The American Institute for Economic Research (AIER) is a free-market, libertarian think tank located in Great Barrington, Massachusetts. It was founded in 1933 by Edward C. Harwood, an economist and investment advisor, and is a 501(c)(3) nonprofit. From January 2022 to April 2025, its president was William P. Ruger, who resigned to serve as Deputy Director of National Intelligence for Mission Integration under president Donald Trump. Ruger was succeeded by Samuel Gregg in 2025.
AIER's Historic Cotswold Cottage | |
| Abbreviation | AIER |
|---|---|
| Formation | 1933 |
| Founder | Edward C. Harwood |
| Type | 501(c)(3) non-profit think tank |
Tax ID no. | 04-2121305 |
| Purpose | Free market advocacy |
| Location |
|
President | Samuel Gregg |
| Revenue | $4,820,000 (2023) |
| Expenses | $9,250,000 (2023) |
| Endowment | $194,000,000 in assets (2023) |
| Website | aier |
AIER maintains a global network of local chapters called Harwood Salons (previously called the Bastiat Society).
AIER is linked to the climate change counter-movement. During the COVID-19 pandemic, it issued the Great Barrington Declaration, which was condemned by health organizations but influenced some policies of Trump and British Prime Minister Boris Johnson.
History
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. With $200 (equivalent to $4,858 in 2024) saved from selling his articles, Harwood founded AIER in 1933. According to The Berkshire Edge, this makes AIER the "oldest economic research institute in the United States".
Edward Stringham was appointed President of the Institute in 2017; he was preceded by Stephen Adams, Will Ruger became president in 2022, and then Samuel Gregg took over the position in 2025.
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.
Policy positions
AIER's stated mission is to "[educate] people on the value of personal freedom, free enterprise, property rights, limited government, and sound money." It takes positions on specific policies such as free trade, deregulation, and the defense of certain civil liberties.
AIER is linked to the climate change counter-movement, and AIER articles such as "Brazilians Should Keep Slashing Their Rainforest" have been criticized as climate change denial. AIER has funded research on the comparative benefits that sweatshops supplying multinationals bring to the people working in them.
COVID-19 pandemic
During the COVID-19 pandemic, AIER was accused of misinformation campaigns.
AIER issued a statement in October 2020 called the Great Barrington Declaration (GBD) which argued for a herd immunity strategy of "focused protection" for people at high risk, while society otherwise should take no steps to prevent infection, before the general availability of COVID-19 vaccines. It was condemned by public health organizations and experts. Anthony Fauci, the infectious disease expert appointed by the White House, called the GBD "total nonsense" and unscientific. Tyler Cowen, a libertarian economist at George Mason University, called it potentially dangerous. Commentary published by the Niskanen Center called the GBD propaganda.
The declaration and its signatories, publicized by AIER's offshoot the Brownstone Institute, influenced some policies of U.S. President Donald Trump and British Prime Minister Boris Johnson. AIER paid for ads on Facebook during this period, promoting its articles against government social distancing measures and mask mandates.
Programs and affiliations
AIER maintains a global network of local chapters called Harwood Salons (previously called the Bastiat Society). It partners for events, initiatives, and other programming with the Atlas Network and other groups such as the Free to Choose Network, Young Voices, and several university centers across the country.
Funding
AIER owns American Investment Services Inc., an investment advisory firm whose fund was valued at around $285 million in 2020 (equivalent to $346,272,984 in 2024). Over half of AIER's funding comes from its investments, but it also receives contributions and foundation grants. It has partnered with Emergent Order, a public relations company also funded by the Charles Koch Foundation.
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