The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

American Economic Association

  • Michael A. Bernstein
Reference work entry


Following its foundation, the American Economic Association (AEA) cultivated a unique professional visibility, struggling to establish its professional credentials and to demonstrate the usefulness of economists’ ostensible skills. While celebrating the virtues of ‘free markets’, the AEA was itself shaped by government and collective action. In the latter half of the 20th century, the AEA promoted a ‘New Economics’ focused on macroeconomic intervention and regulation. However, these developments fostered a new generation of specialists with different views of public purpose, the appropriate role of government, and how professional economists could participate in the formulation and implementation of public policy.


American Economic Association American Finance Association American Home Economics Association Business cycles Economics, definition of Home economics Royal Economic Society Union for Radical Political Economics 

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Michael A. Bernstein
    • 1
  1. 1.