Radford University
Thomas Duncan
Chair, Economics/Professor
Economics, Dept of
- Phone:
- (540) 831-6057
- Address:
-
Kyle Hall 266C
Box 6952 - Email:
- tduncan13@radford.edu
Biography
Hello! I am Thomas K. Duncan, Professor of Economics and the current Economics Department
Chair at Radford University. I teach a variety of economics courses, with at least
a section of Principles of Macroeconomics each semester. If you are an Econ student
looking for an independent study, I also help with many of those. In general, feel
free to drop by my office (KH 282). I am usually around somewhere. I would love to
chat with either my students or interested students.
My main research area is centered on the interaction between institutional settings and outcomes. My work examines how entrepreneurial and innovative ideas are generated, under what institutional contexts these ideas emerge, and how these ideas both influence and are influenced by the adaptive process at both the micro and macro level of analysis. Most of this work has been specific to the provision of national defense, particularly within the institutional structure of the modern military-industrial complex.
Outside of academics, I watch a lot of football (San Jose State and the Indianapolis Colts), spend time on the family farm (near Richmond, VA), and hang out with the dogs and my wife.
My main research area is centered on the interaction between institutional settings and outcomes. My work examines how entrepreneurial and innovative ideas are generated, under what institutional contexts these ideas emerge, and how these ideas both influence and are influenced by the adaptive process at both the micro and macro level of analysis. Most of this work has been specific to the provision of national defense, particularly within the institutional structure of the modern military-industrial complex.
Outside of academics, I watch a lot of football (San Jose State and the Indianapolis Colts), spend time on the family farm (near Richmond, VA), and hang out with the dogs and my wife.
Education
Ph.D. in Economics, George Mason University, Fairfax, VA. 2013
M.A. in Economics, San Jose State University, San Jose, CA. 2008
B.A. in Economics, Hampden-Sydney College, Hampden-Sydney, VA. 2005
B.A. in Religion, Hampden-Sydney College, Hampden-Sydney, VA. 2005
Courses Taught
ECON 105, Principles of Macroeconomics
ECON 209, Public Finance
ECON 295, Special Topics
ECON 305, Intermediate Macroeconomics
ECON 309, Comparative Economic Systems
ECON 342, International Economics
ECON 391, Law and Economics
ECON 495, Economic Research Seminar
ECON 209, Public Finance
ECON 295, Special Topics
ECON 305, Intermediate Macroeconomics
ECON 309, Comparative Economic Systems
ECON 342, International Economics
ECON 391, Law and Economics
ECON 495, Economic Research Seminar
Publications- Journals
Duncan, Thomas K., and Daniel Farhat. 2026. "A Note on Trade Under Regime Uncertainty," Journal of Private Enterprise, 41(1): 39-49.
Duncan, Thomas K., and Kylie Knudsen.* 2026. "Disney as a Pedagogical Language," Virginia Economic Journal, 1: 44-63. (*former student) [2026 Issue published Spring 2026.]
Duncan, Thomas K., and Nathan P. Goodman, 2025. “State Capacity of Secret Surveillance,”
Eastern Economic Journal, 51(1): 27-49.
Carroll, Joshua, and Thomas K. Duncan, 2024. “An Importance-Performance Analysis of
the Bike Virginia Event," Journal of Tourism Insights, 14(1): Article 8.
Chatham, Michael D., Thomas K. Duncan, and Wendy Li, 2023. “Employing AI in Academia:
the Role of ChatGPT in Generating Research Questions,” Virginia Economic Journal,
22-36. [2023 Issue published Spring 2024]
Tilson, William D.*, Daniel Farhat, and Thomas K. Duncan. 2021. “Exploring Terrorism,
Counter Terrorism and Their Unintended Consequences,” Virginia Economic Journal, 26(1):
6-20. (*former student) [2021 Issue published Spring 2022.]
Coyne, Christopher J., Thomas K. Duncan, and Abigail R. Hall. 2021. “The Political
Economy of State Responses to Infectious Disease,” Southern Economic Journal, 87(4):
1119-1137.
Chatham, Michael D., and Thomas K. Duncan. 2020. “Taxation as a Barrier to Blockchain
Innovation,” Journal of Taxation of Investments, 38(1): 3-21.
Tilson, William D.*, Thomas K. Duncan, and Daniel Farhat. 2020. “An Agent-based Model
of Ethnocentrism and the Unintended Consequences of Violence,” Eastern Economic Journal,
46(3): 483-503. (*former student)
Duncan, Thomas K., and Joshua Carroll. 2019. “The Economic Impact of Bike Virginia,”
Virginia Economic Journal, 2019, 1: 1-18. [2019 Issue published Spring 2020.]
Duncan, Thomas K., and Daniel Farhat. 2019. “A Note on Mutually Beneficial Exchange
and Discrimination,” Conflict Resolution Quarterly, 37(2): 169-176.
Boettke, Peter J., Thomas K. Duncan, and Nicholas A. Snow. 2019. “Competition for
Antitrust: The National Civic Federation and the Founding of the Federal Trade Commission,”
The Journal of Prices and Markets, 7(1): 3-17.
Leeson, Peter T., Christopher J. Coyne, and Thomas K. Duncan. 2016. “Market-Provided
National Defense: Reply to Newhard,” The Journal of Private Enterprise, 31(2): 83-86.
Duncan, Thomas K., and Christopher J. Coyne. 2015. “The Revolving Door and the Entrenchment
of the Permanent War Economy,” Peace Economics, Peace Science and Public Policy, 2015,
21(3): 391-413.
