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1991
THE LUDWIG VON MISES INSTITUTE
BOARD OF VISITORS
Mrs. Ludwig von Mises
Chairman
John V. Denson
Vice Chairman
O. P. Alford, III
SENIOR FACULTY
Murray N. Rothbard, academic vicepresident
and editor, RAE
Walter Block, senior fellow and co-editor, RAE
David Gordon, senior fellow
Bettina Bien Greaves, senior Mises scholar
Steve Hanke, associate editor, RAE
Hans-Hermann Hoppe, senior fellow
Yuri N. Maltsev, seniorfellow
Mark Thornton, Auburn University academic coordinatorand editor, A EN
ADJUNCT SCHOLARS
Robert V. Andelson, Auburn University
Roger Arnold, California State University, San Marcos
Dominick Armentano, University of Hartford
Charles W. Baird, California State University, HaywardBruce Bartlett, U.S. Treasury DepartmentDon Bellante, University of South Florida
Joe Cobb, Alexis de Tocqueville Institute
Roy Cordato, Institute for Research on the Economicsof Taxation
Thomas J. DiLorenzo, University of Tennessee,Chattanooga
Richard Ebeling, Hillsdale College
Robert B. Ekelund, Auburn University
Williamson Evers, Hoover Institution
Roger Garrison, Auburn University
Paul Gottfried, Elizabethtoivn College
Robert F. Hebert, Auburn University
Jeffrey Herbcner, Washington andJefferson College
Burton S. Blumert
Lawrence Fertig*
F. A. Hayek
Henry Hazlitt
Ellice McDonald, Jr.
•deceased
Robert Higgs, Seattle UniversityRandall G. Holcombe, Florida State UniversityEdward L. Hudgins, Heritage FoundationKurt Leube, Hoover Institution
Tibor Machan, Auburn University
Ronald Nash, Reformed Theological Seminary, Orlando
Gary North, American Bureau of Economic ResearchIgorOieinik, International Center forDevelopment PolicyDavid Osterfeld, St. Joseph's CollegeJames Ostrowski, Buffalo, New York
William Peterson, Campbell UniversityRalph Raico, State University College at BuffaloLawrence Reed, Mackinac Center
Joseph Salerno, Pace University
George Selgin, University of Georgia
Mark Skousen, Rollins College
Thomas C. Taylor, Wake Forest UniversityLeland B. Yeager, Auburn UniversityEdwin Vieira, Jr., National Alliance forConstitutional Money
MEDIA FELLOWS
Tom Bethell, The American Spectator
James Bovard, author
M. Stanton Evans, National Journalism Center
Samuel Francis, Washington Times
Graeme B. Littler, Bureau Affairs
Bradley Miller, author
William Murchison, Dallas Morning News
Howard Phillips, Conservative Caucus
Joseph Sobran, National Review
In the ninth year o( theLudwig von Mises Institute, we were able to ex
pand our programs, reach a wideraudience, and have more influ
ence in the academic world and
among the general public thanever before.
Typical was a call that our senior fellow Yuri N. Maltsev re
ceived from a famous Sovietologist.
This man had come across some
publications on Misesand the Austrian School, read them and then
more, and realized that he and theentire Sovietological establish
ment had been wrong in their analysis of socialism. Mises and hiscolleagues, this man said, had beenright all along.
In 1991, however, Americans
shifted their attention from excit
FROM THE PRESIDENT
ing events overseas,where one yearearlier freedom was on the march
against a defeated communism, tothe domestic scene, where big gov
ernment continues to grow. Ameri
cans began to see the deepcorrosion that statist policies havecaused in our economy and society.In the name of egalitarianism and
welfare, the managerial state takesmore and more control ofour lives,
our families, and our businesses.
We have less freedom and less
prosperity.Thanks to Washington,D.C., the standard of living is declining, with at least one majorpressure group—the radical environmentalists—openly dedicatedto just that result.
The federal government longago abandoned impartiality andbegan rewarding certain industriesat the expense of others. This led,inevitably, to favoritism towardsome socioeconomic groups andnot others, and certain members ofthe labor force and not others. The
result? We are slipping into something like tribal warfare betweencompeting pressure groups definedby their economic interests, race,
sex, physical abilities, and even sexlives.
That's why the work we do for
a free society has ever more importance. We can't change this or that
policy in Congress tomorrow oreven next year, but for the longterm, in the universities and amongthe intellectuals, we are makingprogress.
No society can remain freewithout the intellectual founda
tions of liberty, or the institutionsthat grow from them: private property, free markets, sound money,freedom to contract, and the rule of
law. And the most effective case for
these ideas and institutions is to be
found in the work of Ludwig von
Mises and the Austrian School.
As we have done for the last
nine years, with the help of generous Institute Members we will con
tinue to fight for these ideals. Howcan we flag? As Ludwig von Misesnoted, the idea of liberty built theWest, and we have a civilization at
stake.
Ouj&U
Llewellyn H. Rockwell, Jr.President
CONTENTS
FROM THE PRESIDENT 1
CONFERENCES 2
FILM 7
PUBLICATIONS 7
MEDIA COVERAGE 12
SCHOLARS AND STUDENTS 13
MISCELLANEOUS 18
COLLEGES AND UNIVERSITIES 19
1991 provided us with manynew opportunities to teachthese ideas, and we took
advantage of them with a shoestring budget and a small full-timestaff, but lots of hard work and
conviction.
In particular, we sponsored
new scholarship to bolster the casefor liberty. As always, we choosetopics that are both timely and unlikely to be explored by othergroups.
We held three important con
ferences this year.The most recentwasThe Political Economy of Bu
reaucracy, at the College of William and Mary in Williamsburg,Virginia, in October. Government
at all levels has 30 million employees. Yet little scholarship has been
done from an Austrian School
standpoint to try to explain andfight bureaucratic growth.
This conference generatedeleven path-breaking papers as topscholars from around the countrypresented new research applyingeconomic insights to diverse issuesin bureaucracy. The participants—
CONFERENCES
students, business leaders, other
scholars, and journalists—enjoyedhearing a different perspective.
Professor Murray N.
Rothbard of the University of Nevada, Las Vegas,showed that elitesmust rule in both the private andpublic sectors, but while the market insures that elites circulate, in
the public sector all is frozen. Hesuggested a return to the Jcfferson-ian "spoils" system, where bureaucrats are tossed out each time the
party in power changes.
Dr. Samuel Francis of the
Washington Times defined bureau
cracy as a system of power thatstands outside society's voluntary
institutions and is inherently inconflict with them. He argued forJames Burnham's thesis that a man
agerial revolution created a tech
nocratic elite intent on managingthe economy, education, church,family, and culture. He speculatedthat we will see a middle-class re
bellion fueled by hatred of taxesand redistribution.
The interaction between in
terest-group lobbying and bureau
cracy was explored by ProfessorThomas DiLorenzo of the Univer
sity of Tennessee at Chattanooga.Not only does the present system ofgovernment not discourage specialinterests, as the Founders hoped, itencourages them. Environmental
Yuri Mdltsev, Thomas Taylor ofthe WakeForest University School ofBusiness, andJohn Momhoust', chairman ofthe Wake
Forest Economics Department, at ourbureaucracy conference.
groups, protectionist groups, civilrights organizations, and manymore, receive government money,
which they use to lobby for moregovernment, and which they evenfunnel to sympathetic candidates.
The economics professionhasaided the bureaucratic state. Pro
fessor Joseph Salerno of Pace Uni
versity analyzed the public choiceand Austrian schools, showing that
only the Austrian School has provided the rigorous theoretical
framework for understanding bu
reaucracy that Mises did in hisbooks Liberalism and Bureaucracy.The government sector has noprofit and loss system, and therefore cannot calculate the best use
of resources. It does not matter if
bureaucrats are well-intentioned;
they lack the tools to do the job.
