Mises Institute Annual Report

ANNUAL REPORT 2019

CONTENTS Chairman’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Our Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Our Principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 The Mises Institute . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Research Fellows Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Mises University . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Mises Institute Seminars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Mises Online . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Media Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Social Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Books and Publications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Ward and Massey Libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Mises Bookstore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Our Alumni . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 From Our Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Society and Club Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Board of Directors | Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Senior Fellows | Fellows | Associated Scholars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Message from the President . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 2020 Coming Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

MISES INSTITUTE • 518 WEST MAGNOLIA AVENUE, AUBURN, AL 36832 • 334.321.2100 MISES.ORG • CONTACT@MISES.ORG THE MISES INSTITUTE IS A NONPROFIT ORGANIZATION. CONTRIBUTIONS ARE TAX-DEDUCTIBLE TO THE FULL EXTENT OF THE LAW.

CHAIRMAN’S REPORT Llewellyn H. Rockwell, Jr. When I founded the Ludwig von Mises Institute in 1982, his widow Margit von Mises was enthusiastically on board. I faced a challenge and a heavy responsibility. How could I promote the free-market ideas of Ludwig von Mises in a way that would satisfy her demanding standards?

Fortunately, this question was easy to answer. When I told the great economist and historian Murray Rothbard about the new institute, he clapped his hands with glee and agreed to serve as our academic vice president. Nothing could have delighted me more. Ludwig von Mises had the highest regard for Murray. He called Murray’s great treatise, Man, Economy, and State, “an epochal contribution to the general science of human action, praxeology, and its practically most important and, up to now, best-elaborated part, economics.” I realized that the way to advance Mises’s economics was to take Rothbard as our guide.

It’s easy to see why Mises esteemed Murray as his great student and successor. Murray’s knowledge was phenomenal. He could instantly call to mind references in economics, history, philosophy, political theory, and a myriad of other subjects as well. I have never met anyone who could match him. His conversation was effervescent, bursting with humor and insight.

Murray was no ivory tower scholar, though. He was totally devoted to liberty and hated the predatory state. He wanted to restore the gold standard, end the Fed, and return to our traditional non-interventionist foreign policy. If this reminds you of Ron Paul, that is no coincidence. He and Ron were close friends, and he inspired the Ron Paul movement.

2019

In economics, he favored the free market without compromise, and this is what we teach our students at the Mises Institute, in our Mises University, Rothbard Graduate Seminar, and our other programs. We are beginning a new program this year that would have delighted Murray. We are offering an MA in Austrian economics. Our amazing and wonderful donors make all of this possible, and we thank you.

2019 ANNUAL REPORT | 3

Educate.

Publish.

Research.

4 | MISES INSTITUTE

OUR MISSION The Mises Institute exists to promote teaching and research in the Austrian school of economics, and individual freedom, honest history, and international peace in the tradition of Ludwig von Mises and Murray N. Rothbard.

Founded in 1982 by Llewellyn H. Rockwell, Jr., with the blessing and aid of Margit von Mises, Murray N. Rothbard, Henry Hazlitt, and Ron Paul, the Institute seeks a free-market capitalist economy and a private property order that rejects taxation, monetary debasement, and a coercive state monopoly of protective services.

Non-political, non-partisan, and non-PC, the Institute works with students and scholars from many countries, and reaches out to business leaders, professionals, and everyone else interested in our mission.

OUR PRINCIPLES Mises and Rothbard developed praxeology, a deductive science of human action based on premises known with certainty to be true, and this is what we teach and advocate.

Our scholarly work is founded in Misesian praxeology, and in self-conscious opposition to the mathematical modeling and hypothesistesting that has created so much confusion in neoclassical economics.

We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

2019 ANNUAL REPORT | 5

Building the next generation of scholars...

Research Fellows come to the Mises Institute to work on their PhD research and write books and scholarly articles. They work closely with our Academic Vice President Joe Salerno, who has been teaching economics for decades and mentoring students in our academic programs for over twenty years.

Many former Research Fellows now hold teaching positions at universities throughout the world.

The program helps students build an international professional network with Austrian scholars.

6 | MISES INSTITUTE

Research Fellows Program

MIS E S

UNIVERSITY 1986 167

Since 1986, Mises University has been the world’s leading instructional program in the Austrian school of economics. It is the essential training ground for student economists who are looking beyond the mainstream.

Number of students in attendance at 2019 Mises University.

Through the generosity of Mises Institute Supporters, there is no registration fee at Mises University for students who are accepted.

94

Number of colleges and universities represented.

67

Number of courses offered. The curriculum presents economic foundations, and more than fifty elective classes explore the entire range of economics, from the beginning to the advanced levels.

26

Number of US states represented.

25

Number of countries represented.

2019 Research Fellows 2019 ANNUAL REPORT | 7

MISES INSTITUTE SEMINARS

AUSTRIAN ECONOMICS RESEARCH CONFERENCE MISES INSTITUTE Our Annual Professional Conference for Scholars We hosted the Austrian Economics Research Conference at the Institute this year as dozens of faculty members, graduate students, and researchers came together to share their research, present new books and papers, and help each other in advancing their careers as Austrian economists and scholars of freedom and free markets. Special thanks to our AERC sponsors: Yousif Almoayyed, The Lou Church Foundation, Hunter Lewis, Greg and Joy Morin, Steve and Cassandra Torello, and Don Printz.

Audio and video of this event is available at mises.org/AERC19 8 | MISES INSTITUTE

2019 ROTHBARD GRADUATE SEMINAR

MISES INSTITUTE SPONSORED BY ALICE J. LILLIE Since its inception, the RGS has been a vital program in developing scholars grounded in the Misesian-Rothbardian tradition. This week-long program, in the style of a classic “great book seminar,” offers intensive study of core Austrian treatises and applies them to contemporary research in related fields.

This year’s seminar was dedicated to Man, Economy, and State, and featured eighteen graduate students and one Member Observer.

The faculty included Joseph Salerno, David Gordon, Jeffrey Herbener, Guido Hülsmann, Peter Klein, Mark Thornton, and Patrick Newman.

Photos of this event are available at mises.org/RGS19 2019 ANNUAL REPORT | 9

RECLAMATION OF LIBERTIES: REVISITING THE WAR ON DRUGS

THE REAL STATE LIBERTARIAN OF THE UNION SCHOLARS ORLANDO, FL CONFERENCE

AUBURN, AL

We returned to a sold-out crowd at the University of Central Florida again this year. Robert Murphy, Jeff Deist, radio host David Gornoski, and Praxis apprentice Lena Wang offered analysis on the current economic and political climate in the US. The audience enjoyed a lively Q&A discussion.

