Annual Report 2020 - Mises Institute

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SUCCESS EFFECTI UM MOMENTUM SUCCES EFFECTIVE MOMENTUM EFFECTIVE EDUCATE SUCCESS MOMENTUM SU EFFECTIVE E EDUCATE UCCESS RESEARC EFFECTIVE RESEA Contents

Chairman’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Our Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Our Principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Mises University . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Graduate Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Rothbard Graduate Seminar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Research Fellows Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Seminars, Meetups, and More . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Alumni Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Member Spotlight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Mises Online . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Social Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Books and Publications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Ward and Massey Libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Mises Bookstore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Society and Club Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Board of Directors | Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Senior Fellows | Fellows | Associated Scholars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Message from the President . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 2021 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.

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Chairman’s Report Llewellyn H. Rockwell, Jr. America faces a grave crisis, as malevolent forces threaten to destroy us. Power-hungry statists manipulate our elections, foist unprecedented restrictions on our civil liberties in the guise of “health” measures, and demand a “Green New Deal” that will cripple our economy.

Even aside from these threats, the global economy is in deep trouble, and the economic pain will be felt for many years to come. What’s worse, the proposed solutions are all more of the same, but on a much larger scale: more money printing, more bailouts, and more government spending.

In fact, one might say 2020 was the year during which sound economics, and even economic common sense, was completely thrown aside. Central bankers hit the panic button and embraced the new orthodoxy, which is “anything goes.”

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In the aftermath we rarely hear even mild protests from mainstream economists about runaway government debt or the creation of trillions of dollars from nothing. More often than not, economists seem concerned with providing intellectual cover for the government planners and central bankers.

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This won’t last forever. At some point, reality will intervene, and we will be forced to admit the dream of wealth through easy money and government planning has failed. It won’t be a painless process. People will revolt against “mask mandates” and lockdowns, militarism and meddling in other countries, and environmentalist nonsense.

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The only way we’ll be able to recover is to recapture respect and an understanding of sound Austrian economics as handed down to us by Ludwig von Mises and Murray Rothbard and to carry on their struggle for liberty against the Leviathan State.

This is why the Mises Institute was created: to preserve and advance liberty and good economics while opposing the intellectual mess that currently reigns in Washington and in countless regimes across the world.

Nonetheless, there are still many bright, young economists and students in other disciplines interested in doing good work. We offer them support. We don’t believe good economics is only for economists. It’s why our website continues to provide an enormous library, plus new and timely articles added daily.

After all, our website traffic has only increased since government lockdowns and a new era of economic crisis began last spring. People are looking for an antidote to the mainstream. We aim to provide it.

This is what I promised to Margit von Mises when she agreed to allow me to name our Institute after her husband. It’s what Murray and I planned when he became our academic vice president.

The latest crisis has taught us that it’s not easy to favor the free market and a free society without compromise. But this uncompromising view is what we teach our students at the Mises Institute, in our Mises University, Rothbard Graduate Seminar, and our other programs. We’re also nearing the completion of the first year of our graduate school, where we offer an MA in Austrian economics. This was the realization of one of Murray’s dreams for the Institute, and we plan to keep it going.

Our amazing donors make all of this possible, and we thank you.

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Our Mission The Mises Institute exists to promote teaching and research in the Austrian school of economics, 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 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 hypothesis testing that has created so much misdirection 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.

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2020 ANNUAL REPORT | 5

MISES

UNIVERSITY 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. In spite of lockdowns, students flocked this year to Mises University, just as they have for more than thirty years, and we had a waiting list. Through the generosity of Mises Institute Supporters, there is no registration fee at Mises University for students who are accepted. The curriculum presents economic foundations, and in more than fifty classes explores the entire range of economics, from the elementary to the advanced levels.

Virtual Mises University is the online counterpart to Mises University and is available to anyone.

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Graduate Program In August of 2020, the Mises Institute welcomed its first cohort of graduate students to the new graduate program offering a Master of Arts degree in Austrian economics.

The average undergraduate GPA of the inaugural cohort was 3.6, with 67 percent already holding at least one graduate degree.

The Institute’s new and exciting program incorporates distance education tools to accommodate students and faculty residing in various locations and time zones.

Using the learning management system Canvas®, the Mises Institute is able to present Austrian economics interactively while also operating its graduate program entirely online.

Instructors of the program include Senior Fellows, Fellows, and Associated Scholars, who introduce the material in a challenging and compelling way to encourage scholarship. The master’s program requires completion of twenty-four semester hours of coursework and a thesis suitable for publication in a peer-reviewed journal.

This long-awaited and muchneeded program is a fulfillment of Mises’s and Rothbard’s dreams of a rigorous graduate school dedicated to the study of Austrian economics and free market principles.

Learn more at mises.org/edu

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REPRESENTATED

BY OUR GRADUATE STUDENTS

3.6

AVERAGE UNDERGRADUATE GPA OF OUR STUDENTS

“

The Mises Institute’s graduate school is off to a strong start! I’m teaching microeconomics to the second cohort of students and it is a stimulating experience for me. My students are wonderfully engaged and display the intellectual rigor needed to tackle the demanding Rothbardian curriculum. The course requires a prodigious amount of reading and then online discussion, which has been rich and thought provoking. I wish I’d had the opportunity to study the great Austrian school texts during my own graduate school. What an opportunity for these students. Watch for great things to come from them in the future!

– Dr. Sandra Klein

”

Mises Graduate Faculty

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ROTHBARD GRADUATE SEMINAR 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 Human Action, and featured fourteen graduate students. The seminar was chaired by Professor Joseph Salerno and included other Mises faculty members: Jeffrey Herbener, Peter Klein, Patrick Newman, and Mark Thornton.

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2020 RESEARCH FELLOWS

Research Fellows Program 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, Professor Joseph Salerno, who has a long career teaching university-level economics and has mentored students in our academic programs for over twenty years.

