Political Economy Research Institute 2020-2021 Annual Report by Jones College of Business at MTSU

2020-21

Annual Report

Celebrating MTSU/PERI 2021 graduate Emilia Suggs, Ph.D.

Political Economy Research Institute A N N UA L R E P O RT M AY 2 0 2 0 — J U N E 2 0 2 1 prepared by Dr. Daniel J. Smith Director of the Political Economy Research Institute Middle Tennessee State University

Founding

and

Mission

Established in late 2016, the Political Economy Research Institute is a joint venture between the Jennings A. Jones College of Business and the University Honors College, established with initial seed money from the Charles Koch Foundation. The mission of the institute is to engage undergraduate and graduate students with faculty in research that will further the understanding of business and economic principles, as well as their impact on regional, national, and international financial conditions and the well-being of society. To advance its mission, the PERI will engage in research and educational programs which uncover the institutions and policies that encourage and enhance human well-being.

INDEX A Message from the Director........................................................................... 4 PERI at a Glance............................................................................................... 5 Student Fellowships.........................................................................................6-7 Faculty & Affiliates........................................................................................... 8 Education........................................................................................................10-15 Dissertation Advising....................................................................................... 16 PERI Fellow Alumna....................................................................................... 17 Service............................................................................................................... 18 PERI Affiliated Scholar Activities.................................................................. 19 Programming..................................................................................................20-26 Policy Studies.................................................................................................... 27 Academic Books............................................................................................... 28 Op-Eds.............................................................................................................. 29 Scholarly Publications..................................................................................... 30 PERI Commentary.......................................................................................... 30 Web Analytics................................................................................................... 31 Social Media Analytics...................................................................................32-35 Support...........................................................................................................36-37

P E R I S UP P ORT S TAF F

Henrietta Bailey, MBA, MS

Brian Delaney

Executive Aide

Publication & Communication Editor

A MESSAGE FROM THE DIRECTOR Dear Friends of the Political Economy Research Institute, I’m pleased to deliver our 2020-21 academic year annual report for the Political Economy Research Institute (PERI). This year was a particularly monumental year for the PERI as we awarded our first doctoral degree to our research fellow Dr. Emilia J. Suggs. As an incoming Assistant Professor at King University in Bristol, TN, Dr. Suggs will teach sound economics to thousands of undergraduate students over the course of her career. The magnitude of this impact cannot be understated. Just one economics course taught by a well-trained and dynamic faculty member can have a drastic impact on a college student. Equipped with foundational concepts in economics, our students will be prepared to make more informed decisions as employees, employers, community members, and citizens. A course in sound economics promotes an understanding and appreciation for the role of the market economy in driving economic growth and human wellbeing. It also instills in students a sense of humility when it comes to public policy. As Nobel laureate F.A. Hayek wrote, the “curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” While policymakers can ignore the laws of economics while crafting policy, they cannot avoid the consequences of doing so. Our students, and the students of our doctoral students, learn this fundamental truth. In just a few short years, PERI faculty have developed our graduate programming to equip our doctoral students to be dynamic teachers in the classroom and active scholars in the field of political economy. You can see the results in this report as our Ph.D. students are, following in the example set by our faculty, publishing in prestigious academic outlets, and already making a difference in their students’ lives in the classroom. We are proud to be producing the next generation of teacher/ scholars to effectively convey the wisdom of sound economics. This year we are excited to welcome a record high of five incoming PERI Ph.D. fellows to our program. As proof that one economics course can change a student’s life, one of the incoming students, Sean Alvarez, took my undergraduate economics course as a high school student when I was a professor at Troy University. As an undergraduate, he coauthored a paper, “The Demoralizing Trap of Keynesianism,” with me on how wide-spread government control and direction of the economy can undermine the civilizing and moralizing role of the market. I look forward to continuing to work with Sean and the rest of our promising PERI fellows as they complete their doctorate degrees. In addition to our course work and mentorship, these students will benefit from a wide range of unique workshops, seminars, conferences, and public lectures offered by the PERI that play a pivotal role in their development. Best Regards,

Daniel J. Smith DANIEL J. SMITH

Director, Political Economy Research Institute at Middle Tennessee State University

PERI at a GLANCE CLASSES TAUGHT BY FACULTY, AFFILIATED FACULTY, & FELLOWS 1517

Total Students

104

Total Number of Classses

147 Graduate Students

1248

Undergraduate Students

125

Undergraduate Honors Students

COMMUNICATIONS & RESEARCH PUBLISHING 21

Op-Eds Published

Academic Journal Articles

Books Published

PERI Commentary

Policy Studies

COMMUNITY OUTREACH 8

Public Lectures and Debates

Partner Events

Workshops

Student Workshops

STUDENT FELLOWSHIPS PERI PH.D. FELLOWSHIPS

Rania Al-Bawwab Rania is a Ph.D. candidate in economics at MTSU. Rania earned her bachelor’s degree in Agriculture at University of Jordan and her M.Sc. in Agriculture at Jordan University of science and Technology. She received her M.B.A. and M.A. in economics at Troy University. Rania’s research interests include public choice, Austrian economics, political economy, Islamic finance, and Islamic economics. Rania’s native language is Arabic, she enjoys traveling, hiking, and writing. She has published a collection of short stories in Arabic titled The Promise.

Nicholas Reinarts Nicholas “Nick” Reinarts graduated summa cum laude with his B.Sc. in Economics from Florida Southern College. He then went on to pursue his M.A. in Economics at Troy University, studying in the Manuel H. Johnson Center for Political Economy. There, he worked on research within the fields of institutional economics, public choice, and economic development. Upon graduation from Troy University, he attended Mississippi State University’s Ph.D. program in Business Administration, with a major in Economics. He comes to MTSU from Mississippi State to further his education in the fields of economic development, institutional economics, and public choice literature.

