Donate Today

The Mercatus Fellowship

The Mercatus Fellowship is a year-long educational program for students, scholars, and practitioners who are interested in political economy and want to understand how people cooperate, solve problems, and create the conditions for prosperity and human flourishing.

Applications for the 2026-2027 academic year are now closed. Application review will begin after the deadline, and decisions will begin to be announced around twelve weeks after the deadline.

Sign up for the Hayek Program Newsletter to receive an announcement when applications open for the 2027-2028 academic year.  

Current Fellows Alumni of the Mercatus Fellowship

Details

The total award of up to $4,000 includes: 

  • A stipend
  • All required readings
  • Travel and lodging to attend colloquia hosted by the Mercatus Center

Qualifications

The fellowship is open to applicants of any nationality and academic discipline who:

  • Hold a bachelor’s degree or its equivalent from an accredited or officially recognized university
  • Will not be enrolled in a degree program at George Mason University during the fellowship 

About the Fellowship

Every fellow learns political economy 

The aim of this fellowship is to encourage fellows to critically engage key thinkers and themes in political economy, beginning with the insights of Adam Smith and including the contributions of the Austrian, Virginia, and Bloomington schools (also collectively called mainline political economy). The fellowship is built around Socratic, scholar-led colloquia exploring themes such as the functioning of markets, the nature of politics, the importance of institutions, and the role of civil society. It also includes Issue Labs that allow fellows to apply these ideas to contemporary questions in policy, governance, technology, and social change. Together, these experiences give fellows a shared intellectual foundation and room to pursue the questions that matter most to them.

A competitive year of study, with the costs of participation covered

Fellows receive a stipend of up to $4,000, all required readings, and travel and lodging for required in-person colloquia. 

Open across disciplines and borders

The Mercatus Fellowship is awarded to individuals who want to understand, apply, and advance political economy. We are especially interested in applicants pursuing careers in academia, policy, government, advocacy, social enterprise, emerging technology, or related fields. We welcome applicants of any nationality who are enrolled in or affiliated with an institution anywhere in the world.

  • Graduate students in master’s, JD, and doctoral programs in any discipline at an accredited university

  • Early-career scholars who completed a doctorate within the last six years and hold an academic or research appointment

  • Practitioners whose research, policy, or professional work would benefit from a rigorous introduction to the Austrian, Virginia, and Bloomington schools of political economy

Character as much as credentials

We are looking for fellows who are willing to explore new ideas, exhibit intellectual humility, and commit to rigorous inquiry in the pursuit of truth. Prior coursework or experience in political economy is not required. Indeed, more than 80% of recent fellows report that they had not read most of the assigned texts before the year began. 

  • A research, teaching, or professional interest that would benefit from the mainline tradition

  • Ability to commit fully to the required colloquia and Issue Labs

  • Readiness to prepare the readings and participate in discussion-based sessions

The incoming class is drawn from a wide range of institutions. Although more than half of recent fellows have come from top-250 universities, institutional rank is a proxy, not a prerequisite. Individuals who are curious, committed to preparing, and willing to engage openly are encouraged to apply.

What the fellowship provides

  • STIPEND - Up to $4,000
    Paid subject to satisfactory completion of program requirements.

  • READINGS - All required texts
    Materials are distributed by email and by post one to two months before each colloquium. 

  • TRAVEL - Transportation and lodging
    Mercatus arranges and pays approved transportation costs and lodging for required in-person colloquia. 

Mercatus Fellowship FAQ

Practical answers drawn from the terms offered to admitted fellows and from earlier named fellowships that have informed the Mercatus Fellowship. 

    The program

    What happened to the Smith, Bastiat, Ostrom, Morgenstern, Menger, Coase, and Buchanan Fellowships?

    Mercatus has consolidated several prior named fellowship experiences into a single Mercatus Fellowship. The intellectual core – the Austrian, Virginia, and Bloomington schools of political economy taught through Socratic colloquia – remains central. The new structure deepens the fellowship experience, simplifies the application, and lets fellows combine a common program of study with Issue Labs rather than applying to several named fellowships to receive a broad experience.  