Many former Research Fellows hold teaching jobs at colleges and universities around the world.

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

Mises Institute is “ The a beacon for truth and liberty, the ‘mecca’ of the Austrian school.

Being here allows me to research in the causalrealist tradition with the guidance of a wonderful faculty and staff, along with the camaraderie of the other fellows.

” –AntÓn Chamberlin 2020 Research Fellow

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Seminars, Meetups, and More Mises Seminar at Loyola University New Orleans Professor Walter Block welcomed Judge Andrew P. Napolitano, Jeff Deist, and Cliff Maloney to his campus for a hard-hitting discussion of the constitutional crisis in America.

Video of this event is available at mises.org/neworleans2020.

Learn more at mises.org/begin.

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Economics for Beginners Launched in 2020, Economics for Beginners is a series of videos designed to show that economics is not a complicated subject fit only for people with college degrees but that it affects everyone on a daily basis, in both big and small ways, and is a normal aspect of our day-to-day life. Using short animated videos, basic and fundamental economic topics come to life. Perfect for someone looking for a simplified introduction to elementary economics or parents looking to supplement their child’s economics education, the series includes discussion questions and additional readings that will ensure that viewers are not fooled by myths, lies, and distortions and the road to serfdom.

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687K+ video plays in 2020

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ECONOMY MOMENTUM FFECTIVE MARKET SUCCESS MOMENTUM SEMINAR RESEARC EFFECTIVE The Covid Crash: A Webinar with Daniel Lacalle

2,900+ Live Viewers | 8,560+ Total Viewers in 2020

Jeff Deist hosted a live webinar with economist Daniel Lacalle on the covid-19 crisis and what it means for our future. Video is at mises.org/covid.

Martial Law and Lockdowns: An Online Seminar with Judge Andrew P. Napolitano 2,700+ Live Viewers | 15,750+ Total Viewers in 2020

Judge Napolitano joined Jeff Deist for an in-depth look at the legal crisis facing America in the wake of covid-19 and ongoing civil unrest. Video is at mises.org/lawless.

Mises Meetup in Birmingham, Alabama Sponsored by Mark Walker

Jeff Deist and Patrick Newman addressed a soldout crowd at Avondale Brewing Company for a noholds-barred discussion of the economy after the coronavirus shutdown and George Floyd protests.

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Mises Meetup in Orlando, Florida Sponsored by Mr. and Mrs. Greg Roe Jeff Deist and Patrick Newman addressed an enthusiastic crowd in Orlando, with a preelection discussion of America 2020 and the future of freedom.

Supporters Summit at Jekyll Island, Georgia

HOST COMMITTEE AND SPEAKER SPONSORS: Andy Hord, William Haynes, Greg and Joy Morin, Jeff Leskovar, Hunter and Juliana Hastings, Harvey and Mei Allison, Dr. Don Printz, Robert and Maria Luddy, Remy Demarest, Howard and Teri Dittrich, Carl and Karen Bowen

Lew Rockwell and Jeff Deist hosted an all-star speaker lineup at the private Jekyll Island Club, where the central bank was first schemed in 1910. Addressing Mises Institute Supporters on various topics related to the Federal Reserve were featured speaker Amity Shlaes, Judge Andrew P. Napolitano, Tom Woods, Tom DiLorenzo, Peter Klein, and Patrick Newman.

Symposium with Ron Paul in Lake Jackson, Texas Sponsored by Steve and Cassandra Torello Focused on the future of our liberties in postelection America, hundreds gathered to hear Ron Paul, Jeff Deist, and Daniel McAdams. The students who attended especially enjoyed meeting a few of their heroes.

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Alumni Highlights Dr. Karl-Friedrich Israel, a former Mises Research Fellow, was named assistant professor of economics at Université catholique de l’Ouest in Angers, France.

Dr. Jim Kee, a former Mises Research Fellow, was named assistant professor at Baylor University. He will teach strategic management and entrepreneurial leadership.

Krisoffer Mousten Hansen, a 2020 Mises Research Fellow, was named a lecturer at the University of Leipzig. He will be defending his dissertation at the University of Angers later this year.

Professor Peter Klein was named a coeditor for the prestigious Strategic Entrepreneurship Journal.

Professor Patrick Newman was awarded the Gary G. Schlarbaum Prize for Excellence in Research and Teaching for a Promising Young Scholar.

Professor Per Bylund received the 2020 Merrick Foundation Teaching Award, recognizing outstanding work in bringing to students a better understanding and appreciation of the economic and political basis of American society.

Greg and Joy Morin members since

2009

Member Spotlight We support the Mises Institute for principled and pragmatic reasons. The ethical principles of the Institute align precisely with ours, namely that a stateless and free society unencumbered by external intrusions into human affairs can only lead to human flourishing. Nowhere is this more apparent than in the study of economics.

Focusing on the stark contrast between a market economy versus a planned economy serves as the ideal framework for promoting these ideas. However, we also support the Institute for our own pragmatic reasons. We must keep this flame of liberty alive by ensuring those in the coming generations who are receptive to these ideas have a resource they can turn to. No organization has a better track record than the Institute in promoting these ideas among the young. One day they will occupy positions where they can serve to teach and influence others. In short, we support the Institute in the fervent hope of realizing a freer, more prosperous future for our children and grandchildren.

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Mises Online Mises.org remains one of the most high-traffic economics and commentary sites on the web. Every year, in addition to our two academic journals (Quarterly Journal of Austrian Economics and Journal of Libertarian Studies), we continue to add more articles and commentary, digital books, podcasts, audiobooks, streaming audio and video, and bookstore offerings, and all for free.

Our two most popular podcasts were The Human Action Podcast with Jeff Deist and Radio Rothbard with Ryan McMaken and Tho Bishop.

