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Free-market think tank

The American Institute for Economic Research (AIER) is a libertarian[3] think tank[4] located in Great Barrington, Massachusetts. It was founded in 1933 by Edward C. Harwood, an economist and investment advisor. It is a 501(c)(3) nonprofit.[5]

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.[6] With $200 saved from selling his articles, Harwood founded AIER in 1933.[6][5]

AIER statements and publications portray the risks of climate change as minor and manageable,[7] with titles such as "What Greta Thunberg Forgets About Climate Change", "The Real Reason Nobody Takes Environmental Activists Seriously" and "Brazilians Should Keep Slashing Their Rainforest".[8][9][10]

The institution has also funded research on the comparative benefits that sweatshops supplying multinationals bring to the people working in them.[11][12]

AIER issued a statement in October 2020 called the "Great Barrington Declaration" that argued for a herd immunity strategy to deal with the COVID-19 pandemic.[13] It was roundly condemned by many public health experts.[13][14] Anthony Fauci, the infectious disease expert appointed by the White House, called the declaration "total nonsense" and unscientific.[13] Tyler Cowen, a libertarian economist at George Mason University, wrote that while he sympathizes with a libertarian approach to deal with the pandemic, the declaration was dangerous and misguided.[15] The declaration was also criticized by the Niskanen Center,[16] a formerly libertarian think tank[17] that now calls itself moderate.[18]

AIER paid for ads on Facebook promoting its articles against government social distancing measures and mask mandates.[19]

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.[20]

AIER maintains a global network of local chapters called the Bastiat Society.[19] It partners with the Atlas Network and other groups.[21][22]

AIER owns American Investment Services Inc., an investment advisory firm whose private fund was valued at around $285 million in 2020.[23][7] 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.[7][24]

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.[19][7][13][1] It has partnered with Emergent Order, a public relations company also funded by the Charles Koch Foundation.[7]

In 2019 the American Institute for Economic Research had total assets of $184,901,564.[2]

Revenue and support as of 2019: $2,222,727

Investment income (57.2%)

Contributions and grants (36.3%)

Other revenue (5.2%)

Program service (1.3%)

Expenses as of 2019: $5,129,945

Salaries, compensation, benefits (50.1%)

Other expenses (48.7%)

Grants (1.2%)

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American Institute for Economic Research - Wikipedia