MISES MEMO News FROM TH Lupwic Von Mises INstrrure Spring 1998 HUMAN ACTION: THE N= year is the fiftieth anniver- sary of Human Action, Lud- wig von Mises’s 1949 treatise on | economics that defied the Keynes- jan revolution to carry the Austrian School into the second half of our century. Butit’s more than that: its the fullest and most robust eco- nomic treatise ever written. The first edition, which the publisher only reluctantly ac- cepted, defied all sales predictions to become a crucial counterweight to post-war statism, The second edition, however, was botched by the publisher, causing Mises much personal pain. The third edition appeared in 1966. Yet this 1949 first edition will always have a special place in the history of ideas. It was this edition that taught the post-war genera- tion of Austrian economists, gave new life to the entire free-market movement, and became a land- mark in the defense of freedom. ‘To mark this fiftieth anniver- sary, the Ludwig von Mises Insti- | tute will produce a scholars edition of Human Action, It will be the original 1949 edition, which has been unavailable for more than forty years. And it will be united for the first time with Verna Craw- ford’s 1954 index, which had ‘Mises’s approval. ‘The scholars edition will also feature, in a lengthy introductory ScHOLARS EDITION essay, the first complete analysis of how the book came to be. It all began in 1940 with Nationalikono- mie, written during the war in Ge- neva and later rewritten to become the modern classic. Our senior scholars are hard at work dissecting the differences be- tween the 1940 work in German and Human Action itself, as well as Greg Wass portrait of Mies will bang in our new building, analyzing the changes made to what would become the 1963 and 1966 editions. Based on archival research from publishers and Mises’s own files, they will also analyze the circumstances that led to those changes. In addition, the scholars edi- tion will be printed and bound for the ages, in the highest quality, most beautiful materials available, based on the elegant and enduring reference works of Oxford Univer- sity Press, and enclosed in a hand- some slipcase. Every Misesian should have this monumental volume in his personal library, and it will be the ideal gift for a student or anyone who would value the definitive statement on economic theory and its relationship to society. It will be available January 1, 1999. And we will celebrate it at a con- ference on Mises at Grove City Col- lege (Pennsylvania), May 22-23, 1999, We are all extremely excited about this project, and we hope you will join us in making it a sue- cess. THe PRESIDENCY DEBUNKED the best of the framers feared the power of the presidency In their spirit, we are completing preparations for our conference, “Reassessing the Presidency,” Cal- laway Gardens and Warm Springs, Georgia, October 16-17, 1998. It will be as important a conference as any the Mises Institute has ever sponsored. And the result will be a volume to counter the hundreds of conventional books on the presi- dency, which more closely resem- ble the lives of the saints than objective histories.+ Why are most historians so willing to overlook and cover up the crimes of the presidents? Partly it’s the bias of our age, which pre- fers the head of state above all else. But the Clinton presidency has made everyone less naive about the nature of the office. It’s time that lesson be applied to history. Lowell Gallaway and Richard Vedder will begin by debunking the dirty business of ranking presi- dents, in which FDR always ranks tip top. The statist bias of most historians leads them to use even George Washington as a propa- ganda device in the campaign for ger government, as David Gor- don will argue, Randall Holcombe will point to reconstructing the Constitution as a key means of ex- panding presidential power. Presidents have typically be- trayed their constituents and cam- paign promises, as Clyde Wilson will explain. Particularly statist presidents will come in for close criticism, including Lincoln (Thomas DiLorenzo), William McKinley (Joseph Stromberg), ‘Tie Mises Memo is published quarterly by the Ludwig von Mises Institute. Vol ume 4, no, 1. Copyright © 1998 by the Ludwig von Mises Insitute, Auburn, ‘Alabama 36849-3501; 384-844-2500; fay 334-844-2583; mail@mises.org; swore. ong. ‘Teddy