Economists Send Estate Tax Repeal Letter to Congress

Congress is set to return from its summer recess after Labor Day. It will have some key issues to address, including tax reform. Part of the reform is the potential repeal of the Estate Tax, which is a tax on your right to transfer property and assets to your family after your death.

NAED remains a strong opponent to the Estate Tax. Palmer Schoening of the Family Business Coalition is working with NAED to let Congress know about our opposition. Schoening passed along this letter that Nobel Laureate in Economics, Milton Friedman, sent to Congress. It is signed by more than 700 other economists.

MILTON FRIEDMAN
An Open Letter from Economists on the Estate Tax

To whom it may concern:

Spend your money on riotous living—no tax; leave your money to your children—the tax collector gets paid first. That is the message sent by the estate tax. It is a bad message and the estate tax is a bad tax.

The basic argument against the estate tax is moral. It taxes virtue—living frugally and accumulating wealth. It discourages saving and asset accumulation and encourages wasteful spending. It wastes the talent of able people, both those engaged in enforcing the tax and the probably even greater number engaged in devising arrangements to escape the tax.

The income used to accumulate the assets left at death was taxed when it was received; the earnings on the assets were taxed year after year; so, the estate tax is a second or third layer of taxation on the same assets.

The tax raises little direct revenue—partly because the estate planners have been so successful in devising ways to escape the tax. Costs of collection and compliance are high, perhaps of the same order as direct tax receipts. The encouragement of spending reduces national wealth and thereby the flow of aggregate taxable income. These indirect effects mean that eliminating the tax is likely to increase rather than decrease the net revenue yield to the federal government.

The estate tax is justified as a means of reducing the concentration of wealth. However, the truly wealthy and their estate planners avoid the tax. The low yield of the tax is a testament to the ineffectiveness of the tax as a force for reshaping the distribution of wealth.

The primary defense made for the estate tax is that it encourages charity. If so, there are better and less costly ways to encourage charity. Eliminating the estate tax will lead to higher economic growth, which is the most important variable in determining the level of charitable giving.

Death should not be a taxable event. The estate tax should be repealed.

