PLISHMENTS 1994

J-mdwig von Mises (1881-1973) was the century's leading economist of the Austrian School,and a pioneering philosopher and historian as well.His 29 books and 250 scholarly articles made seminal contributions to the social sciences and changedthe course of intellectual history.

Teaching in Vienna, Geneva, and New York,Mises spawned four generations of scholars, andburgeoning movements for decentralized government, private property, and free markets.

On Margit von Mises's counsel, Llewellyn Rockwell founded the Mises Institute in 1982. Mrs.

Mises served as chairman until her death in 1993.

FROM THE PRESIDENT

D.'ear Institute Supporter,

The idea of liberty always buries its undertakers. A yearago, politicians, bureaucrats, and their kept academics thoughtthey could successfully inter our freedoms. But they havebeen confounded by the most important intellectual andpopular resistance of the century.

The Ludwig von Mises Institute is in the forefront of thisstruggle: against left-liberalism in the academy, against thepower and authority of the central state, against the egali-tarianism of elite opinion. Our successes this year, whichyou have made possible, have improved the prospects offreedom in our lifetime.

The media wail about public "cynicism," but we knowthe word is "sophistication." Americans are realizing thatgovernment planning, from Woodrow Wilson to WilliamClinton, has been a fiasco. Two-thirds of the people now saythat Washington, D.C., is too involved in their lives, thatit should not provide welfare, and that we need a radicallydifferent approach to government. Two percent trust thegovernment to do what's right.

Congress lives in fear. The Presidency has shrunk instature. Federal judges are despised. Small businesses arefuming. State legislators are rereading the Constitution.Local militias are forming. Secession is in the air.

This is what you and I have worked for: a counter-revolution to restore private ownership and control of property,the freedom to trade, decentralized political power, andindividual and community liberty. The welfare state maymeet history's scythe by the end of this decade, and thoseconnected to the Beltway are well advised to get out beforethey hear the whoosh.

In academics, the Austrian School of economics—liberty's firmest intellectual foundation—is growing at an

4 • Ludwig von Mises Institute

unprecedented rate. And, as the new edition of a prestigiouseconomics textbook (Amacher and Ulbrich) points out, theAustrian School "is embodied in the Ludwig von Mises Institute."

This year, we were able to help more good students thanever, with financial aid, teaching programs, books, journals,and moral support at hundreds of colleges and universitiesall across America.

In pre-Institute days, it was possible to count the numberof American Austrian economists on two hands. Today,hundreds of professors and graduate assistants teach theAustrian School.

This expansion couldn't be happening at a better time.Egalitarian, scientistic, and post-modern nonsense stilldominates the classroom, but the students are no longerfooled. For they recognize the modern university's mostconspicuous failing: the depreciation of merit.

The realm of genuine learning is under assault, throughreeducation sessions, made-up history, politically correctgrading, and the politicization of everything from dormassignments to library hours.

That's why the modern professorate—having rejectedthe standards of classical education—faces deeply skepticalstudents.

Young people are seeking a principled body of thought,and in economics, that's the Austrian School. As the LondonFinancial Times commented this year, "somewhere up there,Mises is having the last laugh."

In the following pages, we don't include all of our accomplishments in 1994, out of concern for your time and ourprinting budget. But we are proud of what you helped us do,and want to share it with you.

Llewellyn H. Rockwell, Jr.

ACCOMPLISHMENTS 1994

In the typical sociology class, professors openlypreach wealth redistribution. In economics, they pretendto be more scientific, but the message is the same: we needa powerful central government to correct "market failures," to tax away earnings, to provide social insurance,and to regulate every business.

It's different at the Mises Institute, so we attractstudents committed to economic logic, private property,the free market, and individual liberty. But that's notenough. The students we assist with scholarships andother help must also have the intellectual credentials,academic achievements, and moral courage needed tosurvive in today's academy. We want them to be stars, andto go on to teach and influence others for decades into thefuture.

In our summer teaching program, for example, wecovered as much theory, policy, and history as it is humanly possible to absorb in the allotted time. The openinglectures of the Mises University traced the history of theAustrian School, showing the Wstudents that it is a tradition far fegrander than current academicfads. Then the core curriculum

grounded basic economics inreal human affairs, explainingmoney and prices, banking andcapital, interest rates and investment, labor and e n-trepreneurship.

