Diana W. Thomas, PhD
Diana W. Thomas, PhD

Diana W. Thomas, PhD

Associate Professor
Director, Institute for Economic Inquiry
Heider College of Business

Academic Appointments


  • Economics and Finance


  • Associate Professor


Dr. Diana Thomas is an Associate Professor of Economics and Director of the Institute for Economic Inquiry at the Heider College of Business at Creighton University.  A German native, she earned her Diploma in Business Administration from Fachhochschule Aachen and her BS in Finance from George Mason University. After gaining some experience as a junior portfolio manager at a mutual fund management company in Frankfurt, Germany, Dr. Thomas returned to George Mason University to complete her MA and PhD in Economics. In her research, Dr. Thomas explores the unintended consequences of regulation and the role political entrepreneurs play in changing the rules that govern society. She has published in a number of academic outlets including Public Choice, Kyklos, Applied Economics, the Southern Economic Journal, and the Journal of Banking and Finance. At Creighton, Dr. Thomas teaches Microeconomics and Public Choice.

Publications and Presentations


  • Bailey, James; Thomas, Diana W., Anderson, Joe, Public Choice, 2018
  • Thomas, Michael D.; Thomas, Diana W., Markets for Blood: Wellbeing and the Return to Productive and Non-Productive Entrepreneurship, Independent Review, 22(4), 2018
  • Bailey, James; Thomas, Diana W., Regulating Away Competition: The Effect of Regulation on Entrepreneurship and Employment, Journal of Regulatory Economics, 52(3), 237-254, 2017
  • Thomas, Diana W.; Gorry, Devon H. Regulation and the Cost of Child Care, Applied Economics, 49 (141), 4138-4147, 2017
  • Thomas, D., Shughart II, W.F., What Did Economists Do? Euvoluntary, voluntary, and Coercive Institutions for Collective Action, Southern Economic Journal, 80(4), 926-937, 2015
  • Thomas, D., Thomas, M., Markets for Blood: Wellbeing and the Return to Productive and Non-Productive Entrepreneurship, Independent Review, 2015
  • Thomas, D., Shughart II, W.F., Intellectual Property Rights, Public Choice, Networks, and the New Age of Informal IP Regimes, Supreme Court Economic Review, 2015
  • Thomas, D., Blau, B., Brough, T. Economic Freedom and the Stability of Stock Prices: A Cross-Country Analysis, The Journal of International Money and Finance, 41, 182-196, 2014
  • Thomas, D., Thomas, M., Entrepreneurship: Catallactic and Constitutional Perspectives, The Review of Austrian Economics, 27(1), 11-22, 2014
  • Thomas, D., Blau, B., Brough, T., Corporate Lobbying, Political Connections, and the Bailout of Banks, Journal of Banking & Finance, 37(8), 3007-3017, 2013
  • Thomas, D., Thomas, M., Snow, N., Rational lIrrationality and the Political Process of Repeal: The Women's Organiztion for National Prohibition Reform and the 21st Amendment, Kyklos, 66(1), 130-152, 2013
  • Thomas, D., Martin, A., Two-Tiered Political Entrepreneurship and the Congressional Committee System, Public Choice, 154(1-2), 21-37, 2013
  • Thomas, D., Leeson, P., The Brewer, The Baker, and the Monopoly Maker, Journal of Entrepreneurship and Public Policy, 2013
  • Thomas, D., Yonk, R., Young, S., In and Out of the Commons - Extractive Public Entrepreneurship and the Aggie Blue Bikes Program, Journal of Public and Municipal Finance, 2012
  • Thomas, D., The Institutional Context of Epistemic Communities: Experts in PT Bauer's Work, Advances in Austrian Economics, 17, 81-97, 2012
  • Thomas, D., Thomas, M., Encourage a Productive Research Agenda: Peter Boetke and the Devil's Test, Journal of Private Enterprise, 26(1), 103-115, 2010
  • Thomas, D., Simmons, R., Yonk, R., Bootleggers, Baptists and Political Entrepreneurs: Key Players in the Rational and Morality Play of Regulatory Politics, Independent Review, 15(3), 2010
  • Thomas, D., Deregulation Despite Transitional Gains-The Brewers Guild of Cologne 1461, Public Choice, 140(3), 329-3340, 2009


  • Thomas, D., Regressive Effects of Regulaion, Mercatus Center Working Paper, 2015

Editing and Reviews

  • Thomas, D., Shughart, W.F., Antitrust Busybodies, The Washington Times, 2013
  • Thomas, D., Simmons R., Utah's declining economic freedom, the Salt Lake Tribune, 2012
  • Thomas, D., Blau, B., Brough, T., Many happy returns, the Salt Lake Tribune, 2011


  • Regressive Effects of Regulation on Wages, 2017
  • Between Ignorance and Irrationality – What Political Institutions can Tell Us about the True Culprit in Government Failure Theory, 2016
  • Panelist, Regulation of Industry, Employment, and Entrepreneurship. Public Choice Society Annual Meeting, 2015
  • Panelist, The Law of the Taxi: Informal Property Rights Institutions Among Peruvian Taxi Drivers. Southern Economic Association Annual Meeting, Atlanta, GA, 2014
  • Panelist: ADR Volatility and Regulation. Southern Economic Association Annual Metting, Atlanta, GA, 2014
  • Markets for Blood. Colloquium on Market Institutions and Economic Processes, New York University, 2014
  • Expert Witness, The Effects of Regulation on Low-Income Households, 2013
  • Ignorance, Irrationality and Intransitivity, Market vs. Government Failure and Institutions and Economic Performance. The Institute for Humane Studies Summer Seminar, 2013
  • America is #18, The Isms and Is Rational Ignorance and Oxymoron. Foundation for Economic Education Summer Seminar-Anything Peaceful, 2013
  • Bootleggers and Baptists, Government vs. Governance and Austrian Macro: The Boom and Bust Cycle. The Institute for Humane Studies Summer Seminar, 2012
  • Ignorance, Irrationality, and Intransitivity, Market vs. Government Failure and Government vs. Governance. The Institute for Humane Studies Summer Seminar- Liberty and Current Issues, 2012
  • Bootleggers and Baptists, Austrian Economics, and Political Entrepreneurship. The Institute for Humane Studies Summer Seminar, 2011
  • Spontaneous Order and the Market Process, Politics without Romance, and Economic Theories of Regulation. The Institute for Humane Studies Summer Seminar., 2010