SPONSORED BY YOUNG AMERICANS FOR LIBERTY AND THE MISES INSTITUTE The Mises Institute partnered with Young Americans for Liberty for a free day-long event at the Institute’s campus. Topics included the economics of prohibition, the history of the war on drugs, and the politics of decentralization. Speakers included Mark Thornton, Chris Calton, and Tho Bishop.

10 | MISES INSTITUTE

SPONSORED BY MR. AND MRS. GREG ROE

NEW YORK CITY, NY SPONSORED BY HALIS FAMILY FOUNDATION, NATHAN AND ANNA BOND, AND ALICE J. LILLIE The Libertarian Scholars Conference was originally conceived as a forum for scholars from different disciplines to meet and exchange ideas on the study of liberty. The goal was to integrate their diverse insights and approaches into a broad interdisciplinary perspective on liberty. The Mises Institute revived the Libertarian Scholars Conference, which took place in New York City, the site of the first conference.

WHY AMERICAN SUPPORTERS DEMOCRACY SUMMIT LOS ANGELES, CA FAILS

SYMPOSIUM WITH RON PAUL

SEATTLE, WA

LAKE JACKSON, TX

SPONSORED BY THE HARVEY ALLISON FAMILY The topic was mass democracy.

Our speakers applied Hans Hoppe’s critique of the cult of democracy from his book Democracy: The God that Failed to the 2020 presidential election. We discussed the limits of democracy in a country of 320 million people and have we reached the end of the myth of democratic consensus? And what might the future of democracy look like? Speakers included Darren Nelson, Bob Murphy, Ilana Mercer, and Jeff Deist.

SPONSORED BY GARY AND NINA TURPANJIAN Seventy-five years ago, in October 1944, Ludwig von Mises addressed a select group of business leaders at The California Club in Los Angeles. We returned to the same historic venue to celebrate Mises as a supremely vital thinker wellsuited for today’s challenges. The world needs his voice more than ever. Hosted by Lew Rockwell and Jeff Deist, speakers included Tom Woods, Paul Cantor, Peter Klein, David Gordon, Michael Boldin, and Patrick Newman.

SPONSORED BY CHRISTOPHER CONDON We focused on state propaganda and its role in the 2020 election.

Hundreds gathered to hear Ron Paul, Lew Rockwell, Tom Woods, Jeff Deist, Scott Horton, and Daniel McAdams explore propaganda in the context of the upcoming 2020 presidential election.

The students who attended especially enjoyed meeting a few of their heroes.

2019 ANNUAL REPORT | 11

MISES ONLINE One of the most high-traffic economics and commentary sites on the web, mises.org is a powerful tool for reaching students, faculty, and the overall public. Every year, millions of online users visit mises.org for our articles and commentary, free digital books, online courses, academic journals, audiobooks, streaming audio and video, and bookstore offerings. In 2019, we published more than 1,300 articles on our online publication Mises Wire — also delivered via email to over 30,000 readers daily. We posted dozens of new audio interviews and lectures, published five new audiobooks, and produced our most popular podcast: Human Action Podcast with Jeff Deist.

These features, intended for the public, are accompanied by our scholarly publications, including the Quarterly Journal of Austrian Economics and the Journal of Libertarian Studies, new academic books, and live and archived video and audio from our academic events, including the Austrian Economics Research Conference and Mises University.

Our website remains central to making Austrian economics available worldwide as a repository of the full texts of hundreds of books and articles by leading Austrian economists such as Ludwig von Mises and Murray Rothbard. The site is also key in reaching new audiences and younger demographic groups. In 2019, for example, 44 percent of our online readership was under age thirty-five. In addition, in 2019 nearly 52 percent of all sessions occurred via mobile device or tablet.

Overall, there were 6,001,160 total users on mises.org in 2019 (a 28 percent increase from 2018), and 9,519,339 total sessions (a 15 percent increase) — each visit to the site can include visits to multiple articles.

2019 AT A GLANCE

1,300 +

articles published

30,000 +

Mises Wire daily email subscribers

44%

of online readership is under age 35

28%

increase in website users

52%

of website vistors use a mobile device or tablet

Our daily emails are read by people in over 64 countries. Now, that is global presence.

12 | MISES INSTITUTE

MEDIA HIGHLIGHTS Hans-Hermann Hoppe was interviewed on the Austrian talk show Hangar 7 on the subject of Brexit and the future of the EU.

Patrick Newman’s Op-Ed “Many Reasons to Wield a Trust Buster Sword” was published in the Wall Street Journal.

Mark Thornton was interviewed on the Glenn Beck Program about The Skyscraper Curse. He was also interviewed by Apple Daily, and quoted in the New York Post. His work on prohibition was featured in a BBC Series 50 Things That Made the Modern Economy.

Walter Block’s Op-Ed “Bad Capitalism and Good Socialism” was published in the Wall Street Journal. He also had an article published in the New York Times

Arkadiusz Sieroń’s article “Gold During Global Monetary Ease” was published by Yahoo! Finance.

SOCIAL MEDIA In recent years, the growing censorship from large tech companies and changes in their platform functionality required the Mises Institute to modify our approach to social media.

This included utilizing alternative platforms, such as the video site Bitchute, as a secondary option to YouTube. Already we’ve seen certain videos on YouTube flagged for “controversial content” such as commentary critical of government wars.

Going forward, we will continue to utilize large social platforms as a way to reach and expand our base, while at the same time encouraging consumers not to rely solely upon these channels for Institute information. We have made major strides, increasing our online circulation, expanding our offerings of podcasts, and maintaining normalized posting schedules so viewers of mises.org know what times of the day to expect new content.

Lastly, since a key part of our mission is to reach students and the next generation, we have focused on providing unique social media content on the one platform that continues to see significant growth among younger demographics — Instagram. Although, as part of the Facebook umbrella, Instagram is not immune from the dangers mentioned above, its focus on in-app visual content has allowed it to avoid some of the restrictions placed on link aggregators. The Mises Institute continues to be one of the leading Instagram accounts among organizations promoting economic education and libertarian content.

1.5 M

Source of Traffic to mises.org

48%

average monthly reach on Facebook

INTERNET SEARCH

24% DIRECT

19%

SOCIAL MEDIA

6%

18.5 K + new Twitter followers

1.85 M

average monthly reach on Twitter

REFERRAL

3% EMAIL

1% OTHER

26.2 K

Instagram followers, an increase of 25 percent from 2018

2019 ANNUAL REPORT | 13

BOOKS

AND

PUBLICATIONS The Austrian, published six times a year, continues to focus on the trendsetters within the Austrian and libertarian spheres. This year Carmen Dorobăț, David Gordon, Patrick Newman, Paul Cantor, Judge Andrew P. Napolitano, and Per Bylund were featured in interesting and insightful interviews.

One aspect of Murray Rothbard’s genius was his writing as an American historian. He was every bit as significant a scholar here as he was as an economist and philosopher.