Mises.org remains central to making Austrian economics available worldwide by maintaining 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. 60 percent of our traffic is under forty-five according to Google analytics.

Ryan McMaken’s article “Police Officers Threaten to Quit If the Public Keeps Demanding Accountability” made it to the front page of Reddit before being censored by moderators. The article received over 100,000 clicks in the few hours it was available.

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2020 AT A GLANCE 1,000+

ARTICLES PUBLISHED ON MISES WIRE

427

AUDIO MISES WIRES PRODUCED

95,999

MISES WIRE EMAIL SUBSCRIBERS

65+

COUNTRIES AMONG EMAIL READERSHIP

51%

INCREASE IN WEBSITE USERS

9M+

USERS ON MISES.ORG

20M+ VIEWS OF MISES.ORG

55

LIVE LECTURES AND SEMINARS

170%

INCREASE IN VISITORS ON MISES.ORG/ES

If you haven’t already, subscribe to one of our tailored email lists to stay up to date on institute happenings, get an inside look at published articles, and be the first to know about future events. Subscribe at mises.org/subscribe.

1.3M+ VIEWS OF MISES U

20K+

LIVE AT VIRTUAL MISES U

Social Media The Mises Institute set record highs in viewership in 2020 with over 4.2 million views, while navigating the growing issues of censorship and manipulation of social media. Shortly after receiving a silver plaque from YouTube for surpassing 100,000 subscribers, our Mises Media YouTube channel had a video—“The Covid Cult” by Tom Woods, with 792,602 views—censored for the first time. We were informed it was due to Dr. Woods denying the effectiveness of lockdowns for reducing the spread of covid (a view endorsed by the WHO).

In the face of an increasingly hostile environment from social media websites, the Mises Institute expanded into alternative media platforms, including video sites like Odysee and BitChute. The Institute had grown a substantial audience on Parler before Amazon had shut it down. Along with diversifying the number of social media platforms that host Mises content, we continue to build our email list and on-site search functions to minimize our dependence on third-party platforms.

230,000+ Facebook followers

877,000+

17,000+

31,900+

Twitter followers

Instagram followers

1.76M

Facebook reach

Twitter reach

TOM WOODS’S VIDEO “THE FACT-FREE LOCKDOWN HYSTERIA”

850K+ VIEWS

#2

ALL-TIME VIDEO

SOURCE OF TRAFFIC TO MISES.ORG 44% SEARCH 25% SOCIAL MEDIA 21% DIRECT 5% REFERRALS 5% OTHER

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Books a n d Publica t i on s The purpose of Anatomy of the Crash, edited by Tho Bishop, is to place the ideas of the Austrian school within the context of the modern world and contemporary events. The writers put into perspective how and why the events of 2020 were devastatingly predictable.

During the early days of the 2020 lockdowns and stay-at-home mandates, we put together Quarantine Chronicles: A Shelter-at-Home Series of essays, articles, and clips highlighting lesser-known pieces that provide a deep understanding of important concepts and history. The topics covered are: praxeology, political decentralization, and the history of the Austrian school.

We published two minibooks in 2020!

ECONOMICS IN ONE LESSON Henry Hazlitt’s timeless defense of free markets and property rights has arrived at a time when the consequences of America’s disastrous government education system are on full display around the country. From the rise of proud socialist politicians to riots in the streets, we are witnessing the consequences of a civilization whose children reject the foundations of private property.

This important and vital book should be read by everyone, and thus we printed 100,000 copies and are making them available for free. If you are involved in a civic club, homeschooling network, student group, church network, discussion group, are a business owner, or have a few friends or family members who need to learn real economics, sign up to get free copies of Economics in One Lesson delivered to you. In the words of Ludwig von Mises, “We must fight all that we dislike in public life. We must substitute better ideas for wrong ideas.”

To get free copies go to mises.org/onelesson.

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40K+

MATERIALS

WARD AND MASSEY LIBRARIES Our special collections are available for visitors, Fellows, and researchers and provide excellent resources for any scholar. Wi-Fi 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.

FREE 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 that 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.

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

10% off

15% off

20% off

VISIT MISES.ORG/MEMBERSHIP

Mises GENEROSITY Bookstore 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: economics, philosophy, law, ethics, public policy, and libertarian thought.

Every month, more than 10,000 visitors come to the online store to browse or purchase books, ebooks, audiobooks, and memorabilia items such as apparel, silver coins, and art. In addition, our on-campus Diehl Bookstore welcomes hundreds of visitors every year.

Discover more at store.mises.org.

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Society and Club Members MISES SOCIETY Anonymous

Mr. Perry Alford Mr. Steven R. Berger Ms. Carol I. Cooper Mrs. Charles de Muralt Mr. Kenneth M. Garschina Mrs. Bettina Bien Greaves Mr. Fergus N. MacDonald Mr. and Mrs. Frederick L. Maier Mr. and Mrs. G.F. Maughmer Mrs. Margit von Mises Mr. Francisco G. Paramés Dr. and Mrs. Ron Paul Don W. Printz, MD Murray and JoAnn Rothbard 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. Henry Hazlitt Mr. James E. Kluttz Ms. Pia Maria-Kristiina Koskenoja 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

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.

Mr. and Mrs. William W. Massey, Jr.

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The North American Foundation

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Judge Andrew P. Napolitano

Howard and Teri Dittrich

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Dr. Larry J. Eshelman

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Mr. and Mrs. Walter F. Woodul III

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Mr. Edward W. Fuller

Mr. Walter C. Wylie

Matthew and Adriane Niehaus

T.J. and Ida Goss

John and Barbara Nordstrom

Mr. and Mrs. Richard P. Griot

HAYEK SOCIETY

Leigh and Carole Paquin

Mr. and Mrs. Jeffrey Harding

Mr. William S. Ramagosa, Jr.