Shamsuddeen A. Nassarawa, CFA Shamsuddeen Nassarawa is the recipient of the Ph.D. Summer Fellowship award as well as the Ph.D. Fellowship Program for the 2020-21 academic year. Shamsuddeen is a Chartered Financial Analyst (CFA) and an Associate Chartered Accountant (ACA) with a demonstrated history of working in the banking industry. After receiving his Masters in Finance from MTSU, he most recently served as External Funds Manager at the Central Bank of Nigeria.

STUDENT FELLOWSHIPS P E R I D I S S E R TAT I O N F E L L O W S H I P S

Inhwa Kim Inhwa Kim is a Ph.D. candidate in economics at MTSU Economics and Finance. She researched and developed a paper — “Irrationality under Uncertainty” — for submission to an academic journal. Inhwa’s research interests include Applied Microeconomics, Behavioral Economics, and International Trade. Inhwa recently accept a visiting assistant professor position at Sam Houston State University. She also holds a Ph.D. in Applied Mathematics from Pukyong National University and serves as a reviewer of the American Journal of Applied Mathematics.

Protik Nandy Protik is a fourth-year Ph.D. student in economics at Middle Tennessee State University, and will be on the 2019-2020 job market. His main field is microeconomics. Protik’s research interest includes public choice, political economy, institutional problems and voting behavior. His passion for teaching is a continual learning process and has been beneficial in all facets of his life. ”

Labanyalata Roy Labanyalata Roy is a fourth-year Ph.D. student in economics at MTSU. She has accepted a PERI Dissertation Fellowship beginning Spring 2021. Her research interests include Applied Microeconomics, Political Economy, Economic History and Behavioral Economics. She earned her M.Phil. in Economics in 2014 and her M.A. in Economics in 2011 from Jawaharlal Nehru University.

PERI PH.D. SUMMER FELLOWSHIPS

Gabriel Benzecry

Caleb Watts

Gabriel Benzecry is a second-year Ph.D. student in Economics at MTSU. He recieved his B.A. in Economics at Wake Forest University. His current research focuses on Brazil's 1988 Constituent Assembly and the Methuen Treaty. He also works as a Graduate Teaching Assistant for the Jones College of Business, tutoring Principles of Microeconomics and Macroeconomics. Gabriel presented his research at the Doktorandenseminar zur Erneuerung der Ordnungsökonomik at University of Erfurt, and at the 2021 Public Choice Society Annual Meeting.

Caleb Watts is a secondyear Ph.D. student in economics at MTSU. He is a recipient of the PERI Ph.D. Summer Fellowship award as well as the full Ph.D. Fellowship for the 2020-21 academic year. He is also an Army ROTC cadet. Caleb's working paper completed during his PERI Summer Fellowship is "What Fools these Populists Be: A Selected Review of the 2016 U.S.Presidential Elections."

STUDENT FELLOWSHIPS PERI LEGAL POLICY FELLOW

U N D E R G R A D U AT E F E L L O W S H I P

Ross Marchand is a legal policy fellow with the PERI. He is a JD candidate at the University of Virginia School of Law and a senior fellow for the Taxpayers Protection Alliance. Ross has produced research reports and provided commentary on a variety of federal agencies including the FDA and USPS.

Patricia Hummel is an undergraduate economics student with the Honors College at MTSU. She has minors in risk management and insurance, philosophy. Patricia serves as a student worker for MTSU's Business and Economic Research Center.

I N C O M I N G P H . D . F E L L O W S (20 21 -22)

Sean Alvarez (Troy University) – Summer Fellowship

Anton Chamberlin (Troy University) – Summer Fellowship

Macy Scheck (University of Central Arkansas) – Ph.D. Fellowship

G R A D U AT E S T U D E N T D E V E L O P M E N T A N D I N T E R N S H I P S Rania Al-Bawwab - Mercatus Center Don Lavoie Fellowship (2021-22) Gabriel Benzecry - Mercatus Center Don Lavoie Fellowship (2021-22) Gabriel Benzecry - Public Choice Society Student Fellow (2021) Protik Nandy - Knee Center for Occupational Licensing at St. Francis University (Spring 2021) Protik Nandy - American Institute for Economic Research (Summer 2021) Nicholas Reinarts - Economic Freedom Research Colloquium at SMU's Bridwell Institute (2021) Nicholas Reinarts - Mercatus Center Adam Smith Fellowship (2021-22)

Nicholas Jensen (Troy University) – Ph.D. Fellowship

Brandon Duprel (Troy University) – Ph.D. Fellowship

FACULTY AND AFFILIATES P E R I FA C U LT Y Daniel Smith, Ph.D. Professor, Dept. of Economics and Finance

Ennio Piano, Ph.D.

Steven Sprick Schuster, Ph.D

Assistant Professor, Dept. of Economics and Finance

P E R I A F F I L I AT E D FA C U LT Y We are excited to welcome Dr. Bryan Caplan as our new affiliated scholar for the 2021-22 academic year! Caplan is a professor of economics at George Mason University, a New York Times bestselling author, and a blogger at EconLog (econlib.org/econlog/). As a PERI affiliated faculty member at the Jones College of Business, he will deliver several public lectures, participate in faculty seminars, and mentor graduate students. To learn more about his work as a top public choice economist, visit bcaplan.com.

E. Anthon Eff, Ph.D. Professor, Dept. of Economics and Finance

Michael Federici, Ph.D. Professor and Chair, Dept. of Political Science and International Relations

Justin Gardner, Ph.D.

Adam Rennhoff, Ph.D.