An example is his stunning four-volume history of early America from Jamestown to the end of the American Revolutionary War. Conceived in Liberty, volume 5, lost for decades, completes Murray’s great work, as relevant as the day he finished it.

In the fall, the Journal of Libertarian Studies was restarted after a tenyear hiatus, with David Gordon at the helm as editor. The first issue contains seven full-length articles that reflect the founding vision of Murray Rothbard, with a range of subjects: economics, the history of political thought, legal theory, and philosophy. For the time being, the journal will be an annual publication.

The Quarterly Journal of Austrian Economics continues to break ground with articles that expand the development of Austrian economics and the analysis of contemporary issues in the mainstream of economics from an Austrian perspective. In 2019, the journal published twenty-seven articles and fifteen book reviews.

We published four mini-books in 2019!

W A R D AND M A S S E Y L I B R A R I E S 40,000 +

titles, periodicals, pamphlets, and scholarly materials

3,000 +

annual visitors to our online catalog

3,000 +

square feet of library space

Our special collections are available for visitors, Fellows, and researchers and provide excellent resources for any scholar. Internet access offers a valuable opportunity for our Members to search the in-house collection of books, first editions, and ephemera. The Mises Institute maintains the archives of Dr. and Mrs. Ludwig von Mises, Dr. and Mrs. Murray N. Rothbard, Bettina Bien Greaves, and a host of other respected Austrian economists.

14 | MISES INSTITUTE

MISES BOOKSTORE In the Spotlight

BECOME A MEMBER AND SAVE ALL YEAR! Receive benefits as a member of the Mises Institute, including discounts in the Mises Bookstore. $60 Basic Membership $150 Premium Membership $500 Supporter Membership

Your Name Here!

10% off

15% off

20% off

VISIT MISES.ORG/MEMBERSHIP

The Mises Institute Bookstore makes the scholarship of liberty available to all through one of the largest selections of Austrian and libertarian literature offered anywhere.

We strive to keep the classic works of the Austrian school available and vital for generations to come, both in beautiful print editions and low-cost electronic versions. We also strive to offer the latest in radical, uncompromising literature across a broad spectrum of economics, philosophy, law, ethics, public policy, and libertarian thought.

Every month, 10,000 readers visit the online store to browse or purchase one of our hundreds of books, ebooks, audiobooks, and our dozens of memorabilia items such as apparel, silver coins, and art.

In addition, our on-campus Diehl Bookstore welcomes hundreds of visitors every year. And each year, we giveaway thousands of books to students and conference attendees.

F R E E Books Program Along with having access to our scholars, library, and archives, a visit to the Mises Institute is an opportunity for students to build their own personal libraries.

Thanks to the generosity of our donors, our Free Books Program helps ensure the hundreds of students who pass through our doors leave with the knowledge they need to build a freer future. To that end, we give thousands of free books to students and conference attendees every year.

2019 ANNUAL REPORT | 15

OUR ALUMNI Jeffrey Herbener was awarded the Lawrence W. Fertig Award at the 2019 Austrian Economics Research Conference for his contribution on “Time and the Theory of Cost” to the book The Economic Theory of Costs edited by Matthew McCaffrey. The award carries a $1,500 honorarium.

Mark Thornton was awarded the O.P. Alford III Award at the 2019 Austrian Economics Research Conference for his paper “Incorporating Cantillon: A Face and a Family for the First Modern Economist?” published in the Huntington Library Quarterly. The award carries a $1,500 honorarium.

Mark was also invited to speak at Tulane University Law School.

Nicholas Cooper, former Mises Institute Research Fellow and PhD candidate at George Mason University was awarded the Grant Aldrich Prize for the best graduate student paper presented at the 2019 Austrian Economics Research Conference, titled “Reinterpreting the Historical Episode of the Bank of Amsterdam.” The prize carries a $1,000 honorarium.

16 | MISES INSTITUTE

At Mises University 2019 there were three top finalists for the final oral exam, the Mündliche Prüfung, which is an optional exam for students who would like to have their knowledge tested at the end of the conference.

Top three finalists were: FIRST: Douglas E. French Prize of $2,500 Christian Mullins, PhD candidate George Mason University SECOND: Grant Aldrich Prize of $1,000 Vytautas Žukauskas, Mises Institute Research Fellow, Lithuanian Free Market Institute and PhD candidate University of Angers THIRD: Grant Aldrich Prize of $500 Antón Chamberlin, MA candidate, Troy University Sandra Klein of Baylor University, former Mises Institute Research Fellow, has been named a Fellow of the Mises Institute.

Hans-Hermann Hoppe, Mises Institute Distinguished Senior Fellow, received the Roland Baader Award at the Palais Coburg in Vienna, Austria, at an event commemorating the 70th anniversary of the publication of Mises’s Human Action.

Patrick Newman, Mises Fellow, was awarded the George F. Koether Free-Market Writing Award for his outstanding transcription and editing of Murray Rothbard’s Conceived in Liberty, volume 5. The award was presented at the 2019 Mises Institute Supporters Summit in Los Angeles and carried an inscribed medallion and $2,500 honorarium.

Łukasz Dominiak of Nicolas Copernicus University has been named a Fellow of the Mises Institute.

Shawn Ritenour, Mises Senior Fellow, gave the 2019 BB&T Lecture at Troy University, “Economics and Christianity: Is There a Conflict?”

FROM OUR MEMBERS I support the Mises Institute because I am, in fact, I was born, a radical libertarian. I believe every individual is created in the image of God, therefore the individual is of supreme importance. I believe that rights accrue to individuals. Groups, societies, even families are nonexistent except that they consist of individuals. Therefore the individual must take precedence over groups. Prosperity happens only to the extent that individuals, hence the market, are free. The Institute educates people to understand this. If there is ever to be freedom and prosperity in this world, it is these principles that must be in effect.

I visited the campus back in 1999, again in 2019, and a few times in between. I was very impressed with the progress and the comfort. It’s a good atmosphere for the students and Fellows to work in. And books, everything at one’s fingertips! I’d encourage any donor to visit. You will be pleased at what your donations are doing.

Alice J. Lillie member since

1990

The Institute is unique, because I think of it as “ground zero” of the libertarian movement. Other libertarian organizations have their jobs to do. Most of them are doing a fine job in their particular niche. The Mises Institute and its work are instrumental in not only educating the educators, but also it either is or should be the go-to place for these other organizations when they need some help. You might say, in the movement, all roads lead to the Mises Institute.

We support the Mises Institute because it unwaiveringly supports and promotes freedom, international peace, and the Austrian school of economics. Its collection of works by Mises and Rothbard (among others), its brilliant scholars, and astute staff make it the preeminent organization pursuing these goals. It promotes values we celebrate and we’re so proud to support such admirable, like-minded goals!