Mr. and Mrs. Mark L. Hart III

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The Richard E. Fox Charitable Foundation

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Anonymous

Mr. and Mrs. Gene E. Allen Mr. and Mrs. Harvey Allison Mr. and Mrs. James B. Andrews The Armstrong Foundation Mr. Eric A. Bardeen 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 Mr. Derwood S. Chase, Jr. Mr. and Mrs. Arthur Cinader Mr. Kent M. Cooper 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. Sean Rooney

Prof. Dr. Hans-Hermann Hoppe and Dr. A. Gülçin Imre Hoppe

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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. Leland L. Young Mr. and Mrs. Lee Zehrer

Mr. Jonathan Liem Mr. Herbert H. McAdams III Mr. Horace D. McCowan, Jr. Mr. Raymond E. McGowan Mr. and Mrs. James McMahon Mr. Joseph Edward Paul Melville Mr. Edward H. Morse Mr. Reed W. Mower Everett and Kathy Nelson Dr. and Mrs. Gary North Mr. and Mrs. Justin Pavoni Mr. Stefano Quadrio Curzio

MENGER SOCIETY

Mr. and Mrs. Donald M. Rembert, Sr.

Anonymous

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River Oaks Foundation

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Carl and Karen Bowen

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Mr. John M. Hall

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Dr. and Mrs. George G. Eddy

Mrs. Floy M. Johnson

Douglas E. French and Deanna L. Forbush Mr. and Mrs. Henry Getz Mr. Abram Hascup Mr. William S. Henderson Mr. and Mrs. James M. Hill Mr. and Mrs. W.R. Hogan, Jr.

18 | MISES INSTITU TE

Mr. William N. Haynes

Mr. Alfred I. Jones, Jr. Mr. and Mrs. Robert N. Kennedy Mr. George F. Koether Richard J. Kossmann, MD Mr. John B. Laing

Mr. Robert H. Walker Mr. William P. Weidner Dr. Thomas L. Wenck Mr. David Westrate Mr. Brian J. Wilton Mr. Thomas G. Winar, Sr. Mr. and Mrs. Joseph C. Woodford Mr. Douglas B. Wyatt and Ms. Dianna Edwards Thomas and Sheri Yengst

CHAIRMAN’S GOLD CLUB AND LIBERTAS Anonymous Ms. Jordan Ausman Ms. Martha Babson Mr. Fred J. Badalli Mr. Russel Bankson Steven H. Benson, DDS Dr. Theodore Berthelote Mr. Neil Booth and Mrs. Zhenxin Jiang Mr. Herbert Borbe Ms. Mary D. Brown Mr. Robert B. Bruce Mr. Ted H. Caine Mr. Dennis M. Campbell Mr. David Capshaw Mr. Aubrey T. Carruth Prof. Thomas R. Clark Mr. Ernest Colton Mr. Bryan J. Coupal Mr. Dayne D. Crellin Mr. James W. Crofts Mr. and Mrs. Trey Daniels Mr. Marc de Mesel Mr. and Mrs. Steven L. Dick Thomas and Lisa Dierl Ms. Mary Diane Dolan Randall Dollahon and Kathleen Lacey Mr. Jerry T. Dowell Mr. Bill Eaton John B. Egger, PhD 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. Albert S. Goodrich 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. J. Richard Hunt Mr. and Mrs. D. Spence Hurlbut Mr. David L. Jarrett Mr. Dan Johnson and Ms. Randee Laskewitz Mr. Brett Keiser Bernard and Joan Koether Mr. Allen R. Korbel Mr. Albert Lax Mr. Jeff Leskovar Mr. Paul Libis Mr. Michael W. Mace Mr. Brian Mast 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 Mr. and Mrs. Thomas Nichta Mr. Jan Niessen Col. James E. Norwood Mr. Glenn M. O’Dell Mr. Bill Olinger Mr. Harry R. Pace 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

CHAIRMAN’S SILVER CLUB Anonymous

Mr. Adam J. Bagby Mr. Ryan Bednar Mr. Fernando Bernad Dr. Derek Broering Mr. Colby Callahan Mr. David D. Clark Mr. Paul Dold Mr. Benjamin Duffy Mr. and Mrs. William Duhamel Mr. Michael Gelband Mr. Simon Guenzl Mr. Bernard Karwick Mr. Yuriy Khapochkin Dr. Carl Liggio, Jr. Mr. and Mrs. Matt Lyons Mr. Mark McGrath Mr. and Mrs. Brian A. Miller Mr. Mark S. Murrah Mr. Christopher J. Peters Mr. and Mrs. Oscar Porcelli Mr. and Mrs. Leonard W. Ringenbach Mr. Guilford R. Robinson Ms. Rosemarie C. Rotella Mr. Buck Ryan Mr. Eric R. Schwarz John and Edith Slavic Dr. and Mrs. G. Keith Smith Mr. Jeffrey M. Tibbs Mr. Mark Walker Mr. Sean J. Wilks

Ms. Anni Roberts Dr. Karen Ross Ms. Dagny Ross Mr. Robert L.M. Russell Mr. Ernest H. Ryan Dr. and Mrs. Murray Sabrin Mr. and Mrs. Paul M. Samson Dr. Lynne F. Shepard Mr. Jack DeBar Smith Mr. and Mrs. Michael Stack Drs. Susan Stalzer and Bruce Tagle George M. Steele, Jr., MD Mr. Gregg W. Steinhafel Mr. David J. Steinhafel Mr. Richard Stephenson Dr. Bruce Tagle Mr. Jerry Pogue Dr. Jane ten Brink Mr. and Mrs. Reginald Thatcher Mr. James C. Thomason III Mr. Kenneth H. Toft Mr. R. David Van Treuren Dr. and Mrs. Ted Vaughn Mr. Jerry K. Williams Mr. Roger A. Zessin Mr. and Mrs. John Zumbrum

