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    Ludwig von Mises Institute accomplishments for 1995

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    Ludwig von Mises Institute accomplishments for 1995

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    49 views28 pages

    Mises Institute Accomplishments 1995

    Uploaded by

    MisesWasRight
    Ludwig von Mises Institute accomplishments for 1995

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    TANCK NTSC pa RANEVOUNOM ONT uci maE! ae a eer tan elo) ICeu ys Olu eT + BEFORE ADAM SMITH “"" CLASSICAL ON (Otl Rinne nes Pine (cS ree a Top left to right: Ludwig von Mises, Friedrich von Hayek. Bottom left to right: Henry Hazlitt, Murray N, Rothbard. The Austrian School, named for the country of its nineteenth- century founding, views unhampered markets, competition, en- treprencurship, and private property as the keys to economic prosperity and social cooperation. Ludwig von Mises (1881-1973) was the century's most impor- tant Austrian economist. On the counsel of Margit von Mises, Llewellyn H. Rockwell, Jr., founded the Mises Institute in 1982. Mrs. Mises served as chairman until her death in 1993, and Murray N. Rothbard (1926-1995), Mises’s eminent student, was ademic guide from the beginning, Also associ- the Institute’: ated with the Institute were Nobelist Friedrich von Hayek (1899-1992) and the great economic journalist Henry Hazlitt (1894-1993), The Ludwig von Mises Institute, with offices in Auburn, Alabama, advances the Austrian School on campus and in public affairs. It is supported entirely by private donations. From the President Llewellyn H. Rockwell, Jr. By supporting the Ludwig von Mises Institute—the world’s leading center for the Austrian School of eco- nomics—you give the ideas of liberty a tremendous boost in academics and public life. In 1995, we were able to help students in more th 600 colleges and universities with study mate books, fellowships, and intellectual mentorship. We sponsored research and teaching, as well as fir’ and literary reviews, that have given new prominence to rate conferences, books, films, academic journals, free-market ide: And through new technologies and a steady stream of journalistic successes, we have strongly affected political and intellectual affairs in this country and throughout the world. We are changing the climate of academic and public opinion, so as to ensure an eventual victory for economic theory rooted in human action, and economic policy based on private property, free markets, and sound money. Your support is essential to all that we do, only some of which is chronicled in these pages. + In contemplating the life and career of Ludwig von Mis courage, of his lonely and lifelong struggle on behalf of » is struck by the nobility and grandeur, the high truth and laissez-faire, - But what led Mises to fly in the teeth of both intellectual and popular opinion, and to pursue his lonely and seemingly doomed struggle until the very end? In the ultimate sense, of course, no outside person, no historian, no psychologist, can fully explain the mystery of each individual's free choice of values and actions. There is no way that we can fully comprehend why one man trims Is to th his - prevailing winds, why he “goes along to get along” in the infamous phrase, while another will pursue and champion the truth re; ardless of cost. We can only regard the nobility of the life and actions of Ludwig von Mises as an exemplar, as an inspiration and a guide for us all. Murray N. Rothbard From “Mises and the Role of the Economist in Public Policy,” The Meaning of Ludwig ron Mises (Boston: Kluwer, 1993). Accomplishments 1995 ‘This was a year of grand intellectual victories and maddening political defeats. In the long run, that’s better than the re For liberty to last, we must have an intellectual and social consen- sus in its favor, and against the welfare-regulatory-warfare state. ‘The Ludwig von Mises Institute has made great strides toward that goal. Despite the bailouts and betrayal, pullbacks and compro- mises, trade wars and sellouts, our work is forcing the edifice of big government to crumble at its foundation. A Washington Post writer called Mises and Rothbard the “intellectual heroes” of the new Congress. Nowadays, when politicians want credibility, they invoke our name. Americans still suffer under the world’s biggest government. Only its dramatic rollback can reverse the 25-year decline in living standards. To bring that about, we merge theory and practice, which means working within academia to educate a new generation, and among the public to change minds. We pointed out, for example, that welfare reform means more than changing the name of the government that signs the checks. As our scholars have said, it means fre ng human energies by eliminat- ing the taxes that have funded welfare and abolishing the agencies that have squandered $6 trillion in 30 years. ‘The same goes for property rights. When the environmental the police show up, it’s not enough that they partially reimburse owner for the property and value they steal. The Mises Institute argues for stripping government of the ability to engage in any redistribution of wealth. This message struck a chord this year. To keep up with the demand, we had to keep reprinting the monograph Why Austrian The Ludwig von Mises Institute @ 5 Accomplishments 1995 Economics Matters by Llewellyn H. Rockwell, Jr., now in a new edition, Some people have ordered them by the hundreds. It has become the standard work for introducing people to the Misesian rs and economics. view of poli Indeed, more faculty and students than ever are learning about the Austrian tradition. Profe ors are using books we've brought to print like Rothbard’s Man, Economy, and State; M More faculty Proces and students count on