In a further attack on the eco
nomics establishment, Dr. RoyCordato of the Institute for Re
search on the Economics of Taxa
tion argued that the "public goods"justification for bureaucratic intervention is totally fallacious. TheAustrian School critique of bu
reaucracy argues that state administrators have neither the will nor
the way to improve the operationsof the free-market economy.
Applying theory to Americanhistory, Professor Jeffrey Herbcner
of Washington and Jefferson College showed that sometimes bureaucrats intentionally create acrisis to be "solved" by more intervention, medical care being an example. He also showed that the
massive regulatory apparatus of the modernstate makes our mixed
economy less and lessresponsive to changes in consumer
preferences and more vulnerableduring recessions.
Because the American econ
omy wasn't the first to be bureau-cratized, Dr. Allan Carlson of the
Rockford Institute told the stun
ning story of Sweden's decline intobureaucratic barbarism, especiallyas it affected children. He appliedMises's analysis of the cumulative
nature of government interventionto family life, and showed thatAmerica is taking the same path:completing the welfare state to"solve" the problems welfarism hascreated. The only solution is abolishing the state's role as a parent
substitute.
Professor Yuri N. Maltsev of
Carthage College discussed theproblems of Soviet bureaucracy, asubject he knows well havingworked many years in the SovietAcademy of Sciences before detecting. In that poor country, bureaucratization has become worse
under Mikhail Gorbachev, and the
Soviets haven't even begun to reformsociety and the economy. Evenafter the coup, the same bureaucrats
remain in charge. Maltsev worriedabout the creation of an interna
tional bureaucracy, in which Soviet
and American officials conspire topreserve their power.
Concentrating on domesticbureaucrats, Professor David Fand
XT
CONFERENCES
Bureaucracy ConferenceTZ
of George Mason University demonstratedthe bureaucratic think
ing that led to the SekLcrisis. "Non-bank banks," since
their inception in the 1930s, weregiven special privileges since theywere thought to serve the poor.There has been an egalitarian assumption behind their regulatorytreatment. Regulators also thought
it was important to give privilegesto investors in real estate, since this
would "prevent recession."
American education was dis
cussed by Dr. Thomas Fleming ofChronicles. It is, he said, in a deplorable state because it is in the hands
of a bureaucratic elite in Washington, D.C. The autonomy o( localschool boards and teachers has
been smashed, along with parentalauthority. He ridiculed proposedreforms emanating from the academy, designed to further that control. For example, school voucherswould destroy the independence o\any private school that took them.There is only one real reform: radical decentralization and disman
tling of the state educationapparatus.
Bureaucracy doesn't only affect the economy. Professor Hans-Hermann Hoppe of the University
of Nevada, Las Vegas, argued thatincreased bureaucratization leads
to a lowering of the time horizonsof the public, making them preferimmediate consumption to saving.Bureaucratic interventionism leads
to shorter production projects,fewer technological advancements,
CONFERENCES
Tom DiLorenzo
spoke on"Handicapping
Ilie Handicapped"at the egalitarian
conference.
illusory equality—to special legal privileges, includ
ing preferences for jobs andother people's money redis
tributed through the state.
This creates a welfare
state, Joe Salerno pointedout, that ultimately puts all
private wealth up forseizurebyany group gaining powerin the transfer state. Social
and reduced prosperity. The political system of majoritarian democracy itself, argued Hoppe, tends tohave a corrupting influence on thesecurity of property.
The eleven papers will bepublished in a book. Some will alsobe published in our "Essays in Political Economy" series, and distributed otherwise.
A second academic confer
ence addressed another critical
topic in American society: Egali-tarianism and the Free Society inPrinceton, New Jersey, in April. Itfeatured top economists, journalists, historians, sociologists, and
philosophers.
Murray Rothbard extolled inequality. He argued that innate differences make inequalitypervasive, but this is something tocelebrate. The economic division
of labor requires it, since it allows
people to improve themselves andtheir lot based on their respectivetalents. Yet today, we have an ever-expanding list of certified victimgroups entitled—in the name of an
w. often assume thai egalitarians
are sincerely seeking aworthy social goal, hutthey use the language ofequality as a politicalbludgeon.
cooperation, he said, is in large part
created by the free-market pricesystem, which assigns an objectivenumber to the value of resources
and allows profit and loss calculation to insure that resources are
used efficiently. He showed thatwelfare transfers injure the calcula
tion process, and diminish theoverall welfare of society. DavidFand added in his paper that eventhe voting mechanism can implytransfers of wealth when the systemis rigged to give some groups moreinfluence than others.
The intellectual sources of
egalitarianism were explored byJeff Herbener. He traced its critics
from the ancient philosophers tothe modern Austrian School and
demonstrated that only the natural, unequal social order of freedom
allows individual creativity to befully exercised. In a similar vein,Llewellyn H. Rockwell, Jr., president of the Mises Institute, dis
cussed envy as the primary enginefor egalitarian social engineering.
The desire for social leveling
under majoritarian democracy, saidProfessor Paul Gottfried ol
Elizabethtown College, flows from
the idea that the right to participation in the political process is moreimportant than the security of private property. Nowadays, the pursuit of even global democracy isput-above the traditional institutions
that secure our freedom.
Tom DiLorenzo pointed out
that there are 43 different categories of disability recognized by theWashington bureaucracy. Theirony is that disability legislation,
especially the Americans WithDisability Act of 1990, ends uphurting the disabled. Special privilegeserect barriers to participationin the division of labor.
Feminists have also asserted
the status of a victim group, andProfessor Steven Goldberg of theCity College of New York exam
ined some of their claims. For ex
ample, that it is an arbitrary socialchoice whether men or women
hold dominant positions in government and business, and that
women are entitled to preferences,given historic discrimination.
Using insights from sociobiologyand history, he argued that socialengineers at the least should becautious about sexual leveling.
Yet another form of egalitarian ism sails under the flag of civilrights, and Joseph Sobran of National Review argued that the modern definition of civil rights
contradicts the older version of
rights. The difference, he said, isthat civil rights are really group
entitlements whereas real rightsare inherent to each individual in
the same proportion.
We often assume that egalitarians are sincerely seeking a wor
thy social goal, but Sam Francisargued that more often, they use thelanguage of equality as a politicalbludgeon.The managerial class that
runs the bureaucratic state in the
name of equality has a symbiotic relationship with elected politiciansanil big business, which establishes a
new elite that justifies its power inegalitarian terms. When we hear theword "equality," he warned, weshould think "power grab."
CONFERENCES
Ludwig von Mises addressedquestions of equality and inequality, seeing the answers as funda
mental to fighting socialism andstatism. Dr. David Gordon of the
Mises Institute discussed Mises's
view that egalitarianism isa war onthe natural social and economic
order. A system where individualdifferences work themselves out
through the market process is pre
ferred to one where the state pigeonholes people according to
their political power.
Egalitarian ideology tears atthe substance of every institution,
and Tom Fleming noted how public schooling is designed to promote equality and thus punishacademic excellence. It has also
meant the bullyingof private alternatives to state control.
The Mises Institute not only
holds academic conferences, but
we also teach students about the
Austrian School. To that end, our
O.P. Alford III Center held the 6th
annual Mises University at Stan
ford University in July. There, students of economics receive an
alternative to conventional eco
nomics, which is most often based
on anti-market intellectual foun
dations. Thus we do an end run
around mainstream economics,
and introduce a whole new generation to the Austrian School.
This year we offered 58
classes, 12 seminars, four plenarylectures and discussions, and time
for socializing. This amounts to 146
individual sessions conducted over
seven and a half days. Each studentchose the sessions he wanted
within a framework that allowed 40
hours of classroom time, plus seminars and plenary lectures. At anyone time, four or five classes were
held at once. On two occasions, 13
seminars ran simultaneously.
