As an economist, Walker debunked the wage-fund doctrine and engaged in a prominent scholarly debate with Henry George on land, rent, and taxes. Walker argued in support of bimetallism and although he was an opponent of the nascent socialist movement, he argued that obligations existed between the employer and the employed. He published his "International Bimetallism" at the height of the 1896 presidential election campaign in which economic issues were prominent. Walker was a prolific writer, authoring ten books on political economy and military history. In recognition of his contributions to economic theory, beginning in 1947, the American Economic Association recognized the lifetime achievement of an individual economist with a "Francis A. Walker Medal".