In the elective classes that

followed, the theory was applied

6 • Luilwig von Mises Institute

to issues like central banking, sound money, taxes, government controls, the welfare state, and civil rights.

There were moments of laughter, as when one facultymember drew a skull and crossbones on a graph to represent the government. There were moments of grave reflection, as when we discussed the human cost ofsocialism. But whatever the topic, the students workedhard, from morning to night.

[For a complete listing of Mises U. faculty, presentersat our 1994 conferences, members of our editorial board,and associated scholars, see pages 20-22.]

The Christian Science Monitor doesn't usually coversummer schools, but it ran a story on the 1994 Mises U.Considering what a botch the press makes of economics,it was pretty good.

We were pleased to find the students up on the latestdevelopments because their libraries and professors receive our Review of Austrian Economics, published byKluwer Academic Publishers. It is edited by Mises's successor, Murray N. Rothbard, with the assistance of WalterBlock of the College of the Holy Cross, Steve H. Hanke ofthe Johns Hopkins University, and a 47-member international editorial board.

As the only English-language scholarly journal devotedto the Austrian School, the RAE is indispensable. Until itsestablishment, Keyncsians, Marxists, and others hostile tothe free market could shut our scholars out. But no more. And

this year saw some of the most sought-after issues to date.

AiJso breaking new ground was our 1994 "Costs ofWar" conference in Atlanta. The quality of the papersdelivered, the inch-high stack of praise we received, andthe explosive demand for the tapes lead us to regard it asamong our most successful conferences ever.

Accomplishments 1994 • 7

In the latter days of Leviathan, the welfare statemerges into the warfare state, as the Clinton administration has so aptly demonstrated in Haiti. Ironically, Clinton first proposed sending troops on the opening day ofour conference. Public reaction to the idea was swift and

sharp, with more than 80% opposing the idea. Americanshave had it with foreign adventures. They sense that weneed to concern ourselves with our own problems, especially the sorry state of American liberty.

Over three days, through the War Between the States,the Spanish-American War, World Wir I, and other conflicts, we sought to understand war's cost to freedom,truth, prosperity, and self government, and to reassert theprinciple that our military exists to defend America, notsome "new world order."

The conference was recorded by the Voice of Americaand broadcast worldwide. The papers will also be published as a book, edited by John V. Denson, our vice chairman. In the meantime, students and professors areclamoring for copies of the papers.

J.here is also renewed interest in a journalist whodevoted his life to liberty and truth: Henry Hazlitt, theeconomist, philosopher, novelist, and literary critic who

died last year. We were honored that he served the Insti

tute as a Distinguished Advisor, that his last article was acontribution to the Review ofAustrian Economics, and thathe made the Institute a principal heir. To celebrate the100th anniversary of thisgreat man's birth, we held a

Henry Hazlitt conference in New York, the

8 • Luilwig von Mises Institute

city where he and Mises did their work. It was an unforgettable occasion.

Bettina Bien Greaves of the Foundation for Economic

Education spoke on Hazlitt as an intellectual companionduring the worst of the Keynesian revolution. WilliamPeterson, a student of Mises's, knew Hazlitt well andshared some of his reminiscences. Columnist Joe Sobrantold how, as a student and ever since, he looked to Hazlittas a model of how to write. Lawrence Kudlow, economicseditor at National Review, contrasted the high level ofHazlitt's economics journalism with the low level of today's. And Murray Rothbard paid a moving tribute to hisfriend as man and economist.

Also awakening interest in Hazlitt is the Institute'sbook-length bibliography compiled by our research director Jeffrey Tucker. It includes an essay on Hazlitt's lifeand achievements, annotations of Hazlitt's books, anda list of 6,000 Hazlitt articles, many of which are broughtto light for the first time.

A attendance was also high for our annual AustrianEconomics Weekend at the University of Nevada, LasVegas. Our faculty presented a history of American monetary and banking institutions from the colonial period tothe present, showing it to be a constant struggle betweenthe supporters of inflation and sound money. Our scholarsexplained the origins of money in the free market, howgovernment monopolizes and debases it, and how we canreturn to a sound system. They also discussed the persistent attempts to impose a single fiat money on the world,starting with Bretton Woods.

Our 1994 Supporters Summit, held in Palm BeachGardens, Florida, was a great occasion as well. We renewedold friendships, established new ones, and put our headstogether on matters of theory, strategy, and programs.