Mises Institute events are very rewarding in that you’re surrounded by people who (a) share your libertarian worldview and (b) over time become your good friends while (c) you get the added bonus of rubbing elbows with many of today’s most brilliant libertarian thinkers. Mises Institute events are a total trifecta!

There are several things that make the Mises Institute unique. First, no other organization has as comprehensive a collection of Mises’s and Rothbard’s writings as the Mises Institute (much of which the Institute makes available for free, which is fantastic!). Secondly, no other organization can boast a roster of libertarian thinkers and Austrian economists as impressive as the Mises Institute’s. Finally, no other organization of its kind is run as thoughtfully and as prudently. We have been so impressed by the sharing of knowledge, the encouragement of young minds in need of resources to become active, successful proponents of positive change in society, as well as the great leadership showing the way forward. We are truly proud to be a part of such a noble organization.

Carl and Karen Bowen members since

2008

2019 ANNUAL REPORT | 17

SOCIETY AND CLUB MEMBERS MISES SOCIETY Anonymous Mr. Perry Alford Mr. Steven R. Berger Ms. Carol I. Cooper Mrs. Parthenia de Muralt Mrs. Bettina Bien Greaves Mr. Fergus N. MacDonald Mr. and Mrs. Frederick L. Maier Mr. and Mrs. G.F. Maughmer Mr. Francísco G. Paramés Dr. and Mrs. Ron Paul Don W. Printz, MD Murray and JoAnn Rothbard Mrs. Margit von Mises Michael F. Witanowski, MD

ROTHBARD SOCIETY Anonymous Mr. Louis E. Carabini Mr. Christopher P. Condon Mr. and Mrs. Jeremy S. Davis Dr. Lawrence Fertig Mr. Kenneth M. Garschina Mr. Henry Hazlitt Mr. and Mrs. William Lowndes III Mr. and Mrs. Robert L. Luddy Dr. and Mrs. William H. Peterson Mr. James M. Rodney Ms. Margaret L. Rowley Dr. and Mrs. Gary G. Schlarbaum Mr. Paul E. Trumpf Mr. James M. Wolfe

HAZLITT SOCIETY Anonymous David and Cassie Conant Mr. and Mrs. Taylor B. Conant Thelma Dixon Foundation and Catherine Dixon Roland Dr. and Mrs. George G. Eddy Douglas E. French and Deanna L. Forbush Mr. and Mrs. Henry Getz Mr. Abram Hascup Mr. William S. Henderson

18 | MISES INSTITUTE

Mr. and Mrs. James M. Hill Mr. and Mrs. W.R. Hogan, Jr. Mr. Hermon E. King Mr. James E. Kluttz Dr. and Mrs. Frank T. Kurzweg Ms. Alice J. Lillie Dr. Walter Marcyan Mr. and Mrs. William W. Massey, Jr. Mr. Jack A. Minton, Jr. Mr. and Mrs. Terence H. Murphree The North American Foundation Mr. Robert G. Ring Dr. Martin Stefunko Mr. and Mrs. Robert N. Tuller Sally von Behren Mr. and Mrs. Quinten E. Ward Mr. Walter C. Wylie

HAYEK SOCIETY Anonymous Mr. Vincent J. Alessi Mr. and Mrs. Gene E. Allen Mr. and Mrs. Harvey Allison Yousif Almoayyed and Budoor Kazim Mr. and Mrs. James B. Andrews The Armstrong Foundation Mr. John B. Barney Mr. Toby O. Baxendale Mr. Virgil G. Bogdan Maurice Brainard Family Mr. Martin Brusse William and Cheryl Bryant Peter and Sloane Castleman Mr. Myron W. Chamberlin The Chase Foundation of Virginia Mr. and Mrs. Arthur Cinader Mr. and Mrs. Carl A. Davis Mr. and Mrs. Robert T. Dofflemyer Mr. Kimbell Rush Duncan Dr. William A. Dunn Willard and Donna Fischer Mr. Theodore S. Gellert Mr. Stephen Haag Mr. Samuel D. Hall, Jr.

On behalf of our students, faculty, staff, and millions of readers from around the world, we thank our donors who make possible all that we do, and these special people for so generously supporting our work.

Mrs. Floy M. Johnson Mr. Alfred I. Jones, Jr. Mr. and Mrs. Robert N. Kennedy George Koether Richard J. Kossmann, MD The Social Relations of Knowledge Institute Mr. Hugh E. Ledbetter Hunter Lewis and Elizabeth Sidamon-Eristoff Mr. and Mrs. Todd Lewis Mr. Arthur L. Loeb Ms. Caitlin F. Long Lou Church Foundation Do Right Foundation Mr. and Mrs. Ellice McDonald, CBE Mr. Roger Milliken Judge Andrew P. Napolitano Mr. Larry Nappe Mr. and Mrs. R. Nelson Nash Mr. and Mrs. Brantley I. Newsom Mr. and Mrs. William C. Newton Matthew and Adriane Niehaus John and Barbara Nordstrom Leigh and Carole Paquin The Richard E. Fox Charitable Foundation Mr. William S. Ramagosa, Jr. Mr. Sheldon Rose Chris and Melodie Rufer Edward and Patricia Schoppe Mr. Gary L. Seger Mr. Raymond Shamie Mr. Abe Siemens Mr. Carlton M. Smith Mr. and Mrs. Theodore C. Southern Mr. David A. Stockman Mr. and Mrs. David F. Swain, Jr. Klaas and Anastasia Talsma Harry and Anna Teasley Mr. and Mrs. Gary J. Turpanjian Mr. Joseph Vierra Mr. and Mrs. Andrew H. Vogel Mr. and Mrs. Dallas R. Wolf Mr. and Mrs. Walter F. Woodul III Mr. Leland L. Young Mr. Lee Zehrer

MENGER SOCIETY Anonymous Mr. Ross K. Anderson Mr. and Mrs. George E. Atkinson, Jr. Leanne Baker and Stanley Eden Mr. and Mrs. James L. Bailey Mr. and Mrs. Robert Blumen Mr. and Mrs. J. Robert Bost Carl and Karen Bowen Mr. William C. Brennan Mr. and Mrs. John B. Buford Mr. Timothy W. Butcher Mr. George W. Connell Mr. Barry Conner Mr. and Mrs. John P. Crowe Mr. Walter M. Curt Mr. Anthony Deden Mr. Louis Dentini Mr. William A. Diehl Howard and Teri Dittrich Mr. Eric Eastlund Dr. Larry J. Eshelman Mr. A.H. Feige, Jr. T.J. and Ida Goss Mr. and Mrs. Richard P. Griot Mr. John M. Hall Mr. and Mrs. Jeffrey Harding Mr. and Mrs. Mark L. Hart III Mr. and Mrs. Hunter Hastings Mr. and Mrs. William N. Haynes Mr. Frank W. Heemstra Prof. Dr. Hans-Hermann Hoppe and Dr. A. Gülçin Imre Hoppe Mr. and Mrs. John E.N. Howard Dr. Keith Hutchinson Mr. James Johnstone Mr. and Mrs. Michael L. Keiser Michael and Lisa Keller Mr. and Mrs. Hugh P. King Mr. Atlee Kohl Hon. Frederick W. Kuechenmeister Mr. Jonathan Liem Mr. Roland R. Manarin Mr. Herbert H. McAdams III Mr. Horace D. McCowan, Jr. Mr. Raymond E. McGowan Mr. and Mrs. James McMahon Mr. Joseph Edward Paul Melville Gregory and Joy Morin