Nour Kattih, Ph.D. Lecturer, Dept. of Economics and Finance

Andrei Korobkov, Ph.D. • Professor, Dept. of Political Science and International Relations • Vice President and Program Chair, Post Communist States in IR Section, the International Studies Association • Professor and Director of Russian Studies Minor

Associate Professor, Dept. of Agriculture

Professor, Dept. of Economics and Finance

Ben Stickle, Ph.D. • Associate Professor, Dept. of Criminal Justice • Senior Fellow For Criminal Justice at The Beacon Center of Tennessee

Tammy Waymire, Ph.D. Professor, Dept. of Accounting

EDUCATION S E L E C T E D C L AS S E S TA U G H T B Y P E R I FA C U LT Y, A F F I L I AT E D FA C U LT Y, A N D F E L L O W S

▶ American Constitutional Law I:

▶ Introduction to American

▶ American Constitutional Law II:

▶ Money and Elections ▶ Principles of Macroeconomics ▶ Principles of Microeconomics ▶ Problems in Government

Government Powers

Civil Liberties and Civil Rights

▶ Governmental Accounting and Reporting

▶ History of Economic Thought

Politics

▶ Public Choice ▶ Public Finance ▶ Police Organization and Administration

▶ Community Relations and Minority Problems

▶ Ethics in Criminal Justice

EDUCATION Undergraduate Students

PERI Faculty

Course

Daniel J. Smith

Public Choice

Fall 2020

Principles of Macroeconomics

Fall 2020

Ennio Piano

Steven Sprick Schuster

Term

Undergraduate Honors Students

Graduate 3

Dissertation Research

Fall 2020

Dissertation Research

Spring 2021

Dissertation Research

Summer 2021

Principles of Macroeconomics

Fall 2020

Principles of Microeconomics

Fall 2020

Dissertation Research

Fall 2020

Principles of Microeconomics

Spring 2021

History of Economic Thought

Spring 2021

Dissertation Research

Spring 2021

Principles of Microeconomics

Summer 2021

Dissertation Research

Summer 2021

Econometrics II

Fall 2020

Money and Elections

Fall 2020

Principles of Macroeconomics

Spring 2021

Principles of Microeconomics

Spring 2021

Public Finance

Spring 2021 Total

3 19

109

EDUCATION PERI PH.D. FELLOWS

Rania Al-Bawwab

Nathan Cole

Inhwa Kim

Protik Nandy

Labanyalata Roy

Emilia Suggs

PERI Fellows

Rania Al-Bawwab

Nathan Cole Inhwa Kim

Protik Nandy

Labanyalata Roy Emilia Suggs

Course

Term

Undergraduate Students

Principles of Macroeconomics

Fall 2020

Principles of Macroeconomics

Spring 2021

Principles of Microeconomics

Spring 2021

Principles of Macroeconomics

Fall 2020

Principles of Microeconomics

Fall 2020

Principles of Macroeconomics

Fall 2020

Principles of Microeconomics

Fall 2020

Principles of Macroeconomics

Fall 2020

Principles of Microeconomics

Fall 2020

Principles of Macroeconomics

Spring 2021

Principles of Microeconomics

Spring 2021

Principles of Microeconomics

Spring 2021

Principles of Macroeconomics

Fall 2020

Principles of Macroeconomics

Spring 2021

Principles of Microeconomics

Spring 2021

33 Total

471

EDUCATION PERI Affiliated Faculty

Term

Level

Enrolled Students

Undergraduate - Honors

Econometrics and Forecasting

Undergraduate

History of Economic Thought

Undergraduate

Econometrics and Forecasting

Graduate

Principles of Macroeconomics

Undergraduate - Honors

Urban and Regional Economics

Undergraduate

Econometrics and Forecasting

Undergraduate

Principles of Macroeconomics

Undergraduate

Introduction to American Politics

Undergraduate

American Constitutional Law II: Civil Liberties and Civil Rights

Undergraduate

Introduction to American Politics

Undergraduate

Political Science and International Relations as a Profession

Undergraduate

Political Science and International Relations as a Profession

Undergraduate

Political Science and International Relations as a Profession

Undergraduate

American Constitutional Law I: Government Powers

Undergraduate

Undergraduate Research

Undergraduate

Introduction to American Politics

Undergraduate

Political Science and International Relations as a Profession

Undergraduate

Principles of Agriculutral Economics

Undergraduate

Principles of Agriculutral Economics

Undergraduate

Agricultural Policy

Undergraduate

Principles of Agricultural Economics

Undergraduate

Principles of Agricultural Economics

Undergraduate

Avocational Agriculture

Undergraduate

Agricultural Cooperatives

Undergraduate

Principles of Agricultural Economics

Undergraduate

Internships in Agribusiness

Undergraduate

Principles of Macroeconomics

Undergraduate

Principles of Macroeconomics

Undergraduate

Principles of Macroeconomics

Undergraduate

Principles of Macroeconomics

Undergraduate

Principles of Macroeconomics

Undergraduate

Principles of Macroeconomics

Undergraduate

Principles of Macroeconomics

Undergraduate

Course Honors Principles of Macroeconomics

Fall 2020 Ellis Anthon Eff, Ph.D. Spring 2021 Summer 2021 Fall 2020

Michael Federici, Ph.D.

Spring 2021

Summer 2021

Fall 2020

Justin Gardner, Ph.D.

Spring 2021

Summer 2021

Nour Kattih, Ph.D.

Fall 2020

Spring 2021

CO N T I N U E D O N N E X T PA G E

EDUCATION PERI Affiliated Faculty

Term

Fall 2020

Andrei Korobkov, Ph.D. Spring 2021

Summer 2021 Fall 2020 Adam Rennhoff, Ph.D.

Spring 2021

Summer 2021

Fall 2020

Benjamin Stickle, Ph.D.

Spring 2021

Summer 2021

Fall 2020 Tammy Waymire, Ph.D.