Signed,

Milton Friedman
Nobel Laureate in Economics Hoover Institution

727 Signatories as of 2017 (277 in 2001*, 262 in 2011✝, 187 in 2017)

• Burton Abrams, University of Delaware✝
• Keith Acheson, Carleton University✝
• Brian Adam, Oklahoma State University
• Richard Adams, Oregon State University
• Douglas K. Adie, Ohio University✝
• Richard Agnello, University of Delaware✝
• Anup Agrawal, University of Alabama*
• Mohammed Akacem, Metropolitan State College of Denver✝
• William P. Albrecht, University of Iowa*
• Armen Alchian✝
• Louis De Alessi, University of Miami✝
• Donald L. Alexander, Western Michigan University✝
• John W. Allen, Texas A&M University*
• William R. Allen, University of California, Los Angeles✝
• Ryan C. Amacher, University of Texas, Arlington✝
• Yakov Amihud, New York University*
• David Anderson, Supply Chain Ventures
• Gary M. Anderson, California State University, Northridge✝
• Terry Anderson, PERC/Hoover Institution✝
• Geoffrey T. Andron, Austin Community College✝
• J. J. Arias, Georgia College & State University
• Dominick T. Armentano, University of Hartford*
• Craig E. Aronoff, Kennesaw State University✝
• George R. Averitt, Purdue University North Central*
• Harry Ayer, University of Arizona
• John A. Baden, Foundation for Research on Economics & the Environment✝
• Howard Baetjer Jr., Towson University*
• Charles W. Baird, California State University, East Bay✝
• Marjorie Baldwin, Arizona State University
• Ray Ball, University of Chicago✝
• Paul Ballentyne, University of Colorado at Colorado Springs✝
• King Banaian, St. Cloud State University✝
• Chris Barnekov, FCC (retired)
• Andy H. Barnett, Auburn University*
• William Barnett II, Loyola University of New Orleans✝
• James Barth, Auburn University
• Lowell Bassett, University of Washington
• C. Phillip Baumel, Iowa State University
• Carson W. Bays, East Carolina University*
• William W. Beach, The Heritage Foundation✝
• Robert Beam, University of Wisconsin – Superior
• Bruce Bender, University of Wisconsin, Milwaukee*
• Michael Bennett, Curry College
• James T. Bennett, George Mason University✝
• Bruce L. Benson, Florida State University
• William Beranek, University of Georgia✝
• M. Douglas Berg, Sam Houston State University
• John Berthoud, George Washington University✝
• David A. Bessler, Texas A&M University
• Sanjai Bhagat, University of Colorado
• George Bittlingmayer, University of Kansas✝
• Krzysztof Bledowski✝
• Walter E. Block, Loyola University New Orleans
• Elizabeth C Bogan, Princeton University
• Cecil E. Bohanon, Ball State University✝
• G. Geoffrey Booth, Michigan State University*
• Thomas E. Borcherding, Claremont Graduate University✝
• Karl Borden, University of Nebraska
• George H. Borts, Brown University✝
• Samuel Bostaph, University of Dallas✝
• Ronald S. Boster✝
• Donald J. Boudreaux, George Mason University*
• William Boyes, Arizona State University*
• Scott Bradford, Brigham Young University*
• Charles H. Breeden, Marquette University*
• Duke K. Bristow, University of Southern California
• Charles R. Britton, University of Arkansas*
• Wayne T. Brough, FreedomWorks✝
• David P. Brown, University of Wisconsin-Madison
• Phillip J. Bryson, Brigham Young University*
• Steven Buccola, Oregon State University✝
• William Buchanan, Valdosta State University*
• Andrew Buck, Temple University*
• M. Northrup Buechner, St. John’s University✝
• Don Bumpass, Sam Houston State University
• Richard C. Burdekin, Claremont McKenna College✝
• Richard Burkhauser, Cornell University*
• David R. Burnett, Gonzaga University
• Nancy J. Burnett, University of Wisconsin, Oshkosh*
• David A. Burnie, Western Michigan University*
• Edwin T. Burton, University of Virginia*
• James L. Butkiewicz, University of Delaware✝
• Henry N. Butler, University of Kansas✝
• William N. Butos, Trinity College*
• Bruce J. Caldwell, Duke University✝
• John E. Calfee, American
• Enterprise Institute✝ Joseph Calhoun, Florida State University*
• William F. Campbell, Louisiana State University
• William D. Campbell, Eastern Illinois University
• Noel Campbell, University of Central Arkansas*
• Colin D. Campbell, Dartmouth College✝
• Bolong Cao, Ohio University
• Oral Capps Jr., Texas A & M University✝
• Robert T. Carey, Clemson University
• Thomas F. Cargill, University of Nevada✝
• Phillip P. Caruso, Western Michigan University✝
• Richard J. Cebula, Jacksonville University*
• Dustin Chambers, Salisbury University
• Don M. Chance, Louisiana State University*
• C. Edward Chang, Missouri State University*
• Barry R. Chiswick, George Washington University✝
• Howard Chochran Jr., Belmont University✝
• Gregory C. Chow, Princeton University*