CHAIRMAN’S BRONZE CLUB Anonymous Mr. Abdelhamid Abdou

Aida Miller Foundation Mr. and Mrs. J. Ryan Alford Mr. and Mrs. Garry Allen Dr. Lee Allison Mr. Josh Alvey Mr. Harold V. Anagnos Mr. J. Terry Anderson Mr. Jeremy Anderson Mr. William H. Anderson Mr. Todd Baker Mr. Scott Banfield Mr. Jeffrey A. Barnes Dr. John Bartel Mr. Chris Becraft Mr. Gordon Bennett and Ms. Lucy Goodhart Mr. Aravind Bhimarasetty Mr. William H. Bird Dr. and Mrs. Jason Blue Mrs. Della B. Bluemly Mr. and Mrs. Charles Boettcher Mr. David Bottoms

Mr. Matthew Bowler Mr. Ethan Bowman Mr. Roman J. Bowser Mr. and Mrs. Roger H. Box Mr. and Mrs. Quetzalcoatl Bradley Mr. Frank B. Bradshaw Mr. Mike Branch Mr. Dalton Brasier Ms. Elaine Braum Mrs. Mary E. Braum Mr. Jeffrey Bride Mr. Bryan Lee Briggs Mr. David Brown John and Jan Brunner Mr. Kurt Buchwald Dr. Andrew Bunch Mr. Jeffrey P. Buol Mr. Donald Burger Mr. Michael L. Burks Mr. John A. Buttrick Dr. Per and Susanne Bylund Mr. Scot Campbell Mr. Bob Cangiano Mr. Kenneth Chadwick Mr. Richard Chambers Mr. Daniel Chang Mr. Wayne Chapeskie Mr. Joseph F. Chicoine Ms. Linda N. Chirico Gayla Claes Mr. James Clark Mr. Andrew W. Cleveland III Mr. Gary Clouse Mr. and Mrs. Jacob M. Cochran Mr. Cullen Connors Mr. Gary L. Cottingham Mr. Donald K. Cowles Mr. and Mrs. Kevin J. Coyne Mrs. Candace L. Cramer Mr. Peter Crane Mr. Lawrence E. Creeden Mr. Daniel L. Cummings Mr. and Mrs. Raymond E. Cunningham Dr. Ernest N. Curtis Mr. Jeffrey K. Czyz D. Allen and Sandra Dalton Mr. Ben Davenport Mr. R. Leahman Davidson Robert and Amyrillis Davis Mr. L. Michael Davis Dr. Christopher Detweiler Mr. Paul J. Dietrich Dr. and Mrs. Thomas J. DiLorenzo Ms. Sarah Disbrow Mr. Constantin Dragomirov Mr. J. Richard Duke Dr. David Dürr Mr. and Mrs. Ralph D. Dwyer III Mr. Jarrod Eagle Mr. and Mrs. Joe D. Edge Mr. David J. Emery

2020 ANNUAL REPORT | 19

Mr. Christopher D. Engl

Mr. Cody A. Koch

Mr. Eric Englund

Bernard and Joan Koether

Mr. and Mrs. John B. Estill

Dr. Rudolph Kohn

Mr. Charles J. Ezell

Mr. Alexandros Konstantinidis

Mr. Stephen A. Fairfax

Mr. Donald A. Koss, Jr.

John and Faith Farr

Arthur and Janet Krolman

Dr. and Mrs. P. Brady Farr

Mr. Sheung Ping Lam

Mr. Fabrizio Ferrari

Mr. Jordan Lawrence

Mr. and Mrs. James R. Feutz

Mr. and Mrs. Michael M. Lee

Mr. and Mrs. William Fink

Mr. Charles Leir

Mr. Ed Fleck

Mr. Russell C. Lemley

Mr. Tyler D. Folger

Mr. Steve Link

Mr. John R. Foster

Dr. Antonio A. Lloréns-Rivera

Mr. Steven Frankel

Mr. Donald Lovelace

Mr. Adam J. Garrett

Mr. George Lowell

Mr. Matthew Gessner

Mr. and Mrs. Ben Lunka

Mr. George S. Gibbs

Mr. Alex Magaro

Mr. Jeffrey B. Gilbert

Mr. James W. Mahannah

Dr. and Mrs. Anthony Gill

Richard and Donna Mancini

Mrs. Rhonda Gillespie

Mr. David L. March

Mr. Andrew Gitzendanner

Mr. Alexander Markesinis

Mr. Dan W. Glovak

Dr. and Mrs. Charles W. Martin

Mr. Kevin R. Griffin

Mr. Jed R. Martin

Mr. Charles F. Hanes

Dr. and Mrs. Stephen M. Martin

William A. Hare, DDS

Mr. David R. Mason

Mr. Wayne Harley

Mr. Deane R. Mathewson

Mr. Charles T. Hatch

Mr. Ronald Matsui

Ms. Sandra Hatcher

Malcolm W.S. McCain

Mr. Daniel W. Haubeil

Wesley G. McCain

Mr. Clifton Hebert

Mr. and Mrs. Robert G. McDaniel

Mr. Matthew Heim

Mark and Julie McElroy

Mr. and Mrs. David A. Hendersen

Mr. Eugene McFaddin

Mr. and Mrs. Jule R. Herbert, Jr.

Mr. and Mrs. Chris W. McGary

Mr. Mark Hickey

Mr. G. Joseph McLiney

Mr. Albert L. Hillman, Jr.

Mr. Charles Mercer

Mr. Christian D. Hoffman

Mr. and Mrs. Fritz von Mering

Mr. Jason Hollon

Mr. Roy G. Michell, Jr.

Dr. Stefan Hubrich

Mr. Daniel Miller

Mr. Aron D. Huddleston

Deanna and Greg Miller

Mr. Albert L. Hunecke, Jr.

Dr. and Mrs. Donald W. Miller, Jr.