conventional classrooms all the Money, Method, and the Market s; and many others. But we can’t than ever are time. learning about The Mises University the Austrian ‘That's why we sponsor the Mises Univer- tradition. sity, our summer instructional program. Undergraduates and graduate students are clamoring to get in. Thousands of students have been profoundly affected by the rigor and content. This year was the Mises University’s tenth anniversary, and our students worked as hard as the faculty to make it the best yet. To be admitted, students must demonstrate a commitment to intellectual integrity, want to devote their lives to teaching and working in the world of ideas, and have the strength of character needed to flourish as pro-market scholars in a mainstream setting arrayed against them. The students leave well-prepared to battle the interventionist bias. We featured lectures, workshops, discussion groups, and more Austrian School. The 28-man than 60 courses on all aspects of th faculty was led by the editors of The Review of Austrian Economi ts that the Mises cademic econom Also featured were five young : ual Institute put through school with fellowships and intellec guidance. While they were students, our Members made it possible for them to cut through the fog, learn new ideas, and complete their degrees. 6 © The Ludwig von Mises Institute Accomplishments 1995 The Academic Lodestar During the rest of the year, students get their real economics educa ibute. The a n from the materials we print and dis demic lodestar of the Austrian School is The Review of Austrian Economics, now in good libraries around the world and easily acces sible to any interested student. Murray N. Rothbard founded the RAE in 1986 to advance economic scholarship over the he As of the establishment. Today, it enjoys wide influer ce under the guidance of our senior fellows Walter Block, Hans-Hermann Hoppe, and Joseph T. Salerno, with David Gordon as book-review editor. Unlike many journals, the articl ¢s are not only interesting to read; they have real-world application. *o' ample, Roger Garrison led off this year’s first issue with a piece on the unpredictable behavior of the Federal Reserve em. Most economists look for cor istency to build a mathe- ical model. But this doesn’t work with monetary policy. In its ability to inflate, guarantee banks, and prop up the market for government debt, the Fed destabili s the economy by rarely striking the same place twice. James Grant, publisher of Grant’s Interest Rate Observer, Wall Street’s leading monetary review, was so impressed with the argument that he was inspired to apply the theory to under- standing our nation’s current economic troubles. Federal Reserve policy is indeed unpredictable. Who would have believed that Alan Greenspan would lobby even Rush Lim- baugh to support a bailout of the Mexican peso? The final price tag for this mess, including the largess from the international agen- cies we fund, was close to $50 billion. Think about that the next time you hear that government has cut spending to the bone. Bipartisan Boondoggle The Me Rockwell pointed out san bailout was - bipartisan boondoggle. As series of articles in major newspapers and The Ludwig von Mises Institute ® 7 Accomplishments 1995 magazines, President Clinton wanted the bailout, but knew Congress the ved for exchange-rate intervention. wouldnt pass it. Then insiders suggested th aid a littl known, asury fund rese As Jeffre Americans opposed the $50 billion Mexic powerless to stop it. When the central bank say Herbener argued in The Free Market, “four in five n bailout, but they were it’s in charge, we are supposed to hold our tongues and leave it to the experts.” Subsequent articles connected the bailout directly with Nafta, a consequence we predicted in The Nafta Reader, and detailed the interventions in labor and environment that made matters worse. At our Members conference on “Money, Banking, and the New World Order,” held in Houston, Texas, speakers showed that central banking and fiat money make deficits and bailouts not only possible, but more likely. In private business, managers countable, but in central banking, there are no restraints on the ability to inflate and expand dit. The Fed cooperates with its friends in W hington and Wall Street to steal the purchasing power of everyone else. Researchers involved in the Senate hearings say we opened up the debate on the Mexican bailout when the “bipartisan consen- ses Institute has no I the shots as we see them. The economists who spoke in Houston did sus” had put a damper on it. Because the ) interest in currying favor with either party, we’re free to ca that very thing on a host of issues, making the case for the gold standard and genuinely free banking. Also dangerously interventionist are the Nafta and Gatt trea- ties. They are managed trade, not free trade, as the paper by our legal studies associate Gino Zavarella on the World Trade Organi- zation showed, a point further backed up by our ITO Reader, still in demand long after the treaty passed. The advocates of these trade treaties are not allies of freedom but of the proteetionists they claim to oppose. M r that the rise of trade protectionism—in whatever form—is an inevitable explained in an essay we distributed this y 8 © The Ludwig von Mises Institute Accomplishments 1995 response to depressed economic conditions brought about by an interventionist state. If we want free trade abroad, we must have free trade at home, and thus reassert the rights of individuals, families, and businesses not to be regulated and taxed. It’s logical, but still despicable, that the IMF announced the creation of a new fund to guarantee government debt in future Mex scholars e: co-style blowups. In a series of articles and interviews, our

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