• Bhagwan Chowdhry, The Anderson School at UCLA✝
• Ron Christner, Loyola University of New Orleans
• Susan Christoffersen, Philadelphia University*
• Lawrence R. Cima, John Carroll University*
• Candice Clark, CABS Agent J.R. Clark, University of Tennessee at Chattanooga
• Michael J. Clark, Hillsdale College
• William M. Clark, University of Oklahoma✝
• Kenneth W. Clarkson, University of Miami✝
• Paul A. Cleveland, Birmingham-Southern College*
• Warren Coats, International Monetary Fund*
• R. Morris Coats, Nicholls State University✝
• Joe Cobb, Condordia University Irvine (Retired)
• John P. Cochran, Metropolitan State College of Denver✝
• Lloyd R. Cohen, George Mason University✝
• Ben Collier, Northwest Missouri State University*
• Boyd D. Collier, Tarleton State University✝
• Peter F. Colwell, University of Illinois, Urbana-Champaign*
• Michael Connolly, University of Miami*
• Cathleen J. Coolidge, California State University, Chico*
• Roy E. Cordato, John Locke Foundation✝
• Bradford Cornell, California Institute of Technology and Charles River Associates*
• Jim F. Couch, University of North Alabama✝
• James Peery Cover, University of Alabama*
• David B. Cox, University of Denver✝
• Eleanor D. Craig, Jonkoping International Business School✝
• Nicole V. Crain, Lafayette College
• Susan J. Crain, Missouri State University
• W. Mark Crain, Lafayette College✝
• Gail L. Cramer, Louisiana State University
• Robert W. Crandall, Brookings Institution✝
• Clyde Wayne Crews Jr., Competitive Enterprise Institute
• John R. Crooker, University of Central Missouri*
• Robert Crouch, University of California, Santa Barbara*
• Mario J Crucini, Vanderbilt University
• Kirby R. Cundiff, Park University
• Carl J. Dahlman, RAND Corporation✝
• Coldwell Daniel III, University of Memphis*
• Albert L. Danielsen, University of Georgia
• Larry Y. Dann, University of Oregon
• Michael R. Darby, University of California, Los Angeles*
• Jerry W. Dauterive, Loyola University✝
• Lawrence S. Davidson, Indiana University*
• Audrey B. Davidson, University of Louisville✝
• Antony Davies, Duquesne University*
• Ernest E. Davis, Texas A&M University
• J. Ronnie Davis, University of New Orleans*
• Ronnie H. Davis, Printing Industries of America✝
• A. Edward Day, University of Central Florida*
• Arthur S. De, University of California, Irvine✝
• Stephen J. DeCanio, University of California, Santa Barbara*
• Thomas DeLeire, University of Chicago✝
• Robert Dekle, University of Southern California*
• Gregory J. Delmeester, Marietta College✝
• Christopher DeMuth, Hudson Institute
• Joseph S. DeSalvo, University of South Florida*
• Allan C. DeSerpa, Arizona State University*
• William G. Dewald, Ohio State University✝
• Arthur M. Diamond Jr., University of Nebraska, Omaha✝
• William A. Dick, University of Illinois at Urbana-Champaign
• Thomas DiLorenzo, Loyola University Maryland
• Gregg Dimkoff, Grand Valley State University*
• David Dittman, Cornell University
• Conrad Doenges, University of Texas at Austin✝
• Jeffrey Dorfman, University of Georgia✝
• Christopher Douglas, University of Michigan, Flint*
• Floyd H. Duncan, Virginia Military Institute
• Joseph W. Duncan, Policy and Economic Research Council*
• Bill Dunkelberg, National Federation of Independent Business*
• James A. Dunlevy, Miami University*
• Parnell Duverger, Broward College*
• Gerald P. Dwyer, Clemson University
• B. Espen Eckbo, Dartmouth College
• Jefferson G. Edgens, University of Kentucky✝
• Robert O. Edmister, Bowling Green State University*
• Judson C. Edwards, Troy University
• Franklin R. Edwards, Columbia University✝
• James R. Edwards, Montana State University-Northern✝
• John B. Egger, Towson University*
• Isaac Ehrlich, University at Buffalo✝
• Dennis F. Ellis, University of Michigan, Flint✝
• Michael A. Ellis, Kent State University✝
• Kenneth G. Elzinga, University of Virginia✝
• Stephen Entin, Institute for Research on the Economics of Taxation✝
• T.W. Epps, University of Virginia*
• Lee E. Erickson, Taylor University
• Edward W. Erickson, North Carolina State University✝
• Richard E. Ericson, East Carolina University*
• Dorla A. Evans, University of Alabama, Huntsville*
• Paul Evans, Ohio State University✝
• Ayse Eversel, Southern Illinois University, Edwardsville
• James Fackler, University of Kentucky
• Franklin Falero Jr., California State University✝
• Eugene F. Fama, University of Chicago*
• Jianqing Fan, Princeton University
• Kemm C. Farney, PHI Strategic and Financial Planning
• W. Ken Farr, Georgia College and State University*
• Allen Featherstone, Kansas State University✝
• Susan K. Feigenbaum, University of Missouri, St. Louis✝