Mr. Kevin Hunt

Mr. and Mrs. Matthew Miller

Mr. Stanley D. Hutchings

Mr. Ralph Miller

Mr. John M. Inks

Mr. Brian E. Millsap

Mr. Andrew C. Irvin

Mr. Zoran Mitrovski

Dr. Hal Jacobson

Mr. Patrick Moling

Mr. and Mrs. David Jansen

Mr. Mark A. Monoscalco

Ms. Lili Jensen

Mr. Clark Moody

Mr. Rex Jolliff

Mr. Brian Moore

Mr. Kenneth Kamon

Mr. Eric Morris

Dr. John A. Kasch

Mr. Gary P. Morrison

Mr. Nicholas Kennedy

Ms. Caroline Mortimer

Mr. and Mrs. Thomas Kershner

Mr. and Mrs. Darren Mullen

Mr. Kenneth King

Mr. Rockne Mullens

Mr. Per Kjeldaas

Mr. Akihiko Murai

Drs. Peter and Sandra Klein

Ms. Mellissa Murray

Mr. James E. Klingler

Mr. James Nardulli

Mr. Brian Kmetz

Mr. Jacob Nemchenok

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

20 | MISES INSTITU TE

Ms. Sarena Nichol Mr. Erik M. Oja Mr. and Mrs. Richard Olson Mr. Ernest L. Ortiz Mr. and Mrs. Michael V. Orton Mr. John Palmer John Paloglou and Dorothy Greene Dr. Anthony Pappas Mr. Roy Patchell Mr. Timothy C. Patterson Mr. James A. Perry Mr. and Mrs. Jay Peters Mr. and Mrs. Laurence A. Peterson Mr. and Mrs. Martin Peyer Drs. Thomas W. and Leonora B. Phillips Dr. and Mrs. Philip Piasecki Igor Pikovets Mr. Gerard Pompilio Mr. and Mrs. Dennis Pratt Ms. Tatiana Racheva Karthik Ramani Mr. David R. Ratliff Mr. Peter C. Reck Ms. Margaret P. Reed Mr. Thomas H. Reed Mr. David F. Reid Mr. John W. Reynolds III Mr. and Mrs. David L. Richards Mr. Kenton Riggs Elie Rivollier, Jr. Mr. Michael Robichaux Mr. Gary Roewe Kathleen Rogers and Rick Teller Mr. James B. Rogers, Jr. Mr. Patrick Rosenwald Mr. Lester D. Roth, Jr. Mr. and Mrs. Clifford P. Ryan Mr. Brae Sadler Mr. Steven M. Sadler Thad and Cyndy Salmon Mr. Andrew Sanders Allan and Bobbye Sawatzky Mr. Kenneth R. Schmeichel Mr. Albert Schrautemyer Mr. Mark J. Schuberg Mr. Alvin B. See Mr. Ekhard Seeßelberg Mr. Robert Seffrin Mrs. Jane Shaffer Mr. John P. Sharkey Mr. Brian Sharpe Mr. Roger W. Shipman Mike and Linda Shonessey Mr. and Mrs. Gary G. Short Mr. and Mrs. Dana J. Sieckert Mr. Roy H. Simmen, Jr. Mr. and Mrs. Thomas W. Singleton

Mr. Tim Sippel Mr. Jeffrey S. Skinner Dr. Chris Smelick Mr. Lee S. Smith Mr. Steven R. Smith Ms. Nancy H. Southard Mr. Adam Sowinski Dr. James Speights Dr. Cisse W. Spragins Mr. Edwin S. Stacey Mr. Carl Stalhood Mr. and Mrs. David Stearns Mr. Richard L. Stees Mr. Jason Stenack Mr. David B. Stern Mr. Gordon R. Stevenson Mr. David G. Stone Noreene Storrie Mr. Jordan Stuart Mr. James W. Stuckert Mr. Kermit Sutton Pastor James E. Sweet Mr. Stephan P. Sykes Mrs. Sydney T. Taylor Mr. Paul M. Thomas Mr. Richard C. Thurber Drs. Benjamin and Rosanne Thurman Mr. Alan Torell Mr. Kevin Tyson Mr. and Mrs. Scott J. Ullery Mr. Edward Van Drunen Mr. William A. Vaniman and Ms. Frances G. Matthews Dr. Michael S. Vaughn Mr. Bruce P. Voris and Mrs. Wendy Ng Dr. John F. Wakerly Mr. and Mrs. Isaac Waldron Stephen and Mary Walker Dr. J. Stanley Warford Mr. J.C. Warren Mr. Pete Watson Mr. Gerard Weldele Mr. John E. Westerfield Mr. and Mrs. Michael Whelen Mr. Michael Wieczorek Mr. Richard W. Wilcke Mr. Ronald B. Williams Ms. Anne Williamson Mr. Robert Wilson Mr. Isaac Woerlen Mr. Roger Wolf Dr. and Mrs. John A. Wright Mr. Dusty Wunderlich Dr. Steven Lee Yamshon Mr. Daniel Yi Mr. Marty Zigman

VISIT MISES.ORG/MEMBERSHIP

The Mises Institute finished 2020 in a strong financial position, despite the terrible financial ravages of covid lockdowns and a worldwide economic recession. We are profoundly grateful to our donors and deeply appreciate your commitment to our mission.

Total contributions in 2020 were bolstered by a handful of large bequests. But fundraising also rose nearly 20 percent over the previous year. We slightly adjusted spending at the end of the year to make important repairs and improvements to our buildings and grounds. We also made improvements to our website and bookstore.

Our balance sheet also strengthened, primarily due to the overall rise in precious metals prices over the year.

We hold both physical metals and shares in investment funds closely tied to gold, silver, and other commodity prices.

These investment holdings mostly accrued through inkind donations. Over the years many donors have chosen to contribute gold and silver bullion, along with coins and numismatic collectibles, to the Institute. Others have donated mining stocks, shares in exchange-traded funds tied to precious metals indices, and similar securities. As advocates of sound money, our approach has been to hold rather than sell such donations.