Spring 2021

Level

Enrolled Students

Introduction to Global Politics

Undergraduate

Advanced Studies in International Relations: International Migration

Undergraduate

Problems in Government

Undergraduate

International Law

Graduate

Literature Review in International Affairs

Graduate

International Affairs II: Goverance and Transational Issues

Graduate

American Foreign Policy

Undergraduate

American Foreign Policy

Undergraduate

Russain Politics

Undergraduate

American Foreign Policy

Graduate

American Foreign Policy

Graduate

Russain Politics

Graduate

Thesis Research

Graduate

Undergraduate

Course

Introduction to Global Politics Comparative European Governments

Graduate

Econometrics I

Graduate

Special Topics in Economics

Graduate

Mathematical Methods for Economics

Graduate

Econometrics IV

Graduate

Comprehensive Examination and Preparation

Graduate

Dissertation Research

Graduate

Instructional Development and Practice in Economics

Graduate

Undergraduate - Honors

Police Organization and Administration

Undergraduate

Private and Industrial Security

Undergraduate

Graduate

Ethics in Criminal Justice

Undergraduate

Police Organization and Administration

Undergraduate

Community Relations and Minority Problems

Undergraduate

Community Relations and Minority Problems

Graduate

Intermediate Accounting I

Undergraduate

Governmental Accounting and Reporting

Undergraduate

Governmental Accounting and Reporting

Graduate

Governmental Accounting and Reporting

Undergraduate

Governmental Accounting and Reporting

Undergraduate

Graduate

Criminal Theory

Qualitative Research

Advanced Governmental Accounting and Reporting Summer 2021

Accounting Internship

Undergraduate

Financial Reporting for Govt. and Not-for-Profit Entities

Undergraduate

Graduate

Total Students

892

Governmental Accounting and Reporting

STUDENT FEEDBACK In addition to the excellent reviews PERI faculty members receive from students, they are doing an exemplary job training the next generation of professors. Read some quotes below from anonymous teaching evaluations.

“

This is the best professor I have ever had. She was compassionate, understanding, humble and fair. I have always disliked economics, but Rania has changed that perspective. I wish I could take her class every semester.” “Professor Rania made me feel really cared for. Kindness spreads kindness. I will never forget her. She is an amazing teacher and an amazing person.”

R A N I A A L- B AW WA B

“This was an amazing class. Ms. Al Bawwab ensured that each student understood the topic and took really good care of us. If someone did not understand, she would explain it until they understood. She also included videos in our lecture about each topic which really made the material interesting and kept my attention. She also was a nice woman and very kind. She has a great character and I have already recommended her to multiple people. She is a strong teacher and had our best interest at heart.”

“

I consider this course as my backbone for understanding economics more broadly. The instructor has made a tremendous effort in understanding different schools of economic thoughts and the stages in developing them. He made us realize the commitments we need to make to become better economists.”

ENNIO PIANO

“Extremely knowledgeable about the material. Very clear communicator. Enthusiastic about the field.” “He is so passionate about Economics, and while it is a complicated subject and that is a part of the difficulty, I felt that I was able to learn to the best of my ability.”

“

Dr Smith is a very supportive and an encouraging mentor.”

“I really enjoyed Dr. Smith's class…Overall, this course has spiked my interest in the study of economics immensely.” “It was clear that this professor is passionate about what he teaches.”

DANIEL SMITH

DISSERTATION ADVISING Emilia Suggs Successfully Defended Spring 2021

▶ “Preference Identification and Political Participation in Alternative Voting Systems.” ▶ ▶

Chair: Daniel J. Smith

PERI Committee Members: Steven Sprick Schuster

▶ Job Placement: Assistant Professor, King University (Bristol, TN)

Emilia Suggs' dissertation committee included Chair Dr. Daniel Smith (from left), Dr. Adam Rennhoff, and Dr. Steven Sprick Schuster.

Rania Al-Bawwab

Bronwyn Graves

(MTSU, in progress) Chair: Daniel J. Smith PERI Committee Members: Ennio P. Piano

(MTSU, in progress) Committee Member: Daniel J. Smith

Protik Nandy

Labanyalata Roy

“Referendum and Their Impact on Minority Rights” Chair: Daniel J. Smith PERI Committee Members: Ennio Piano and Steven Sprick Schuster

(MTSU, in progress) Chair: Ennio P. Piano PERI Committee Members: Daniel J. Smith and Steven Sprick Schuster

HONOR THESES SUPERVISED

Hector Hernandez “The Ideal Extent of Social Distancing to Preserve Economic Prosperity when Society is Marginalized” PERI Committee Member: Daniel J. Smith

PERI FELLOW ALUMNA

Celebrating Dr. Emilia J. Suggs Congratulations to PERI/MTSU alum Dr. Emilia J. Suggs, Suggs on successfully defending her dissertation, “Preference Identification and Political Participation in Alternative Voting Systems,” for the degree of Doctor of Philosophy in Economics, with the Jones College of Business, MTSU. The PERI is incredibly proud of her dedication and contributions as the very first PERI Student Research Fellow. Dr. Suggs now joins a distinguished line of scholars in the Austrian and public choice traditions, including Carl Menger and MTSU alum Dr. James Buchanan. She will be joining King University in Fall 2021 as an assistant professor in the School of Business, Technology, and Economics. We wish her the best of luck on this next adventure!

Emilia Suggs is the recipient of the 2021 James M. Buchanan Dissertation Award, presented for the best dissertation in political economy.

SERVICE Awards and Promotions • Daniel J. Smith - Elected to MTSU Faculty Senate by the Department of Economics and Finance • Smith - Bill & Kathy Jones Outstanding Professor Award, Jones College of Business at MTSU (2021) • Smith - Journal of Financial Economic Policy Literati Award, Outstanding Reviewer (2020) • Smith - Institute for Humane Studies Discourse Initiative Grant, $15,000 (Spring 2021) • Smith - People Who Make a Difference, Student Affairs Division Student Awards, MTSU (Fall 2020) • Smith - Inducted into the MTSU Phi Kappa Phi Honor Society (2020) • Smith - Inducted into Membership of the Mont Pelerin Society (2020)

Editorial Roles • Daniel J. Smith - North American Coeditor, Review of Austrian Economics

• Smith - Faculty Senate, Representative of the Department of Economics and Finance, MTSU (2021- 2023)

Committees

• Smith - Faculty Governance Committee, Jones College of Business, MTSU (2021-2022)

• Ennio E. Piano - Graduate Programs, Jones College of Business, MTSU (2021-2023)

• Smith - Graduate Programs Committee, Jones College of Business, MTSU (2020-2022)

• Piano - Career, Department of Economics and Finance (2020)

• Smith - University Faculty Research and Creative Activity Committee, MTSU (2020-2022)

