Abbreviation | AIER |
---|---|
Formation | 1933 |
Founder | Edward C. Harwood |
Type | 501(c)(3) non-profit think tank |
04-2121305 | |
Purpose | "Conducts independent, scientific, economic research to educate individuals, thereby advancing their personal interests and those of the nation."[1] |
Location | |
President | William P. Ruger[2] |
Revenue (2019) | $2,222,727[3] |
Expenses (2019) | $5,129,945[3] |
Website | aier |
The American Institute for Economic Research (AIER) is a conservative libertarian think tank known for spreading climate and health misinformation, located in Great Barrington, Massachusetts.[4][5] It was founded in 1933 by Edward C. Harwood, an economist and investment advisor. It is a 501(c)(3) nonprofit.[6]
Col. Edward C. Harwood was a graduate of the United States Military Academy and served in the Army Corps of Engineers. In the 1920s, he began writing freelance magazine articles on economic issues.[7] With $200 saved from selling his articles, Harwood founded AIER in 1933.[7][6]
Almost since its inception, AEIR has published periodicals. The initial two were the Investment Bulletin and the Research Reports.[8]
Edward Stringham was appointed President of the Institute in 2017;[9] he was preceded by Stephen Adams,[10] and succeeded by Will Ruger in 2022.[2]
In 2019, the Museum of American Finance loaned its entire library collection to AIER, to be hosted, catalogued and made available there. The initial loan period was for five years.[11]
AIER has a history of promoting climate change denial,[12][13][14][15] with articles such as "Brazilians Should Keep Slashing Their Rainforest".[16][17][18]
The institution has also funded research on the comparative benefits that sweatshops supplying multinationals bring to the people working in them.[19][20]
According to historian and philosopher Philip Mirowski, AIER has been "leading the charge" to neutralize the Centers for Disease Control and Prevention as "arbiters of public health."[21]
During the COVID-19 pandemic, it was known for spreading misinformation and for promoting a herd immunity strategy of "focused protection" to deal with the pandemic.[22][23]
AIER issued a statement in October 2020 called the Great Barrington Declaration that argued for a herd immunity strategy of "focused protection" to deal with the COVID-19 pandemic.[23] It was roundly condemned by many public health experts.[23][24] Anthony Fauci, the infectious disease expert appointed by the White House, called the declaration "total nonsense" and unscientific.[23] Tyler Cowen, a libertarian economist at George Mason University, wrote that while he sympathized with a libertarian approach to deal with the pandemic, he considered the declaration to be dangerous and misguided.[25] The declaration was also criticized by the Niskanen Center,[26] a formerly libertarian think tank[27] that now calls itself moderate.[28]
AIER paid for ads on Facebook promoting its articles against government social distancing measures and mask mandates.[29]
In October 2020, Twitter removed a tweet by White House coronavirus adviser Scott Atlas linking to an AIER article that argued against the effectiveness of masks.[30]
AIER maintains a global network of local chapters called the Bastiat Society.[29] It partners with the Atlas Network and other groups.[31][32]
AIER owns American Investment Services Inc., an investment advisory firm whose fund was valued at around $285 million in 2020.[33][15] The fund includes holdings in a wide range of companies but holds a majority of its assets in diversified exchange-traded funds and gold investments. In 2020, about 14% of its investments were in information technology and telecom companies including Microsoft and Alphabet Inc., about 6% in electric and gas utilities, 5% in fossil fuel companies including Chevron and ExxonMobil, and 2% in food, alcohol, and tobacco stocks, including Mondelez International and Philip Morris International.[15][34]
Over half of AIER's funding comes from its investments, but it also receives contributions and foundation grants. In 2018 it reportedly received US$68,100 from the Charles Koch Foundation, approximately 3% of AIER's revenue for the year.[29][23][1] It has partnered with Emergent Order, a public relations company also funded by the Charles Koch Foundation.[15]
In 2019 the American Institute for Economic Research had total assets of $184,901,564.[3]
Funding details as of 2019:[3] |
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