• Eric Fisher, California Polytechnic State University*
• John A. Flanders, Central Methodist University*
• Arthur A. Fleisher II, Metropolitan State College✝
• Garry Fleming, Roanoke College
• Harold D. Flint, Montclair State University
• Fred Foldvary, Santa Clara University*
• William F. Ford, Middle Tennessee State University*
• Jennifer Fowler, Belmont University
• Micah Frankel, California State University, East Bay*
• Marvin Frankel, University of Illinois at Urbana-Champaign✝
• Michele Fratianni, Indiana University
• Douglas C. Frechtling, George
• Washington University* Kenneth R. French, Dartmouth College*
• Holly Fretwell, Montana State University*
• Luke Froeb, Vanderbilt University
• Diana Furchtgott-Roth, Manhattan Institute*
• Gladys Gallaway, Ohio University✝
• Lowell E. Gallaway, Ohio University✝
• Alejandro Gallegos, Winona State University
• Gary M. Galles, Pepperdine University✝
• Joseph C. Gallo, University of Cincinnati*
• Ananda Roop Ganguly, Claremont McKenna College
• B. Delworth Gardner, Brigham Young University*
• Michelle R. Garfinkel, University of California, Irvine*
• Roger W. Garrison, Auburn University✝
• Dave Garthoff, University of Akron*
• Gerald T. Garvey, Claremont Graduate University✝
• James F. Gatti, University of Vermont✝
• David E. R. Gay, University of Arkansas✝
• Ilhan K. Geckil, Anderson Economic Group*
• R. Richard Geddes, Hoover Institution✝
• Gregory M. Gelles, University of Missouri✝
• Robert Genetski, classicalprinciples.com*
• Rolla Robert Geske, University of California, Los Angeles✝
• Joseph A. Giacalone, St. John’s University✝
• Adam Gifford, California State University, Northridge
• David Gillette, Truman State University
• J. Robert Gillette, University of Kentucky
• Otis W. Gilley, Louisiana Tech University
• Max Gillman
• Vance Ginn, Texas Public Policy Foundation
• Micha Gisser, University of New Mexico✝
• Fred Glahe, University of Colorado✝
• Charles J. Goetz, University of Virginia✝
• Brian Goff, Western Kentucky University*
• Claudio Gonzalez-Vega, Ohio State University*
• Richard L. Gordon, Pennsylvania State University✝
• Pete Gordon, University of Southern California✝
• Ernie Goss, Creighton University
• Greg Gotches, Webster University*
• Henry G. Grabowski, Duke University✝
• J. Edward Graham, University of North Carolina, Wilmington*
• Phil Gramm
• Wendy Gramm, Mercatus Center*
• Jim Granato, Michigan State University✝
• Philip E. Graves, University of Colorado*
• Anthony J. Greco, University of Louisiana at Lafayette*
• William B. Green, Sam Houston State University
• John M. Griffith, Old Dominion University
• Earl L. Grinols, Baylor University*
• Elias C. Grivoyannis, Yeshiva University
• Timothy Groseclose, Stanford University✝
• Mustafa N. Gültekin, University of North Carolina, Chapel Hill*
• David D. Haddock, Northwestern University✝
• James C. Haefner, Roberts Wesleyan College R.W. Hafer, Southern Illinois University, Edwardsville*
• Dennis Halcoussis, California State University, Northridge✝
• Thomas E. Hall, Miami University*
• Thomas Hamilton, University of St. Thomas*
• J. Daniel Hammond, Wake Forest University*
• Reza G. Hamzaee, Missouri Western State University*
• Robert G. Hansen, Dartmouth College✝
• Stephen Happel, Arizona State University✝
• Robert Harding, California State University, Northridge✝
• Scott Harrington, University of Pennsylvania*
• Lydia Harris, Goucher College Rich Hart, Miami University*
• James E. Hartley, Mount Holyoke College*
• Joe Haslag, University of Missouri*
• John A. Haslem, University of Maryland
• Jerome E. Hass, Cornell University*
• Rudolf Hauser, Oppenheimer Capital (Ret)
• Arthur Havenner, University of California*
• Davis Henry Hays, Gustavus Adolphus College*
• Jared Hazleton, TexEcon*
• Thomas Hazlett, George Mason University*
• Daniel Heath, Georgetown University Law Center
• Frank L. Hefner, College of Charleston✝
• John M. Heineke, Santa Clara University✝
• Robert Heller
• Robert B. Helms, American Enterprise Institute✝
• John A. Helmuth, University of Michigan-Flint
• David R. Henderson, Hoover Institution✝
• Andrew R. Herr, St. Vincent College✝
• Robert S. Herren, North Dakota State University✝
• Bruce W. Hetherington, Oglethorpe University*
• Robert Higgs, The Independent Institute✝
• Jack C. High, George Mason University
• Jesse Hoyt Hill, Tarrant County College*
• Peter J. Hill, Wheaton College✝
• Laurie Simon Hodrick, Columbia University✝
• Robert J. Hodrick, Columbia University✝
• Randall Holcombe, Florida State University✝
• Arlene Holen, Technology Policy Institute
• Charles L. Hooper, Hoover Institution*
• Dale M. Hoover, North Carolina State University✝
• Kevin D. Hoover, University of California, Davis✝