• Piano - Honors College Theses Committee Chair (Evaluated +12 honors thesis proposals; chaired over 10 honors theses and honors thesis presentations) • Piano - Honors College Scholarship Committee Member • Piano - Honors College Buchanan Fellowship Committee Member (Evaluated over 140 applications)

• Smith - President-elect of the Society for the Development of Austrian Economics (2021)

• Piano - Honors College Course Development (Developed course on the “Economics of Religion” for Honors Junior Seminars series, 2021-2022)

• Ennio E. Piano - Inducted into the MTSU Phi Kappa Phi Honor Society (2021)

• Steven Sprick Schuster - Student Recruiting, Department of Economics and Finance (2020) • Schuster - Research, Department of Economics and Finance (2020)

• Smith - University Curriculum Committee, MTSU (2020-22)

Volunteering • Steven Sprick Schuster is volunteered during summer 2021 at Turney Center Industrial Complex, teaching College Prep courses to incarcerated students as they prepare to earn Associates Degrees through the Tennessee Higher Education Initiative, which facilitates college courses in prisons throughout Tennessee. He is exploring the opportunity to create programming at MTSU that will give students in Tennessee prisons the ability to earn bachelors degrees.

PERI AFFILIATED SCHOLAR ACTIVITIES Ben Stickle

Tammy Waymire

Criminal Justice Administration

Accounting

▶ “Authorities Crack Down on Porch Pirates,” Good Morning America.

▶ “Government Audit Quality and Efforts to Improve Internal Controls,” Journal of Government Financial Management. (with Ashley Nipper).

▶ “Assessing the Fear of Package Theft,” American Journal of Criminal Justice. ▶

▶ “Porch Pirates: Examining Unattended Package Theft Through Crime Script Analysis,” Criminal Justice Studies. ▶ “5 Tips for Stopping Porch Pirates from Stealing Your Packages,” Business Insider.

“Response to the AICPA’s Exposure Draft and Invitation to Comment related to the Uniform CPA Examination,” Journal of Governmental and Nonprofit Accounting. (with S. L. Lowensohn and B. P. McAllister).

▶ “On the Horizon: XBRL Reporting by State and Local Governments,” CPA Journal. (with J. Beck).

▶ “Porch Piracy: The Most Vulnerable Part of the Supply Chain,” The Mail & Express Review.

Nour Kattih

▶ “Fighting Pirates: A First Look at How to Prevent Porch Piracy,” Loss Prevention Magazine.

Economics

▶ “Package Theft in a Pandemic,” University College London, Jill Dando Institute of Security and Crime Science.

▶ “The Power of Suggestion: Automatic Enrollment and Employee Health Insurance Coverage Take-Up Rates.” Journal of Insurance Issues. (with Franklin G. Mixon Jr.)

▶ “Porch Piracy: Here’s What we Learned After Watching Hours of YouTube Videos Showing Packages being Pilfered from Homes,” The Conversation.

▶ “Keeping What You Like: Grandfathering and Health Insurance Coverage Take-Up Rates under the ACA,” Journal of Economics and Finance. (with Fady Mansour and Franklin G. Mixon Jr.).

Michael Federici Political Science ▶ “Can Constitutions Preserve the Engendering Experiences of Order?” The Historical Mind.

▶ “Employee Choice and the Demand for Health Insurance Coverage: Evidence from Random Coefficients Models,” BE Journal of Economic Analysis & Policy. (with Franklin G. Mixon Jr.)

“Our results suggest that automatic enrollment increases health insurance coverage take-up rates by 4.5 percentage points. Stated differently, our results suggest that if all eligible firms opted to use automatic enrollment, 8.7 million more individuals would retain private health insurance coverage (through their employers.)” — Nour Kattih, The Power of Suggestion: Automatic Enrollment and Employee Health Insurance Coverage Take-Up Rates.” Journal of Insurance Issues

PROGRAMMING

PERI Public Lecture Series Dr. Burt Folsom

(Bagwell Center at Kennesaw State University) • “Uncle Sam Can’t Count” - Virtual Lecture • Sponsored by the M. Thomas and Martha R. Collins Lecture in Free Enterprise • Sept. 16, 2020 • 67 live virtual attendees, 75 video views WATCH VIDEO

Radley Balko (Washington Post)

• “Reforming Policing in Tennessee” - Virtual Lecture • Sept. 22, 2020 • 34 live virtual attendees; 118 video views WATCH VIDEO

Dr. Art Laffer and Leslie Marshall • “Will a Wealth Tax Increase Prosperity?” - Virtual/In-Person Event • Sponsored by the Campus Liberty Tour Debate with the Steamboat Institute • Oct. 5, 2020 • Video views: 34,228 (Facebook/YouTube) WATCH VIDEO

Dr. Corey DeAngelis (Reason Foundation)

• "Kickstarting K-12 Education in Tennessee" - Virtual Lecture • Sponsored by Jackie and Jay Archer • Nov. 19, 2020 • Attendance: 32 live virtual; 106 video views WATCH VIDEO

Note: Event video recordings are posted on Facebook and Youtube.

PROGRAMMING

PERI Public Lecture Series

Zuri Davis

(Reason Foundation) • "Criminal Justice and Policing Reform in Tennessee" - Virtual Lecture • Feb. 18, 2021 • 20 live virtual attendees, 37 video views WATCH VIDEO

Dr. Claudia Williamson (University of Tennessee, Chattanooga)

• "Culture, Capitalism, and Gender Equality" - Virtual Lecture • Sponsored by National Women’s History Month at MTSU • March 18, 2021 • 73 live virtual attendees; 75 video views WATCH VIDEO

Dr. Jason Brennan (Georgetown University)

• "Why Its OK to Want to Be Rich" - Virtual Lecture • Sponsored by the M. Thomas and Martha R. Collins Lecture in Free Enterprise • April 20, 2021 • 49 live virtual atendees; 159 video views WATCH VIDEO

Macro Musings Podcast

(Mercatus Center at George Mason University) • " Money and the Rule of Law with Alexander W. Salter (Texas Tech University) and Daniel J. Smith" - In-person/ Livestream event • Hosted in partnership with podcast host David Beckworth, senior research fellow at the Mercatus Center • May 18, 2021 • Attendance: 10 in-person (Livestream count N/A) HEAR PODCAST

WATCH VIDEO

PROGRAMMING

Event Photos

Economist Dr. Arthur Laffer speaks during a debate on wealth tax, hosted by the PERI in partnership with the Steamboat Institute's Campus Liberty Tour on Oct. 5, 2020 at Middle Tennessee State University.

