William J. Luther joined the Department of Economics at Kenyon College in 2012. He is also an adjunct scholar with the Cato Institute's Center for Monetary and Financial Alternatives and a fellow with the Atlas Network's Sound Money Project.
Luther’s research focuses primarily on questions of currency acceptance and the role governments play in determining commonly accepted media of exchange. He has written extensively on the monetary regime of Somalia following state collapse in 1991 and the cryptocurrency bitcoin. He has published articles in leading scholarly journals, including Economic Inquiry, Public Choice and Contemporary Economic Policy. His popular works have appeared in The Economist, Forbes and U.S. News & World Report. Luther’s research has been cited by major media outlets, including NPR, VICE News, The Christian Science Monitor and New Scientist.
In his free time, he enjoys cycling, hiking and playing with his cat.
Areas of Expertise
Monetary economics, Macroeconomics, History of Economic Thought
Education
2012 — Doctor of Philosophy from George Mason University
2011 — Master of Arts from George Mason University
2008 — Bachelor of Arts from Capital University, summa cum laude
Courses Recently Taught
ECON 102
Principles of Macroeconomics
ECON 102
This course studies national economic performance. Building upon the microeconomic theories of consumer and producer behavior developed in ECON 101, the course introduces models that focus on the questions of unemployment, inflation and growth. Topics covered include measurement of national income and inflation, macroeconomic models, saving and investment, money and banking, fiscal and monetary policy, and international trade and finance. This course is required for economics majors. Prerequisite: ECON 101. Offered every spring semester.
ECON 355
Business Cycles
ECON 355
This course explores the patterns of change of the national economy, through business cycle expansions and recessions, and their effects on employment and income. Data on U.S. and worldwide economies will be analyzed to identify regular behavior that characterizes a macroeconomic business cycle. Economic theories will be offered that specify different initial causes of the cycle, some of which are endogenous while others are outside influences such as government policy or technological change. Theories also suggest how the cause is able to generate the full cycle that affects the macroeconomy. The Great Depression of the 1920s and 1930s will be considered as an extreme example. Recent and current cycles will be considered to understand their causes and characteristics. Prerequisite: ECON 101 and 102.
ECON 359
History of Political Economy
ECON 359
This course explores the history of ideas in economics. Special attention is given to how economic ideas have informed public policy and popular opinion on the proper role of government. The course aims to develop a deeper understanding of the methods of economic argumentation, including common assumptions and the typical form. After completing this course, the successful student will be able to analyze modern economic theories in light of historical views and critically examine the policy recommendations that follow from these theories. Prerequisite: ECON 101 and 102.
ECON 373
Economic Growth
ECON 373
This seminar examines the sources, process and implications of sustained growth of incomes. Adam Smith's Wealth of Nations was an early analysis of how economies grew richer, and the field has developed to explain why there are differences in standards of living across countries. We will consider several theories of the process of economic growth and balance that with empirical evidence on performance of current theory. We will analyze how population growth, technological change, investment in physical and human capital, government policy and the quality of institutions affect growth. Discussion on the implications of economic growth for globalization, environmental conditions and income inequality will figure in our evaluation of the effects of economic growth. This course counts as an Economics Department seminar. Prerequisite: ECON 101 and 102.
ECON 391
ST: History of Econ. Thought
ECON 391
ECON 391
ST:Life & Work of Hayek
ECON 391
ECON 391
ST: Federal Reserve System
ECON 391
ECON 397
Junior Honors Seminar
ECON 397
This seminar is for juniors who are candidates for honors in economics. Students undertake a series of research projects, write papers, and discuss the results of their research with fellow students. This course counts as an Economics Department seminar. Prerequisites: junior standing and permission of instructor.
ECON 497
Senior Honors Seminar
ECON 497