American Economic Association (AEA)
Organization of professional economists established in 1885.
Founded primarily by a group of younger professors led
by Richard Ely of Johns Hopkins University, the American
Economic Association (AEA) challenged the economic
orthodoxy of laissez-faire espoused by David Ricardo.
However, to attract membership from a wide range of academics (including the organization’s first president, the
Massachusetts Institute of Technology’s Francis Walker), the
organization soon adopted a policy concentrating on the
promotion of scholarly and scientific activities while studiously avoiding partisanship and official positions on policy
issues. Although individual members have frequently signed
petitions and called for the government to adopt or alter specific economic policies, the AEA has consistently maintained
its stance of neutrality for more than a century—much more
so than professional organizations in other social sciences.
The association remains an open society, with no significant
membership restrictions such as nationality, education, or
ideology.
The AEA holds annual meetings at which economists can
socialize, present their research findings, comment on the
ideas of others, and search for jobs and job candidates. The
organization focuses on the dissemination of research findings. The AEA’s publications include the prestigious
American Economic Review, established in 1911, which
includes technical research articles; the Journal of Economic
Literature, established in 1963, which includes book reviews
and surveys of recent research; and the Journal of Economic
Perspectives, established in 1987, which aims to put economic
American Economic Association 9research into the hands of college students and educated
readers.
Since its early days, the AEA has repeatedly provided
expert advice in the design and development of the census
and other government statistics. During both world wars, the
AEA played a notable role in organizing professional expertise for government service. Presidents of the AEA have
included the profession’s most noted researchers—including
Nobel Prize recipients and governmental advisers.