summer Institute "The History of Political Economy" 

Program of Study:

WEEK ONE (May 30 to June 3)

Smith, Hume and the Scottish Enlightenment

Monday, May 30:

Session 1 – Introductions of Program and Participants – Caldwell
Session 2 – An Economist’s Take on the Mercantilists – Caldwell 

  • Thomas Mun, excerpts, England’s Treasure by Forraign Trade, reprinted in Steven Medema and Warren Samuels, The History of Economic Thought: A Reader (London: Routledge, 2003), pp. 30-44.
  • Jacob Viner, “Mercantilist Thought” [1968], reprinted in Essays on the Intellectual History of Economics, ed. Douglas Irwin (Princeton: Princeton University Press, 1991), pp. 262-76.
  • Adam Smith. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Indianapolis: Liberty Classics. Book IV, chapter 1, Introduction; sections 1-10, 31-33 (pp. 428-35, 446-48); chapter 2, sections1-15 (pp. 452-59).

Tuesday, May 31:

Session 3 – David Hume and Mercantilism: A Second Look – Paganelli

  • David Hume.  [1752] 1987. “Of money” in Essays, Moral, Political, and Literary. Ed. Eugene F. Miller. Indianapolis: Liberty Press.
  • David Hume. [1752] 1987. “Of the balance of trade” in Essays, Moral, Political, and Literary. Ed. Eugene F. Miller. Indianapolis: Liberty Press.

Session 4 – Adam Smith’s Wealth of Nations – Caldwell

  • Adam Smith. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Indianapolis: Liberty Classics.

Introduction and Plan of the Work; Book

7:05 pm, Durham Bulls baseball game, Durham Bulls Stadium

Wednesday, June 1:
Session 5 – Adam Smith: Philosopher and Political Economist– Paganelli

  • Adam Smith. [1759] 1984. The Theory of Moral Sentiments. Indianapolis: Liberty Fund.

I.i.1-4 (pp. 9-23), I.iii.2.1 (pp. 50-51); I.iii.3 (pp. 61-66); II.ii.2-3 (pp. 82-91); III.1-2.3 (pp. 109 -14), III.3.1-6 (pp. 134-38),  III.3.38-4 (pp. 153-61); Vi.i.16 (pp. 216-17).

  • Adam Smith. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Indianapolis: Liberty Classics.

WN I.viii.22-26 (pp. 87-91); III.iv (pp. 411-27); IV.iii.c.10 (pp. 493-94); IV.viii.17 (pp. 647-48); IV.viii.53 (p. 661).

Session 6 – David Hume: Philosopher and Political Economist – Phillipson

  • Nicholas Phillipson, David Hume: The Philosopher as Historian, rev. ed.  (New Haven: Yale University Press, 2012), chapters 1-3.
  • Eugene Rotwein, “Introduction,” David Hume: Writings on Economics (Madison: University of Wisconsin Press, 1955).

Thursday, June 2:
Session 7 – The “Science of Man” in the 18th Century – Phillipson

  • Nicholas Phillipson, Adam Smith: An Enlightened Life (New Haven: Yale University Press, 2010), chapters 2 and 3.
  • Silvia Sebastiani, The Scottish Enlightenment: Race, Gender and the Limits of Progress (London: Palgrave Macmillan, 2013), Introduction and chapter 1.

Session 8 – The “Science of Man” in the 21st Century – Wilson

  • Bart J. Wilson. “Further Towards a Theory of the Emergence of Property,” Public Choice, forthcoming, 2015.
  • Erik O. Kimbrough, Vernon L. Smith, and Bart J. Wilson. “Exchange, Theft, and the Social Formation of Property,” Journal of Economic Behavior and Organization, 74(3), June, 2010. 

Friday, June 3:   

Session  9 – The Scottish Enlightenment in the Lab – Wilson

  • Vernon L. Smith and Bart J. Wilson. “Fair and Impartial Spectators in Experimental Economic Behavior,” Review of Behavioral Economics, 1(1): January, 2014.
  • Jan Osborn, Bradley R. Sherwood, and Bart J. Wilson. “Conduct in Narrativized Trust Games,” Southern Economic Journal, forthcoming, 2015.