Accomplishments 1994 • 9

We talked about "The Real State of the Union," andsome of the more conspicuous federal outrages. We tookapart Clinton's proposals on crime and welfare. And weheard about a new and encouraging phenomenon, theU.S. secession movement. It's already active in countlesscounties and suburbs, but the central state may be next.At the final round-table discussion, George Kocther, along-time friend of Mises and the Institute, announced

^_ his plans to have a bust made ofMurray Rothbard, to accompanythose he had commissioned of

Mises and Hayek.

nil I Rl v 1! a 01 U STRIANBCONOMII -

RBffi

I,.nstitute scholars participated in many other conferencesas well. For example, panels onthe Austrian School were held at

the American, Eastern, Southern, and Western Economic Association meetings. TheAssociation of Private Enterprise Educators includedmany Austrian scholars in its program. Senior FellowDavid Gordon worked closely with the Center for Libertarian Studies. And we were well represented at the JohnRandolph Club.

It's a good sign when serious journalists like MichaelProwse delve into the Austrian School. In a major articlein the London Financial Times, he called the Institute a"center of Austrian research," and wrote that "Austrianshave a niche position in the U.S. largely due to the effortsof Mises, who was driven to New York in 1940 by the riseof Nazism. The technocrats who saw economics as akin

to engineering (a science independent of politics) were stilldefending socialism in the mid-1980s. They still run theprofession but somewhere up there, Mises is having thelast laugh."

10 • Ludwig von Mises Institute

All during the year, students of Mises crowded into ourlibrary for our "Brown Bag Seminar," directed by ourAuburn University academic coordinator, Mark Thornton. We supplied the soft drinks, the students broughttheir own sandwiches, hence "Brown Bag."

Charles Adams, author of For Good and Evil: TheImpact of Taxes on the Courseof Civilization, presented his paper on "Tax Revolts in the Ancient World." Our senior fellow

Yuri Maltsev of Carthage College dropped in to lecture onthe World Bank and the Inter

national Monetary Fund. AndRoger Garrison of Auburn University speculated when the na- rtional debt bomb would

detonate.Yuri N. Maltsev

But mostly, the seminar allows our students to present their own work in an informal setting, an opportunity that is surprisingly rare, andone reason that Campus magazine said "Auburn's program is benefitted by the presence of the highly regardedLudwig von Mises Institute."

The high-quality work of our graduate students atAuburn and other universities, and their assistance tothe Institute under the direction of senior graduatestudent Mark Brandly, makes us very proud. In Auburn,in addition to learning from the outstanding economicsfaculty, they enjoy a vibrant intellectual community.Roger Garrison, for example, a contributor to 1994'sModern Guide to Macroeconomics (Edward Elgar), andwho was described in the New York Review of Books asAmerica's top anti-Kcynesian, is a mentor to our students.

Accomplishments 1994 • 11

Mark Thornton is also an effective mentor, and hispublished work is as likely to turn up in the morning paperas in a high-level journal, making him the kind of old-fashioned scholar we like to cultivate.

Visiting this year as a Henry Hazlitt Fellow is PeterKlein, who is writing his UC-Berkeley PhD dissertationon government intervention in the structure of the firm.Associate editor of the Collected Works of FA. Hayek, he isalso editor of the Institute's student-run Austrian Econom

ics Newsletter.

In residence as O.P. Alford III Visiting Scholar will beJeffrey Herbener, economist at Washington & JeffersonCollege, who is completing a book on egalitarian ideologies in the history of economic thought.

And we are pleased that aPhD program is in the worksat the University of Nevada,Las Vegas. Murray Rothbardand Hans-Hermann Hoppealready teach there, and itwould become an even more

important learning center forMurray N. Rothbard ^ °

the Austrian School.

Rothbard, chairman of our academic programs, ran aUNLV Austrian study group in addition to his teachingand research; Hoppe, our senior fellow, completed a second edition of his acclaimed Theory of Socialism andCapitalism, which the Institute will publish in a textbookedition. Hoppe also served as mentor to the UNLV Aus-trians with a weekly economics seminar, and is known forrefuting opponents of the market at academic meetings.

