David R. Henderson

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Professor of Economics, U.S. Naval Postgraduate School

David R. Henderson is an emeritus professor of economics with the Naval Postgraduate School in Monterey, California, a research fellow with the Hoover Institution, and a senior fellow of the Fraser Institute.

Professor Henderson is a widely respected public policy expert and educator. He is also the editor of The Concise Encyclopedia of Economics, a comprehensive but accessible summary of economics.

Born and raised in Canada, Professor Henderson earned a B.Sc. degree in mathematics from the University of Winnipeg before heading south to complete his Ph.D. in economics at the University of California, Los Angeles.

He is a frequent contributor to The Wall Street Journal and was previously a frequent contributor to Fortune. He has also written scholarly articles for the Journal of Policy Analysis and Management, Journal of Monetary Economics, Cato Journal, Regulation, Contemporary Policy Issues, and Energy Journal.

Professor Henderson served as a senior economist on President Reagan's Council of Economic Advisers from 1982 to 1984, specializing in energy and health policy.

Recent Research by David R. Henderson

The Abject Failure of Central Planning During COVID

— Dec 20, 2022

The Abject Failure of Central Planning During COVID is a new essay in the Institute’s series on COVID-19 by Senior Fellow David R. Henderson that explores some of the core reasons why many government plans and policies failed during the pandemic.

Read the Essay - The Abject Failure of Central Planning During COVID

Do Budget Deficits Matter? Essays on the Implications of Government Deficits and Debt

— Jun 8, 2022

Low Interest Rates and the Cost of Government Debt and Canada’s Budget and Deficit Cuts in the Late 20th Century: An Amazing Success Story are the latest installments in an essay series on government deficits that emphasize the risks of higher interest costs on government debt, and note the similarities between today’s federal fiscal situation and the mid-1990s when interest costs consumed one of every three dollars of government revenue. At that time, the government enacted major reforms—including spending reductions—to help dramatically reduce the federal debt.

The Essential UCLA School of Economics

— Jul 15, 2021

The Essential UCLA School of Economics spotlights the economics department at the University of California, Los Angeles (UCLA), which gained prominence during the last few decades of the 20th century and remains influential today.

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Recent Commentaries & Blog Posts

Nobel Prize awarded to supporters of central banking

David R. Henderson

Bernanke chose to pay interest on bank reserves, which caused banks to hold onto reserves rather than lend them out.

Contrasting the Budget Rules of Chrétien and Trudeau: Part 1

Jason Clemens, Jake Fuss, David R. Henderson

Whereas the Chrétien government used balanced budgets as a guiding fiscal anchor, the Trudeau government has not had an effective fiscal rule imposing discipline on its spending, taxing, and borrowing decisions, resulting in the federal government being less prepared to respond to the current recession.

The case for free trade should not rely on mercantilism

David R. Henderson

Canadians benefit from getting U.S. and Mexican goods more cheaply.

Trump’s trade trifecta will likely target China, Canada and beyond

David R. Henderson

When any government taxes or restricts trade, it makes both sides worse off.

Canada can’t dodge two ‘trade’ bullets shot from the U.S.

David R. Henderson

Donald Trump doesn’t understand the benefits of trade, and Hillary Clinton has criticized trade on the campaign trail.