Roosevelt (Thomas Woods), Woodrow Wilson (Richard Gam- ble), Franklin Roosevelt (Yuri Male- sev and Frank Annunziata), and. Harry Truman (Ralph Raico). We'll cover the actual good presidency of Martin Van Buren (effrey Rogers Hummel), exam- ine presidential monetary crimes (Joseph Salerno), detail historic scandals and coverups (James A. Dunlap II), and explain the use of antitrust in building executive tyr- anny (George Bittlingmayer). The rise of the executive has been abetted by the Supreme Court (Marshall DeRosa), war and war propaganda (John Denson), bad po- litical philosophy (Paul Gortiied), the onslaught of the social engineer- ing project (Michael Levin), and even the institution of democracy itself (Hans-Hermann Hoppe). You don’t want to miss the chance to participate in one of the most ambitious Mises Institute projects yet. By the time it’s over, there will be one book on the li- brary shelves that tells the truth about the presidency, which is the heart of U.S. statism. ‘THE ETHICS OF LIBERTY 1s Back Nhe foundation of the free mar~ ketis private property. In fact, s said the whole of the classi- cal-liberal project could be summed up in those nwo words One book in the Austrian library makes the strongest case for it, and it’s at once the most beloved among specialists and largely un- available for many years It is The Ethics of Liberty by ‘Murray N. Rothbard, published in a limited edition in 1982 and then falling out of circulation in English for many years (it’s available in many other languages). This ex- traordinary volume is the norma- tive foundation to Man, Economy, and State and Power and Market and the Austrian Schoo!’s most developed argument for the moral basis of free-market economy. Murray N, Rothbard At last, New York University, in cooperation with the Mises In- stitute and the Center for Libertar- ian Studies, is publishing a new edition, completely reset with a new introduction by Hans-Her- mann Hoppe, footnotes at the bot- tom of the page, and a new index by ‘our graduate students at Auburn. It is an invaluable addition to the edi- fice, brought back to secure Aus- trian theory to a firm foundation in private property. David Gordon called Hoppe’s introduction the “best essay on Rothbard’s theory of property that I've seen.” Indeed, it is an extraor- dinary work, and together with Rothbard’s treatise, makes a pow- erful intellectual package in de- fense of liberty. It will be available in carly Fall 1998. Tue Top 15 re preparing a volume that will prove invaluable for students, professors, and everyone interested in the Austrian School. News FROM THE LUDWIG VON Mises INSITTUTE = Sprano 1998Ii title is 15 Great Austrian Ezono- miss, and it is being edited by Randall G. Holcombe. It features intellectual and biographical pro- files of all the greats, including pre- Austrians like Luis de Molina, Turgot, Cantillon, Bastiat, and Say, as well as Menger and his successors. Nothing like this has ever ap- peared in the history of the Aus- trian School. Weare expecting it to do very well in the marketplace of ideas and become a staple of the literature. Contributors are: Jestis Huerta de Soto, Murray N. Roth- bard, Mark Thornton, Thomas DiLorenzo, Mark Brandly, Joseph Salerno, Roger Garrison, Israel M. Kiraner, Peter G. Klein, John Eg- ges, Jefltey Herbener, Shawn M. Ritenour, Jeffrey Tucker, and Hans-Hermann Hoppe. peeye ity ci An AEN interview with Jes Huerta de Soto Tue GoLLecreD Works OF MISES 0, unfortunately, not in Eng- lish. But the Spanish-speak ing world has a wonderful treasure awaiting them in the form of the Collected Works of Ludwig von Mises. They are published in coop- ‘ration with Jestis Huerta de Soto, ‘our adjunct scholar who is profes- sor of economics at the Com- plutense University of Madrid. What a joy it was to see the 1al book in the series, which has just arrived in our offices. It is Mises’ first economic treatise, The Theory of Money and Credit (1912), translated by Juan Marcos de la Fuente, Nine more huge volumes are forthcoming in this Union Edi- torial project. What a testament to Mises’s universal appeal, and his stature as the leading economic thinker of our century: ‘Tue AUSTRIAN EXPLANATION key difference between Aus- trian economics and other schools is how well Austrian ideas endure as explanatory tools. Mises