JLhis year, The Right Guide, published by EconomicsAmerica, includes an extended essay about the Institute,

12 • Ludwig von Mises Institute

noting that our arguments are "gaining interest and respect," and that our scholars are "important defenders offree markets and a free society."

Indeed, our scholars—like money and banking expertJoseph Salerno of Pace University—spoke on campuses allacross the country. And Llewellyn Rockwell too had a busyyear of speaking at universities, think tanks, and conferences. He appeared on lots of radio shows, including RushLimbaugh's (with guest host Walter Williams) and PatBuchanan's, where he was the guest host. Some said thatRockwell was the best part of the show at National Review's Conservative Summit, and Buchanan wrote to sayhe "made the free-trade case with tremendous wit and

eloquence" at the American Cause conference.

A Marxist journalist, used to the no-manners life onthe Left, wrote that the conference organizers from "theLudwig von Mises Institute knew my political orientation,"yet they "treated me in a hospitable manner. I was graciouslyintroduced to some of the very same characters whosepolitics I have routinely scored in print."

Not that we specialize in being nice to Commies. Weprefer helping their victims, which is why we were soproud that our associate, Duro Njavro, became economicadvisor to the president of Croatia, and so glad to aid ateaching program in Russia organized by entrepreneurWilliam B. Grant with the assistance of Yuri Maltsev and

Hans Hoppe.

The Russian program put a special emphasis on theAustrian School, of course, whose modern exponents aregetting more and more attention in the U.S. as well. Acase in point: Murray Rothbard's winning the $20,000Richard M. Weaver Prize from the Ingersoll Foundation.

The Foundation noted that Rothbard "almost defines

the term intellectual maverick. A brilliant economic historian and philosopher, he has almost single-handedly

Accomplishments 1994 • 13

revived the idealism of the old American Republic. He'san individualist to the core, but he has never for a momentlost sight of the social and moral dimensions of themarketplace."

Th.he Institute is a maverick as well, with no interestin the gimmickry that characterizes Washington, D.C.,and which usually leads to compromises with statism.

On a whole range of issues this year, we were anoriginal and uncompromising voice, in such newspapersand magazines as Forbes, Success, the Los Angeles Times,the fournal of Commerce, and the Washington Times.

We continued our fight against quotas in lending. Atfirst, we were a lone voice of protest. Now, many others haverisen up to speak out against this costly form of welfare,including a lead editorial in the Wall Street fournal, whichechoed Institute opinion.

So it goes with other issues, including health care. TheClinton administration's totalitarian medical bill had

only token opposition in its early stages, and the predictable instinct of any D.C. wonk is to promote a slightlyless socialist version. We took a different approach: intensive public education on just how statist it was. And,through radio and print, we also showed why the existingsystem represents a half-way house to socialism.

Yuri Maltsev spoke nationally on medicine and economics in the U.S. and the U.S.S.R. If we want the vital

statistics of Bangladesh, he argued, we can have them.Ralph Reiland and Sarah McCarthy's Free Market pieceon how medical socialism would destroy their small business was extensively quoted. Murray Rothbard did aninfluential Essay in Political Economy on the Clintonplan. Hans Hoppe demolished medical statism in the FreeMarket, with his "Four Point Plan" for freedom. And

14 • Ludwig von Mises Institute

Llewellyn Rockwell, whom Hans F. Sennholz calls "the mostprolific and sagacious writer in our camp," wrote an attackon "The Medical Socialism of V I. Magaziner," which received prominent placement in a flurry of newspapers.

All of this helped play into the suspicions of the American people. What appeared at the beginning of the year tobe a dreadful menace is now a quaint relic of another age.

And before the issue entered the mainstream, wepushed for greater recognition of the 10th Amendment,designed to prevent the political centralization that Jefferson decried as "consolidated government." Old-fashionedconcepts like county militias are suddenly on the cuttingedge of libertarian strategy, and land-rights groups aremushrooming.

Then late last year, we discovered that the Clintonadministration was seeking to create a new internationalbureaucracy called the World Trade Organization. Trumanhad tried a similar stunt, but Senate free traders—led by colleaguesand students of Ludwig vonMises—killed it.

Naturally, we were enticed bythe chance to repeat this gloriousmoment, and we were also drivenby the example of Nafta, whichincreased trade barriers and bu

reaucracy, just as we had predicted(see our Nafta Reader).