Mr. Edward H. Morse Mr. Reed W. Mower Everett and Kathy Nelson Dr. and Mrs. Gary North Mr. Stefano Quadrio Curzio Mr. and Mrs. Donald M. Rembert, Sr. Jeannette A. Richards, MD Mr. and Mrs. Richard D. Riemann River Oaks Foundation Mr. Sean Rooney Mr. Leslie Rose Dr. H.M. Rumbley Mr. and Mrs. Charles R. Sebrell Mr. Andrew I. Sirkis Mr. Larry Smead Ms. Sue K. Smith Mr. Philip Spicer Mr. Byron L. Stoeser Mr. and Mrs. Steven V. Torello Mr. John F. Tubridy Mr. and Mrs. Robert E. Urie Mr. James S. Van Pelt Mr. Robert H. Walker Mr. William P. Weidner Dr. Thomas L. Wenck Mr. David Westrate Mr. Brian J. Wilton Mr. and Mrs. Joseph C. Woodford Mr. Douglas B. Wyatt and Ms. Dianna Edwards

CHAIRMAN’S GOLD CLUB AND LIBERTAS Anonymous Ms. Jordan Ausman Ms. Martha Babson Mr. Fred J. Badalli Mr. Russel Bankson Mr. Eric A. Bardeen Steven H. Benson, DDS Dr. Theodore Berthelote Mr. David H. Bishop Mr. Herbert Borbe Ms. Mary D. Brown Mr. Robert B. Bruce Mr. Ted H. Caine Mr. Dennis M. Campbell Mr. Aubrey T. Carruth Prof. Thomas R. Clark Mr. Henry E. Coger Mr. Ernest Colton Mr. Dayne D. Crellin Mr. and Mrs. Trey Daniels

Mr. Remy Demarest Mr. and Mrs. Steven L. Dick Ms. Mary Diane Dolan Randall Dollahon and Kathleen Lacey Mr. Jonathan Erb Mr. John C. Faux Mr. John A. Fehsenfeld Mr. Grant Fesler Mr. David Fisher Mr. and Mrs. Richard Garber Mr. William Gibson Mr. Kevin Gilligan Mr. John E. Golob Mr. and Mrs. James E. Goss Mr. and Mrs. Matthew E. Greco Mr. Gene Gryziecki Mr. Kenneth R. Hall Mr. John A. Halter Mr. Michael Harris Mr. James J. Helbling Stephen and Monica Hillis Mr. R. Anderson Hord III Mr. and Mrs. John E.N. Howard Mr. J. Richard Hunt Mr. and Mrs. D. Spence Hurlbut Mr. David L. Jarrett Mr. Dan Johnson and Ms. Randee Laskewitz Bernard and Joan Koether Mr. Allen R. Korbel Mr. Albert Lax Mr. Paul Libis Dr. Margaret N. Maxey Mr. Norbert J. McLuckie Mr. Roy P. Miller Mr. Richard Mills Mr. Wade A. Mitchell Michael H. Mudge and Barbara J. Clarke Mr. Charles A. Nelson Col. James E. Norwood Mr. Glenn M. O’Dell Mr. Bill Olinger Mr. John W. Panchuk Mr. Paul F. Peppard Mr. William D. Plumley Mr. Jerry Pogue Mr. Robert Reading Senator John Reagan Mr. T. James Reynolds Ms. Anni Roberts Mr. and Mrs. Greg Roe Ms. Dagny Ross Dr. Karen Ross Mr. Robert L.M. Russell Mr. Ernest H. Ryan Dr. Lynne F. Shepard

Mr. Jack DeBar Smith Drs. Susan Stalzer and Bruce Tagle Mr. David M. Stanton George M. Steele, Jr., MD Mr. Jerry Pogue Dr. Jane ten Brink Mr. and Mrs. Reginald Thatcher Mr. R. David Van Treuren Mr. Mark Walker Mr. Jerry K. Williams Thomas and Sheri Yengst Mr. Roger A. Zessin

CHAIRMAN’S SILVER CLUB Mr. Adam J. Bagby Mr. Ryan Bednar Mr. Joel Bomgar Mr. and Mrs. James N. Bond Michael H. Denyer, MD Mr. William Duhamel Mr. Simon Guenzl Mr. James Keller Mr. and Mrs. Matt Lyons Mr. Mark McGrath Mr. and Mrs. Mark S. Murrah Mr. and Mrs. Oscar Porcelli Ms. Merrilyn Richardson Mr. and Mrs. Rick Rule Mr. Eric R. Schwarz John and Edith Slavic Mr. David B. Stern Mr. David S. Stewart Mr. Kenneth H. Toft Mr. Paul Varkey The Dean and Cam Williams Foundation Mr. W. Grant Williams III

CHAIRMAN’S BRONZE CLUB Anonymous Mr. Abdelhamid Abdou Mr. G. Louis Aldrich Mr. and Mrs. J. Ryan Alford Mr. Matthew P. Allen Dr. Lee Allison Mr. William H. Anderson Mr. J. Terry Anderson Mr. Yuri Babich Mr. Greg Bacon Mr. and Mrs. Charles Ballinger Brian and Ann Balusek Mr. Jeffrey A. Barnes