Our 17 member faculty consisted of Robert Batemarco of
Marymount College; Walter Blockof the College of the Holy Cross;John Egger of Towson State Uni
versity; Roger Garrison of Auburn
University; Robert Higgsof SeattleUniversity; Mark Thornton of Auburn University; Justin Raimondo,author of Reclaiming the AmericanRight; and Rothbard, Hoppe,Maltsev, Salerno, Cordato, DiL
orenzo, Gordon, Herbener,
Sobran, and Rockwell.
Out of hundreds of applications, we admitted 120 students to
the program. "The quality of thestudents was higher than ever," said
Joe Salerno. "They were well-read,interested, had excellent questions, and demonstrated outstand
ing prospects for the future. I don'tknow where all these young Austri-
ans keep coming from, but it surewas encouraging."
"Times sure have changed,"said Murray Rothbard. "I remember when youcould count the Austrian economists on one hand and
the interested students on two.
Now we've got an army out there,in both faculty and students. Whata pleasure. I wish Misescould haveseen this." (For a complete report
on the conference, drop us a note.)
For next year's Mises University, we have refined course offerings in light of new literature, and
once again raised the academiclevel. We will add new features too,
including a documentary aboutMises's life and work (about which
more later) and structured discus
sions on controversies in Austrian
School theory and policy.
Students should get their applications in early for next year'sconference, which will again be
CONFERENCES
held at Stanford University andrun from July 4-11. Full-time students and faculty are encouraged towrite our vice president, PatriciaHeckman, at the Mises Institute
(Auburn University, Auburn, AL,
36849) for a complete catalog andinformation packet.
Before the Mises University,we held an intensive three-day in
troductory workshop for businesspeople and professionals on theideas of the Austrian School. The
next Austrian Economics Week
end, our seventh, will be held at the
University ofNevada, LasVegas, inMarch 1992. For more informa
tion, drop us a note.
We also help sponsor a twice-monthly Austrian School colloquium in Fairfax, Virginia, nearGeorge Mason University, directedby Roy Cordato. It draws economists and other interested scholars
from the entire area. This year, we
had papers by Tom DiLorenzo,Peter Boettke of New York Univer
sity, Karen Vaughn of GeorgeMason University, William Butosof Trinity College, Sandy Ikeda ofCalifornia State University at Hay-ward, Richard Wagner of GeorgeMason University, William G. Lat-fer of the Heritage Foundation,Karen Palesek of Towson State
University, and others.
We are also planning our second conference on the history, the
ory, and practice of the Federal Reserve, May 8-10, on Jekyll Island,Georgia. We will meet in the same
building where the Federal ReserveAct was signed. Unfortunately, wehave no time machine to go backand stop it!
In October 1992, we will cel
ebrate our 10th anniversary with amajor conference on AustrianSchool economics in New York
City, and a gala banquet. We intend the guest of honor to be Mrs.Ludwig von Mises.
Margit and Ludwig von Mises
The John Randolph Club is anew scholarly organization, whichthe Mises Institute helped found,along with the Rockford Institute
and the Center for Libertarian
Studies. We held our first meetingin Dallas to discuss a wide range ofpolicy issues. The second meetingwill be in January 1992 near Washington, D. O, under the chairmanship of Murray Rothbard. TheHeritage Foundation's Policy Review published Professor M.E.Bradford's keynote address fromour first meeting, National Review
said we "had a great lineup," andHuman Events praised the Club'seffort to "bring together conservatives and libertarians." In addi
tion to Rothbard, the club's
trustees include Tom Fleming,Lew Rockwell, Allan Carlson,
Burton Blumert of the Center for
Libertarian Studies, and Michael
Warder of the Rockford Institute.
Film! It's a medium we
have only begun to work
with, but we hope it willbe useful in classrooms and busi
ness groups, and eventually ontelevision, in introducing the
ideas of freedom. Our first projectwas the documentary "Libertyand Economics: The Ludwig vonMises Legacy," produced and di
FILM and PUBLICATIONS
rected by Emmy Award-winnerSandra Garritano. You won't
want to miss this film, featuring
the good guys and bad guys of thecentury, with amazing footage,intelligent interviews, great
music, and moving testimony toMises's contributions.
"Liberty and Economics" hasalready won a coveted nominationfor Northern California's Joey
Award for educational documenta
ries. From the scuttlebutt in the
industry, we anticipate many moresuch honors. And for these Left-
leaning nomination committees torecognize our film, you know it hasto be good!
We have just finished a film of
a Mises University lecture by Mur
ray Rothbard on the future of the
Austrian School. Our next project
is a documentary on the history of
the Federal Reserve System, ex
actly how it does its damage, and
why America needs sound money.
The Review of AustrianEconomics became a
twice-yearly journal in1991, making its articles eligiblefor the Journal of Economic Literature. The most recent (volume
5, number 2) features essays byRichard K. Vedder and Lowell
Gallaway of Ohio University onthe great depression of 1946;Murray Rothbard on de-social
7
ization; Jeff Herbener on Mises;
Hans Hoppe on German unification; Mises fellow Alexander
Tabarrok on taxes; and several
book reviews. The previous issuefeatures Bob Higgs on 18 "problematic propositions" in measuring the growth of government;Bruce Benson of Florida State
University on the economics of
contract law; A.M. Endres of the
University of Auckland, NewZealand on Wieser's and
Menger's contributions to Austrian capital and interest theory;Roger Garrison on New Classical
economics in comparison to Aus
trian economics; and David Os-
terfeld of St. Joseph's College onmercantilism and Marxism. The
RAE remains the only academicjournal in the world devoted toAustrian economics.
The Free Market continued to
produce 12 hard-hitting issues ayear. We featured articles by DomArmentano, Jim Bovard, Tom DiLorenzo, Sam Francis, Paul Gottfried,
Bob Higgs, Matt Hoffman, HansHoppe, Greg Kaza, Bill Laffer, YuriMaltsev, Bradley Miller, Bill Mur-chison, IgorOieinik, Jim Ostrowski,Morgan Reynolds of Texas AekM,
Lew Rockwell, Murray Rothbard,Joe Sobran, Clifford Thies of theUniversity of Baltimore, AlexTabarrok, Mark Thornton, JeffTucker, and many others. Theywrote on subjects as diverse as AlanGreenspan, Norplant, Martin Luther King, and the undergroundeconomy.
Simeon Hebert wrote us: "I
am writing my Ph.D. dissertationand look forward each month to
the breath of fresh air (and clear
thinking) I get in TheFree Market.The articles are so well written that
I have often used them to sway
recalcitrant friends."
The Free Market was even
mentioned in the Journal of Economic Perspectives, for reporting onMiscs's vindication after socialism's
collapse. And conservative giantNeil McCaffrey, writing for hisConservative Book Club, calls The
Free Market "arresting." Comment
ing on one issue, he said:
Murray Rothbard's "BankCrisis!" is a fresh, instructive
look at why even good banks areat risk. Yuri Maltsev, a Russian
free marketeer, offers so many
sound insights into "MikhailGorbachev: Communist" that he
stands no chance at all of beingconsulted by the White House orthe State Department. PaulGottfried's "Rethinking Vouchers,"alerts us to a danger I hadn'tthoughtof. He pointsout tftiat theliberals, if they behave as usual,will use vouchers to intrude still
more into private schools.