WEEK TWO (June 6 to 10)

Alternative Paradigms in the 19th Century

Monday, June 6:

Session 10 – A Different Take on Adam Smith – Foley

  • Adam Smith. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Indianapolis: Liberty Classics. Book I, chapters 5 (pp. 47-64) and 10 (pp. 116-59).

Session 11– Introduction to Marxian Analysis I – Foley  

  • Karl Marx and Friedrich Engels, “The Communist Manifesto,” excluding section 3, reprinted in Robert Tucker, ed., The Marx-Engels Reader, 2nd ed. (N.Y.: Norton, 1978), pp. 473-91, 499-500. 
  • Karl Marx, “The Grundrisse,” Introduction, reprinted in Tucker, ed., pp. 222-46.
  • Karl Marx, A Contribution to the Critique of Political Economy, chapter 1.
  • Karl Marx, Das Kapital, vol. I, Part 2, chapters 4 and 6, reprinted in Tucker, ed., pp. 329-44.
  • Karl Marx, “Critique of the Gotha Program,” reprinted in Tucker, pp. 525-42. 

Tuesday, June 7:

Session 12 – Introduction to Marxian Analysis II – Foley

Same readings as Session 11.

Session 13 – What Did Smith and Marx Get Right and Wrong? – Foley

  • Duncan Foley, Adam’s Fallacy: A Guide to Economic Theology. (Cambridge: Harvard University Press, 2006), Preface, chapter 1. 

Wednesday, June 8: 

Session 14 – Background to the Marginal Revolution – Caldwell 

  • Mark Blaug “Was There a ‘Marginal Revolution’?,” History of Political Economy, vol. 4, Fall 1972, pp. 269-80.
  • Philip Mirowski, “Physics and the ‘Marginalist Revolution’,” Cambridge Journal of Economics, 1984, vol. 8, pp. 361-79.
  • E. Roy Weintraub, “Burn the Mathematics (Tripos),” How Economics Became a Mathematical Science (Durham: Duke University Press, 2002), chapter 1.

Session 15 – The Austrian School and its Opponents – Caldwell and Foley 

  • Bruce Caldwell, Hayek’s Challenge: An Intellectual Biography of F. A. Hayek (Chicago: University of Chicago Press, 2004), Chapter 1, pp. 17-27; Chapter 3, pp. 64-74, Chapter 4, pp. 92-99,  Chapter 5, pp. 100-106, 113-19.

Thursday, June 9:

Session 16 – Marginalism Comes to America – Leonard  

  • Thomas C. Leonard, Illiberal Reformers, manuscript, chapter 1.

Session 17 – Progressive Economics – Expertise in the Service of the State – Leonard

  • Thomas C. Leonard, Illiberal Reformers, manuscript, chapter 3.

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

Friday, June 10: 

Session 18 – Reform Economics: The Great War and Beyond: – Leonard

  • Malcolm Rutherford, The Institutionalist Movement in American Economics, 1918-1947: Science and Social Control (Cambridge: Cambridge University Press, 2011), chapter 1.
  • Tim Leonard, “Progressive Era Origins of the Regulatory State and the Economist as Expert,” History of Political Economy annual supplement, 2015.   

WEEK THREE (June 13 to 17) 

The Rise of Neoliberal Thought

Monday, June 13:  

Session 19 – The Life and Ideas of F. A. Hayek – Caldwell

  • F. A. Hayek, “The Use of Knowledge in Society” [1945], reprinted in F.A. Hayek, The Market and Other Orders, ed. Bruce Caldwell (Chicago: University of Chicago Press, 2014), pp. 93-104.
  • F. A. Hayek, “Why I Am Not a Conservative” [1960], Epilogue to The Constitution of Liberty, ed. Ronald Hamowy (Chicago: University of Chicago Press, 2011), pp. 519-33.
  • Video, Bruce Caldwell, Lecture, Life and Ideas of Hayek,  available on the CHOPE website: under Resources: Media

Session 20 – John Maynard Keynes and the General Theory – Goodwin

  • John Maynard Keynes, “The Great Slump of 1930” [1930], in Essays in Persuasion (New York: Harcourt Brace, 1932), pp. 135-47.
  • John Maynard Keynes, The General Theory of Employment, Interest and Money (New York: Harcourt Brace, 1936), Chapter 2, pp 18-22; Chapter 3, pp. 32-34; Chapter 12, pp. 34-51; Chapter 22, pp. 313-20; Chapter 24.