Financials FISCAL YEAR 2020 OPERATING REVENUE Contributions

$12,992,507

Book Sales

$403,085

Program Service Revenue

$112,554

Other Income

$344,508

TOTAL:

$13,852,654

FISCAL YEAR 2020 OPERATING EXPENSES Programs

$4,202,412

Management & General

$535,291

Development

$468,836

TOTAL:

$5,206,540

ASSETS AND LIABILITIES Current Assets

$3,104,390

OPERATING $4,158,483 REVENUE

Fixed Assets Investments Other Assets Liabilities NET ASSETS:

OPERATING REVENUE 94% CONTRIBUTIONS 3% BOOK SALES 2% OTHER INCOME 1% PROGRAM

$31,690,183 94% CONTRIBUTIONS 3% BOOK SALES $1,291,604 2% OTHER INCOME 1% PROGRAM $530,042 SERVICE REVENUE $40,774,702

OPERATING EXPENSES 81% PROGRAMS 10% MANAGEMENT AND GENERAL

9% DEVELOPMENT

SERVICE REVENUE

OPERATING

2020 ANNUAL REPORT | 21

Board of Directors DANIEL AJAMIAN

Anthem Management Group LLC

DEBORAH AYERS Sarasota, Florida

STEVEN BERGER

Adamas Partners LLC

THE HON. JOHN V. DENSON Samford and Denson LLP and Mises Institute Senior Fellow

HUNTER LEWIS

Cambridge Associates LLC

ROBERT LUDDY CaptiveAire, Inc.

THE HON. ANDREW P. NAPOLITANO

WILLIAM POOLE

WILLIAM J. BOYES

ANTONY P. MUELLER

SHAWN RITENOUR

JOHN BRÄTLAND

ROBERT F. MULLIGAN

WILLIAM N. BUTOS

PHILIPPE NATAF

PETER T. CALCAGNO

JONATHAN NEWMAN

College of Charleston

Bryan College

PAUL A. CANTOR

GARY NORTH

University of Virginia

Institute for Christian Economics

THOMAS E. WOODS, JR.

GERARD N. CASEY

JAMES OSTROWSKI

TomWoods.com

University College Dublin

Buffalo, New York

Fellows

JO ANN CAVALLO

ALEXANDRE PADILLA

Columbia University

Metropolitan State University of Denver

PAUL A. CLEVELAND

KAREN Y. PALASEK

University of Delaware Grove City College

PASCAL SALIN

Université Paris-Dauphine

TIMOTHY TERRELL Wofford College

MARK THORNTON Mises Institute and Auburn University

WILLIAM L. ANDERSON Frostburg State University

Fox News and Mises Institute Distinguished Scholar in Law and Jurisprudence

PHILIPP BAGUS

RON PAUL, MD

Ferris State University

Ron Paul Institute and Mises Institute Distinguished Counselor

DON PRINTZ, MD

Stone Mountain, Georgia

LLEWELLYN ROCKWELL, JR.

Mises Institute

JEFF DEIST

Universidad Rey Juan Carlos

PAUL F. CWIK

Hampden-Sydney College

University of Mount Olive

LUKASZ DOMINIAK

Nicolas Copernicus University

CARMEN ELENA DOROBĂȚ

Kent State University

DAVID HOWDEN

LLEWELLYN ROCKWELL, JR.

St. Louis University Madrid

JEFF DEIST

Baylor University

PATRICIA BARNETT

ROY CORDATO

University of Jena

Oklahoma State University

LUCAS M. ENGELHARDT

President

Birmingham Southern College

PER BYLUND

PATRICIA BARNETT

Founder and Chairman

Trinity College

John Locke Foundation

Mises Institute

Officers

US Department of the Interior

MARK BRANDLY

Manchester Metropolitan Business School

Mises Institute

Arizona State University

SANDRA KLEIN MATEUSZ MACHAJ

Uniwersytet Wrocławski

FRANK DAUMANN GREGORY M. DEMPSTER MARSHALL DEROSA

Florida Atlantic University

FRANK VAN DUN Universiteit Gent

RICHARD M. EBELING The Citadel

ROBERT B. EKELUND Auburn University

GENE EPSTEIN The Soho Forum

NICOLAI J. FOSS

Copenhagen Business School

LOWELL E. GALLAWAY

G.P. MANISH

Ohio University

Academic Vice President and Mises Institute Senior Fellow

MATTHEW MCCAFFREY

University of Washington

Senior Fellows

ROBERTA A. MODUGNO

Elizabethtown College

Executive Vice President

JOSEPH T. SALERNO

WALTER BLOCK

Loyola University New Orleans

BRENDAN BROWN Macro Hedge Advisers

THOMAS J. DILORENZO Mises Institute

ROGER W. GARRISON Auburn University

DAVID GORDON Mises Institute

JEFFREY M. HERBENER Grove City College

HANS-HERMANN HOPPE

Property & Freedom Society and Mises Institute Distinguished Senior Fellow

Troy University

University of Manchester Università degli Studi Roma Tre

MALAVIKA NAIR Troy University

PATRICK NEWMAN

Florida Southern College

Associated Scholars GABRIEL CALZADA ÁLVAREZ Universidad Francisco Marroquin

DOMINICK ARMENTANO University of Hartford

WILLIAM BARNETT II

Loyola University New Orleans

ROBERT BATEMARCO Fordham University

JESÚS HUERTA DE SOTO

DON BELLANTE

JÖRG GUIDO HÜLSMANN

ALBERTO BENEGAS-LYNCH

Universidad Rey Juan Carlos

Université Angers and Mises Institute Peterson-Luddy Chair

University of South Florida Eseade, Argentina

ANTHONY GILL

PAUL GOTTFRIED JAMES GRANT

Grant’s Interest Rate Observer

NATALLIA GRAY

Southeast Missouri State University

RICHARD GRIMM

Slippery Rock University

THOMAS GSTRAUNTHALER University of Cape Town

STEVE H. HANKE

The Johns Hopkins University

ROBERT F. HÉBERT

University of Louisiana Lafayette

RANDALL G. HOLCOMBE Florida State University

JACOB H. HUEBERT Chicago, Illinois

JASON JEWELL

Faulkner University

Universidade Federal de Sergipe Indiana University

Université Paris-Dauphine

Barton College and the John Locke Foundation

E.C. PASOUR, JR.

