The American Economic Association (AEA) is a prominent organization committed to the advancement and promotion of economic research. First organized in 1885 and incorporated in 1923, the AEA plays a critical role in the economic profession through its publications, conferences, and job market facilitation.
Historical Context
The AEA was founded during a period of rapid economic change in the United States. During the late 19th century, the country experienced significant industrial growth, which sparked an increased interest in understanding economic phenomena. Recognizing a need for a formal organization to support economic research and discourse, a group of leading economists, including Richard T. Ely and Henry Carter Adams, founded the AEA.
Key Events
- 1885: The AEA is organized.
- 1923: The AEA is officially incorporated.
- 1945: The AEA assumes responsibility for organizing the US job market for economists.
- 1963: The establishment of the journal, American Economic Review (AER).
Types/Categories
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Publications: The AEA publishes several leading journals, including:
- American Economic Review (AER)
- Journal of Economic Perspectives (JEP)
- American Economic Journals (AEJ), which include AEJ: Applied Economics, AEJ: Economic Policy, AEJ: Macroeconomics, and AEJ: Microeconomics.
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Conferences and Meetings: The AEA hosts annual meetings and conferences which serve as a platform for presenting research and networking among economists.
Importance and Applicability
The AEA is a cornerstone institution within the field of economics for several reasons:
- Encouragement of Economic Research: By providing resources and platforms for economists, the AEA fosters the advancement of economic knowledge.
- Publications: The journals published by the AEA are highly influential and widely read, contributing to the dissemination of important economic research.
- Job Market Organization: The AEA facilitates the job market for economists, making it easier for candidates to find positions and for institutions to hire qualified professionals.
Examples and Considerations
Example: AEA Conferences
The AEA’s annual meetings attract thousands of economists from around the world. These events include paper presentations, panel discussions, and networking opportunities.
Considerations:
- Membership in the AEA provides access to its publications and resources, beneficial for anyone involved in economic research or practice.
- The AEA upholds a strong ethical standard, guiding the conduct and research within the economic community.
Related Terms
- Economic Research: The systematic study of economic phenomena and policies.
- Job Market for Economists: A specialized job market facilitated by the AEA, focused on the employment of economists.
- Economic Publications: Journals and articles that disseminate economic research and findings.
Interesting Facts
- The AEA’s flagship journal, American Economic Review, is considered one of the top journals in the field of economics.
- Richard T. Ely, one of the AEA’s founders, was a significant figure in progressive economics and a critic of laissez-faire policies.
Inspirational Stories
One of the AEA’s journals, Journal of Economic Perspectives, is known for making complex economic topics accessible to a broader audience. Economists have shared how this has inspired new generations of researchers and practitioners to contribute to the field.
Famous Quotes
“Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life.” – Tyler Cowen
Proverbs and Clichés
- “Time is money.” – A common saying emphasizing the economic value of time.
- “A penny saved is a penny earned.” – An adage encouraging saving and economic prudence.
Jargon and Slang
- Macro: Short for macroeconomics, the branch of economics dealing with large-scale or general economic factors.
- Micro: Short for microeconomics, the branch of economics focused on individual and business decision-making processes.
FAQs
How can one become a member of the AEA?
What are the benefits of attending AEA annual meetings?
How does the AEA contribute to economic policy?
References
- American Economic Association (official website)
- American Economic Review (journal)
- Historical accounts and biographies of Richard T. Ely
Summary
The American Economic Association (AEA) remains a vital institution within the field of economics. From its founding in 1885 to its modern-day influence, the AEA continues to advance economic research, organize the job market for economists, and publish leading economic journals. Through its myriad contributions, the AEA ensures the steady progression and dissemination of economic knowledge globally.