Tuesday, June 14:

Session 21 – The Mont Pèlerin Society – Burgin

  • Mont Pèlerin Society Statement of Aims.
  • Frank Knight, “The Ethics of Competition,” section I, in The Ethics of Competition (New Jersey, 1997), pp. 47-58.
  • Friedrich Hayek, “The Prospects of Freedom,” Mont Pèlerin Society Records, pp. 1–17.
  • Milton Friedman, “The Relation Between Economic and Political Freedom,” in Capitalism and Freedom (Chicago: University of Chicago Press, 1962), pp. 7–21.

Session 22 – Keynes as Public Intellectual – Goodwin

  • John Maynard Keynes, “Am I a Liberal?” [1925], in Essays in Persuasion (New York: Harcourt Brace, 1932), pp. 312–22.
  • John Maynard Keynes, “The End of Laissez-Faire” [1926], in Essays in Persuasion (New York: Harcourt Brace, 1932), pp. 312–22
  • John Maynard Keynes, “Economic Possibilities for our Grandchildren” [1930], in Essays in Persuasion (New York: Harcourt Brace, 1932), pp. 358-73.

Wednesday, June 15: 

Session 23 – – Post-Industrialism – Burgin

  • Peter Drucker, “Innovation—The New Conservatism?”, in The Landmarks of Tomorrow (New York, 1957), pp. 45–59.
  • Daniel Bell, “‘Who Will Rule?’  Politicians and Technocrats in the Post-Industrial Society,” in The Coming of Post-Industrial Society (New York, 1973), pp. 341–367.

Session 24 – The Chicago School – Medema  

  • H. Laurence Miller, “On the Chicago School of Economics,” Journal of Political Economy 70 (February 1962), (pp. 64-69).
  • Melvin Reder, “Chicago Economics: Permanence and Change,” Journal of Economic Literature 20 (March 1982), (pp. 1-38).

Thursday, June 16:

Session 25 – Imperial Chicago – Eddie Nik-Khah

  • Aaron Director, [1953]1964. “The Parity of the Economic Market Place.” Journal of Law and Economics, 7: 1-10.
  • George Stigler, [1973]1975. “Regulation: The Confusion of Means and Ends.” In The Citizen and the State, Chicago: University of Chicago Press, pp. 167-177.
  • George Stigler, 1975. “The Intellectual and His Society.” In Richard Selden (ed.), Capitalism and Freedom: Problems and Prospects. Charlottesville, VA: University Press of Virginia, pp. 311-321.
  • George Stigler, 1976, “Do Economists Matter?” Southern Economic Journal 42(3): 347-354.

Session 26 – The Chicago School: Still More Different Looks – Medema, Caldwell, Nik-Khah

  • Bruce Caldwell, “The Chicago School, Hayek, and Neoliberalism,” in Robert Van Horn, Philip Mirowski and Thomas Stapleford, eds. , Building Chicago Economics: New Perspectives on the History of America’s Most Powerful Economics Program (Cambridge: Cambridge University Press, 2011), chapter 11 (pp. 301-334).
  • Edward Nik-Khah, “Neoliberal Pharmaceutical Science and the Chicago School of Economics,” Social Studies of Science, 2014, 44(4): 489-517.