The most original article inthe issue (and the most fun) is"Rockwell's Thirty-Day Plan...."It projects how America mightescape the curse of liberalism andreturn to sanity and decency. Adream? I suppose so. But decidefor yourself. You're likely to disagree with this or that plank inhis platform, but do read it andreflect on (a) how far we've de
scended from both morals and
PUBLICATIONS
good sense, and (b) how most ofus, conservatives included, ac
cept the vile premises of liberalism—which, of course, dooms our
efforts. Until we challenge themroot and branch, we'll keepspending our days and yearsjust puttingout fires. Or rather, putting out a
few of the fires. More of them burn
away undisturbed, leaving—De
troit.
For a complete set of all 12issues of the 1991 FreeMarket, send
$10.
Calls to interview our authors
are frequent. So are reprints fromThe Free Market. For example,Consumers' Research magazine reprinted Jim Bovard's article on thedairy industry, Matthew Hoffman's"Attack of the Killer Cows" was
published all over the country in
agricultural magazines, two of Lew
Rockwell's articles were reprintedin Conservative Review, and Wil
liam F. Buckley wrote a column ona Doug Bandow article on the budget, most of it quoted straight fromthe pages of The Free Market. Andwe were quoted in such papers asthe Washington Times and the Mobile Press-Register.
The Economics oj Liberty, edited by Lew Rockwell, collects thebest from The Free Market and in
cludes other articles as well, to pro
duce an outstanding introduction
to economic policy. John Chamberlain gave it a favorable review intinman Events, noting that the volume contains "plenty of gripes"about the government, but alsoplenty of solutions. Bestselling
author Mary Pride said, "every oneof the writers in this book can write.
If you like bland, this is not thebook for you.... The Economics ofLiberty is a very readable introduction to a fresh viewpoint on a hostof economic and political issues."The book was also featured by theConservative Book Club and Lais-
sez-Faire Review.
Tom Fleming, writing inChronicles, said:
Lew Rockwell and his col
leagues at the Ludwig von Mises
Institute have managed to keepalive a pure strain of libertarian-ism, uncontaminated by thepower fantasies of the soft right or
the erotic fantasies ol lifestyle libertarians. With an economic the
ory firmly grounded in theAustrian School and a passionateattachment to the American
principle of limited government,these 'paleolibertarians' do morethan issue press releases or littlereports that no one reads.Through regular conferences anil
summer-school programs they
have been creating a following ofintelligent students, and through
their series of books, pamphlets,and reprints, they are doing what
they can to stall the progress ofbureaucracy and mind-control that
is spreading throughout even- institution
of American life....
(Tlhis book...[is]fresh evidence that
the dissolution of
the Soviet empire(followed by the disintegration of the
monolithic Ameri
canright) isan oppor
PUBLICATIONS
tunity to rethink the past sixtyyears ofAmerican political history.
This year we put our Essays in
Political Economy in an attractive
new format. Each is a scholarly but
accessiblepaper distributed to boththe academic community and themedia.
The first issue was Equality asa Political Weapon by Samuel Francis, which argued that modern pol
itics is dominated by the language
of equality, hut not for egalitarianends. The real purpose is the accumulation of power by an entrenched elite of politicians and
bureaucrats.
The second was De-Socializa
tion in a United Germany by Hans-Hermann Hoppe. The unification of
Germany foisted an incredible burden of East German welfare liabili
ties on the West German public,making the newly reunited Germany a social democratic welfare
state of massive proportions. TheEast is better off, but there was lost
a historic opportunity to scrap socialism in West and East Germany.
The third was Egalitarianism,
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Centralism, and the Debasement ofAmerican Education by ThomasFleming, showing how schoolsare routinely harassed by the stateon egalitarian grounds. He concludes that any reform in educa
tion must be a step backwards if itcentralizes decision-making inWashington, D.C. And that in
cludes the vouchers advocated bythe Bush administration.
The fourth was Tom
DiLorenzo's Handicapping theHandicapped: State Intervention forthe Differently Abled, presented atthe egalitarianism conference, argues that the legislation designedto help disabled people overcomebarriers to their participation in
the division of labor actually endsup hurting most disabled people.
The fifth was Paul Gottfried's
Teaching Democratic Values, demonstrating how the elevation ofvoting rights above respect for private property has put society on apath toward majoritarian tyrannyand the managerial state. He arguesthat the dominant intellectual
trends, on both right and left, support the egalitarian ideology underlying this trend.
The sixth was Allan
Carlson's The Political Economy ofMixed-Economy Welfarism: TheCase ofSweden,which shows wherethe American welfare state is lead
ing. He shows how Sweden's experiment effectively destroyed notonly the economy but the privateinstitutions that underlie a goodsociety: family and property.
The Austrian Economics News
letter is an institution dating backnearly 15 years. (It was originallypublished by the Center for Libertarian Studies.) Edited by studentsunder the guidance of MarkThornton of Auburn University, itis our vanguard publication forcommunicating new ideas and news
to economics students in the U.S.
and around the world. This year'sissues featured an article on antitnist
by Tom DiLorenzo; an interviewwith Leland Yeager; Jeff Herbenerand BarrySmith of the International
Academyof Philosophyon methodology and mathematical theorizing;Alexander TabarrokOnsubjectivism
and value theory; Christopher Lin-gle of Miami University on European integration; Roger Koppl ofFairleigh Dickinson University onLudwig Lachmann; Hans Hoppeonthe contributions of Mises; book
reviews on central banking, taxation, Austrian theory, biographies,and anthologies; conference reports, and news. Students and In
stitute Members may receive it on
request.
Freedom, Inequality, Primitiv-isril, and the Division of Dtbor byMurray N. Rothbard was first pub
lished more than 20 years ago, butwasout of print until we brought itback with a new introduction bythe author. In this importantmonograph, Rothbard demonstrates how the socialist Left has a
broader agenda than collectivizing
PUBLICATIONS
A>
I. Praxoology
unci
UndcrslnmlinK
,.i«irnr«
•~™
FREEDOM.
INEQUALITY.
PKIM1TIVISH.
AND THE
DIVISION OF LABOR
Econamli CalcuUllou
in Hit
Sochflfl Commo allh
property; they want a general social
leveling through group victimization and privilege. Put simply, theLeft is at war with the division of
labor. One reviewer said, this is a
"handbook to understanding thepolitics of the 1990s." Another
powerful book by Rothbard isWhatHas Government Done to Our
Money!, widelyregarded as the single best introduction to monetarytheory ever written. We reprinted
it in a new, updated edition. It covers the origins of money and banking, the decline of the goldstandard, the appearance of central
banking, and the destruction that
followed.
It was reviewed by ThomasFleming in Chronicles:
Murray Rothbard isno rogue
economist, subordinating humanconcerns to economic calculation,
lie hasalwaysbeen a historian and,
above all, a moralist whose obses
sion with human liberty has madehim enemies across the political
10
spectrum. His little book on
money, first published in 1963,provides a clear and entertainingaccount ofmoney andbanking fr< >mthe perspective of the AustrianSch(X)l, as well as a nutshell historyof American economic policy.Rothbard is learned but never pedantic, simple without ever trivializing his complicated subject. Thelxx)k has converted many of themost skeptical readers to the dextrine of hard money and ought tobeput in the hands of every parentand potential voter in the UnitedStates. If that sounds too much like
coercion, then order the book.
The particular method of economic theorizing is the tool economists regard as legitimate to theircraft. Austrian economists have
their own views on the issue, and
we printed Praxeology and Understanding by University of Georgiaeconomist (and former Mises fel
low)George Selgin to help sort outthese issues. It explains the difference between good theoreticalscholarship and historical investigation, the role mathematicsshould play, and the role of empirical and deductive approaches.