The PERI hosted an panel discussion featuring Dr. Alexander Salter (center) and Dr. Daniel Smith (right), discussing their new book Money and the Rule of Law, recorded in front of a live audience on May 18 at MTSU for the Mercatus Center's Macro Musings podcast with host Dr. David Beckworth (left).

PROGRAMMING

Co-Sponsored Partner Events Center for Free Enterprise at the University of Louisville – “Bettering Humanomics: A New, and Old, Approach to Economic Science,” by Deirdre McCloskey. Sept. 24, 2020 Nashville Bastiat Society – “Government vs. Private: Two Responses to COVID-19” by David Henderson. Thursday, Aug. 13, 2020 Nashville Bastiat Society – “Back to School vs. Teacher Unions” by Corey DeAngelis (Reason) and Phil Magness (AIER). Tuesday, Sept. 22, 2020 Nashville Bastiat Society – “Judicial Outlook and Amy Coney Barrett’s SCOTUS Nomination” by Brian Fitzpatrick (Vanderbilt University). Wednesday, Oct. 14, 2020 Center for Free Enterprise at the University of Louisville “Innovation and Freedom” by Matt Ridley. Nov. 5, 2020 Nashville Bastiat Society – “Lawlessness at the Fed During COVID-19” by Daniel J. Smith (MTSU). Wednesday, Nov. 18, 2020 Nashville Bastiat Society – “Setting the Record Straight on School Choice” by Phil Magness (AIER). Wednesday, Feb. 17, 2021 Nashville Bastiat Society – “The Myth of Trickle-Down Economics” by Peter C. Earle (AIER). Tuesday, March 23, 2021 Nashville Bastiat Society – “Where Have All the Capitalists Gone?” by Richard Salsman (Duke University). Thursday, April 29, 2021 Nashville Bastiat Society – “The Evolving Economics of the US Health Care Industry” by Dr. Van Horn (Vanderbilt University). Tuesday, May 25, 2021 Nashville Bastiat Society – “Is Inflation Coming?” by Thomas Hogan (AIER). Wednesday, June 23, 2021

PROGRAMMING M T S U D E PA R T M E N T O F E C O N O M I C S A N D F I N A N C E POLITICAL ECONOMY RESEARCH SEMINARS (VIRTUAL) Terry Anderson (Stanford University’s Hoover Institution). “The Wealth of Native American Nations”. Friday, Oct. 2, 2020. Jamie Bologna (Texas Tech University). “Resources Shocks, Corruption, and Local Business in Africa” . Friday, Oct. 9. Bryan Cutsinger (Angelo State University). “Rent Seeking and Free Banking: Explaining the Timing of FreeBank Reforms in the Antebellum U.S.” Friday, Nov. 13, 2020. Paola Suarez (Seton Hall University). “Child-Bride Marriage and Fetal-sexing Technology.” Friday, Dec. 11, 2020. Art Carden (Samford University). “The Political Economy of Segregation.” Friday, Feb. 5, 2021. Abby Hall Blanco (Bellarmine University). “The Political Economy of Government Propaganda.” Friday, Feb. 12, 2021.

Diana W. Thomas (Creighton University). “Knowledge and Incentive Problems in Regulatory Studies: An Austrian Perspective.” Friday, Feb. 26, 2021. Vincent Geloso (King’s College-Western Ontario University). “The Political Economy of Lighthouses in Antebellum America.” Friday, March 26, 2021. Brian Albrecht (Kennesaw State University). “Price Competition and the Use of Consumer Data.” Friday, April 2, 2021.

P O L I T I C A L E C O N O M Y G R A D U AT E S T U D E N T PA P E R W O R K S H O P

Inhwa Kim. Oct. 16, 2020. Gabriel Frank Benzecry. “Brazilian Constitution.” Nov. 7, 2020. Caleb Watts. “Populism and Globalization.” Nov. 20, 2020.

Josh Hendrickson (University of Mississippi). “Taxation and National Defense.” Friday, April 16, 2021. Claudia Williamson (University of Tennessee at Chattanooga). “Are Economic Arguments Against Immigration Missing the Boat? The Fiscal Effects of the Mariel Boatlift.” Friday, April 30, 2021.

PROGRAMMING COLLOQUIUMS

History of Policing and Alternate Models Institute for Humane Studies Virtual Undergraduate Student Colloquium with Dr. Daniel D’Amico (Brown University). April 10, 2021.

Foundations of Civil Society Institute for Humane Studies Virtual Graduate Student Colloquium with Dr. Emily Skarbek (Brown University). April 23-24, 2021.

Feedback from participating PERI Fellows: "It is not every day that we have the opportunity of having conversations about the foundations and roots of our society. It was amazing to have the chance to debate important works from figures that really influenced and revolutionized the ideals of our modern civilization, such as Adam Smith and Alexis de Tocqueville. Thank you, IHS, for this fantastic opportunity!" -Gabriel Benzecry "The program has broadened my understanding of the roles civil societies can offer for the development of a nation." -Shams Nassarawa "The discussion colloquia was an excellent way for young scholars to share their perspectives on historic and current research in the classical liberal tradition. In a time when well-informed and civil discussion is under threat, programs like these teach students how to share ideas respectfully and productively, reminding us of our common dignity." - Emilia Suggs

PROGRAMMING P U B L I C L E C T U R E S A N D P O D C AS T S Daniel J. Smith. “The Future of Central Banking.” Adam Smith Center (Singapore), the Center for Market Education (Malaysia), Students for Liberty, and the Universiti Teknoloi. Mara. June 22, 2021. WATCH VIDEO

Daniel J. Smith. “Lawlessness at the Fed,” Williamson County GOP. Franklin, TN. June 17, 2021. Daniel J. Smith with Alexander W. Salter. “Money and the Rule of Law,” Macro Musings with David Beckworth. May 18, 2021. HEAR PODCAST

Daniel J. Smith. “Deficits, Debt, and Debasement,” Rotary Club of Brentwood, Brentwood, TN. Friday, May 14, 2021. Daniel J. Smith. “Lawlessness at the Fed during COVID-19,” Bastiat Society of Nashville, Nashville, TN (Virtual). Nov. 18, 2020.