    Is this the same as the PhD Fellowship or the Don Lavoie Fellowship?

    No. The PhD Fellowship remains the full-time, funded apprenticeship for doctoral students in economics at George Mason University. The Don Lavoie Fellowship remains the online educational program for advanced undergraduates, recent graduates, and early-stage graduate students. This page describes the Mercatus Fellowship, the year-long integrated program for graduate students, scholars, and practitioners. 

    Do I need prior training in political economy?

    No. More than 80 of recent fellows report that they had not read most of the assigned texts before the year began. Curiosity, careful preparation, and a willingness to engage the readings matter more than prior expertise. 

    How many Issue Labs must I complete?

    At least four during the fellowship term. The calendar is announced at the start of the fellowship year (August 16). 

    Eligibility

    I am a master’s / JD / PhD student outside economics. May I apply?

    Yes. Graduate students in any discipline at any accredited university, in the United States or abroad, are eligible. Recent classes have included students in law, philosophy, political science, public policy, sociology, history, and other fields. 

    I completed my PhD several years ago. Am I still eligible?

    Early-career scholars who earned a doctorate within the last six years and hold an academic or research appointment may apply. Practitioners whose work engages political economy or emerging technology are also considered. 

    I am not a U.S. citizen. May I apply and receive the stipend?

    Yes, applicants of any nationality may apply. Receiving the stipend, however, depends on whether Mercatus can lawfully make payment to the fellow. International fellows should confirm eligibility with their home department, international office, or immigration counsel before the year begins and must submit the appropriate tax documentation when requested. Mercatus cannot provide tax or immigration advice. 

    I am on the job market or finishing a dissertation. Should I apply?

    Only if you can commit to full participation in every required colloquium and Issue Lab. It is the applicant’s responsibility to judge whether other obligations will interfere. Those who cannot make the commitment should wait for a later cycle.  

    Award, travel, and tax

    Is the stipend a tax-exempt scholarship?

    The stipend may have tax implications. Because individual circumstances vary, fellows should consult the tax information provided by Mercatus and seek professional advice as needed. Mercatus cannot provide tax advice. 

    Who books flights and hotels?

    Mercatus staff arrange and pay approved airfare and lodging for required in-person colloquia. Coordination usually begins six weeks before each gathering. Fellows must respond promptly to travel requests. 

    What if I miss a required event?

    Full and active attendance at all colloquia and Issue Labs that constitute your fellowship are required without exception. In addition, attendance at all required activities at a colloquium is a condition of good standing and of receiving the award. Breakfasts, coffee breaks, and optional hospitalities are the exception.

    If you cannot commit to the required calendar, you should decline the offer.

    If you might have a scheduling conflict, you should decline the offer. 

    Are discussions public?

    No. Formal discussion sessions are private and governed by the Chatham House Rule. Fellows may not record sessions or share direct quotations from colloquium conversations on social media or other public platforms. 

    Application

    When do applications open for 2027–2028?

    The date will be posted on this site and sent to the Hayek Program mailing list. Applications for 2026–2027 are closed. Decisions in recent cycles have been released about twelve weeks after the deadline. 

    When is the application due?

    There are two application deadlines:

    • Early decision deadline: January 1

    • Final application deadline: March 30

    Early decision applicants who are selected will be notified by mid-March. Some early decision applicants who are not selected at that stage may be considered again alongside final deadline applicants.

    All applicants will receive a decision by the end of July. 

    May I reapply?

    Yes. Applicants who are not selected may reapply in a later cycle. Current or former fellows seeking another year should follow the instructions published when the next application opens.

    Whom do I contact?

    Write to [email protected] with questions about the fellowship, the application, or your status.

    I still have questions about the Mercatus Center Adam Smith Fellowship Program.

    Email [email protected] regarding general questions about the fellowship or questions about your application status or application materials. 

    Ready to get started?

    Confirm your qualifications

    The fellowship is open to applicants of any nationality and academic discipline who:

    • Hold a bachelor’s degree or its equivalent from an accredited or officially recognized university
    • Will not be enrolled in a degree program at George Mason University during the fellowship