We were the first in print with a stinging criticism ofthe WTO in the fournal of Commerce, a piece that set thestage for nearly all subsequent commentary and debate.Then we produced a stream of articles on what real freetrade means: no management by government, especiallynot world government. Our scholars also appeared inanti-WTO press conferences, took to the airwaves, and

JL ye powers notdelegated to theUnited States b\)tye Constitution,nor yroyimteo by itto tye States, arereserved to tye

States respectively,or to t\)e people.

Accomplishments 1994 • 15

made speeches against the scheme. The Wall Street fournal listed us as one of three major opponents.

Then an incredible thing happened: a mass anti-WTOmovement sprung up. Despite the lies and attacks of theestablishment, we continued to take the offensive withThe WTO Reader.

We're not set up to be a legislative resource, but whenSenator Daniel Patrick Moynihan's office called to de

mand information on the WTO,we were glad to comply. But asalways, we were struck by just howblooming ignorant, and arrogant,these Congressional aides are.

It turned out to be only thefirst of many requests, and thousands of WTO Readers flew out of

our offices into the hands of people who count. Rush Limbaugh,for example, was pro-WTO untilhe read it.

The

WTO

Reader

Free MarketCritiques of the

W< >rk 1 Trade

()rganization

Ludwig von Mises InstituteAuburn, Alabama 36849

Our goal is true free trade, notthe government-managed, foreign-aid subsidized, monstrosity we have now. As Human Events reported aboutone event, "The debate between Llewellyn Rockwell andWilliam Hawkins, 'Free Trade vs. Protectionism' wasmuch anticipated and lived up to expectations." Rockwell"offered a powerful restatement of traditional Jeffcrsonianrepublicanism."

J_/nvironmental issues continue to be an economicsore spot. In the name of conservation, property rights areattacked by regulators and fanatics. In the old days, peoplewho thought grass has rights were seen as charminglunatics; today, they're in charge of multi-billion dollar

16 • Ludwig von Mises Institute

agencies. So, we took an aggressive approach, exposing themost sacred tenets—like the idea that recycling savesresources—as patent absurdities. When we were criticizedby the head of an environmental regulatory agency, weknew we were on the right track.

Since last year's assault on Wico, the central state hasstepped up its attacks on local communities and politicalopponents. In several of the cases, we led the counterattack. Our adjunct scholar Justin Raimondo receivednational attention for his analysis of a case in Ovett, Miss.When a militant leftist group attacked a small community, the Justice Department intervened. No needto guess on which side. The scenariois the same in other towns, such asVidor, Berkeley, and Wcdowee. Americans are being denied the rights tofree speech and self government.

Hans-Hermann lloppe

Long before they became controversial, we denounced the plans of the Clinton administration to transfer populations for the sake of some made-up demographic balance, at taxpayer expense of course. Ourdefinitive article on the subject appeared in NationalReview just before the New Republic praised the idea.

Last year, you may recall, we warned against government subsidies to the private-school industry. But the casewas made most completely in our 1994 article on "ThePitfalls Posed by the Voucher System" in Insight magazine. Libertarians and conservatives should drop the issue, it warned, "and fast." Otherwise, we will end up withheavily regulated private schools, even worse publicschools, obliterated school district lines, more welfare,and lower property values.

Many millions were paid to the other side, but nevertheless the movement to subsidize private schools with

Accomplishments 1994 • 17

taxpayers' money began to die this year. Maybe now wecan get on with cutting taxes, so people can have discretionary income to spend on private schools. But we won'tdeny being in hot water with the establishment. On"Firing Line," when Bill Buckley was confronted by theInstitute's arguments, he just snarled.

Like Mises, we're interested in foreign policy, as our"Costs of War" conference showed, and even our op-edprogram is dealing with the subject more often. For example,former Congressman Ron Paul, our Distinguished Counsellor, wrote a widely published column on the "D.C. WarParty," an expanded version of which appeared in the FreeMarket. Columnists picked it up, and one week later, apage-one story in the New York Times reacted in horror. Ourop-ed program also includes Llewellyn Rockwell's columnsin the Washington Times and the Birmingham News.

The number of articles reprinted from the Free Marketis astounding. And there were great ones to choose from,in this monthly edited by Jeffrey Tucker. A Texas studentsaid "Thanks a hundred times over for all the wonderful

material I'm sent by the LvMI. The FreeMarket especiallyprovides me with ammo for debate."