• George Horwich, Purdue University✝
• Steven G. Horwitz, St. Lawrence University✝
• Daniel Houser, University of Arizona✝
• C. Thomas Howard, University of Denver*
• Ronald A. Howard, Stanford University✝
• John S. Howe, University of Missouri*
• Neil Howe✝
• Richard W. Hoyt, University of Nevada, Las Vegas*
• James L. Huffman, Lewis & Clark Law School*
• Jeffrey Rogers Hummel, San Jose State University*
• Lawrence Hunter, Empower America✝
• Daniel D. Huppert, University of Washington
• Monica Hussein, California State University, Northridge*
• Peter M. Hutchinson, Saint Vincent College
• E. Bruce Hutchinson, University of Tennessee, Chattanooga*
• Larry Iannaccone, Santa Clara University✝
• Christopher R. Inama, Golden Gate University*
• L. Dwight Israelsen, Utah State University
• Richard Jackson✝
• Stephen Jackstadt, University of Alaska✝
• Austin J. Jaffe, Penn State University*
• Mark A Jamison, University of Florida
• Robert C. Jeffrey, Wofford College*
• William P. Jennings, California State University, Northridge
• Gerald R. Jensen, Northern Illinois University*
• Michael C. Jensen, Harvard Business School*
• Robert Jerome, James Madison University*
• Ginger Zhe Jin, University of Maryland*
• D. Bruce Johnsen, George Mason University School of Law
• Ronald N. Johnson, Montana State University✝
• Ronald W. Jones, University of Rochester*
• Jerry L. Jordan, Cato Institute*
• George G. Judge, University of California, Berkeley*
• Vinita Juneja, NERA Economic Consulting
• Edward A. Kaschins, Luther College*
• James B. Kau, University of Georgia*
• Michael S. Kaylen, University of Missouri✝
• Raymond J. Keating, Small Business & Entrepreneurship Council✝
• David L. Kendall, University of Virginia's College at Wise*
• Peter M. Kerr, Southeast Missouri State University*
• E. Han Kim, University of Michigan✝
• Kent Kimbrough, Duke University*
• Peter G. Klein, Baylor University
• Daniel Klein, George Mason University
• Benjamin Klein, University of California, Los Angeles✝
• Daniel B. Klein, Santa Clara University✝
• David C. Klingaman, Ohio University✝
• Charles R. Knoeber, North Carolina State University✝
• Donald L. Koch
• Paul R. Koch, Olivet Nazarene University*
• Carl A. Kogut, University of Louisiana at Monroe*
• Vladimir Kontorovich, Haverford College✝
• Betty Kouo, Caterpillar Inc.*
• Michael I. Krauss, George Mason University✝
• Robert Krol, California State University, Northridge✝
• Jamie Brown Kruse, East Carolina University*
• Kishore G. Kulkarni, Metropolitan State College of Denver*
• Fyodor Kushnirsky, Temple University
• Finn E. Kydland, University of California, Santa Barbara
• Clay La Force
• David N. Laband, Auburn University✝
• Arthur B. Laffer, Laffer Associates*
• Randy Wm. LaHote, Washtenaw Community College (retired)
• William E. Laird, Florida State University*
• Darius N. Lakdawalla, University of Southern California
• Deepak K. Lal, University of California, Los Angeles✝
• Kirsten Landeryou, FHL Bank Regulation
• William Landes, University of Chicago Law School
• Steven E. Landsburg, University of Rochester*
• Richard LaNear, Missouri Southern State University*
• George Langelett, South Dakota State University
• Nicholas A. Lash, Loyola University, Chicago*
• William Latham, University of Delaware✝
• Robert A. Lawson, Capital University✝
• Dwight R. Lee, Southern Methodist University*
• J. Timothy Lefever, Avon Capital Advisors
• Norman Lefton, Southern Illinois University*
• Tom Lehman, Indiana Wesleyan University*
• Stanford L. Levin, Southern Illinois University, Edwardsville
• Tony Lima, California State University, East Bay*
• Allan E. Lines, Ohio State University*
• Christopher Lingle, Universidad Francisco Marroquin
• Scott C. Linn, University of Oklahoma
• Jody W. Lipford, Presbyterian College*
• Xuepeng Liu, Kennesaw State University*
• Luis Locay, University of Miami*
• Dennis E. Logue, Dartmouth College✝
• Edward J. Lopez, San Jose State University✝
• James R. Lothian, Fordham University✝
• John R. Lott Jr.✝
• Harold I. Lunde, Bowling Green State University*
• John Lunn, Hope College✝ Donald L. Luskin, Metamarkets.com✝
• R. Ashley Lyman, University of Idaho✝
• Bill Lynn, St. Ambrose University*
• Paul W. MacAvoy, Yale University*
• Maurice MacDonald, Kansas State University*
• Glenn MacDonald, Washington University in St. Louis✝
• D.W. MacKenzie, Carroll College
• Doug Mackenzie, Kean University✝
• Joseph P. Magaddino, California State University, Long Beach*
• Y.Lal Mahajan, Monmouth University
• Paul Malatesta, University of Washington✝
• Margaret Malixi, California State University, Bakersfield
• Keith D. Malone, University of North Alabama*