first laid out his theory of booms and busts in 1912. But here we are 86 years later, and it applies more than ever. Few theories in the social sciences can boast such a record. In the Austrian theory of the business cycle, booms and busts are brought about by unwarranted credit expansion. This action by the central bank pumps up one sec- tor out of proportion to others. When the correction comes, the banking system becomes severely strained and bad investments are washed out of the economy—un- less government bails them out. Itsounds familiar because that’s the story of recent events in Asia ‘The usual crowd pushed for bailouts and new controls, but the surprise was how often the Austrian expla- nation made it into print, even in the largest circulation dailies Contra BalLour ‘ames Glassman, who will speak at the Austrian Scholars Confer- énce 4, April 3-4, 1998, pushed this explanation in the Washington Post In the Wall Street Journal, it was George Melloan, who wrote a series of fascinating columns. In the New ‘ork Times, it was James Grant (in- terviewed in The Austrian Econom ics Newsletter, Winter 1996). Llewellyn H. Rockwell, Jr, had the bases covered at the Jour- nal of Commerce, where his articles in defense of sound money appear on a regular basis. Albert Friedberg (Mises Institute Entrepreneur's Council) worked the Toronto Glabe and Mail, where a very long piece appeared on the Austrian School, And Jeffrey Herbener (senior scholar) gave interviews at Investor’ Business Daily, Human Events, the Pittsburg Tribune-Review, and ra- dio shows around the country. ‘FREE MARKET Bailout Mania The Free Market, our own monthly, got the timing just right with Herbener’s article, “Bailout Mania.” (Financial guru Richard Band wrote to say “this is one of the snappiest publications I sce!”) And if you want an inside look at how the Asian financial meltdown began, read the interview with Hi- royuki Okon in The Austrian Eco- ‘nomics Newsletter (Winter 1997) Other economists associated with the Institute have assisted in op- posing bipartisan attempts to bail our foreign governments. For a historical perspective, see Rothbard’s essay on inter-war monetary policy in Money and the Nation State: The Financial Revolu- tion, Government, and the World ‘Sean 1908 w News rao Tue Lupme VON MISES besFUrE 5Monetary System edited by Kevin Dowd and Richard Timberlake, just out from ‘Transaction Publish- ers. An idea for the future: a com- plete volume of Rothbard’s essays ‘on American monetary history. The policy of bailing out for- eign governments is disastrous for ‘many reasons, but where did the policy begin? In our times, it was with Nafta, which came with a ‘guaranteed line of credit for Mex- ico, inside its thousands of pages. For the legislative elites, “free trade” apparently means free like food stamps and public housing. It means: the taxpayer, and the con- sumer, pick up the tab. Fortunately for us, and sound economics, bail- ‘out mania is not yet on fast track. THE BANE oF ACADEMIC LIFE Ee students, political correct- ness can mean suffering through four years of reading bad books and being denied access to the good ones. Most of our publi- cation resources are devoted to countering this problem. We make free-market materials on all aspects, of economic theory and history available, through their libraries or through our offices. But thanks to The Mises Review, we do much more. Editor David Gordon is always on top of the newest literature, especially books likely to be assigned in class. He provides detailed rebuttals to all the trendy treatises and cranky er- rors. It’s a running commentary on (and corrective to) the intellectual life of our times. ALL IN THE FAMILY popular item last quarter, and till doing very well, is the Austrian Family Album. Te contains photographs of all the top Aus- trian economists, and a narrative connecting them with their fore- runners. It is hugely popular as a tool for introducing people to the Austrian School (one Member called it “a masterpiece of informa- tion, inspiration, and public rela- tions”). And it’s a great keepsake to honor the Mises Institute’s 15% anniversary. IN ITALIAN ‘n more translation news, Mises’s Critique of Intervention- ism appeared in Tralian from Rub- bettino Publishers, along with an ‘essay on fascism. This will be the newest