The Investor's Business Daily calls us frequently forbackground information, and reports on the activities ofthe Institute in its pages. It even ran a front-page featureon Mises himself, quoting many of our scholars. HumanEvents not only runs articles we put out, but relies onthem for leads, as does National Review and the WallStreet Journal.

Chronicles, edited by Thomas Fleming, is the bestmagazine of opinion in the country, and nearly every issueruns something by someone associated with the Institute.

We figured strongly in an Insight magazine cover storyon the future of the Right; the war-a-minute op-ed editors atthe Wall Streetfournal finally noted that Justin Raimondo's

18 • Ludwig von Mises Institute

Reclaiming the American Right isthe definitive source on the anti-

New Deal Old Right; and ourwork can be seen in chapter afterchapter of David Frum's DeadRight, which demonstrates thatJack Kemp and many other Republicans are big-governmentconservatives.

We're also frequently reprinted in student newspapers,from Grove City College to the University of Virginia. Andwhen a college newspaper uses our material, it's invariably through the good offices of students and faculty inour network of academic supporters.

More and more, we hear from graduate students whohave been tutored by the Institute since high school. Theyhave been raised on the ideas of markets and liberty, anddedicated their lives to them. And what a joy it is to seegraduates of our program getting top positions and appearing in leading journals. Edward Elgar's Companion toAustrian Economics, for example, includes essays by Donald Boudreaux, economist at Clemson University, MarkThornton, and Peter Klein.

Peter Boettke, economist at New York University, isonly one of the professors using Rothbard's Man, Economy and State as a textbook. In 1994, high demandrequired us to do another large edition of the classic.

JTilm has been another highly successful medium forus, and now—in cooperation with award-winning directorSandra Garritano—we're doing a movie on the origins andmachinations of the Federal Reserve. No wonder Alan

Greenspan is worried. But wait until he sees the mostimportant book on the Fed in its rotten 81-year history:

Accomplishments 1994 • 19

Murray Rothbard's The Case Against the Fed. Though thecentral bank is not today a subject of political controversy,it should be, for it is the engine of big government. Hecalls for abolishing the Fed, and presents a plan to do it.

Across all the groups in the counter-revolution, thereis opposition to the Fed. Our book shows them why theyare right, no matter what elite opinion says, and what theycan do about it.

Greenspan should be concerned. If we've learned anything since the founding of the Institute, it is that principled ideas are more powerful than coercion, connections,and compromise. Of course, that means we get no payments from the big foundations and corporations affiliated with central banking and the central state. We alsorefuse the government dole.

That's not a complaint, of course. We want to beindependent enough to tell the truth, and to fight for it.At this crucial stage of history, students and the Americanpeople are ready for the ideas of liberty, and for concretestrategies to carry them out. That's why, with your support, we want to work even harder for the Austrian School,and the counter-revolution it undergirds.

We want to aid many more good students; to help moreyoung professors; to hold more path-breaking conferences; to publish more books, journals, research guides,newsletters, and monographs; and to expand our teachingprograms—if you make it possible.

As the demand for our ideas increases, so does ourenthusiasm for spreading them. Yet we cannot comeclose to meeting the existing need. Your support, intellectual and financial, is essential. Together, we cansecure a future of learning, liberty, and peace. These arethe ideals of America's founding, and with your help theycan be realized again—in our time. •

SENIOR FACULTY

Murray N. Rothbard, Chairman oiAcademic Affairs, and Editor,Review of Austrian Economics

Walter Block, Senior Fellow, and ExecutiveEditor, HAE

David (.oidoii. Senior Fellow

Bettina Bien Greaves, Senior Mises ScholarSteve II. Hanke, Associate Editor, RAEJeffrey A. Herbener, Visiting Scholar

ADJUNCT SCHOLARS

Dominick Armentano, University ofl lartford

Roger Arnold, California State University,San Marcos

Charles VV. Baird, California State University, 1layward

BniCC Martlet!, Alexis de Tbcqueville InstitutionRobert llaleniareo, Marymount CollegeDon Hcllantc, University of South FloridaAllan Carlson, Koekford InstituteRoy Cordato, Campbell UniversityThomas J. DiLorcnzo, Loyola CollegeRichard Eliding, Hillsdale CollegeRobert II. Ekchiud, Jr., Auburn UniversityLarry J. F.shelman, White Plains, N.Y.Thomas Fleming, ChroniclesSamuel X Francis, Washington TimesEowell Callaway, Ohio UniversityRoger Garrison, Auburn UniversityPaul Gottfried, Elizabethtown CollegeRobert F. Hubert, Auburn UniversityRobert lliggs, Edmonds, WashingtonRandall G. Holcomhe, Florida State

