Mercatus Center


The Mercatus Center at George Mason University is an American non-profit free-market-oriented research, education, and outreach think tank directed by Tyler Cowen. It works with policy experts, lobbyists, and government officials to connect academic learning and real-world practice. Taking its name from the Latin word for "market", the center advocates free-market approaches to public policy. During the George W. Bush administration's campaign to reduce government regulation, the Wall Street Journal reported, "14 of the 23 rules the White House chose for its 'hit list' to eliminate or modify were Mercatus entries".
According to the 2017 Global Go To Think Tank Index Report, Mercatus is number 39 in the "Top Think Tanks in the United States" and number 18 of the "Best University Affiliated Think Tanks". The Koch family has supported the organization, and Charles Koch serves on the group's board of directors.

History

The Mercatus Center was founded by Richard Fink as the Center for the Study of Market Processes at Rutgers University. After the Koch family gave more than $30 million to George Mason University, the Center moved there in the mid-1980s. It took its current name in 1999.
The Mercatus Center is a 501 non-profit and does not receive support from George Mason University or any federal, state, or local governments. The Koch family has been a major financial supporter of the organization since the mid-1980s.

Mission

The organization describes itself as "the world's premier university source for market-oriented ideas" and says it aims to bridge "the gap between academic ideas and real-world problems." By advancing knowledge about how markets can work to improve lives and individual freedoms, by training graduate students, conducting research, and applying economic principles, they hope to offer solutions to society's most pressing problems.
Mercatus currently runs the following research programs: The Project for the Study of American Capitalism; Technology Policy Project; State and Local Policy Project; Spending and Budget Initiative; Program on the American Economy and Globalization; Program on Monetary Policy; Program on Financial Regulation; and Program for Economic Research on Regulation.
Rob Stein, a Democratic strategist, has called Mercatus "ground zero for deregulation policy in Washington." The Wall Street Journal has called the Mercatus Center "the most important think tank you've never heard of".

Activities

In 2018, Mercatus announced that it "sponsored the development of a futures market based on contracts with Hypermind, a UK-based prediction market." As explained in the announcement: "Mercatus Center's Scott Sumner and David Beckworth have made the case that an alternative monetary policy approach, nominal gross domestic product level targeting, is superior to inflation targeting. NGDP is essentially the nation's total income. According to Sumner and Beckworth, instead of targeting inflation, the Federal Reserve's monetary policy should target the rate at which the nation's total income is expected to grow. NGDP level targeting will ensure that the right amount of money supply is provided to meet the economy's needs."
In 2016, Mercatus launched its Program on the American Economy and Globalization, run by Daniel Griswold, which aims to help "the public and policymakers understand the benefits of an economy free from protectionist barriers against the international movement of goods, services, capital, ideas, and people."
In 2015, Mercatus launched its annual Ranking of the 50 States by Fiscal Conditions.
Also in 2015, Mercatus started its Program on Monetary Policy.
In 2012, Mercatus scholar Charles Blahous released a study saying that the Patient Protection and Affordable Care Act would worsen the federal deficit, contrary to the official Congressional Budget Office forecast. The study was generally criticized by supporters of the PPACA. Jeanne Lambrew, deputy assistant to the president for health policy, wrote, "This new math fits the old pattern of mischaracterizations about the Affordable Care Act when official estimates show the health care law reduces the deficit." Blahous defended the findings of his research.
In 2010, the center collaborated with EconStories to produce a parody rap video about the conflict of ideas between F. A. Hayek and John Maynard Keynes. A sequel, "Fight of the Century", was produced in 2011.
In 2001, the Office of Management and Budget asked for public input on which regulations should be revised or killed. Mercatus submitted 44 of the 71 proposals the OMB received.

Organizational structure

The Mercatus Center is located on George Mason University's Arlington Campus, and is affiliated with GMU's Economics department. The Provost of George Mason University has the power to appoint a faculty director to head the Mercatus Center.

Board of directors

Members of the Board of Directors include:
Scholars affiliated with the Mercatus Center have published hundreds of journal articles and research papers, with topics including government transparency, subsidies, taxation, regulation, corruption, and Austrian School economics. They have also provided more than 100 testimonies to Congress. Notable studies performed and books published include:
Notable scholars at Mercatus include:
Notable former Mercatus scholars, students, and employees include: