The American Economic Association (AEA), which is based in Nashville, Tennessee, is a learned society in the field of economics. It is a professional organization of economists working mainly in US universities. Today, the AEA also includes some professionals from related fields.
The AEA has been publishing the American Economic Review since 1911, a prestigious economics journal.
A group of young economists founded the AEA in Saratoga, New York, in 1885. The economists had been trained in the German Historical School of Economics, a movement that emphasized historical and empirical economic analysis. Gustav von Schmoller, Wilhelm Roscher, and Bruno Hildebrand were key figures in this school of thought.
The School’s philosophy focused on understanding economic systems through historical context and statistical evidence, rather than abstract theorizing. It sought to study the real conditions of industrial life, a principle that shaped the AEA’s early mission.
The Association has been under the control of academics since 1900. On February 3, 1923, it was incorporated in Washington, DC.
The AEA’s current president (2025) is Lawrence F. Katz, a professor at Harvard University. The president-elect for 2026 is Katharine G. Abraham of the University of Maryland. The vice presidents are Amy Finkelstein from the Massachusetts Institute of Technology and Jeffrey M. Wooldridge from Michigan State University.
Francis Amasa Walker (1840-1897) was the American Economic Association’s first President (1886-1892). Walker was an economist, statistician, journalist, educator, academic administrator, and military officer in the Union Army. (Image: Wikimedia Commons)
Freedom of speech and impartiality
The Association has three main aims. To:
1. Encourage economic research, especially the statistical and historical study of the actual conditions of industrial life.
2. Publish articles on economic subjects.
3. Encourage absolute freedom of speech in economic discussions.
The AEA says that the spirit of these objectives “has been maintained throughout the history of the Association.”
The AEA claims it will take no partisan attitude. Furthermore, it will not commit its members to any position regarding practical economic questions.
Membership
The Association used to consist mainly of university and college economics teachers. Today, however, it also attracts many members from outside academia and professional groups. It even has members who work in the world of business.
The AEA has over 18,000 members, with the majority being academics. Approximately 15% of members work in industry and business, while others are employed in government and non-profit organizations.
Activities
For several years, the Association had been publishing just three journals:
1. The American Economic Review,
2. The Journal of Economic Literature, and
3. The Journal of Economic Perspectives (available free online).
In 2009, the AEA started publishing four new area-specific journals. The Association collectively know the four journals as the American Economic Journal (AEJ). They cover macroeconomics, microeconomics, economic policy, and applied economics.
Out of each of the four areas, the Association recognizes a Best Paper Award each year for articles it published.
The AEA also publishes EconLit, an electronic bibliography. EconLit indexes more than 120 years of economics literature from all parts of the globe. It’s essentially a comprehensive index of journal articles, books, book reviews, collective volume articles, working papers, and dissertations.
The American Economic Association (AEA) is a leading professional organization of economists dedicated to advancing economic research, publishing influential journals like the American Economic Review, and promoting open discussion of economic issues without taking partisan stances. Initially shaped by the German Historical School’s focus on historical and empirical analysis, it has grown from a group of mostly academic economists into a diverse community of over 18,000 members, including academics, business professionals, and policymakers, while maintaining a strong emphasis on scholarly rigor and impartiality under its current leadership.