UniversityKurt I.cube, Hoover Institution

Tfbor R. Maehan, Auburn University

Hans-Hermann Hoppe, Senior FellowYuri N. Maltsev, Senior FellowJoseph T. Salerno, Senior FellowMark Thornton, O.R Alford ill Assistant

Professor and Auburn UniversityAcademic Coordinator

Ronald Nash, Reformed TheologicalSeminary

Gary North, American Bureau of EconomicResearch

Igor Oleynik, International Center (orDevelopment Policy

lames Ostrowski, Buffalo, New YorkWilliam II. Peterson, Washington, D.C.Ralph Raieo, Slate University College of

Buffalo

Justin Raimondo, Center for LibertarianStudies

Lawrence Reed, Mackinac CenterCharles K. Rowley, George Mason UniversityLawrence Secbrest, Sul Ross State UniversityGeorge Selgin, University of GeorgiaBarry Smith, State University of New York,

Buffalo

Thomas C. Taylor, Wake Forest UniversityRichard K. Vedder, Ohio UniversityEdwin Vieira, |r., National Alliance for

Constitutional MoneyDeborah Walker, Loyola University)ohn Wells, Auburn UniversityLcland B. Yeagcr, Auburn University

1994 MISES UNIVERSITY FACULTY

Murray N. Rothbard, University of Nevada,Las Vegas

Walter Block, College of the Holy Cross

RogerGarrison, Auburn UniversityDavid Gordon, Mises InstituteJeffrey Herbener, Washington and Jefferson

College

Hans-Hermann Hoppe, University of Nevada,Las Vegas

Yuri Maltsev, Carthage Collegelosepb Salerno, Pace UniversityMark Thornton, Auburn UniversityRichard K. Vedder, Ohio University

20

EDITORIAL HOARD OF THE REVIEW OF AUSTRIAN ECONOMICS •

Martin Anderson, Hoover InstitutionDominick T. Armentano, University of

Hartford

Roger Arnold, California State University,San Marcos

Charles W. Baird, California State University,Hayward

Don Bellante, University of South FloridaJames T. Bennett, George Mason UniversityOlafur Bjornsson, University of IcelandSamuel Bostaph, University of DallasJ.B. Bracewell-Milnes, Surrey, EnglandYale Brozen, University of ChicagoAlfred G. Cuzan, University of West FloridaThomas J. DiLorenzo, Loyola CollegeRichard M. Ebeling, Hillsdale CollegeRobert B. Ekelund, Jr., Auburn UniversityJoseph Fuhrig, Golden Gate UniversityLowell Gallaway, Ohio UniversityFred R. Glahe, University of ColoradoDavid Gordon, Mises InstituteRobert F. Hubert, Auburn UniversityRobert Higgs, Edmonds, WashingtonOle-Jacob Hoff, Tjome, NorwayRandall G. Holcombe, Florida State

University

Hans-Hermann Hoppe, University of Nevada,Las Vegas

Edward Kaplan, Western WashingtonUniversity

Lord Harris of High Cross, Institute ofEconomic Affairs, London

Kurt Leube, Hoover InstitutionStephen O. Littleehild, University of

Birmingham, EnglandNaomi Moldofsky, University of Melbourne,

Australia

Thomas Gale Moore, Floovcr InstitutionJohn C. Moorhouse, Wake Forest

UniversityDavid O'Mahoney, University College of

Cork, IrelandE. C. Pasour, Jr., North Carolina State UniversityWilliam H. Peterson, Washington, D.C.W. Duncan Reekie, University of the

Witwatersrand, South AfricaMorgan O. Reynolds, Texas A&M UniversityCharles K. Rowley, George Mason UniversityJoseph T. Salerno, Pace UniversityArthur Seldon, Institute of Economic Affairs,