• Michael T. Maloney, Clemson University✝
• Yuri Maltsev, Carthage College✝
• Gershon Mandelker, University of Pittsburgh
• N. Gregory Mankiw, Harvard University*
• Henry G. Manne, George Mason University✝
• Anthony M. Marino, University of Southern California*
• Michael L. Marlow, California Polytechnic State University, San Luis Obispo✝
• Noralyn Marshall, Risk Management Advisors, LLC
• Christopher S. Martin, Hillsdale College
• Rutilio Martinez, University of Northern Colorado
• Paul M. Mason, University of North Florida
• Ray Massey, University of Missouri*
• Timothy Mathews, Kennesaw State University*
• John G. Matsusaka, University of Southern California✝
• Merrill Matthews Jr., American Conservative Network✝
• Kenneth T. Mayland, ClearView Economics, LLC*
• Thomas H. Mayor, University of Houston*
• John McArthur, Wofford College*
• Bennett McCallum, Carnegie Mellon University
• Fred S. McChesney, Northwestern University✝
• Deirdre N. McCloskey, University of Illinois, Chicago✝
• James E. McClure, Ball State University✝
• John J. McConnell, Purdue University
• John M. McDowell, Arizona State University*
• Richard B. McKenzie, University of California, Irvine*
• Hannah McKinney, Kalamazoo College*
• W. Douglas McMillin, Louisiana State University*
• Lawrence J. McQuillan, Pacific Research Institute*
• Bob McTeer, National Center for Policy Analysis*
• Roger E. Meiners, University of Texas, Arlington✝
• David Meiselman, Virginia Tech✝
• Allan Meltzer, Carnegie Mellon University*
• Kimberly D. Mencken, Baylor University*
• Stephen Mennemeyer, University of Alabama, Birmingham✝
• Lloyd J. Mercer, University of California, Santa Barbara✝
• Dr. John Merrifield, University of Texas, San Antonio✝
• Paul Merski, Independent Community Bankers of America
• Steven C. Michael, University of Illinois at Urbana-Champaign
• Todd Milbourn, Washington University✝
• Dragan Miljkovic, North Dakota State University
• Jim Miller, Hoover Institution, Stanford University, and Center for Study of Public Choice, George Mason University*
• Tom Miller, American Enterprise Institute*
• Geoffrey Miller, New York University Law School✝
• James C. Miller III, Citizens for a Sound Economy✝
• Tracy C. Miller, Grove City College✝
• Jeffrey D. Milyo, University of Chicago✝
• James Mintert, Purdue University
• Jeffrey A. Miron, Harvard University✝
• Shannon Mitchell, Virginia Commonwealth University*
• Daniel J. Mitchell, The Heritage Foundation✝
• Wilson Mixon, Berry College✝
• James Moncur, University of Hawaii at Manoa
• Carlisle E. Moody, College of William & Mary✝
• H. Louis Moore, Pennsylvania State University*
• John H. Moore, Grove City College✝
• Ted Moorman, Baylor University
• Barry Morris, University of North Alabama
• Michael A. Morrisey, University of Alabama, Birmingham✝
• Andrew P. Morriss, Case Western Reserve University✝
• Antoni Moskwa, Allegheny College*
• Charles B. Moss, University of Florida
• Laurence S. Moss, Babson College✝
• Robert F. Mulligan, Western Carolina University
• Dennis D. Muraoka, California State University Channel Islands
• Chris Muscarella, Penn State University
• Richard F. Muth, Emory University*
• Steven C. Myers, University of Akron*
• Harry Nagel, St. John's University
• David Nelson, Western Washington University*
• George R. Neumann, University of Iowa✝
• Robert J. Newman, Louisiana State University
• Craig M. Newmark, North Carolina State University✝
• Robert Niehaus, Robert D. Niehaus, Inc.*
• Scott Nystrom, Mercatus Institute✝
• David J. O'Hara, Metropolitan State University
• June O'Neill
• James B. O’Neil, University of Delaware✝
• John S. Oh, Portland State University*
• Lee E. Ohanian, University of California, Los Angeles*
• Reza Oladi, Utah State University
• Lucjan T. Orlowski, Sacred Heart University
• Lydia Ortega, San Jose State University*
• William Orzachowski, Orzachowski & Walker✝
• Dale Osborne, University of Texas at Dallas
• Evan Osborne, Wright State University*
• Fabio Padovano, Università Roma Tre
• Karen Y. Palasek, John Locke Foundation*
• Richard A. Palfin, Economic Analysis*
• Scott Palmer✝
• Randall Parker, East Carolina University
• Tammy Parker, University of Louisiana at Monroe*
• Alen M. Parkman, University of New Mexico✝
• George R. Parsons, University of Delaware*
• E.C. Pasour, North Carolina State University✝
• Judd W. Patton, Bellevue University✝
• Mark Pauly, University of Pennsylvania
• Gary M. Pecquet, Loyola University of New Orleans✝
• Mark J. Perry, University of Michigan, Flint✝
• Mark Peterson, Southern Illinois University*
• William H. Peterson, Campbell University✝
• Ryan Phelps, Stephen F. Austin State University
