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Harwood Economic Review

Summer 2020

Table of Contents

That’s One Way to End a Lockdown
AIER Staff

SimCity-Style Modeling Flunks the Real-World Test
Phillip W. Magness

How Wrong Were the Models and Why?
Phillip W. Magness

Delayed Medical Procedures: Stories from the Front Lines
Jeffrey A. Tucker

Fed Lending Programs Might Be Legal, but They’re Still Bad Policies
Alexander W. Salter

The Fed Wants to Become a Financial Central Planner
Alexander W. Salter

Pandemic Policy in One Page
David Hart

Liberalism Was Born and Grew During Centuries of Pandemics
Jon Murphy

There Really Is a Solid Reason for Optimism
Michael Munger

The Office Will Come Back
John Tamny

AIER Staff

Founded in 1933, The American Institute for Economic Research (AIER) educates people on the value of personal freedom, free enterprise, property rights, limited government, and sound money. AIER’s ongoing scientific research demonstrates the importance of these principles in advancing peace, prosperity, and human progress.

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Alexander William Salter

Alexander W. Salter

Alexander William Salter is the Georgie G. Snyder Associate Professor of Economics in the Rawls College of Business and the Comparative Economics Research Fellow with the Free Market Institute, both at Texas Tech University. He is a co-author of Money and the Rule of Law: Generality and Predictability in Monetary Institutions, published by Cambridge University Press. In addition to his numerous scholarly articles, he has published nearly 300 opinion pieces in leading national outlets such as the Wall Street JournalNational ReviewFox News Opinion, and The Hill.

Salter earned his M.A. and Ph.D. in Economics at George Mason University and his B.A. in Economics at Occidental College. He was an AIER Summer Fellowship Program participant in 2011.

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Jeffrey A. Tucker

Jeffrey A. Tucker served as Editorial Director for the American Institute for Economic Research from 2017 to 2021.

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Michael Munger

Michael Munger

Michael Munger is a Professor of Political Science, Economics, and Public Policy at Duke University and Senior Fellow of the American Institute for Economic Research.

His degrees are from Davidson College, Washingon University in St. Louis, and Washington University.

Munger’s research interests include regulation, political institutions, and political economy.

Books by Michael Munger

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Phillip W. Magness

Phil Magness

Phillip W. Magness is Senior Research Faculty and Director of Research and Education at the American Institute for Economic Research. He is also a Research Fellow at the Independent Institute. He holds a PhD and MPP from George Mason University’s School of Public Policy, and a BA from the University of St. Thomas (Houston). Prior to joining AIER, Dr. Magness spent over a decade teaching public policy, economics, and international trade at institutions including American University, George Mason University, and Berry College. Magness’s work encompasses the economic history of the United States and Atlantic world, with specializations in the economic dimensions of slavery and racial discrimination, the history of taxation, and measurements of economic inequality over time. He also maintains an active research interest in higher education policy and the history of economic thought. In addition to his scholarship, Magness’s popular writings have appeared in numerous venues including the Wall Street Journal, the New York Times, Newsweek, Politico, Reason, National Review, and the Chronicle of Higher Education.

Selected Publications

“How pronounced is the U-curve? Revisiting income inequality in the United States, 1917-1960” Co-authored with Vincent Geloso, Philip Schlosser, and John Moore. The Economic Journal (March 2022) “The Great Overestimation: Tax Data and Inequality Measurements in the United States, 1913-1943.” Co-authored with Vincent Geloso. Economic Inquiry (April 2020). “The anti-discriminatory tradition in Virginia school public choice theory.” Public Choice. James M. Buchanan Centennial Issue. (March 2020). “John Maynard Keynes, H.G. Wells, and a Problematic Utopia.” Co-authored with James Harrigan. History of Political Economy (Spring 2020) “Detecting Historical Inequality Patterns: A Replication of Thomas Piketty’s Wealth Concentration Estimates for the United Kingdom.” Social Science Quarterly (Summer 2019) “James M. Buchanan and the Political Economy of Desegregation,” Co-authored with Art Carden and Vincent Geloso. Southern Economic Journal (January 2019) “Lincoln’s Swing State Strategy: Tariff Surrogates and the Pennsylvania Election of 1860” Pennsylvania Magazine of History and Biography, (January 2019) “Are Adjuncts Exploited?: Some Grounds for Skepticism.” Co-authored with Jason Brennan. Journal of Business Ethics. (Spring 2017). “Estimating the Cost of Adjunct Justice: A Case Study in University Business Ethics.” Co-authored with Jason Brennan. Journal of Business Ethics. (January, 2016) “The American System and the Political Economy of Black Colonization.” Journal of the History of Economic Thought, (June 2015). “The British Honduras Colony: Black Emigrationist Support for Colonization in the Lincoln Presidency.” Slavery & Abolition, 34-1 (March 2013) “Morrill and the Missing Industries: Strategic Lobbying Behavior and the Tariff of 1861.” Journal of the Early Republic, 29 (Summer 2009).  

Books by Phillip W. Magness

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John Tamny

John-Tamny

John Tamny, research fellow of AIER, is editor of RealClearMarkets.

His book on current ideological trends is: They Are Both Wrong (AIER, 2019)

Books by John Tamny

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David Hart

David Hart

David Hart, Consulting Scholar of the American Institute for Economic Research, was born and raised in Sydney, Australia and has degrees from Stanford University and King’s College, Cambridge. He taught history at the University of Adelaide from 1986-2001 and was the Director of the Online Library of Liberty Project at Liberty Fund in Indianapolis from 2001-2019. His research interests include the history of classical liberal thought in general, and the French classical liberal tradition in particular. He is the Academic Editor of Liberty Fund’s translation of the Collected Works of Frédéric Bastiat. Recent publications include a chapter on “The Paris School of Liberal Political Economy, 1803-1853” for the Cambridge History of French Thought (2019) and the anthology Social Class and State Power (Palgrave, 2018) on classical liberal class analysis. In his spare time, he has also written a screenplay for a film on the activities of Frédéric Bastiat during the 1848 Revolution in Paris.

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Jon Murphy

Jon Murphy

Jon Murphy is currently an economics PhD student at George Mason University specializing in Law & Economics and Smithian Political Economy. He has previously worked as an economic consultant in New Hampshire. Mr. Murphy’s interests include environmental issues, international trade, political economy, and sports economics.

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