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SHORT RUN: In terms of the macroeconomic analysis of the aggregate market, a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. Short-run wage and price rigidity prevents some markets, especially resources markets and most notably labor markets, from achieving equilibrium. In terms of the microeconomic analysis of production and supply, a period of time in which at least one input in the production process is variable and one is fixed. In the microeconomic analysis, the short run is primarily used to analyze production decisions for a firm.

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AMERICAN ECONOMIC ASSOCIATION:

A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.
The American Economic Association is perhaps the most respected organization of professional economists that exists today. Over more than 100 years of existence, it has attracted the interest of an increasing number of members from business and professional groups, as well.

The AEA organizes and overseas multiple activities every year. All are designed to pursue three main goals: to encourage economic research, to publish economic information, and to encourage economic discussion.

Three Journals

As part of its publishing activities, the AEA maintains three influential and respected journals: the American Economic Review, the Journal of Economic Literature, and the Journal of Economic Perspectives.
  • American Economic Review: This contains a number of articles and shorter papers on economic subjects. It is among the most prestigious economic journals available. It was first published in 1911.

  • Journal of Economic Literature: This contains survey and review articles, citations of recently articles published in other journals, book reviews, and an annotated list of new books classified according to subject matter. It was first published in 1969.

  • Journal of Economic Perspectives: This contains articles that report on and critique recent research findings, evaluate public policy initiatives, and serve as insightful readings for classroom use. It was first published in 1987.

Three Committees

As a part of its efforts to contribute to the economics profession, the AEA sponsors three active committees: the Committee on Economic Education, the Committee on the Status of Minority Groups in the Economics Profession, and the Committee on the Status of Women in the Economics Profession.
  • Committee on Economic Education: The main objective of this committee is to improve the quality of economic education at all levels: pre-college, college, adult, and general education.

  • Committee on the Status of Minority Groups in the Economics Profession: The primary goal of this committee is to address the representation of minorities among those entering and/or completing doctorate degrees in economics.

  • Committee on the Status of Women in the Economics Profession: This committee seeks to monitor the progress of women within the economics profession, and to annually report to the AEA on the status of women in economics.

Besides publications and activities aimed at improving the economics profession, the AEA performs many other functions. For example, it maintains a monthly list of job vacancies for economists, called Job Openings for Economists. This service, which economists fondly call JOE, has grown to be an invaluable resource for job seekers.

The AEA maintains EconLit, which is an electronic database containing over 30 years of economics journal articles, books, dissertations, articles in collective works, working papers, and book reviews. A helpful resource for researchers.

Also, the AEA annually sponsors a three-day meeting that economists and members attend to present and discuss papers on general economic subjects. Over the years, this meeting has become one of the most important gatherings of professional economists around the world.

Every two years, the AEA awards the John Bates Clark Medal, which is presented in recognition of outstanding research accomplishments in economics to a scholar under the age of 40. The medal is also one of the most important prizes an economist can win. Among past recipients of the medal are Paul Samuelson in 1947, Milton Friedman in 1951, James Tobin in 1955, Robert Solow in 1961, Gary Becker in 1967, Joseph E. Stiglitz in 1979 and Paul Krugman in 1991. Many have later been awarded the Nobel Prize in Economic Sciences.

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AMERICAN ECONOMIC ASSOCIATION, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: January 20, 2022].


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