Friday, June 17:  
Session 27 – Summer Institute Wrap-Up – Caldwell

Angus Burgin is Associate Professor of History at Johns Hopkins University.  He is the author of The Great Persuasion:  Reinventing Free Markets since the Depression (Harvard, 2012), which won the Merle Curti Award from the Organization of American Historians and the Joseph Spengler Prize from the History of Economics Society.  His articles have appeared in Modern Intellectual HistoryHistory of Political Economy, and elsewhere, and he is an executive editor of the book series Intellectual History of the Modern Age (University of Pennsylvania Press).  He is currently working on an intellectual history of postindustrialism.  
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), of Hayek's Challenge: An Intellectual Biography of F. A. Hayek (2004), and since 2002 has served as the General Editor of The Collected Works of F. A. Hayek, a multi-volume collection of Hayek’s writings. A past president of the History of Economics Society and of the Southern Economic Association, he is currently working on a family-authorized  biography of Hayek. When he's not working on Hayek, he doesn't know what to do, but sometimes he fills his time with tennis and golf.
Craufurd Goodwin is James B. Duke professor of economics emeritus at Duke University.  In past years, he has also been a visiting professor at Cambridge University and the Australian National University.  He was named a Smuts Fellow at Cambridge University and a Guggenhein Fellow.  He specializes in the history of economic thought and policy, and over the past four decades has co-authored or edited over one hundred works.  Recent articles include "The History of Economic Thought": and "Economics and the Study of War" in the second edition of the New Palgrave Dictionary of Economics, and "Ecologist Meets Economics: Aldo Leopold" in the Journal of the History of Economic Thought.  His book Walter Lippmann: Public Economist was published by the Harvard University Press in 2014.  He is past president and distinguished fellow of the History of Economics Society.
Duncan Foley is Leo Model Professor of Economics at the New School for Social Research.  He has taught at the Massachusetts Institute of Technology, Stanford University, Barnard College of Columbia University and published extensively in the fields of mathematical economics, Marxist economics, macroeconomics, monetary economics, the history of economic thought, economic distribution, stability, sustainability, and development.  Lance Taylor and her are the 2015 recipients of the Leontief Prize of Tufts University's Global Development and Environmental Institute.
Tim Leonard is Research Scholar in the Council of the Humanities at Princeton University, where he is also Affiliated Faculty in the Department of Economics.  He is a two-time winner of the Richard D. Quandt Prize for outstanding teaching in the Department of Economics.  His recent scholarship has focused upon American economics, and American economic reform in the Gilded Age and the Progressive Era.  Princeton University Press published his book, Illiberal Reformers: Race, Eugenics and American Economics in the Progressive Era, in January 2016.
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 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 Modernism 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.
Eddie Nik-Khah is Associate Professor of Economics at Roanoke College.  He received his BA in Economics, Philosophy, and Political Science from Rockhurst University and his MA and PhD in Economics from the University of Notre Dame.  For his research on the political economy of market design, the European Association of Evolutionary Political Economy awarded him the K. William Kapp Prize.  He has completed research on interactions between the Chicago School of Economics, the pharmaceutical industry, and phamaceutical science, the neoliberal origins of economic imperialism, the distinctive role of George Stigler as architect of the Chicago School, and the tensions emerging from economists' assumption of a professional identity as designers of markets.  He is currently writing a book with Philip Mirowski on the history of knowledge and information in twentieth century economics.
Maria Pia Paganelli is an Associate Professor of Economics at Trinity University. She received her B.A./M.A. from the Catholic University of Milan (Italy), and her PhD from George Mason University. Dr. Paganelli works on Adam Smith, David Hume, 18th century monetary theories, and the links between the Scottish Enlightenment and behavioral economics. She is the author or numerous articles and the co-edited the Oxford Handbook on Adam Smith. She currently serves as the Vice President of the History of Economic Society and as the book review editor for the Journal of the History of Economic Thought.
Nick Phillipson worked in the University of Edinburgh until his retirement in 2004.  He is the author of Adam Smith:  An Enlightened Life, and David Hume: The Philosopher as Historian.  He is currently working on a history of the Scottish enlightenment. 
Bart Wilson holds the Donald P. Kennedy Endowed Chair in Economics and Law at Chapman University’s Economic Science Institute. An experimental economist, Bart’s recent research tests Adam Smith’s theories of human nature, as found in his Theory of Moral Sentiments.  His research also uses laboratory experiments to explore the formation of markets and property rights systems. Bart has published papers in the American Economic Review, the Proceedings of the National Academy of Sciences, and Evolution & Human Behavior.  His research has been supported with grants from the National Science Foundation, the Federal Trade Commission, and the International Foundation for Research in Experimental Economics.  Prior to joining the faculty at Chapman, he was an Associate Professor of Economics at George Mason University and before that a Research Scientist at the Economic Science Laboratory at the University of Arizona and an Economist at the Federal Trade Commission.  Bart received his Ph.D. in Economics from the University of Arizona.
Jacob Affolter is a lecturer in the Department of Philosophy at Arizona State University, where he teaches applied ethics, social/political philosophy.  He received a Ph.D. from the University of California at Riverside.  His research deals mainly with the way that political, legal, and economic structures make it easier or more difficult for people to get along despite strong moral disagreements.  He has also published on methods for teaching early modern philosophy.  Due to both sets of interest, he is especially interested in the way that changes in economic thought affect a wider range of political and intellectual ideas.  One of his main goals for the summer is to find ways to bring ideas from the history of economic thought to bear on questions on both applied ethics and the history of early modern philosophy.
Dusty Anderson  is a Professor of Information Technology at Bluefield College, with experience and education in Industrial Engineering (Virginia Tech) and Computer Education (West Virginia).  He enjoys summer seminars to implode on something other than 2+2 = 4.  This summer he hopes to address his deficit in The History of Political Economy and to meet folks from disparate schools and disciplines.  For therapy he enjoys Sudoku, (table) tennis, and wine.