Mr. and Mrs. Jeffrey F. Barr Dr. John Bartel Mr. Chris Becraft David Bergland and Sharon Ayres Dr. Karl R. Blasius Ardath Blauvelt Jason Blue, MD Mrs. Della B. Bluemly Mr. Jorge C. Borlandelli Dr. Carlo Albert Bosello Mr. and Mrs. Roger H. Box Mr. and Mrs. Quetzalcoatl Bradley Mr. James Bradley Robert and Mary Broadfoot Mr. Michael Brockman Dr. Derek Broering Mr. Kurt Buchwald Dr. Andrew Bunch Mr. Jeffrey P. Buol Mr. Donald Burger Mr. Michael L. Burks Mr. John A. Buttrick Ron and Anne Calzone Mr. Scot Campbell Mr. Bob Cangiano Mr. David Capshaw Mr. Kenneth Chadwick Mr. Wayne Chapeskie Mr. Joseph F. Chicoine Ms. Linda N. Chirico Mr. James Clark Mr. Andrew W. Cleveland III Mr. Gary Clouse Mr. David Coolidge Mr. Peter Cooper Mr. Gary L. Cottingham Mr. Donald K. Cowles Prof. and Mrs. James M. Cox Mr. Richard O. Cramer Mr. Daniel L. Cummings Mr. Jeffrey K. Czyz Mr. Ben Davenport Mr. R. Leahman Davidson Mr. L. Michael Davis Robert and Amyrillis Davis Mr. Paul J. Dietrich Mr. Don Dillon Dr. and Mrs. Thomas J. DiLorenzo Dr. Stephen Dincher Mr. Benjamin Duffy Mr. and Mrs. Ralph D. Dwyer III Mr. Bill Eaton Mr. and Mrs. Joe D. Edge Mr. Odis G. Ellis Mr. David J. Emery

2019 ANNUAL REPORT | 19

Dr. and Mrs. Lucas M. Engelhardt Mr. Christopher D. Engl Mr. and Mrs. John B. Estill John and Faith Farr Mr. Peter F. Fenwick Mr. Sherwin Ferguson Mr. and Mrs. James R. Feutz Mr. and Mrs. William Fink Mr. John R. Foster Mr. and Mrs. David Fusato Mr. Christopher Georgacas Mr. Matthew Gessner Mr. George S. Gibbs Dr. and Mrs. Anthony Gill Mr. Andrew Gitzendanner Mr. Dan W. Glovak Mr. Richard Gullotti Mr. and Mrs. Timothy Hartch Mr. Charles T. Hatch Ms. Sandra Hatcher Mr. Clifton Hebert Mr. Henry T. Henzel Dr. and Mrs. Jeffrey Herbener Mr. and Mrs. Jule R. Herbert, Jr. Mr. Albert L. Hillman, Jr. Mr. Christian D. Hoffman Mr. Adam W. Hogan Mr. Jason Hollon Mr. James A. Howe Mr. Albert L. Hunecke, Jr. Mr. George Q. Johnson, Jr. Mr. Eric N. Johnson Mr. Kenneth Kamon Dr. John A. Kasch Mr. Dean Kennedy Mr. Yuriy Khapochkin Mr. Per Kjeldaas Drs. Peter and Sandra Klein Mr. James E. Klingler Mr. Brian Kmetz Mr. Cody A. Koch Mr. Kenneth D. Kohmescher Dr. Rudolph Kohn Mr. Alexandros Konstantinidis Mr. Phil E. Kosiara Mr. Donald A. Koss, Jr. Mr. Christopher J. Kuiper

Mr. Jordan Lawrence Mr. and Mrs. Michael M. Lee Mr. Charles Leir Dr. Carl Liggio, Jr. Mr. Rui Lima Ms. Maylin Lin Mr. Steve Link Dr. Antonio A. Lloréns-Rivera Mr. Jacob Lovell Mr. J. Paul Lussow Mrs. Laurie Lyford Ms. Lenna R. MacDonald and Mr. Robert Carew Mr. James W. Mahannah Mr. Naju G. Mancheril Mr. David L. March Dr. Charles W. Martin Dr. and Mrs. Stephen M. Martin Mr. Jed R. Martin Mr. David R. Mason Dr. John D. McCallie Mr. Ryan McCarthy Mr. Scott McCoy Mark and Julie McElroy Mr. Eugene McFaddin Samuel Medrano, MD Dr. and Mrs. Donald W. Miller, Jr. Mr. and Mrs. Brian A. Miller Deanna and Greg Miller Aida Miller Foundation Mr. Zoran Mitrovski Mr. Scott Moeller Mr. Mark A. Monoscalco Mr. Robert A. Moore Mr. Eric Morris Mr. and Mrs. Michael M. Morris Ms. Caroline Mortimer Mr. Wiley L. Mossy, Jr. Mr. and Mrs. Darren Mullen Mr. James Nardulli Mr. Robert D. Neff Mr. Jacob Nemchenok Mr. José A. Niño Mrs. Barbara O’Mara Mrs. Judith Olney Mr. and Mrs. Richard Olson Mr. Ernest L. Ortiz

Mr. John Palmer John Paloglou and Dorothy Greene Mr. Timothy C. Patterson Rafael A. Perez-Mera, MD Mr. Jay Peters Mr. and Mrs. Laurence A. Peterson Mr. and Mrs. Martin Peyer Mr. D. Troy Powelson Mr. and Mrs. Dennis Pratt Mr. Robert W. Price III Mr. Robert S. Ralston Mr. David R. Ratliff Mr. Peter C. Reck Ms. Margaret P. Reed Mr. David F. Reid Mr. Thomas Ressler Mr. John Reynolds Mr. David L. Richards Mr. Leonard Ringenbach Mr. Clifford M. Robello Mr. Michael Robichaux Mr. Gil R. Robinson Mr. Jorge F. Roca Arteta Mr. Gary Roewe Kathleen Rogers and Rick Teller Mr. James B. Rogers, Jr. Mr. Peter A. Roof Mr. Patrick Rosenwald Mr. Lester D. Roth, Jr. Dr. and Mrs. Murray Sabrin Mr. Steven M. Sadler Thad and Cyndy Salmon Mr. Richard M. Sanders Mr. Andrew Sanders Allan and Bobbye Sawatzky Mr. Paul Scherrer and Mrs. Amy Helman Mr. Kenneth R. Schmeichel Mr. Ryan Schmitt Mr. Albert Schrautemyer Mr. Mark J. Schuberg Mr. Alvin B. See Butler and Jane Shaffer Mr. and Mrs. Gary G. Short Mr. and Mrs. Thomas W. Singleton John and Edith Slavic

Please join us as we continue to educate students about Austrian economics.

VISIT MISES.ORG/MEMBERSHIP

20 | MISES INSTITUTE

Mr. Chad Smith Mr. Lee S. Smith Dr. and Mrs. G. Keith Smith Ms. Nancy H. Southard Mr. Edwin S. Stacey Mr. and Mrs. Michael Stack Mr. Aaron Stahl Mr. Richard L. Stees Mr. Gregg W. Steinhafel Mr. James R. Stevens Mr. Albert W. Stewart Mr. Robert J. Stewart Mr. Kevin Stokes Mr. David G. Stone Mr. Dirck W. Storm Mr. Morgan W. Streetman James and Diane Stuckert Mr. Stephan P. Sykes Mr. Zachary L. Tatum Mr. Paul M. Thomas L.H. Thomson Company Mr. Richard C. Thurber Mr. Alan Torell Mr. Kevin Tyson Mr. and Mrs. Scott J. Ullery Mr. Roderic Van Dusseldorp Mr. William Vinck Mr. Allan Vogel Dr. John F. Wakerly Mr. and Mrs. James P. Walker Stephen and Mary Walker Dr. J. Stanley Warford Mr. and Mrs. Donald F. Warmbier Mr. JC Warren Mr. Pete Watson Mr. Brandon Wellman Mr. John E. Westerfield Mr. and Mrs. Michael Whelen Mr. Michael Wieczorek Mr. Ronald B. Williams Ms. Anne Williamson Kirby and Andra Wisian Mr. Roger Wolf Dr. and Mrs. John A. Wright Mr. Dusty Wunderlich Mr. William B. Zieburtz, Jr. Mr. Marty Zigman

FINANCIALS The Mises Institute operates as a non-profit corporation using funds donated almost entirely by individuals. Thanks to donors like you, funding for our mission was robust in 2019.

our mission. In 2019 our operating surplus was larger than usual due to several large estate gifts.