Leeson, Peter T., Christopher J. Coyne, and Thomas K. Duncan. 2014. “A Note on the
Market Provision of National Defense,” The Journal of Private Enterprise, 29(2): 51-55.
Duncan, Thomas K. 2014. “Doing Bad by Doing Good in Goma,” Studies in Emergent Order,
7: 135-143
Duncan, Thomas K., and Christopher J. Coyne. 2013. “The Overlooked Costs of the Permanent
War Economy: A Market Process Approach,” The Review of Austrian Economics, 26(4):
413-431.
Duncan, Thomas K., and Christopher J. Coyne. 2013. “The Origins of the Permanent War
Economy,” The Independent Review: A Journal of Political Economy, 18(2): 219-240.
Duncan, Thomas K. 2011. “Labor Theory of Property: Homesteading and the Loss of Subjective
Value,” Libertarian Papers, 3(22): Online
Publications- Chapters
Duncan, Thomas K., 2024. “The Non-Freedom of Foreign Intervention,” in Brandon Christensen
(ed.), Global Federalism: Liberty and Security in an Anarchical World | Volume I:
Westphalian Sovereignty and its National States, Palgrave Macmillan: 315-346.
Duncan, Thomas K., 2024. “The Continuing Costs of the Permanent War Economy,” in Christopher J. Coyne (ed.), The Legacy of Robert Higgs, The Mercatus Center at George Mason University: 257-282.
Duncan, Thomas K. 2019. “Potential Pitfalls in Private Aid: A Cautionary Note for Non-governmental Assistance,” in Nabamita Dutta and Claudia R. Williamson (eds.), Lessons on Foreign Aid and Economic Development: Micro and Macro Perspectives, Palgrave Macmillan: 225-244.
Coyne, Christopher J., and Thomas K. Duncan. 2019. “The Unproductive Protective State: The U.S. Defense Sector as a Fiscal Commons,” in Richard E. Wagner, (ed.), James M. Buchanan: A Theorist of Political Economy and Social Philosophy, Palgrave Macmillan: 235-261.
Duncan, Thomas K., and Christopher J. Coyne. 2015. “The Political Economy of Foreign Intervention,” in Peter J. Boettke and Christopher J. Coyne, (eds.), The Oxford Handbook on Austrian Economics, Oxford University Press: 678-697.
Duncan, Thomas K., 2024. “The Continuing Costs of the Permanent War Economy,” in Christopher J. Coyne (ed.), The Legacy of Robert Higgs, The Mercatus Center at George Mason University: 257-282.
Duncan, Thomas K. 2019. “Potential Pitfalls in Private Aid: A Cautionary Note for Non-governmental Assistance,” in Nabamita Dutta and Claudia R. Williamson (eds.), Lessons on Foreign Aid and Economic Development: Micro and Macro Perspectives, Palgrave Macmillan: 225-244.
Coyne, Christopher J., and Thomas K. Duncan. 2019. “The Unproductive Protective State: The U.S. Defense Sector as a Fiscal Commons,” in Richard E. Wagner, (ed.), James M. Buchanan: A Theorist of Political Economy and Social Philosophy, Palgrave Macmillan: 235-261.
Duncan, Thomas K., and Christopher J. Coyne. 2015. “The Political Economy of Foreign Intervention,” in Peter J. Boettke and Christopher J. Coyne, (eds.), The Oxford Handbook on Austrian Economics, Oxford University Press: 678-697.
Publications- Book Reviews
Review of Victor Davis Hanson, The End of Everything: How Wars Descend into Annihilation,
The Independent Review: A Journal of Political Economy, 2025, 30(2): 368-371.
Review of Christopher J. Coyne and Abigail R. Hall, Manufacturing Militarism: U.S. Government Propaganda in the War on Terror, The Review of Austrian Economics, 2024, 37(1): 113-116.
Review of Mark R. Wilson, Destructive Creation: American Business and the Winning of World War II, EH.net, May 2017: Online.
Review of Louis Kriesberg, Realizing Peace: A Constructive Conflict Approach, The Review of Austrian Economics, 2016, 29(4): 437-440.
Review of Leon Fink, The Long Gilded Age: American Capitalism and the Lessons of a New World Order, The Journal of Economic History, 2016, 76(1): 256-258.
Review of Christopher J. Coyne and Rachel L. Mathers, The Handbook on the Political Economy of War, The Review of Austrian Economics, 2014, 27(3): 341-344.
Review of Katherine C. Epstein, Torpedo: Inventing the Military-Industrial Complex in the United States and Great Britain, The Independent Review: A Journal of Political Economy, 2014, 19(2): 294-297.
Review of Christopher J. Coyne and Abigail R. Hall, Manufacturing Militarism: U.S. Government Propaganda in the War on Terror, The Review of Austrian Economics, 2024, 37(1): 113-116.
Review of Mark R. Wilson, Destructive Creation: American Business and the Winning of World War II, EH.net, May 2017: Online.
Review of Louis Kriesberg, Realizing Peace: A Constructive Conflict Approach, The Review of Austrian Economics, 2016, 29(4): 437-440.
Review of Leon Fink, The Long Gilded Age: American Capitalism and the Lessons of a New World Order, The Journal of Economic History, 2016, 76(1): 256-258.
Review of Christopher J. Coyne and Rachel L. Mathers, The Handbook on the Political Economy of War, The Review of Austrian Economics, 2014, 27(3): 341-344.
Review of Katherine C. Epstein, Torpedo: Inventing the Military-Industrial Complex in the United States and Great Britain, The Independent Review: A Journal of Political Economy, 2014, 19(2): 294-297.
Honors and Awards
Dalton Eminent Scholar Award, Radford University, 2026