Becca Arnold is a Professor of Economics at San Diego Mesa College, a community college.   She teaches Principles of Micro and Macroeconomics, Environmental Economics, and Sustainability.   She has conducted research on the efficacy of using interactive maps as a supplement to Macroeconomics, has conducted numerous workshops demonstrating their usefulness, and has written complementary curricula. She has also written curricula on Media Economics, and International Environmental Policy.  She holds a Sustainable Business Practices Certificate from UCSD, and is on the board of the San Diego Center for Economic Education (a resource center for K-12 teachers). 

Emmanuel Asguet an economist by training and teaches as an adjunct faculty at Catholic University of America in Washington DC. He is a former Fulbright scholar. His primary areas of interest are macroeconomics, financial crises, political economy, political development, international relations and investment banking. He looks forward to learning more about the history of economic thought at the Summer Institute and meeting people.

Ilker Aslantepe is a PhD student in economics and research assistant at the New School for Social Research. His primary research interests lie in Complexity Economics in the works of classical political economists such as A. Smith, D. Ricardo, and K. Marx where the self-organizing character of capitalist economy is revealed as a complex, adaptive, non-equilibrium system. His current works focus on the algorithmic foundations of economic theory and investigate combinatorial aspects of non-convex economies in which the notions of division of labor, specialization, increasing returns, and money are of central importance, in the light of the works of classical political economists. He has also a keen interest in non-linear, endogenous theories of business cycles, motivated by their most fertile and intellectually challenging roots in the works of Malthus/Ricardo, Marx/Schumpeter, Mitchell/Wicksell and Keynes/Harrod/Goodwin.

Lauren Bailey is a doctoral student in English at the City University of New York, Graduate Center. She teaches at Queens College and next school year will be the Assistant to the Directors of the First Year Writing Program. She also recently completed an archival research fellowship at the New-York Historical Society. Her interests lie in the representations of women and political economy in late 18th through 19th century British literature. She engages with theories of affect and the development of the novel. Before CUNY GC, she attended California State University at Fullerton, where she earned her BA in English with a minor in Women’s and Gender Studies, and graduated magna cum laude. She was also the recipient of the Sally Casanova Pre-Doctoral Fellowship, a competitive CSU system program.

Tim Barker received his BA in History and American Studies from Columbia College in 2013 and is currently a PhD candidate in U.S. History at Harvard University. I am interested in the intersections between political and intellectual history. My current research concerns the transformation of state involvement in the economy between the 1920s and the 1970s and the way that economists interpreted and participated in these shifts. Outside of school, I have written about history and politics in venues including Dissent, the Nation, and n+1.

Chris Bundrick is a member of the English faculty at the University of South Carolina Lancaster, where he teaches courses in composition and American literature. He received his Ph.D. from the University of Mississippi in 2006. His research mainly focuses on southern regionalists from the late 1800s about which he has published essays in South Central ReviewAppalachian Journal, South Atlantic Review, and Southern Literary Journal.