Being hailed around the
world is Economic Calculation in the
Socialist Commornvealth, written in
1920 by Ludwig von Mises. We reprinted it with a foreword by Polisheconomist Jacek Kochanowicz, anintroduction by Russian economistYuri Maltsev, and a postscript byJoseph Salerno. Not only did this
essay predict the collapse of socialism, but it explained why it was inevitable. Economists, unfortunately,
are just now beginning to incorporate the Misesian lesson that private property is the foundation ofrational economies and there is no
short cut. Joe Salerno's postscript,"Why Socialist Economy is Impossible," will be reprinted in TheMarket Solution to Economic De
velopment in Eastern Europe(Edwin Mellen Press), edited byRobert W. McGee.
The Richard Ebeling edited
volume, Mone\, Method, and theMarket Process, which we co-published with Kluwer Academic Pub
lishers, isfilledwith wonderfulessaysby Mises. In the yearsince its publication, it has emerged as the bestsingle work introducing the mainideas of the Austrian School. Tit is
workisbeing translated into Russianand published by the Russian Academy of Sciences, along with Miscs's
Econojnic Policy forToday andTomorrow, thanks to Richard Ebeling.
We are also reprinting one of
the best defenses of sound money,
Murray N. Rothbard's classic Ca.sefor a 100% Gold Dollar, with a newintroduction, and Lew "Rockwell's
edited volume, The Gokl Standard:
Austrian School Perspectives, also
with a new introduction. This
book—in a special edition forstudents and faculty—contains
important monetary essays byMurray Rothbard, Roger Garrison,
Hans Stennholz, Richard Ebeling,
Lawrence White, Joseph Salerno,and others.
The Meaning of Ludwig vonMises: Contributions in Economics,
PUBLICATIONS
Epistemology, Political Philosophy,and Sociology, edited by JeffreyHerbener, will be out in the first
quarter of next year from KluwerAcademics. It collects outstanding
essays on Mises's contributions toeconomic thought, with contributions by Israel Kirzner, MurrayRothbard, Leland Yeager, HansHoppe, and many others. We willkeep you abreast of developments.
Also due out from Kluwer in
our series of Studies in Austrian
Economics is The Economics and
Ethics of Private Policy by our seniorfellow Hans-Hermann Hoppe. Hislast book, A Theory ofSocialism andCapitalism, continues to be a world
wide bestseller (in academic terms,
at least!).
Everyone knows that Misesforetold the collapse of socialismand demolished the intellectual
edifice upon which it wasbuilt. Butwhat did Mises have to say aboutthe post-socialist age? The answeris plenty. We have compiled twowonderful examples in a new hook,
Two Essays by Ludwig von Mises.The essays are "Liberty and Property," which shows that we cannothave one without the other, and
"Middle-of-the-Road Policy Leadsto Socialism," which demonstrates
the logical contradictions of amixed system like the U.S.'s today.A new and extensive introduction
is by Tom DiLorenzo. He discussesmodern government failures (public schools, welfare, health policy,
11
environmentalism) and shows how
Misesian logic explains them.
Here's something to look forward to in 1992: a collection of
Murray Rothbard's greatest but inaccessible articles on the econom
ics of the Austrian School. It will
be a massive tome, which will serve
as an overview of the Austrian
School and Rothbard's contribu
tions to it.
We also published a new and
attractive brochure about the ac
tivities of the Mises Institute, and
reprinted a classic pamphlet oneconomic myths by Rothbard in ahandy new format.
In addition, we helped Professor Ron Howard schedule the
Dofflemycr Lecture Series at
Stanford University, and arrangedfor our media fellow Joe Sobran to
teach and give a university-widelecture at Washington StateUniversity's Freedom PhilosophyDay sponsored by G. F. and Florence Maughmer. In previous years,our scholars Murray Rothbard andHans Hoppe have participated inthis program.
Lew Rockwell lectured on
the work of the Ludwigvon Mises Institute at
the Heritage Foundation in
Washington, D.C. He spoke
about the founding and purposeof the Institute, the progress ofour ideas, and our plans for thefuture. He also spoke at theAmerican Legislative ExchangeCouncil's 18th annual meeting
(other lecturers included Jack
Kemp and Bill Bennett) and atRon Paul's "Bretton Woods II"
monetary conference in Bretton
Woods, New Hampshire. Otherspeakers included our trustee
Burton S. Blumert, our media fel
lows Joe Sobran and Richard
Band, and our adjunct scholarMark Skousen.
Rockwell was invited to tour
the Balticstates by Howard Phillips's
Conservative Caucus Foundation.
His other talks included the
Dofflemyer Lecture Series at Stanford University; Sound Money Investor Conferences in Orlando,
MEDIA COVERAGE
Florida, Las Vegas, Nevada, andSan Jose, Costa Rica; ProfessorMurray Sabrin's free market lectureseries at Ramapo College in NewJersey, which was videotaped forbroadcast; the First Annual Maine
Conservation Rights Congress;Gary North's American VisionConference at the University ofAlabama; the Certified Financial
Planners Meeting in Solomons Island, Maryland; the University of
South Alabama's campus-wide lecture series; and the National Agricultural Aviation Association
annual meeting. He was quotedextensively in the media on sub
jects as diverse as tax cuts, disability legislation, the Thomasnomination, and the growth ofexec
utivepower, and he wasinterviewedby Money Magazine.
THE WALL STREET,JOURNAL.
WHEAMEIUCANSPECTATOR
12
Rockwell's articles ran in such
publications asChronicles, the Journal of Libertarian Studies, the NewAmerican, the Minneapolis Star Tribune, the Conservative Review,USA Today, and Antithesis, and hehas had a series of commissioned
columns in the Los Angeles Times.
He wrote an analysis of the
pope's new encyclical, "Cen-tesimus Annus," for the WashingtonTimes, which appeared the dayafter the encyclical and stirred upmuch controversy, by argtiing thatthe new document was a vast im
provement over others this century,which have promoted socialistwaysof thinking about economic problems. He has also written on unem
ployment benefits for the Times, andbeen frequently quoted in its potent"Inside the Beltway"column byJohnElvin, as well as by Insight magazine.
Professor Walter Williams ofGeorge Mason University wrote a
column about Lew's monograph onthe environment published by theCenter for Libertarian Studies. The
"column generated great re
sponse," he wrote us. "Most of theresponse was supportive. However,
I did receive a few letters of con
demnation and I was warned about
my chances on getting into
heaven." The bookstore at Stan
ford University bought 100 copies
of the publication, which may havebeen responsible for the Bay Areafire.Ray Archer alsoquoted it in theArizona Republic. America's toptalkshow host, Rush Limbaugh, did
a show based oh the monograph(400 stations), and the Mackinac
MEDIA COVERAGE and SCHOLARS AND STUDENTS
Center's Lawrence Reed, in a col
umn on the monograph, calledRockwell "one of the most brilliant
advocates of the free market
today." Reviewing it, the Rev. R.J.Rushdoony wrote, "Anything LewRockwell writes isa delight to read,witty, telling and giving in a shortspace what others cannot say inhundreds of pages."
Charley Reese mentioned anarticle of LewRockwell's in his syn
dicated column, calling him "a
young man with a brain and a pen
as sharp as a samurai sword." AndJim Grant of the influential Grant'sInterest Rate Observer wrote to con
gratulate him on his "Victorian Fi
nance" editorial.
The Washington Times quotedLew Rockwell as saying, "If Bushand company continue doing tothe U.S. economy what the Air
Force did to the RepublicanGuards, we may have really serioustrouble in short order." And in
Redwood City, California, a newspaper praised a Chamber of Com
merce speech of Rockwell's.
In addition, Rockwell is
heard several times a
week on top radio talkshows around the coun
try, on subjects rangingfrom taxes to the envi
ronment. Cliff Kincaid,
the famous conservative
commentator in Wash
ington, wrote to Rockwell: "Do you write your own material? Some of your lines are better
than Jay Leno's." Rockwell andRothbard were also mentioned in a
cover story for The American Spectator, formerly The Alternative.