• Llad Phillips, University of California, Santa Barbara*
• Pedro Piffaut, FTI Consulting
• Charles I. Plosser, University of Rochester✝
• Charles R. Plott, California Institute of Technology
• Joseph Pomykala, Towson University*
• Ivan Pongracic Jr., Hillsdale College*
• William Poole, University of Delaware
• Arturo C. Porzecanski, American University
• Barry W. Poulson, University of Colorado✝
• Edward C. Prescott, Arizona State University, Nobel Laureate (2004)*
• Joseph Prinzinger, Lynchburg College*
• B. Michael Pritchett, Brigham Young University✝
• Aris Protopapadakis, University of Southern California*
• Richard W. Rahn, Cato Institute✝
• James B. Ramsey, New York University*
• David Ranson, HCWE & Co.
• Charles Rayhorn, Northern Michigan University*
• Ken Rebeck, St. Cloud State University
• Kevin Reffett, Arizona State University✝
• Martin A. Regalia, U.S. Chamber of Commerce*
• Spencer S. Reibman, Georgia State University✝
• Joseph D. Reid Jr., George Mason University*
• George Reisman, Pepperdine University
• C. Matthew Rendleman, Southern Illinois University, Carbondale*
• Craig G. Rennie, University of Arkansas
• Alan Reynolds, Hudson Institute✝
• Morgan O. Reynolds, Texas A & M University✝
• Thomas A. Rhee, California State University, Long Beach*
• Barrie Richardson, Centenary College of Louisiana✝
• Christine P. Ries, Georgia Institute of Technology*
• James R. Rinehart, Francis Marion University✝
• Mario J. Rizzo, New York University✝
• Gary Robbins, Fiscal Associates, Inc.*
• Aldona Robbins, Fiscal Associates, Inc.*
• Nancy Roberts, Arizona State University✝
• Paul Craig Roberts, Hoover Institution✝
• Richard Roll, University of California, Los Angeles✝
• David Rose, University of Missouri-St. Louis✝
• Larry L. Ross, University of Alaska, Anchorage*
• Timothy P. Roth, University of Texas, El Paso*
• Philip Rothman, East Carolina University
• Ronald D. Rotunda, University of Illinois College Of Law✝
• James A. Roumasset, University of Hawaii✝
• Charles K. Rowley, George Mason University✝
• Paul H. Rubin, Emory University✝
• Roy J. Ruffin, University of Houston✝
• John Ruggiero, University of Dayton
• Mark Rush, University of Florida
• Philip Rushing, University of Illinois*
• John Rutledge, Claremont Graduate University*
• Michael D. Ryngaert, University of Florida✝
• Don Sabbarese, Kennesaw State University*
• Kevin D. Sachs, University of Cincinnati✝
• Joseph T. Salerno, Pace University✝
• Michael T. Saliba, Loyola University✝
• Alexander William Salter, Texas Tech University
• Donald M. Salyards, Winona State University*
• Dwight R. Sanders, Southern Illinois University, Carbondale*
• Gary Santoni, Ball State University*
• Atulya Sarin, Santa Clara University*
• E. S. Savas, City University of New York
• Thomas R. Saving, Texas A & M University✝
• D. Eric Schansberg, Indiana University Southeast✝
• Stephen A. Schneider, Nathan Associates Inc.
• Paul J. Schoofs, Ripon College
• Michael A. Schuyler, Institute for Research on the Economics of Taxation✝
• Anna J. Schwartz, National Bureau of Economic Research✝
• Larry Schweikart, University of Dayton✝
• G. William Schwert, University of Rochester✝
• Frank A. Scott, University of Kentucky*
• Robert H. Scott, California State University, Chico✝
• Gerald W. Scully, University of Texas, Dallas✝
• John J. Seater, North Carolina State University*
• Larry J. Sechrest, Sul Ross State University✝
• Howard Segermark, Segermark Associates Inc.✝
• Richard T. Selden, University of Virginia*
• Barry J. Seldon, University of Texas, Dallas*
• Nejat Seyhun, University of Michigan*
• Alan C. Shapiro, University of Southern California✝
• Dennis Sheehan, Penn State University
• Judy Shelton, Atlas Network
• Wade E. Shilts, Luther College*
• Anil Shivdasani, University of North Carolina at Chapel Hill
• Stephen Shmanske, California State University, East Bay✝
• William F. Shughart II, Utah State University✝
• George P. Shultz, Stanford University
• Tyler Shumway, University of Michigan✝
• Werner Sichel, Western Michigan University*
• Jerome Siebert, University of California, Berkeley✝
• Robert D. Simonson, Minnesota State University, Mankato*
• Evangelos Otto Simos, University of New Hampshire
• Gene Simpson, Auburn University*
• Neil T. Skaggs, Illinois State University*
• Clifford W Smith, University of Rochester
• James F. Smith, Econ Forecaster, LLC*
• Vernon L. Smith, University of Arizona, Nobel Laureate (2002)✝
• Snorri Thomas Snorrason, Thomas More College
• Russell Sobel, West Virginia University✝
• Sovathana Sokhom, CSUDH
• David L. Sollars, Auburn University of Montgomery✝
• Steve Sonka, University of Illinois
• John C. Soper, John Carroll University✝
