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The Adam Smith Fellowships aim to introduce students to and encourage them to critically engage key thinkers in political economy that they might not otherwise encounter during their graduate studies. Smith Fellows receive a quarterly stipend and spend three weekends during the academic year and one week during the summer in residence at George Mason University participating in workshops and seminars on the Austrian, Virginia, and Bloomington schools of political economy. The fellowship is designed for PhD students with research or teaching interests that would benefit from a greater understanding of key writings in political economy. Fellows must commit to traveling for colloquia during the academic year, including three weekends and one week in residence at George Mason University. The fellowship covers travel and lodging expenses for attending the colloquia along with the stipend.

The Frederic Bastiat Fellowship is designed to introduce graduate students to the Austrian, Virginian, and Bloomington schools of political economy as academic foundations for pursuing contemporary policy analysis. The fellowship provides a total award of up to $5,000, which includes a stipend as well as travel and lodging expenses to attend colloquia hosted by the Mercatus Center. Fellows are required to travel during 6 weekends for these colloquia during the upcoming academic year. The fellowship offers opportunities for professional development in public policy research and outreach. Bastiat Fellows are also eligible to apply for additional conference and research support beyond the initial fellowship award. The program encourages ongoing participation, as fellows can re-apply to the fellowship each year throughout their graduate studies, making it a potentially renewable opportunity for continued professional development and engagement with market-oriented policy analysis.