Marc Clauson was born in Huntington, WV, received his B.S. in physics and M.A. in political science from Marshall University, as well as a J.D. from West Virginia Univ., specializing in Law and Economics and Public Law.  He has also done Ph.D. work in Economics at West Virginia Univ. and Ph. D. work at the Univ. of Kentucky in European Intellectual History and Philosophy.  Ph.D in European History and Polity from University of the Orange Free State.  Published 2 books on hermeneutics and history and on theology of legal philosophy.  Two books underway on theological and philosophical anthropology in early modern history and on the use of special revelation in early modern political and legal thought.  Read and won award for 2 recent papers on Aquinas' intergration of natural law and special revelation in his Summa Theologia and on Friedrich Hayek's thought in relation to Christian theology.  At Cedarville Univ. since 2002.  Area of instruction includes history of ideas, historical theology and church history, political and economic thought and teaching in the university Honors program.  Married with 4 daughters, avid runner, collector of books, train watcher, and lover of thunderstorms. 

Jonathan F. Cogliano is an Assistant Professor of Economics at Dickinson College in Carlisle, Pennsylvania. He received a Ph.D. in Economics from the New School for Social Research and holds a B.A. in Economics from the University of Massachusetts – Amherst. His research interests include classical/Marxian political economy; the history of economic thought; microeconomics, with a focus on value theory; and computational simulation methods. Jonathan regularly teaches courses in political economy and macroeconomics that are informed by the history of economic ideas. He is looking forward to expanding his expertise in the history of economic thought at the Summer Institute.
Christopher Consolino received his BA in History and German Studies from the College of William and Mary in 2010 and is currently a PhD candidate in History at the Johns Hopkins University. His research interests include the history of political thought, the history of the book, and the development of natural philosophy in the early modern Atlantic world. His dissertation, provisionally entitled “The Power to Govern Gold and Silver: The Political Economy of Bullion in Imperial London, 1603-1727,” charts the development of early modern English political economic thought by focusing on a series of debates surrounding the circulation of gold and silver bullion in England and its empire. Beyond history, he enjoys biking, lifting, and gardening.
James Daniel is a communication fellow at the Bernard L. Schwartz Communication Institute at Baruch College.  He received his PhD in Composition and Rhetoric from the University of Madison-Wisconsin in 2012, his MA in Rhetoric from Carnegie Mellon University in 2007, and his BA in Theater History from NYU in 2005. His work concerns the intersection rhetorical theory and critical theory in the context of contemporary activism.  In particular, his research investigates how theories of the event (Badiou, Heidegger, Nancy) illuminate the ways in which activist groups both respond to and construct ontic conditions.  His current project employs the methods of political economy to examine the evolving dynamics of social class in the contemporary college writing classroom.
Flavia Dantas is an Assistant Professor at the State University of New York at Cortland where she teaches courses in alternative economic theory, political economy & social thought, macroeconomics, monetary economics, and mathematical economics. She received her Ph.D. from the University of Missouri-Kansas City in 2013. Her dissertation thesis entitled “Internationalization of Money Manager Capitalism” explored the destabilizing nature of the unprecedented increase in gross and net cross-border international flows among developed countries over the period 2000-2008. Her current work focuses on the institutional, theoretical, political, and distributional aspects of financial globalization. Her current research interests include money, monetary theory and policy, international banking and finance, liquidity creation, and financial instability.

Kimberly Hall is an Assistant Professor of English at Wofford College in Spartanburg, SC where she teaches courses in Digital Media Studies, 19th-century British literature, and an upcoming interdisciplinary course on contemporary narrative engagements with political economy. She received her Ph.D. in English from the University of California, Riverside and her M.A. in English from Georgetown University. Kimberly’s research areas include media theory and history, and digital media cultures. 

Tom Hoffman is Associate Professor of Political Science & Law at Spring Hill College, Mobile, Alabama.  He received his Ph.D. from Indiana University in 2004 and has M.A. and B.A. degrees from the University of Arizona and Miami University (of Ohio), respectively.   His research interests include an exploration of the roots of modern social ideals in the 18th Century Scottish Enlightenment; notions of rationality and irrationality in politics; and the issue of civility in politics.  He regularly teaches courses in American politics and political philosophy and directs Spring Hill’s small graduate program in the liberal arts.