London

Sudha Sbcnoy, University of Newcastle,Australia

Mark Skousen, Rollins CollegeGene Smiley, Marquette UniversityJohn W. Sommer, Urban Institute, University

of North Carolina, CharlotteT. Alexander Smith, University of TennesseeThomas C. Taylor, Wake Forest UniversityRichard K. Vedder, Ohio UniversityI,eland B. Yeager, Auburn UniversityAlbert H. Zlabinger, Carl Monger Institute,

Vienna

FACULTY AT THE UNLV AUSTRIAN ECONOMICS WEEKEND

Hans-Hermann Hoppe, University of Nevada,Las Vegas

Yuri N. Maltsev, Carthage College

Llewellyn H. Rockwell, Jr., Mises InstituteMurray N. Rothbard, University of Nevada,

Las Vegas

SPEAKERS AT THE 1994 SUPPORTERS SUMMIT

Burton S. Illumert, Mises InstituteYuri N. Maltscv, Carthage CollegeRon Paul, National Endowment for LibertyLlewellyn H. Rockwell, Jr., Mises Institute

Murray N. Rothbard, University of Nevada,Las Vegas

Joseph Sobran, Syndicated ColumnistJeffrey A. Tucker, Mises Institute

21

PRESENTERS AT THE "COSTS OF WAR" CONFERENCE

Allan Carlson, Rockford InstituteJohn V. Denson, Mises InstituteThomas Fleming, ChroniclesSamuel Francis, Washington TimesPaul Fussell, University of PennsylvaniaRichard Gamble, George Mason UniversityPaul Gottfried, Elizabcthlown CollegeRobert Higgs, Author, Crisis anil LeviathanFlans-Hermann Hoppe, University of Nevada,

Las VegasWilliam Kauffman, Novelist

Yuri N. Maltsev, Carthage CollegeRalph Raico, State University College of

Buffalo

Justin Raimondo, Center for LibertarianStudies

Llewellyn H. Rockwell, Jr., Mises InstituteMurray Rothbard, University of Nevada,

Las VegasJoseph Salerno, Pace UniversityEugene B. Sledge, University of MontevalloJoseph Sobran, Syndicated ColumnistJoseph Stromberg, Center for Libertarian

Studies

Jeffrey A. Tucker, Mises InstituteClyde Wilson, University of South Carolina

STUDENT EDITORS OF THE AUSTRIAN ECONOMICS NEWSLETTER

Editor: Peter G. Klein, University of California,Berkeley

Contributing Editors: iVlark IIrand Iy, DougButler, Peter Calcagno, Paul Cwik, JamesKce, Sandra Klein, Keith Rentier, ShawnRitenour, Doug Walker, Gilbert Werenia,all of Auburn University

Correspondents: Amy M. Boswell, Universityof Notre Dame

Charles Steele, New York UniversityAlexander Tabarrok, George Mason University

Patricia O. Heekman, Vice President, AdministrationNorma M. Jennings, Financial AdministratorJudith F. Thommesen, Director of Scholarly PublicationsJeffrey A. 'Ibcker, Director of Research] Editor, TI:M

Auburn Student AssistantsMark Brandly, directorDoug ButlerPeter CalcagnoPaul Cwik

James KeeSandra Klein

Keith Rentier

Shawn Ritenour

Doug WalkerGilbert Werema

22

Burton S. Blumert, ChairmanJohn V Denson, Vice ChairmanO.P. Alford, IIIRobert T. DofflemyerEllice McDonald, Jr.Ron Paul

Llewellyn H. Rockwell, Jr.Murray N. Rothbard

Deceased Members of the Board of Visitors

Margit von MisesLawrence FertigF.A. HayekHenry Hazlitt

ENTREPRENEURS COUNCIL •

O.P. Alford, IIIDeborah AyersBurton S. Blumeit

Franklin Buchta

Christopher CondonRobert T. DofflemyerWilliam A. Dunn

Robert D. Kephartlohn L. Kreischer

H.F. LangenbergHugh E. I.edbetterLewis E. Lehrman

Robert D. Love

J.J. MahoneyForrest E. Mars, Sr.

Ellice McDonald, Jr.A. Minis, Jr.Tyson PoppedDonald Mosby RembertJames M. RodneyCatherine Dixon Roland

Lelaud W. Schubert

Raleigh L. ShakleeThomas TaylorFrederick G. Wacker, |r.R.G. Wilson

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