The Fellowship on the History and Foundation of Markets is a sponsored program of the Salem Center for Policy at the McCombs School of Business. Fellowships will be awarded to distinguished UT Austin undergraduate students who possess a background or interest in economics, selected from a range of disciplines including economics, philosophy, political science, history, sociology, and others.

The fellowship provides students with extra-curricular learning opportunities to investigate key thinkers and ideas in the fields of political economy, history of economic thought, and philosophy of markets. Fellows are provided with reading material and will attend weekly colloquia where they come prepared for open and civil discourse inspired by a vision of Socratic engagement.

The fellowship is renewable with a total award of up to $6,000, paid as a stipend of $1,500 per semester and continuing conditional on successful participation in the program for up to four consecutive semesters.

Each semester-long program is inspired by one of the following themes: The Foundations of Market Economies, The Political Economy of Early America, History of Economic Thought, and Economics and Theories of Fairness. Students will prepare readings by authors from Adam Smith, John Locke, and John Stuart Mill, to Frederick Hayek, John Rawls, Ronald Coase, Daron Acemoglu, and Thomas Sowell, to name only a few. Discussion will engage broad questions such as the rights and responsibilities of individual liberty, or the meaning and achievement of equality, as well as the more topical, for instance regarding big tech and monopoly, or communicable disease. 

The fellowships are limited and very competitive. In order to apply to the Fellowship on the History and Foundation of Markets, please click the “Apply Now” button and complete the online application. The online application includes:

  •  A 1-2 page cover letter describing:
    • your undergraduate career to date;
    • your future academic and/or professional plans;
    • why this type and format of fellowship appeals to you; 
    • a significant influence on your intellectual development
  • A current resume
  • A current UT transcript (unofficial copies are acceptable)

Application Deadline is May 31st, 2021
Application review will begin after the deadline and we anticipate decisions will be announced approximately eight weeks after the deadline.

If you have any questions, please email