The award for generating the
most response this year goes to Paul
Gottfried's and Jeffrey Tucker's"Rethinking Civil Rights," which
argued that the 1964 civilrights act was corrupt to thecote and that it is the basis—
historically, logically, andphilosophically—of all ourmodern racial troubles. The ar
ticle was read on radio stations
around the country, and we received more than 700 requestsforreprints over the phone andthrough the mail. BothGottfried and Tucker re
ceived dozens of calls for in
terviews on the piece.
The Ma?;qin, a national magazine for economics majors, rati a
news story on last year's Mises University by Dawn Webber: "Gatheredhere weresome of the leading think
ers of the Austrian School today,and the students were eager to
learn. One of the most rewardingparts of the conferences was the
rare opportunity for participants to
13
\\\W\^\\W^
Beltinu Bieri Greaves
interact with the Austrian thinkers
whose works they had read and admired."
We have initiated a periodicprize for economic malarkey. It'shigh time, because there are somany worthy recipients. We call it
the Oskar Lange prize, after Mises'sgreat socialist foe in the calculationdebate. This year, wegave the prizeto Robert Kuttner for his book The
End of Laissez-Faire and to RobertHeilbroner for his lifetime devo
tion to socialism.
e are most pleasedto announce that
Bettina Bien Greaves
of the Foundation for Economic
Education has joined us as theDistinguished Mises Scholar.Mrs. Greaves who attended
Mises's American seminar from
beginning to end, is the editor ofa new collection of essays byMises called Economic Freedom
and Interventionism, co-editor of
On the Manipulation of Money andCredit by Mises, compiler of thecomplete annotated bibliography
W;
of works by Mises and about him,
and has written widely on the Austrian School. She and her late hus
band, Professor Percy Greaves,were close colleagues and friends of
Ludwig and Margit von Mises, andshe helps Mrs. Mises with much ofher work today. We intend to callon her knowledge and wisdom frequently.
This year Murray Rothbardreceived global attention in the ac
ademic community. With the
French edition of his classic The Eth
ics of Liberty now out, the French
quarterly Journal des Economistes etdes Etudes hlumaines published a laudatory symposium on thebook. Onecontributor, Bertrand Lemennicier,
professor of economics at the Uni
versities of Lille and Paris, saysRothbard prophesied the problems
associatedwith returning property toits just owners after confiscation
under socialism. He concludes: "It
isno longerpossible to do any studies of economics or rights while
ignoring the contribution of Mur
ray Rothbard.... L'ethique de laliberte is one of the most important
treatises on political and juridicalphilosophy of our century." Thereis also a new French collection of
his economic essays entitledEconomistes et Charlatans with an
introduction by F. A. Hayek. "Thecontributions of Professor Rothbard
to the great tradition of Misesscholarship are among the mostsignificant," writes Hayek. Howwonderful "that the ideas of this
tradition" are now made accessible
in this "priceless guide for under
SCHOLARS AND STUDENTS
standing today'sdebateson politicaleconomy." Rothbard has also written for the National Review, the Con
servative Review, Chronicles, the
Journal ofEconomic Histoi-y, the Dan
ish journal Praxeologica, the ReviewofAustrian Economics, the Journal ofLibertarian Studies, and the Rothbard-
Rockwell Report. He is revising hismanuscript, The Betrayal of theAmerican Right, for publication, andcontinues to work on his multi-vol
ume history of economic thought.
Our student Parth Shah be
came Professor Parth Shah of the
University of Michigan-Dearborn
this year. He wrote us a wonderfulletter (see insert).
Ron Paul, our senior counsel
lor, published the Ron Paul Money
Book, a compilation of his writingson the gold standard and related
issues. His "At Issue" television
show, produced by the NationalEndowment for Liberty, wasshown
on C-NBC. And a coalition ofcon
servatives and libertarians formed
a national committee to urge him
to challenge George Bush in theRepublican primaries.
Our senior fellows and ad
junct scholars are among the mostactive writers and thinkers in the
academic community. Here are justa few examples:
Our senior fellow Yuri N.
Maltsev, formerly of the U.S.S.R.'sAcademy of Sciences, has beenspeaking all over the country for
the economics of Ludwig von
Mises. And he has even done some
consulting for the World Bank, butprobably only once, since he tells
them what they don't want to hear:Soviet reforms are going nowhere
and in the wrong direction at thesame time. He has also published,with our aid, several pieces on theSoviet Union in the Washington
Times and elsewhere, which led
many Soviet newspapers and journals, including Pravda before it
went under, to reprint his comments. His Russian colleague IgorOieinik, our adjunct scholar, has
also published several articles, andhas started a consulting service for
people wanting to do business inthe Soviet Union.
Ronald Nash of the Reformed
Theological Seminary, Orlandocampus, lectured on economics andreligion in the Soviet Union and at
the Acton Institute. The second edi
tion ofhis Poverty and Wealth hasjustbeen published.
Our senior fellow Walter
Block moved from the Fraser Insti
tute to the economics departmentof the College of the Holy Cross,and published in the Journal ofBusiness Ethics, the Harvard JournalofLaw arid Public Policy, theJournalof Pricing Management, the Journalof Public Finance and Public Choice,the International Journal of SocialEconomics, and theJournal of LaborEconomics.
Richard Ebeling of Hillsdale
College edited two books: AustrianEconomics : A Reader and Austrian
Economics: Perspectives on the Past
SCHOLARS AND STUDENTS
and Prospects for the Future. He isalso vice president of the Future ofFreedom Foundation.
Paul Gottfried of Elizabeth-
town College has finished, withThomas Fleming, the second edition of their comprehensive bookon the Conservative Movement. He
wrote for the Political Science Re
viewer and Society, and published abook on Car! Schmitt: Politics and
Theory. The first issue of the journal of his Center for Business and
Society, This World, has a lead essayby our David Gordon on the illogicof mass democracy.
Roy Cordato is completing a
book on externalities and effi
ciency from an Austrian Schoolperspective, to be published, withour assistance, by Kluwer Academic Publishers.
Mark Skousen of Rollins
College finished editing a hook
from our Harvard conference on
Keynesian economics, due soonfrom Praeger, and he is working onan Austrian college-level textbook.
Thomas DiLorenzo of the
University of Tennessee, Chattanooga, completed a book with
James Bennett on Telling It Like ItIsn't: Federal Government Propaganda and authored a monographon energy policy for the Center for
the Study of American Business.He exposes ill-directed (i.e., Left-
directed) corporate philanthropywith the Capital Research Center,and writes frequently for The Freeman and many newspapers.
15
Some ofourscholars and students(from Ioj> left to right): Roger
damson, Marl; Thornton. Robert
Higgs, Waller Block, DavidGordon,and Jeffrey Tucker.
Roger Garrison of Auburn
University continues his research
on business cycle theory, and haswritten for the Cato Journal, the
Southern Economic Journal, and theJournal of Economic Literature, aswell as contributing two entries toEncyclopedia of Business Cycles,Panics, Crises, and Depressions.
Dom Armentano of the
University of Hartford is helpinglead the magnificent tax revolt inConnecticut. He writes fre
quently for Connecticut newspapers, did an introduction to a newedition of his Anti-Trust Policy,and published in the Mid-AtlanticJournal of Business.
James Ostrowski, a practicing
attorney in Buffalo, New York,published "Answering the Criticsof Drug Legalization" in the NotreDame Journal of Law, Ethics, andPublic Policy. The article, whichWilliam F. Buckley called a "tremendous piece, absolutely brilliant," will also be published in aHoover Institution book. And he
has written for the Wall StreetJour
nal on the irrationality of govern
ment regulation.
Thomas C. Taylor, dean ofthe business school at Wake Forest
University, spent the summer lecturing on accounting and economic calculation at the Moscow
State Institute of International Re
lations.