Brian Hurley is Assistant Professor of Japanese literature, film and culture in the Department of Languages, Literatures and Linguistics at Syracuse University.  He is currently working on a book manuscript that examines the confluences of literature and thought in modern Japan.  His research has been published in The Journal of Japanese Studies (2013) and the Japanese-language journal of literary criticism Bungaku (2014 and 2016).  His most recent article, “Kokoro Confidential: Edwin McClellan, Friedrich Hayek and the Neoliberal Reading of Natsume Sōseki,” appeared in Representations in 2016.  He received his PhD in Japanese Literature from the University of California at Berkeley.

Jennifer Jhun holds a BA from Northwestern University in philosophy and economics. She is currently a graduate student in the department of philosophy at the University of Pittsburgh finishing a dissertation on idealization in economic modeling and its parallels in thermodynamics, in particular the role of the equilibrium concept. She has more general interests in the history and philosophy of science, especially on issues surrounding complex systems both social and physical. 

Arindam Mandal is an Associate Professor of Economics in Siena College, Loudonville, NY. He has a BA(Hons) Economics from St. Stephens College, Delhi, MA Economics from Delhi School of Economics and PhD in Economics from SUNY-Albany. His primary areas of interest are labor economics, financial crises, macroeconomics and history of economic thought. He has wide range of teaching experiences including history of economic thought. 

Ben Peters teaches communication at the University of Tulsa and has interests in media theory and history, the history of social thought, and the intellectual sources of the information age. My Soviet internet book just received its first review (in Nature) here. (The hook: it catches socialists behaving like capitalists.) I'm now writing a new media history on how small groups, or "thought labs," powered the modern turn to computing. This summer I am eager to challenge my understanding of how mixed economies have made (and unmade) the modern world. More here

Stefanie Populorum is a PhD Candidate at Rutgers University. She received her master’s in German Language and Literature from the University of Vienna and holds a master’s in Business Administration from Vienna University of Economics and Business, as well as a master’s in International Management from the CEMS program for which she studied at Helsinki School of Economics and at ESADE in Barcelona. She published on Positive Organizational Scholarship and is most interested in the formation of knowledge, particularly in the various approaches of different disciplines and media in making knowledge accessible. Her dissertation investigates the concept of crisis in economic theory, literature, and film in the beginning of the 20th century. 

Bhaven Sampat  is an economist by training and an Associate Professor in the Department of Health Policy and Management at Columbia University. Most of his research is empirical, focused on issues at the intersection of health policy and innovation policy. For example, He has worked on biomedical patent policy, and on measuring the effects of publicly funded science While at the Summer Institute, he hopes to engage the literature on the role of the state in the economy, and the evolution of the market failure framework, as context for his current work on the role of the public sector in medical innovation. He has also had a long-standing interest in the history and sociology of science, though most of his focus has been on fields other than economics. 
Kirun Sankaran is a graduate student in the department of philosophy at Brown University, with interests in political philosophy and its history, as well as questions of how political philosophy ought to intersect with social science. His current project involves figuring out how the political value of the rule of law relates to political freedom. He graduated in 2012 from the Ohio State University with a BA in philosophy and economics and in 2014 from from the University of Wisconsin-Milwaukee with an MA in philosophy. Outside of work, he enjoys watching sports and (apropos of being in North Carolina) eating barbecue.
Matt Seybold is an Assistant Professor of American Literature and Mark Twain Studies at Elmira College (home of the Center for Mark Twain Studies). I hold a Ph.D. in English from UC-Irvine and a B.A. (in English and American Studies) from Washington University in St. Louis. My scholarship focuses on the intersection of print culture and economic rhetoric in the U.S. from the founding of the New York Stock Exchange to the 1929 Crash. I’m very excited about reading Marx outside the English Department, as well as the numerous Economists – basically, all the other ones – who most English professors never read. I also hope somebody might want to watch the NBA Finals.

Mark Stelzner is an economics professor at Connecticut College.  He holds a bachelor's in physics from Boston University, a master's in global finance, trade and economic integration from the University of Denver, Josef Korbel School of International Studies, and a doctorate in economics from the University of Massachusetts, Amherst.  At present, his work is focused on understanding income inequality in the United States.  He recently published an article in the Journal of Economic History on income inequality in the late 1860s and has published other work on inequality with Palgrave Macmillan and the Review of Keynesian Economics.  

Congratulations to the selected participants of this Summer's Institute!