Related coverage: "CME: Forbid the central bank from engaging in mission creep." June 2021.

POLICY STUDIES Dr. Corey DeAngelis

(Reason Foundation, CATO Institute, Educational Freedom Institute) “Kickstarting K-12 Education in Tennessee: Avenues for Systemic Transformation,” November 2020. VIEW PDF

Summary: Tennessee’s K-12 education system could use a kickstart. Although the state has recently taken some steps in the right direction when it comes to education policy, Tennessee’s math and reading assessments indicated that only 36 percent of students performed at or above grade level in the 2018-19 school year. Pouring more money into an education system is unlikely to fix it without proper incentives to spend that money wisely.

Related op-ed: "Tennessee Should Fund Public School Students Instead of Institutions," Corey DeAngelis. Tennessean. Dec. 4, 2020.

The state could provide schools with stronger incentives to spend K-12 education dollars wisely by expanding access to public charter schools and private school choice programs. This report finds that expanding access to these types of educational options could improve student outcomes while empowering families. The state could increase access to public charter schools by revising its school funding formula to allow education dollars to follow children to the schools that work best for them. Tennessee could expand access to private schools by relaxing the eligibility requirements for the state’s two educational choice programs. Making school funding based on students, rather than systems, would lead to more equity and stronger incentives for schools to meet the needs of children by providing meaningful education services. This report finds that Tennessee’s K-12 education spending is not associated with higher student academic achievement even after controlling for several differences in demographic characteristics across districts in the 2017-18 school year. In addition, the scientific evidence suggests that increasing access to public charter schools and private school choice programs could provide substantial economic benefits associated with improvements in and educational achievement and attainment.

Tennessee Public Pensions:

A Model for Pension Reform Thomas Savidge

A POLICY STUDY OF

Tom Savage

(Center for State Fiscal Reform, American Legislative Exchange Council) “Tennessee Public Pensions: A Model for Pension Reform," July 2020. VIEW PDF

Tennessee’s public pension system recent reforms passed in 2014 have helped make Tennessee one of the best public pension systems in the United States. This paper will first examine the reforms made by Tennessee. The sections that follow will examine how Tennessee’s public pension plans have fared compared to other states that have made reforms (i.e. Michigan and Wisconsin) and states where no reforms to defined benefit pension plans have been made (i.e. Alabama, Connecticut, and Illinois) in terms of contribution rates, funding ratios, and liability valuations. The second part of this paper will make recommendations for future reform that will help keep Tennessee one of the most competitive public pension plans in the United States.

ACADEMIC BOOKS Money and the Rule of Law Daniel J. Smith (with Alexander W. Salter and Peter J. Boettke) Cambridge University Press, 2021. LEARN MORE

Money and the Rule of Law reviewed by Andrew Stuttaford in the National Review: "Money and the Rule of Law: Generality and Predictability in Monetary Institutions by Peter Boettke, Alexander Salter, and Daniel Smith is a profound and highly original assessment of monetary policy and its inseparable connection to the rule of law, a key principal of economic freedom. It is a great read, carefully researched with telling quotes from top policy makers. It dissects tough monetary problems into easy-to-understand pieces—objectives, instruments, targets, and models. It candidly describes political pressures on the Fed with hard evidence from past to present. It creatively uses the great ideas of Hayek, Friedman, and Buchanan to confront the weaker scholarship of today. Most ominously, it warns that Fed is once again expanding its reach and thereby threatening the rule of law." - John Taylor, Mary and Robert Raymond Professor of Economics at Stanford University "Problems of Federal Reserve Policy—And How To Solve Them," a review of Money and the Rule of Law by Thomas Hogan, Discourse Magazine, 2021.

The Political Economy of Public Pensions Daniel J. Smith (with Eileen Norcross) Cambridge University Press, 2021. LEARN MORE

Public pensions in the United States face an impending funding crisis in the wake of the Financial Crisis and the COVID-19 Recession. Many cities and states will struggle to meet these growing obligations without major cuts in government services, reneging on pension promises, or raising taxes. This monograph examines the development of the pension crisis through the lens of political economy. We analyze the knowledge and incentive problems inherent in the institutional structure, governance, and accounting of public pensions. We conclude by offering several institutional, governance, and reporting reforms to the pension funding crisis. "Commentary: COVID stimulus won’t cure the pension pandemic," by Daniel J. Smith and Eileen Norcross, Tribune News Syndicate, March 27, 2021.