• John A. Sparks, Grove City College*
• David E. Spencer, Brigham Young University*
• Stan Spurlock, Mississippi State University✝
• Leticia Starkov, Elgin Community College
• Dennis R. Starleaf, Iowa State University*
• Charles N. Starnes, Wayland Baptist University
• Michael Staten, Georgetown University✝
• Mark Steckbeck, George Mason University✝
• Charles N. Steele, Hillsdale College*
• Robert Stein, First Trust Advisors
• E. Frank Stephenson, Berry College✝
• Houston H. Stokes, University of Illinois, Chicago✝
• Bernell K. Stone, Brigham Young University*
• Courtenay C. Stone, Ball State University✝
• Gerry Suchanek, University of Iowa*
• Daniel Sumner, University of California, Davis
• Scott Sumner, Bentley University*
• Christoffersen, Susan, Philadelphia University
• Shirley V. Svorny, California State University, Northridge✝
• Joseph A. Swanson, Zell Center for Risk Research*
• Michael P. Sweeney, Hillsdale College
• Moshe Syrquin
• Alexander T. Tabarrok, The Independent Institute✝
• Robert Tamura, Clemson University✝
• T. Craig Tapley, University of Florida*
• John A. Tatom, Indiana State University*
• Jason E. Taylor, Central Michigan University*
• Gregory S. Taylor, Northwestern University✝
• Rafael Tenorio, DePaul University
• Teresa Tharp, Valencia Community College*
• David J. Theroux, The Independent Institute✝
• Clifford F. Thies, Shenandoah University✝
• Henry Thompson, Auburn University✝
• Walter N. Thurman, North Carolina State University✝
• Richard H. Timberlake Jr.✝ Robert D. Tollison, Clemson University✝
• Robert H. Topel, The University of Chicago
• Edward Tower, Duke University*
• Dang Tran, California State University, Los Angeles*
• Karen M. Travis, Pacific Lutheran University
• John Trotter
• Brockson Leo Troy, Rutgers University, Newark*
• George Tsetsekos, Drexel University
• David G. Tuerck, Suffolk University*
• Charlotte Twight, Boise State University*
• Michelle A. Vachris, Christopher Newport College✝
• T. Norman Van, Ball State University*
• P.J. van Blokland, University of Florida
• Ludwig Van Den Hauw✝ J. G. A. van Mierlo,
• Maastricht University✝
• Karen Vaughn, George Mason University
• Richard Vedder, Ohio University✝
• George J. Viksnins, Georgetown University*
• Nancy Virts, California State University
• Richard E. Wagner, George Mason University✝
• Donald A Walker, Indiana University of Pennsylvania
• Ronald W. Ward, University of Florida*
• John T. Warner, Clemson University*
• Alan Rufus Waters, California State University, Fresno*
• Leon Wegge, University of California, Davis
• Andrew Weintraub, Temple University
• Frank D. Weiss, Johns Hopkins University
• Michael Welker, Franciscan University✝
• Stanislaw Wellisz, Columbia University*
• John T. Wenders, University of Idaho✝
• Nikolai G. Wenzel, Hillsdale College*
• Brian S. Wesbury, First Trust Portfolios, LP*
• Walter J. Wessels, North Carolina State University✝
• Christopher Westley, Jacksonville State University*
• Robert Whaples, Wake Forest University✝
• James B. Whisker, West Virginia University✝
• Glen Whitman, California State University, Northridge✝
• J. Gregg Whittaker, William Jewell College*
• Jonathan Williams, American Legislative Exchange Council*
• Michael E. Williams, University of Denver✝
• Peter M. Williams, University of North Alabama✝
• Walter E. Williams, George Mason University✝
• Oliver E. Williamson, University of California, Berkeley, Nobel Laureate (2009)*
• Brooks M. Wilson, McLennan Community College
• Wayne Winegarden, Laffer Associates✝
• Robert Wisner, Iowa State University*
• Michael Wohlgenant, North Carolina State University*
• Charles Wolf, Jr., Rand Institute*
• Gary Wolfram, Hillsdale College✝
• Lawrence C. Wolken, Texas A&M University*
• Sunny Wong, University of Oregon✝
• Catherine D. Wood✝
• Ted Woodruff, St. Ambrose University*
• Jack Worrall, Rutgers University, Camben*
• Colin Wright, Claremont McKenna College✝
• Yangru Wu, Rutgers University
• Gene G. Wunder, Washburn University✝
• Steve B. Wyatt, Miami University*
• Thomas L. Wyrick, Missouri State University✝
• Pradeep Yadav, University of Oklahoma*
• Bruce Yandle, Clemson University
• Bill Yang, Georgia Southern University*
• N. A. Yonge, Center for American Strength*
• Michael T. Young, Central Washington University
• Kenneth Yung, Old Dominion University
• Paul J. Zak, Claremont Graduate University✝
• Mokhlis Y. Zaki, Northern Michigan University
• John Zdanowicz, Florida International University
• Clare W. Zempel, Zempel Strategic*
• Kate Zhou, University of Hawaii✝
• Jerold Zimmerman, University of Rochester*
• Joseph Zoric, Franciscan University of Steubenville*
• Benjamin Zycher, Claremont Institute✝