Robert Higgs of Seattle Universityedited a book on Arms, Politics, and the Economy, andcontributed frequently to suchmagazines as The Freeman.
Edward L. Hudgins of theHeritage Foundation continues hiswork on budgetary issues, foreignaid, and desocialization. Igor
Oieinik of the International Cen
ter for Development Policy writesfrequently on the incomplete orphony Soviet reforms. LawrenceReed has built Michigan's Mackinac Center into a most respectedand influential think tank.
Joe Salerno of Pace Univer
sity has contributed two entries tothe Encyclopedia of the AmericanRight, on William H. Hutt andGottfried Haberler, and publishedan article in the Journal desEconomistes et des Etudes Humaines
SCHOLARS AND STUDENTS
on the monetary theories of JohnLaw and A.R.J. Turgot.
Mark Thornton, the O.P. Al-
ford III assistant professor of economics, got much press attentionforhis Freeman articleon drug legalization, and his study for the Cato
Institute on the same subject, including a mention in SteveChapman's syndicated column.
Several newspapers mentioned hisplan to sell the Post Office to pri
vate investors, and he has a book
forthcoming from the University ofUtah Press on The Economics ofProhibition.
The annual meeting of theSouthwestern Social Science As
sociation in San Antonio had a
strong Mises Institute connection:
Mark Thornton chaired panels on
the "Financial Crisis," with RogerGarrison, Parth Shah, MurrayRothbard, and our former studentsnow teaching, John McCallie of theUniversity of Alabama, Birmingham, and Larry Sechrest ofSul RossState University;and on the "Down-fall of Communism" with Hans
Hoppe, Yuri Maltsev, MurrayRothbard, and LarrySechrest. MarkThornton also co-authored a paper
on the "Economics of Prohibition
and Crime" with Richard Beil of
Auburn University.
Our UCLA Mises fellow,
Sven Thommesen, is spending ayear teaching Austrian economicsat the University of Alma Ata, andacting as economics advisor to thegovernment of the Soviet Republicof Kazakhstan. Flis wife, Judy
16
Thommesen, who heads ourpublications department, will join himthere for part of the year.
A panel at a scholarly conference in Latvia sponsored by theUkrainian Academy of Sciences,assisted by the Sabre Foundation,featured a discussion of the works
of Mises and his followers. GeorgeSelgin warned against the futile ef
forts to impose new fiat paper currencies in the Baltics and other
ex-Soviet areas. Sven Thommesen
commented on the paper.
Senior scholar David Gordon
published more than 20 scholarlyarticlesthis yearand publisheda newbook, Resurrecting Marx, whichdemolishes analytical Marxism.
RESURRECTING
MARXTn« AnalyticalMarxist! onFreadom, jExploitation, .and Justice
_,' -.-X .
He has also finished a monographon the Philosophical Origias ofthe Austrian School, which we will publish.
Steve Hanke of the Johns
Hopkins University has been busyconsulting with the governments
of Albania, Argentina, Bulgaria,Chile, Lithuania, Russia, and Yu
goslavia. Known as the "currencydoctor," Hanke prescribes an immediate end to: central bankingand state ownership of the meansof production. He has written for
many publications, includingBarrons, the London FinancialTimes, and the Wall StreetJournal.
On October 15, 1991, Uni
versity of Chicago emeritus professor, R. H. Coase, won the Nobel
Prize in economics. Some Austrian
School economists celebrated, be
cause his articles have argued thatprivatearrangementsbetween property holders solve social and economic problems better than
government planners; he debunked the myth that lighthouses
are a public good, since privatelighthouses have worked well; andhe writes in clear, logical, non-mathematical language, in con
trast to most of the profession,which has for decades been trying
to confuse this social science with
physics (see insert).
The forthcoming Encyclopediaofthe American Right, edited byGregory Wolfe, has entries by Rothbardon Ludwig von Mises; Rockwell on
Austrian economics, and on envy;Free Market managing editor Jeffrey Tucker on Garet Garrett,
George Santayana, and enterprisezones; and Miscs fellow Alexander
Tabarrok on Ayn Rand.
Tucker has published articlesand reviews in Crisis, Chronicles,The Freeman, and Human Events
(an article which was also the basis
of a column by William F. Buckley). He speaks regularly on soundeconomics at M. Stanton Evans's
National Journalism Center, and de
livered a talk at Morton Blackwell's
Leadership Institute. He co-au-
SCHOLARS AND STUDENTS
October 29 1***»«*OnL *"'* %
dent on the r Cco»»>mcv , / •, ,s *e
""Possible for '""'"•'"> IV.J^'f^lysis.
/,cai'lly on U eco'"»»>c «•„,„ 'he n«me of •
*•""kill my c/' '" Ja"^ 1992 ', SChed"l'd«onomiay*"J<for ,he 199j '"'"Pose rf„
****** out0ftke
Gdry North
thorcd an article with Lew Rock
well on the "Cultural Thought ofLudwigvon Mises"which appearedin the Journal of Libertarian Studies;reprints are available to Members.Just drop us a note.
In addition to their studies,
our students around the countryhelp promote the work of the MisesInstitute and the ideas of freedom.
Many are helpful in doing the nuts-and-bolts work of the Mises Uni
versity—selecting topics, assigning
schedules, etc, such as Richard
Hite of George Mason Universityand Amy Marshall of Notre Dame.Others help prepare manuscripts
17
for publication, as Sofia Bump ofGMU has done. Alexander
Tabarrok of GMU, in addition to
teaching, has had several scholarlyarticles in major journals, including the Review of Austrian Economics. And Peter Klein of Berkeleyis working on the collected workof F.A. Hayek and as the new
managing editor of the Journal ofLibertarian Studies. We also gethelp from Brian Gill, Laura
Minech, Jim Kee, and SandyJohnson of Auburn University.
Our media fellows help usspread the word about free markets,and consult with us frequently
SCHOLARS AND STUDENTS and MISCELLANEOUS
about economics and economic
policy. For example, Tom Bethell,
who writes for the American Spectator- and the Los Angeles Times, is finishing a book on private property.James Bovard has a new book on
The Fair Trade Fraud and writes for
the Wall StreetJournal and Washing
ton Times. Samuel Francis writes a
column for the Washington Times
and Chronicles that Pat Buchanan
calls"astoundingly good." WilliamMurchison writes a syndicated col
umn fromthe Dallas Morning News.Joseph Sobran, critic-at-large forthe National Review, writes a syndicated column.
The Leadership Institutenoted in its literature
that "the world remem
bers Ludwig von Misesnot only forhis own writings but also for found
ing the fmodernl Austrian Schoolof economics. He passed down his
thoughts by teaching and guidingyounger economists."
In a speech, Nobel laureateMilton Friedman said: "There is no
doubt in my mind that Lttdwig vonMises has done more to spread thefundamental ideas of free markets
than any other individual."
E.J. Dionne of the WashingtonPost mentioned Mises prominentlyin an article for the "Outlook" sec
tion of that paper, and his book,Why Americans Hate Politics,chronicles Rothbard's role in the
MISES BUILDING FUND
S400,000
$300,000 —
$100,000
intellectual and political history ofthe Right.
Sfry magazine called the Austrian School of economics "ultra
laissez-faire." Editorial note to Spy:laissez-faire—complete economic
freedom—is like pregnancy Youeither are or you aren't. There is
no such thing as ultra laissez-faire.
The Wall Street Journal quotedan extensive passage from Mises's
^
Socialism in their "Notable &.
Quotable" section, and we insuredthat free-market books spreadthroughout Eastern Europe and theBaltics, including boxes of anti-so
cialist literature taken with Lew on
his trip.