Our donors are our shareholders. We strive to act as a fiduciary and sound steward of donor funds, spending them as carefully as a for-profit business would. We maintain rigorous internal accounting standards, and work closely with our audit committee and outside advisors to ensure sound financial management.

We maintain a healthy, debt-free balance sheet to ensure continued operations under any kind of future financial crisis. Our assets consist of working capital; unencumbered real estate and buildings comprising our campus in Auburn, Alabama; our library collections; and investments in precious metals and various stock/bond funds with low volatility.

Our goal every year is to achieve some operating surplus, but not at the expense of vigorously pursuing

The information below represents unaudited 2019 financial data.

92%

FY2019 OPERATING REVENUE Contributions . . . . . . . . . . . . $9,511,049

CONTRIBUTIONS

3%

Book Sales . . . . . . . . . . . . . . . $297,553

BOOK SALES

Program Service Revenue . . . . . . $198,019 Other Income . . . . . . . . . . . . . $349,023

TOTAL $10,355,644

OPERATING REVENUE

3%

OTHER INCOME

2%

PROGRAM SERVICE REVENUE

FY2019 OPERATING EXPENSES Programs . . . . . . . . . . . . . . $3,338,911 Management & General . . . . . . . $433,489 Development . . . . . . . . . . . . . $592,723

76%

TOTAL $4,365,123

PROGRAMS

ASSETS AND LIABILITIES Current Assets . . . . . . . . . . . $2,575,820 Fixed Assets . . . . . . . . . . . . . $5,171,752 Investments . . . . . . . . . . . . $21,153,041 Other Assets . . . . . . . . . . . . . . $476,844 Liabilities . . . . . . . . . . . . . . . $(419,165)

OPERATING EXPENSES

14%

DEVELOPMENT

10%

MANAGEMENT AND GENERAL

NET ASSETS $28,958,292

2019 ANNUAL REPORT | 21

Board of Directors DANIEL AJAMIAN

HUNTER LEWIS

DEBORAH AYERS

ROBERT LUDDY

STEVEN BERGER

THE HON. ANDREW P. NAPOLITANO

Anthem Management Group LLC Sarasota, Florida

Adamas Partners LLC

Cambridge Associates LLC CaptiveAire, Inc.

Officers RON PAUL, MD

Ron Paul Institute and Mises Institute Distinguished Counselor

DON PRINTZ, MD

JEFF DEIST

LLEWELLYN ROCKWELL, JR.

PATRICIA BARNETT

JEFF DEIST

Mises Institute Mises Institute

Founder and Chairman President

PATRICIA BARNETT

Stone Mountain, Georgia

Executive Vice President

Fox News and Mises Institute Distinguished Scholar in Law and Jurisprudence

LLEWELLYN ROCKWELL, JR.

WALTER BLOCK

JEFFREY M. HERBENER

JESÚS HUERTA DE SOTO

YURI N. MALTSEV

PASCAL SALIN

THOMAS J. DILORENZO

ROBERT HIGGS

JÖRG GUIDO HÜLSMANN

ROBERT P. MURPHY

TIMOTHY TERRELL

ROGER W. GARRISON

HANS-HERMANN HOPPE

WILLIAM POOLE

MARK THORNTON

THE HON. JOHN V. DENSON

Samford and Denson LLP and Mises Institute Senior Fellow

JOSEPH T. SALERNO

Mises Institute

Academic Vice President and Mises Institute Senior Fellow

Senior Fellows Loyola University New Orleans Loyola University Maryland Auburn University

DAVID GORDON Mises Institute

Grove City College

Independent Institute Property & Freedom Society and Mises Institute Distinguished Senior Fellow

Universidad Rey Juan Carlos

Université Angers and Mises Institute Peterson-Luddy Chair

PETER G. KLEIN

Baylor University and Mises Institute Carl Menger Research Fellow

Carthage College

Texas Tech University

University of Delaware

SHAWN RITENOUR

Université Paris-Dauphine Wofford College

Mises Institute and Auburn University

Grove City College

THOMAS E. WOODS, JR. TomWoods.com

Fellows WILLIAM L. ANDERSON

PAUL F. CWIK

LUCAS M. ENGELHARDT

G.P. MANISH

MALAVIKA NAIR

PHILIPP BAGUS

LUKASZ DOMINIAK

DAVID HOWDEN

MATTHEW MCCAFFREY

PATRICK NEWMAN

MARK BRANDLY

CARMEN ELENA DOROBĂȚ

SANDRA KLEIN

ROBERTA A. MODUGNO

Frostburg State University

Universidad Rey Juan Carlos Ferris State University

PER BYLUND

University of Mount Olive Nicolas Copernicus University

Leeds Trinity University

Oklahoma State University

Kent State University

St. Louis University Madrid Baylor University

MATEUSZ MACHAJ

Troy University

University of Manchester

Troy University

Florida Southern College

Università degli Studi Roma Tre

Uniwersytet Wrocławski

Associated Scholars GABRIEL CALZADA ALVAREZ

PETER T. CALCAGNO

JAMES GRANT

PHILIPPE NATAF

JOSEF ŠÍMA

DOMINICK ARMENTANO

PAUL A. CANTOR

NATALLIA GRAY

GARY NORTH

GENE SMILEY

WILLIAM BARNETT II

GERARD N. CASEY

JAMES OSTROWSKI

JOHN SOPHOCLEUS

ALEXANDRE PADILLA

EDWARD STRINGHAM

Universidad Francisco Marroquin University of Hartford

Loyola University New Orleans

College of Charleston University of Virginia

University College Dublin

ROBERT BATEMARCO

JO ANN CAVALLO

JOSEPH BECKER

PAUL A. CLEVELAND

DON BELLANTE

ROY CORDATO

ALBERTO BENEGAS-LYNCH

FRANK DAUMANN

Fordham University Auburn, Alabama

University of South Florida ESEADE, Argentina

Columbia University

Birmingham Southern College John Locke Fuondation University of Jena

Grant’s Interest Rate Observer Southeast Missouri State University

RICHARD GRIMM

Slippery Rock University

THOMAS GSTRAUNTHALER University of Cape Town

STEVE H. HANKE

Université Paris-Dauphine Institute for Christian Economics Buffalo, New York

Metropolitan State Univ. Denver

KAREN Y. PALASEK

CEVRO Institute Marquette University Auburn University

American Institute for Economic Research

The Johns Hopkins University

Barton College and the John Locke Foundation

THOMAS C. TAYLOR

ROBERT F. HÉBERT

E.C. PASOUR, JR.

