AIER’s Summer Fellowship Program brings together advanced economics students and distinguished scholars for a two-week exploration of economic, monetary, and social issues.
We especially encourage students to apply if they aspire to teaching or other careers where they will have an impact on the general public’s understanding of economic issues.
How to Apply
Application deadline: March 23, 2012
Core Seminars
There are three core seminars in property rights, scientific procedures of inquiry, and sound money. Each seminar meets two to three hours per week over two weeks. Our goal is to move beyond formal lectures and encourage students to participate in a thoughtful exchange of ideas.
The Evolution of Property Rights
Property rights are fundamental to economic progress, but surprisingly few economic courses cover the history of how they evolved.
This seminar focuses on the development of property rights in Western thought, from Biblical times to the Enlightenment and up through the arrival of modern political economy models in the late 18th and early 19th centuries. Students learn how major theories of property rights evolved and how they are applied in legal and economic models today.
Readings range from the Old Testament and Aristotle to Locke, Hobbes, John Stuart Mill, Jeremy Bentham, and John Rawls.
The seminar culminates in a paper that encourages students to apply the history and theory learned from the course to a modern problem.
Instructor for Session One and Session Two: Walker F. Todd, the Director of AIER’s Summer Fellowship Program and author of the AIER book Progress and Property Rights: From the Greeks to Magna Carta to the Constitution (2009). Dr. Todd is a lawyer and a former legal officer counsel at the Federal Reserve Banks of New York and Cleveland.
Scientific Procedures of Inquiry
This course asks you to consider basic questions: How do you know that you “know” anything? What is a sound basis for scientific analysis? What roles should evidence, reasoning, and intuition play in studying problems and drawing conclusions?
The answers determine how you study and understand economic problems.
The foundation for the seminar is, "Seeing Together" (2011) by Frank X. Ryan.
Insights from the book will help students learn how to detect sham reasoning, avoid philosophical doctrines that set up artificial barriers to impartial investigation, and become more critical, yet open-minded, economists.
Instructor for Session One and Seession Two:
Frank X. Ryan, associate professor of philosophy at Kent State University. Dr. Ryan is an expert on American philosophy and epistemology and the author of numerous books and articles.
 Sound Money
This course examines issues relating to the origin and nature of money, and the legal foundations of money and banking. It also addresses the role of central banks, the feasibility of free banking, the gold standard, and international finance.
The goal is to gain a historical and classical economic perspective on the appropriate scale and scope of government intervention in money markets and banking activity.
Students write a short paper each week, which is the basis for classroom discussion.
Instructor for Session One: Ronnie J. Phillips, professor of economics (retired) at Colorado State University. Dr. Phillips has published widely on banking issues, entrepreneurship, and public policy in books, academic journals, articles, and newspapers.
Instructor for Session Two: Lawrence H. White, professor of economics, George Mason University. Dr. White is one of the foremost experts on the history and theory of free banking and has published widely on monetary theory and the history of banking.
Other Activities
Enjoy lectures by distinguished guest speakers and visiting scholars, who also join in seminars and are available to chat informally with students at meals, evening get-togethers, etc. The speaker schedule varies each year.
Enjoy our beautiful campus and surrounding attractions
We are located in Great Barrington, the heart of the beautiful Berkshires in western Massachusetts. This area has been called “America’s Premier Cultural Resort.” You will have ample opportunities to enjoy its many natural and cultural attractions.
- Hike nearby Monument Mountain and enjoy a spectacular view of the surrounding valley.
- Walk the trails of Bash Bish Falls State Park, which straddles the nearby border of Massachusetts and New York State.
- Attend a concert at Tanglewood, the summer home of the Boston Symphony Orchestra, in nearby Lenox (July session only).
- Visit the Norman Rockwell Museum in nearby Stockbridge or the Sterling and Francine Clark Institute in Williamstown, Mass, home to a remarkable world-class collection of Impressionist art.
- Visit the many shops and restaurants in downtown Great Barrington, a historic and charming small town that is a prime summer destination for thousands of visitors and tourists every year.
- Or just enjoy the scenic grounds at AIER. Cook up a lobster dinner with fellow students and visiting professors, and relax under a summer sky lit up by fireflies and stars.
- Learn more about the Berkshires at www.berkshires.org
For more details on what to expect from the Summer Program, download the  2010 Summer Fellowship Newsletter.
What students from previous years say about the Program
Sample Program Calendar (2011)
Roy Anderson Foulke Graduate Scholarship
The Foulke Foundation, in memory of Roy Anderson Foulke, Jr., annually funds an award to the AIER Student Fellow or Fellows who demonstrate the highest potential for development as economic scientists dedicated to pursuing solutions to human problems in the tradition of AIER. The 2011 award was shared by Kaihua Deng and Liam Clegg.
Roy Anderson Foulke, Jr. (1927-1999), a graduate of Bowdoin College and Stanford University (MBA), enjoyed a successful career in finance and industry, involving a variety of enterprises. Mr. Foulke’s service to AIER was extensive. As a long-time voting member, he was persistent in his commitment to the philosophy and long-term interests of the Institute. In 1978, he was the founding director of American Investment Services, Inc. and served as Chairman of the AIS Board of Directors for eight years.
Mr. Foulke was elected to the Board of Trustees of AIER in 1987, and served as that Board’s Chairman from 1994 until his death. His service to AIER followed a family tradition that began with his father, a close friend of Col. Harwood, who served as Chairman of the AIER Board of Trustees for six years. Mr. Foulke’s philanthropy was dedicated to promoting civilization, and his time and counsel to the search for solutions to human problems. Mr. Foulke’s commitment and dedication to his work will remain alive through this generous award.
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