American Economic Association

A professional association for economists that publishes leading journals and organizes the annual economics conference and job market infrastructure.
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In one sentence

The American Economic Association (AEA) is a major professional association for economists that disseminates research through journals and conferences and supports the economics job market.

Background

The American Economic Association (AEA) is a scholarly association dedicated to the encouragement and dissemination of economic research, knowledge, and career development among economists. Established in 1885 and incorporated in 1923, the AEA plays a pivotal role in the landscape of economic thought and practice in the United States.

Historical Context

The AEA was founded in a period when the field of economics was gaining prominence as a distinct academic discipline. The organization sought to create a community where economic research could thrive and be shared widely. Over the years, the AEA has grown to include economists from academia, government, and the private sector, fostering collaboration and dialogue across various fields of economic study.

Definitions and Concepts

The American Economic Association is primarily focused on three areas:

  1. Encouragement of Economic Research: Promoting rigorous and innovative studies in economic theory, policy, and practice.
  2. Publications: Issuing several prestigious journals and publications, such as “The American Economic Review,” which present cutting-edge economic research.
  3. Job Market Organization: Facilitating the job market for economists in the United States, aiding both employers and job seekers.

Why it matters (economics of the profession)

Professional associations provide “infrastructure” for a field:

  • Public goods: journals and classification systems help organize knowledge.
  • Matching markets: conferences and job listings lower search costs for employers and candidates.
  • Norms and standards: policies around disclosure, conflicts, and research practices can affect credibility.
    flowchart LR
	  A["Research"] --> B["Peer review<br/>(journals)"]
	  B --> C["Publication & dissemination"]
	  C --> D["Teaching, policy, and further research"]
	  E["Job listings / meetings"] --> F["Matching economists to jobs"]
  • Economic Research: The systematic study of the production, distribution, and consumption of goods and services.
  • Journal of Economic Literature: A publication by the AEA summarizing recent literature in the field of economics.
  • Job Market for Economists: The annual meeting and networking venue facilitated by the AEA, where recruiters and job-seeking economists can interact.
  • Economic Policy: Strategies implemented by governments and institutions to influence economic activity.

Quiz

### What is the main purpose of the American Economic Association? - [x] Encouragement of economic research - [ ] Advocacy for consumer rights - [ ] Management of corporate finances - [ ] Regulation of economic policies > **Explanation:** The AEA primarily focuses on the promotion of economic research and scholarly communication among economists. ### What year was the AEA incorporated? - [ ] 1885 - [ ] 1900 - [x] 1923 - [ ] 1950 > **Explanation:** The AEA was incorporated in 1923, although it was formed earlier in 1885. ### Which of the following journals is published by the AEA? - [ ] Wall Street Journal - [ ] The Financial Times - [x] American Economic Review - [ ] National Geographic > **Explanation:** The AEA publishes the "American Economic Review" among other significant journals. ### The AEA supports the economics job market mainly by: - [x] Providing job listings and coordinating interviews/meetings around major conferences - [ ] Setting minimum wages nationwide - [ ] Issuing bank charters - [ ] Auditing corporate accounts > **Explanation:** A key role is reducing search and matching frictions for the profession. ### What annual event does the AEA organize in collaboration with the ASSA? - [ ] Economic Policy Symposium - [ ] Annual Investment Meeting - [x] Annual ASSA meeting - [ ] Global Economic Forum > **Explanation:** The AEA organizes the annual ASSA meeting for economic professionals. ### Can students become members of the AEA? - [x] Yes - [ ] No > **Explanation:** The AEA membership is open to students, academics, researchers, and practitioners. ### How does the AEA support job markets for economists? - [ ] By conducting interviews - [x] Organizing job markets and conferences - [ ] Offering vocational training - [ ] Providing investment tips > **Explanation:** The AEA organizes job markets and conferences to support employment opportunities for economists. ### What resource does the AEA NOT provide? - [ ] Journal publications - [ ] Annual conferences - [ ] Networking opportunities - [x] Corporate loans > **Explanation:** The AEA does not provide corporate loans; it focuses on research and professional development. ### Which organization does the AEA collaborate with for annual meetings? - [ ] UN - [ ] WTO - [x] ASSA - [ ] IMF > **Explanation:** The AEA collaborates with the Allied Social Sciences Association (ASSA) for annual meetings. ### Which classification system widely used in economics journals was created by the AEA? - [x] JEL codes - [ ] SIC codes - [ ] NAICS codes - [ ] ISIN codes > **Explanation:** The Journal of Economic Literature (JEL) classification codes, maintained by the AEA, are the standard taxonomy for organizing economics research topics.
American Federation of Labor and Congress of Industrial Organizations (AFL-CIO)
Ambiguity Rule