OP-EDS Piano, Ennio E. “Is Artistic Integrity a Necessary Sacrifice for Modern Creative Entrepreneurs?” Nashville Business Journal. June 7, 2021. Smith, Daniel J. “Is Inflation on the Horizon?” Nashville Business Journal. June 7, 2021. Link. Smith, Daniel J. (with Alexander W. Salter and Peter J. Boettke). “Money and the Rule of Law,” fifteen eightfour (Cambridge University Press). May 26, 2021. Smith, Daniel J. (with Macy Scheck**). “Alcohol Taxes Fall Heaviest on the Poor,” Tennessean. May 6, 2021. Smith, Daniel J. “What Can Government Do to Help the Poor?” The Center Square. April 7, 2021. Smith, Daniel J. “End the Fed’s Mission Creep,” (with Alexander W. Salter). Wall Street Journal. March 26, 2021. Smith, Daniel J. “Tennessee on the Up and Up,” The Center Square. March 26, 2021. Smith, Daniel J. (with Eileen J. Norcross). “COVID Stimulus Won’t Cure the Pension Pandemic,” Tribune Syndicate. March 26, 2021. Printed in Bristol Herald Courier, Finger Lake Times, Marietta Daily Journal, The Lafayette Observer, The Free Lance Star, The Mercury, & West Hawaii Today. Smith, Daniel J. “What Trash Can Teach Us About Economics,” American Institute for Economic Research. March 16, 2021. Smith, Daniel J. (with Alexander W. Salter). “By Supporting Trumpism, the GOP is in Danger of Losing Libertarian Support,” Dallas Morning News. Feb. 7, 2021. Smith, Daniel J. “Federal Minimum Wage Will Harm Tennessee,” Chattanooga Times Free Press. Feb. 3, 2020. Smith, Daniel J. “Why Conservatives Should Support Legalizing Marijuana,” Tennessean. Jan. 29, 2021. Smith, Daniel J. “End Asset Forfeiture in Tennessee,” Tennessee Lookout. Jan. 27, 2021.

Smith, Daniel J. “Does Judy Shelton’s Rejection Mean the Gold Standard is Dead?” Nashville Business Journal. Dec. 10, 2020. Smith, Daniel J. “A Memorial from a Student on Walter W. Williams,” Tennessee Star. Dec. 4, 2020. Reprinted in the Virginia Star, Ohio Star, Michigan Star, Minnesota Star, and Georgia Star (Dec. 4, 2020). Smith, Daniel J. (with Peter J. Boettke and Alexander W. Salter). “To Fix the Fed, We Need True Monetary Rules,” The Hill. Nov. 23, 2020.

Smith, Daniel J. “Why Certificate of Need Laws are Stifling Health Care in Tennessee,” Nashville Business Journal. Jan. 8, 2021. Smith, Daniel J. “Make Way for the Innovators: Their Risk is Our Reward,” Nashville Business Journal. Jan. 8, 2021. **Undergraduate Student

Smith, Daniel J. “Forgiving Student Loans Fails Econ 101,” Tennessee Star. Dec. 17, 2020. Reprinted in the Virginia Star, Ohio Star, Michigan Star, Minnesota Star, and Georgia Star (Dec. 17, 2020).

Smith, Daniel J. “Don’t Hate the Chains: Corporate Stores Pave the Way for Local Economic Growth with Job Creation, Business Development,” Nashville Business Journal. Aug. 11, 2020. Schuster, Steven Sprick. “How Can Biden Win Over the Left? One Answer May Lie at the Post Office,” The Fiscal Times. June 10, 2021.

SCHOLARLY PUBLICATIONS Piano, Ennio E. (with Clara Jace). “In Persona Christi Capitis: Agency Problems When God is the Principal,” Journal of Economics, Management, and Religion. Piano, Ennio E. (with Peter T. Leeson). “The Golden Age of Mercenaries,” European Review of Economic History. Piano, Ennio E. (2021). “Organizing High-End Restaurants,” Economics of Governance. Piano, Ennio E. and Rania Al-Bawwab* (2021). “The Artist as Entrepreneur,” Review of Austrian Economics. Piano, Ennio E. “Coase Goes to War: Contract Choice on the Battlefield,” Revue d'Economie Politique.

Piano, Ennio E. (with Alexander W. Salter). “The Fundamental Coase of Development: Property Rights Foundations of the Effective State,” Journal of Institutional Economics.

Suggs, Emilia J.* “Identifying Voter Preferences Through Two-Stage Multivoting Elections,” Journal of Economic Behavior & Organization. Smith, Daniel J. (with George R. Crowley and Sebastian G. Leguizamon). “Long Live the Doge? Death as a Term Limit on Venetian Chief Executives,” Public Choice. Smith, Daniel J. "Turn-Taking in Office." Constitutional Political Economy. *Graduate Student

PERI COMMENTARY

Nipper, Ashley* and Tammy Waymire. “Tennessee Legislative Efforts Improving Local Government Internet Controls,” June 9, 2020. Smith, Daniel J. “The Legacy of James M. Buchanan at Middle Tennessee State University: A Response to Nancy MacLean’s Democracy in Chains.” March 11, 2021.

https://mtsu.edu/peri/PERICommentary.php Piano, Ennio E. “Community Policing Needs Local Oversight.” June 12, 2020. Vile, John. “Another Overlooked Day for Celebrating Freedom: The End of American Slavery.” June 23, 2020.

WEB ANALYTICS Home Page 12-Month Snapshot mtsu.edu/peri/

Previous Year* Total Pageviews Total Unique Pageviews

/20

/21

3,814 1,514

/21

Previous Year*

276

+65% annual increase /20

/20

/21

Users: 942

Previous Year:

Total New Users Total Returning Users Total Users

290 417 707

Increased traffic seen over the year from southern states, in addition to select west coast and midwest states, compared to previous year. *Previous reporting year includes date range from July 1, 2019 to July 1, 2020.

SOCIAL MEDIA ANALYTICS Facebook



facebook.com/PERIatMTSU/ Facebook page created: May 2018

451 followers (June 30, 2021)

45.5% increase over year

310 (June 2020)

310



433 page likes (June 30, 2021)

55.2% increase over year

297 followers (June 2020)

279



Post Reach

The number of people who saw any of your posts at least once from July 30, 2020 to June 30, 2021. This metric is estimated.

Paid

1,164 4/15/21

Paid

537

870 564

5/13/21

703

Organic

593

6/2/21

430

453

SOCIAL MEDIA ANALYTICS Top Performing Facebook Post Summary: Top performing posts featured a photo or graphic with accompanying text focused on fellowship programming, followed by faculty/fellow updates, and event announcements.

Political Economy Research Institute 2020-2021 Annual Report

Articles from Political Economy Research Institute 2020-2021 Annual Report