SVEN THOMMESEN

RANDALL G. HOLCOMBE

THORSTEN POLLEIT

T. HUNT TOOLEY

University of Louisiana, Lafayette Florida State University

North Carolina State University Universität Bayreuth

Wake Forest University Auburn University Austin College

JAMES T. BENNETT

GREGORY M. DEMPSTER Hampden-Sydney College

JACOB H. HUEBERT

BENJAMIN POWELL

VLADIMIR TOPAN

BRUCE L. BENSON

Florida State University

MARSHALL DEROSA Florida Atlantic University

JASON JEWELL

PAUL T. PRENTICE

FRANK VAN DUN

GEORGE BITTLINGMAYER

RICHARD M. EBELING

PETER KERR

GEORGE REISMAN

LAURENCE M. VANCE

MORGAN O. REYNOLDS

RICHARD VEDDER

George Mason University

University of Kansas

SAMUEL BOSTAPH University of Dallas

The Citadel

ROBERT B. EKELUND Auburn University

WILLIAM J. BOYES

GENE EPSTEIN

JOHN BRÄTLAND

NICOLAI J. FOSS

BRENDAN BROWN

LOWELL E. GALLAWAY

Arizona State University US Department of the Interior Mitsubishi UFJ Securities International

WILLIAM N. BUTOS Trinity College

The Soho Forum

Copenhagen Business School Ohio University

ANTHONY GILL

University of Washington

PAUL GOTTFRIED

Elizabethtown College

22 | MISES INSTITUTE

Chicago, Illinois

Faulkner University Southeast Missouri State University

DONALD W. LIVINGSTON

Texas Tech University

Colorado Technical University Pepperdine University

Emory University

National Center for Policy Analysis

ALLEN MENDENHALL

BUTLER SHAFFER

Faulkner University

XAVIER MÉRA

University Rennes 2

ANTONY P. MUELLER

Universidade Federal de Sergipe

ROBERT F. MULLIGAN Indiana University

Southwestern University School of Law

PARTH J. SHAH

Centre for Civil Society

FRANK SHOSTAK

Applied Austrian School Economics

Mises Institute – Romania Universiteit Gent

Francis Wayland Institute Ohio University

HARRY C. VERYSER

University of Detroit Mercy

CHRISTOPHER WESTLEY

Florida Gulf Coast University

JAMES YOHE

Gadsden State Community College

MESSAGE FROM THE PRESIDENT Jeff Deist Our namesake Ludwig von Mises envisioned creating a truly “liberal institute” in the United States, to teach graduate students what their universities had not: the foundations of real economics and the philosophy of a free society. He understood, more than half a century ago, how colleges had become “nurseries of socialism” rather than institutions of truth and learning. He hoped to build such an organization at the University of Chicago with a benefactor named Frederick Nymeyer; later his former student Hans Sennholz would attempt to create a similar Austro-liberal program at Grove City College But neither came to fruition during Mises’s lifetime.

This unfulfilled mission was precisely why Llewellyn Rockwell, Jr., Margit von Mises, and Dr. Murray Rothbard founded the Mises Institute in the early 1980s. Their goal was to carry out Mises’s vision and create a world-class program of instruction in economic theory and the scholarship of (real) liberalism. The Mises Institute was created to be a new school, an alternative school, and a graduate school of economics focused on the Austrian masters so woefully disregarded by supposedly mainstream academic programs.

Fast forward to 2019, and Mises’s dream of a truly liberal and fully Austrian institute is a reality here at our campus in Auburn. Over thirty-seven years the Mises Institute has become the worldwide epicenter for Austrian economics, teaching people from all over the globe and all walks of life about real economics, sound money, and peace.

Our incredible physical library, along with the vast digital archives of books, articles, and videos available at mises.org, make us the world’s leading resource for Austrian and libertarian literature. Our academic conferences, summer Mises University, and regional events across the country all serve the purpose of educating professional and lay audiences in Austrian theory. And in fall 2020 our online Mises Academy will fold into a new, full-fledged graduate program in economics. For the first time ever, students will

be able to obtain a master’s degree or credential in Austrian economics from the Mises Institute at a fraction of the cost charged by traditional universities.

Today the Mises Institute is, in effect, one of the world’s leading schools.

Thanks to donors like you, we can focus on our mission. The Mises Institute is in sound financial condition, having raised over $9 million in 2019.

We maintain a strong, debt-free balance sheet to ensure our ability to operate in future years, even in an economic downturn. Our buildings and library collections are well-maintained and appreciating in value. We strive to produce a modest operating surplus each year, acting as a trusted fiduciary of donor funds. But we do not raise money simply to raise it; in fact the large majority of donations go to our programs and mission, not to overhead.

2020 will bring new challenges. Politics, and the nonsense that accompanies it, will dominate the media landscape. Absurd notions of critical theory and social justice will dominate our college campuses.

Un-economic nonsense will dominate the financial world, from negative interest rates to calls for even greater central bank easing. It will be a year when our message of property, markets, real economics, and non-interventionism is needed more than ever.

Most of our donors are ordinary people just like you, not wealthy patrons, foundations, or nongovernmental organizations. We receive no government funds and never have. We rely on individuals who care about preserving and promoting the great scholarship of the Austrian school, and understand the critical need to save the world from gross intellectual error. Because of you, our mission is made possible. Without you, our mission cannot be carried out.

Thank you, as always, for your support.

2019 ANNUAL REPORT | 23

2020 COMING EVENTS AT THE MISES INSTITUTE JULY 12–18

OCTOBER 8–10

Rothbard Graduate Seminar Mises Institute Auburn, AL

Mises University Mises Institute Auburn, AL

Supporters Summit 2020 Jekyll Island, GA

MAY 9

SUMMER TBD

FALL TBD

NOVEMBER 14

Mises Institute Seminar Birmingham, AL

Ron Paul 85th Birthday Tribute, Lake Jackson, TX

Libertarian Scholars Conference, New York, NY

Mises Institute Seminar Orlando, FL

MARCH 20–21

JUNE 7–12

Austrian Economics Research Conference Auburn, AL

518 West Magnolia Avenue Auburn, AL 36832-4501