Profile in Courage: Dr. Steven Horwitz

Like it or not, economics plays a central role in everybody’s life. Knowing a thing or two about the “dismal science” is key to everything from household budgeting to understanding the impact of tax reform. Yet, this all-important discipline is understood by few and maligned by many. Fortunately, a handful of bold economics educators and public intellectuals such as recently deceased scholar Dr. Steven Horwitz have dedicated their lives to keeping the public in the know about the field. Dr. Horwitz made it his life’s work to make the discipline “accessible” for people and take economics away from the tedious mathematical models that sow confusion. And for advancing the public’s understanding about such a critical subject with his trademark empathy and patience, Dr. Steven Horwitz was truly a Profile in Courage.

Dr. Horwitz certainly had no shortage of academic triumphs and awards. The libertarian economist earned his PhD degree from George Mason University in 1990 and hit the ground running. Just two years post-graduation he released a well-regarded book on monetary economics (Monetary Evolution, Free Banking, and Economic Order) and in 2000 he completed a deep dive into the Austrian theory of economics. Dr. Horwitz was also able to get his work out via dozens of journal articles, numerous Mercatus Center projects, and plenty of interviews and videos on sites such as libertarianism.org.

Needless to say, there are plenty of academics out there doing commendable work on virtually every subject under the sun. But, Dr. Horwitz was cut from a different cloth than many other PhD-minted scholars (especially within the field of economics). The ever-pleasant researcher regarded his life’s work as teaching and making his material as accessible as possible to people who might not come from a background in statistics or econometrics. His Ball State colleague Dr. Todd Nesbit noted, “Steve was an extraordinary economics scholar and researcher, but he would tell you he was a teacher first…Steve inspired us with his positivity about how exploring ideas can bring about prosperity for all.” His focus wasn’t about charts and graphs, but rather about the implications of different theories and policies for the human condition. As America was recovering from the Great Recession and policymakers debated various “stimulus” policies, Dr. Horwitz eloquently explained how creating jobs via government programs was fundamentally different than creating wealth in society. Emphasizing this distinction was critical at a time when government officials were more interested in touting job creation numbers than generating long-term prosperity.

Dr. Horwitz also offered plenty of useful insight on disaster recovery efforts, which market-oriented thinkers often have a difficult time discussing. The late, great economist examined the disastrous response to Hurricane Katrina and concluded that private response efforts were far-and-away superior to bureaucratic and centralized recovery efforts. Despite claims that more federal money or “attention” might have led to a more effective hurricane response, Dr. Horwitz found that, “failures were endemic to the institutional environment of the political process, which cannot provide the knowledge and the incentives required for effective resource allocation in the way that private organizations can.” He explained that the Wal-Mart’s of the world are simply far better equipped to deal with these issues than bureaucrats and taxpayer-funded response teams.

Unfortunately, Dr. Horwitz was taken far too soon from us. He passed away on June 27, 2021, after nearly four years of battling an aggressive cancer. Even after his diagnosis, Dr. Horwitz maintained an optimistic perspective not only on his own condition but also on the wider state of the world. He discussed on the “Free Thoughts” podcast how the world keeps getting better even if it may not feel that way sometimes. Dr. Horwitz may be gone, but that sweet, reassuring mindset will stay in our hearts forever. Rest in Peace, Dr. Steven Horwitz.