Dr.JamesE.Martin, presidentof Auburn University, wrote that
the "Mises Institute iscontributingsignificantly to the visibility of Au
burn University through its publications and financially through its
scholarship to undergraduates andgraduate students. Lew Rockwellis, in my opinion, doing an out-
Standing job in providing leadership for the von Mises Institute andhas certainly worked in a most co
operative manner with the AuburnUniversity faculty and staff."
NASA called to discussa possible contract, if we could demon
strate that their technology benefitsthe economy at large. No thanks.
We explained that everydime spenton NASA means less resources for
the restof the economy, and thus lessoverall innovation, technological
and otherwise. So much for the government gravy train!
=~^
1Thank you for a great year, the biggest
and best yet. Next year, pleasejoin us as
we celebrate our tenth anniversary tvilh
more work for freedom.
^^= S18
COLLEGES AND UNIVERSITIES
In 1991, we were pleased to help students and faculty at the followingcolleges and universities through scholarships, teaching programs,
books and other publications.
Air Force Institute ofTechnologyAlbright CollegeAlfred UniversityAlleghenyCollegeAllen Hancock CollegeAllcntown CollegeAmerican Graduate School
of International ManagementAmerican UniversityAmherst CollegeAndrews UniversityAnna Maria CollegeAppalachian State UniversityArapahoe CollegeArizona State UniversityArkansas Tech UniversityAshland CollegeAssumptionCollegeAtlantic Baptist Bible CollegeAuburn UniversityAuburn University at MontgomeryAustin State UniversityBabson CollegeBall State University
Baal CollegeBarnard CollegeBaruchCollegeBatesCollegeBaylorUniversityBellarmine CollegeBellevue CollegeBelmont College
Belmont Abbey CollegeBcloit CollegeBenedict CollegeThe BenedictineCollegeBennington CollegeBentleyCollege-Berry CollegeBethany CollegeBiola UniversityBirmingham SouthernCollegeBishopCollegeBluffton CollegeBoiseState UniversityBoston College
Boston UniversityBowdoin CollegeBowling Green State UniversityBloornfield CollegeBrandeis UniversityBrigham YoungUniversityBrownUniversityBucknell UniversityButler UniversityCalifornia State Polytechnic InstituteCalifornia State University, FullertonCaliforniaState University, HaywardCalifornia State University, LongBeachCaliforniaState University,Lis AngelesCalifornia State University, NorthridgeCalifornia State University, SacramentoCalvin College
Cameron UniversityCampbellUniversityCarleton CollegeCarnegie Mellon UniversityCarroll CollegeCarthage CollegeCase Western ReserveUniversityCatawba CollegeCatholic Universityof AmericaCentenaryCollegeCentral CollegeCentral State UniversityCentreCollegeChaminade UniversityChapmanCollegeTile Citadel
City Universityof New YorkClaremont McKenna CollegeClark UniversityClarkson UniversityClearwater Christian CollegeClernson UniversityCleveland State UniversityColby College-Colgate UniversityCollege ol the HolyCrossCollege of the MainlandCollege ol MarinCollege of Saint ThomasCollege of the SouthwestCollege of William and MaryColorado State UniversityColumbia University
Columbus College-Connecticut CollegeCornell UniversityCuyahoga College-Dallas Baptist UniversityDallasCounty CollegeDanmouth CollegeDavidson CollegeDe Anza CollegeDekalb CollegeDenison UniversityDe Paul UniversityDeVry Institute of TechnologyDrake UniversityDrew UniversityDrexel UniversityDuke UniversityEastern CollegeEastern Carolina UniversityEastern Illinois UniversityEastern Kentucky UniversityEastern Oregon State CollegeEastern Washington UniversityElizabethtown CollegeEmbryRiddle Aeronautics UniversityEmory UniversityEmory and Henry CollegeFairfield UniversityFairleigh Dickinson UniversityFelician College
19
FitchburgState CollegeFlorida Atlantic UniversityFlorida Institute of TechnologyFlorida International UniversityFlorida State UniversityRootHillsCollegeFordham UniversityFramingham .StateCollege-FrancisMarion CollegeFranklinand MarshallCollegeFurman UniversityGalveston CollegeGeorge Mason UniversityGeorge Mason University School of
Law
Georgetown UniversityGeorgetown University School of LawGeorge Washington UniversityGeorgia CollegeGeorgia Institute of TechnologyGeorgia Southern UniversityGeorgia State UniversityGettysburg College-Golden Gate UniversityGoucher CollegeGraceland College-Grand Canyon UniversityGrantham College of EngineeringGrove City CollegeGuilford CollegeHamilton CollegeHampshire CollegeHampden-SydneyCollegeHarding UniversityHarvard University
Harvey Mudd CollegeHaverfordCollegeHillsdale College-Hiram CollegeIlohart ami WilliamSmith CollegesHorstra UniversityHopeCollegeHouston Baptist UniversityHoward UniversityHoward Payne UniversityHudson ValleyCollegeHumboldt State UniversityHunter College1luntingdonCollegeHuntington CollegeHyles-Anderson College-IdahoState UniversityIllinois State UniversityIndiana UniversityIndiana University School of Law-Indiana State UniversityIndiana Wesleyan UniversityInternational UniversityIowa Wesleyan CollegeItawamba College-Ithaca CollegeJacksonvilleState UniversityJacksonville University
John Brown UniversityJohn Carroll UniversityJohns Hopkins UniversityJuanita CollegeKansas State UniversityKent Slate UniversityKenyon CollegeKirkwoodCollegeKutztown UniversityLake Erie College-Lake Forest College-Lake Forest Graduate School
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COLLEGES AND UNIVERSITIES
Salem StateCollegeSalisbury State (CollegeSamHouston StateUniversitySainton! UniversitySan Diego CollegeSan IMego Slate UniversitySan Francisco State UniversitySan JoseState UniversitySarahLawrence <tollegeSaybrook InstituteSchiller International UniversitySeattle UniversitySeton I[all UniversitySlu-lion Stale College-Shepherd CollegeShorter CollegeSiena CollegeSierra Nevada i CollegeSimmonsCollegeSkidinote CollegeSmith College
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20
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ENTREPRENEURS COUNCIL
O. P. Alford, III, Alabama
Deborah Ayers, MarylandBurton S. Blumert, California
Christopher Condon, TexasRobert T. Dofflerayer, CaliforniaWilliam A. Dunn, Florida
Robert D. Kephart, Florida
David H. Keyston, California
John L. Kreischer, Pennsylvania
H. E Langenbcrg, Missouri
Hugh E. Ledbetter, Oklahoma
Lewis E. Lehrman, New York
Robert D. Love, Kansas
J.J. Mahoney, .South Carolina
Forrest E. Mars, Sr., Nevada
A. Minis, Jr., GeorgiaTyson Poppell, Texas
Donald Mosby Rembert, Virginia
James M. Rodney, MichiganCatherine Dixon Roland, Alabama
Leland W. Schubert, New Jersey
Raleigh L. Shaklee, California
Thomas Taylor, MassachusettsFrederick G. Wacker, Jr., Illinois
STAFF
Rachael Black, production editor
Leah Claybrook, office coordinator
Alecia Cox, financial assistant
Patricia Heckman, administrative vice presidentMardelle Orr, controller
Judith Thommesen, publications director andmanaging editor, RAE
Jeffrey Tucker, assistant go the president andmanaging editor, TFM
f
The pictures of Ludwig
von Mises used throughout Accomplishments 1991
are from Bettina Bien
Greaves's private collec
tion, and we thank her (or
their use.
1
K M
"There is no third system between amarket economy and socialism.
Mankind has to choose between those
two systems—unless chaos is consideredan alternative."
Ludwig von Mises
The Ludwig von Mises InstituteAuburn UniversityAuburn, Alabama 36849-5301
Phone (205) 844-2500 ♦ fax (205) 844-2583