North Carolina State University

THORSTEN POLLEIT Universität Bayreuth

BENJAMIN POWELL Texas Tech University

PAUL T. PRENTICE

Colorado Technical University

GEORGE REISMAN

Pepperdine University

MORGAN O. REYNOLDS

National Center for Policy Analysis

PARTH J. SHAH

Centre for Civil Society

FRANK SHOSTAK

Applied Austrian School Economics

JOSEF ŠÍMA

CEVRO Institute

GENE SMILEY

Marquette University

JOHN SOPHOCLEUS

Auburn University

DALE STEINREICH Drury University

EDWARD STRINGHAM

American Institute for Economic Research

THOMAS C. TAYLOR Wake Forest University

SVEN THOMMESEN

Auburn University

T. HUNT TOOLEY Austin College

VLADIMIR TOPAN

Mises Institute – Romania

LAURENCE M. VANCE Francis Wayland Institute

RICHARD VEDDER Ohio University

HARRY C. VERYSER

University of Detroit Mercy

JINGJING WANG

JAMES T. BENNETT

PETER KERR

Southeast Missouri State University

Beijing Information Science and Technology University

Baylor University and Mises Institute Carl Menger Research Fellow

BRUCE L. BENSON

DONALD W. LIVINGSTON Emory University

CHRISTOPHER WESTLEY

Florida State University

YURI N. MALTSEV

GEORGE BITTLINGMAYER

ALLEN MENDENHALL

University of Kansas

Troy University

ROBERT P. MURPHY

SAMUEL BOSTAPH

XAVIER MÉRA

PETER G. KLEIN

Carthage College

Texas Tech University

22 | MISES INSTITU TE

George Mason University

University of Dallas

University Rennes 2

Florida Gulf Coast University

JAMES YOHE

Gadsden State Community College

ANDREI ZNAMENSKI University of Memphis

Message from the President Jeff Deist

2020 was a terrible year in many ways, from government bans on business travel and shutdowns of schools to unprecedented profligacy by politicians and central bankers.

Yet 2020 also provided astounding opportunities for new thinking and new ideas to challenge failing orthodoxy.

In that sense the Mises Institute was proud to be more active than ever. We continued to hold live events throughout the year, which were gratefully and enthusiastically well attended without incident or illness.

We were first out of the gate with Anatomy of the Crash, the book explaining how and why the economy was already exceedingly fragile prior to the covid lockdowns.

Readership for mises.org and our publications grew rapidly, as millions of people sought to understand the economics and tradeoffs behind the “trust the science” rhetoric of the pandemic. Homeschooling took on a whole new meaning, both for parents using Mises Institute resources and adult learners interested in self-study. Our Human Action Podcast brought substantive books and theory to a lay audience eager to learn more about the Austrian school rather than stale chatter about current events. And our fundraising results reflected growing interest in our organization and mission.

Yet, more than anything, 2020 was the year millions of independent-minded people realized the pressing need for alternative institutions. It was the year “build your own platform” became both a rallying cry and an abject necessity in the face of deplatforming and cancel culture.

We took that to heart, and went about working to make the Mises Institute one of those alternative institutions.

college programs. No Keynesianism, no monetarism, and no mistaking math or statistics for economics. Students learn from the best Austrian minds and experts in their particular subjects. Most of all, students absorb real treatises by Menger, Mises, Rothbard, Hoppe, and other giants. They learn theory, not positivism. And judging by our student surveys and the quality of our applicants, the program is already a success.

If you haven’t already, be sure to read about our graduate school at mises.org/edu. We guarantee you will be impressed and encouraged by our curriculum and program. Along with our summer Mises University for undergraduate students, the master’s degree ranks among our most important and vital offerings.

Mises.org, Mises University, and the new graduate program position us as the leading alternative school in the world for real economics and the scholarship of freedom. The market for alternatives to bloated and expensive universities—especially in the covid era—is exploding, and we were thrilled to see growing interest in the Mises Institute throughout last year. In a difficult year full of white noise and statist media narratives, the Mises Institute stood as a beacon for freedom-loving people and anyone interested in sound economics, property, freedom, peace, and civilization itself.

We are grateful to you for your support and interest. We are careful and steady stewards of your donations. We are committed and optimistic advocates for Austrian economics. But none of what we do is possible without you, and we hope our Annual Report encourages you to stay involved and engaged with the Mises Institute.

And in fact we did build another of our own platforms last year, successfully launching our long-awaited graduate program. The Institute now offers a Master of Arts in Austrian economics, a fully online degree which costs a fraction of traditional university tuition. The courses are far superior and the faculty far better than those of

2020 ANNUAL REPORT | 23

2021

EVENTS WITH THE MISES INSTITUTE

MARCH 19–20

Austrian Economics Research Conference, Auburn, Alabama

APRIL 10

Mises Meetup, Birmingham, Alabama

JUNE 6–11

Rothbard Graduate Seminar, Auburn, Alabama

JUNE 17

Medical Freedom Summit, Windham, New Hampshire

JULY 18–24

Mises University, Auburn, Alabama

OCTOBER 21–23 Supporters Summit, St. Petersburg, Florida

518 West Magnolia Avenue Auburn, AL 36832-4501