Comparative Advantages to the PhD in Economics

Austrian Economics

George Mason University is the premier place for the study of Austrian Economics by faculty, alumni, and graduate students. Mason offers courses, brown bag lunches, colloquia, and the seminars in Austrian Economics series. Past speakers include: Mancur Olson, James Buchanan, Israel Kirzner, Larry White, Mario Rizzo, Roger Garrison, and Peter Boettke. Furthermore, The Mercatus Center offers a limited number of graduate assistantships to Mason students who are interested in Austrian Economics.

Public Choice

George Mason University was the home of Nobel Laureate James Buchanan. Dr. Buchanan published ground breaking work in Public Choice and Constitutional Political Economy. He was the coauthor, with Gordon Tullock, of The Calculus of Consent and served as the Executive Director of the Center for the Study of Public Choice until his death in 2013.

The Center for Study of Public Choice funds students interested in Virginia Political Economy and supports two public choice seminars a week: an academic colloquium and an informal lunch. The Virginia School of Political Economy examines a variety of other subjects giving George Mason a unique perspective. For example, the following classes incorporate public choice theory: Industrial/Organization, Macroeconomics, and Monetary Theory.

Public Policy

Given George Mason University's proximity to Washington, D.C., and because most classes are held in the evening, many students find policy related work in either the public or private sector while taking classes. This provides students with a unique opportunity to apply their learning outside the classroom. Many of our graduates continue to work in the area of policy after graduation.

Distinguished Faculty Emeriti

Nobel Laureate James Buchanan served as the advisory general director of the Center for Study of Public Choice until his death in 2013. He is best known for developing the "public choice theory" of economics, which changed the way economists analyze economic and political decision making.

Dr. Gordon Tullock, originator, with Buchanan, of much of the work underlying the field of public choice.

Nobel Laureate Vernon Smith, research scholar in the Interdisciplinary Center for Economic Science, and a Fellow of the Mercatus Center all in Arlington, VA. He has authored or co-authored over 200 articles and books on capital theory, finance, natural resource economics and experimental economics.

Current Distinguished Faculty Members

John M. Olin Professor of Economics, Walter Williams is inarguably the most ardent free market economist in the world. Potential graduate students interested in free market economics should consider his chairmanship. A well known author, Dr. Williams, recently published his 6th book, More Liberty Means Less Government: Our Founders Knew This Well. He also writes a weekly, nationally syndicated column. Dr. Williams has served as a Fellow at the Hoover Institution on War, Revolution, and Peace as well as at the Ford Foundation.