addition to the growing Tralian Austrian library, which in- cludes many works by Mises, Rothbard, Hayek, and Menger. FREEDOM'S ECONOMIST 1¢ Freedoms Foundation of Valley Forge, Penn., has recog- nized Walter Block’s accomplish- ‘ments as a teacher with the Leavey Award for Excellence in Private En- texprise Education, which carries a cash award of $7,500. ASG 4 Me Socialist Scholars Confer- ‘ence,” says in an announcement we received, “isa great lace torenew old acquaintances, meet new com- rades, and share ideas.” Held in March in Manhattan, it will attract as many as 1,800 activists and scholars. This year they will cele- brate the 150" anniversary of the Communist Manifesto. Frightening, isn’t it? That's why we established the Austrian Scholars Conference, which oc- curs the very next month, April 34, 1998, at Auburn University. ‘We can’t boast as many attendees (yet!), but we have superior intel- Jectual firepower. Top Austrian scholars from around the world will gather to renew friendships, meet real dissidents, and share ideas. This year, our Hazlitt, Roth- bard, Hayek, and Mises Memorial Lectures are given by James Glass- man of the Washington Post, Henti Lepage of Paris, France, Jeremy Shearmur of the Australian Na- tional University, and Leland B. Yeager of Auburn University. In addition, we expect a host of pre entations, from which will come many published articles. Tue New HisTorIANS iL is crucial that scholars have al- ternatives to the mainstream. ‘The Austrian Scholars Conference is one example. But the American Historical Association has as many problems as the economics equiva- lent. That's why we're so pleased that historians Eugene Genovese, Gertrude Himmelfarb, and John = "News rom Tie LUDWO VON Mises busTTUTE a SPRING 1998Lukaes have joined our adjunct scholar Paul Gottftied in founding an alternative professional associa- tion, Tue Growrn oF AUSTRIAN THOUGHT \ie Commanding Heights is the title ofa new book by Daniel Yergin and Joseph Stanislaw about the battle between markets and government. “During the bomb- ing of London in World War TI,” they write, Keynes “arranged for a transplanted Austrian economist, Friedrich von Hayek, to be tempo- rarily housed in a college at Cam- bridge University. It was a generous gesture; after all, Keynes was the leading economist of his time, and Hayek, his rather ob- scure critic, In the post-war years, Keynes's theories of government ‘management of the economy ap- peared unassailable, Buta half cen- tury later, it is Keynes who has been toppled and Hayek, the fierce advocate of free markets, who is preeminent.” EA, Hayek and Lai von Mises The evidence appears the world over. In recent months, we've given reprint and translation rights for publications appearing in Germany, Japan, Latin America, Romania, and China. And we've assisted with books and materials for conferences in Canada, Ger- ‘many, England, and the Czech Re- public. Tae Jos MARKET O" students are noticing a big ‘change in the academic job market this year. For the first time in anyone’s memory, many depart- ments of economics are actually seeking Austrians, particularly graduates of the Mises Institute’s programs at Auburn University. In their interviews, our young people are discovering a surprising affin- ity for the Austrian School on the part of department heads and fac- ulty members. ‘Huge barriers still remain, of course. But 15 years of work are now really paying returns. Many younger faculty members are likely to have attended our Mises Univer- sity, to have received The Austrian Economics Newsletter or The Mises Review, or to have had students pass on copies of The Free Marker. Most even have our scholarly eco- nomics journal on their book- shelves. For years, we were warned not to be so open about the Austrian School; it would doom our stu- dents’ chances in the job marker. Better to hide the truth and work your way in sub rosa. We rejected this advice, and in the end, it turns out that the seemingly pragmatic path to victory was neither, and the path of truth turns out also to be pragmatic. Irs a thrill look through the schedules of regional meetings of economics associations and see so many former students and adjunct scholars presenting papers, often on panels with Austrian themes. Meanwhile, articles by former and present Institute fellows Mark Brandly, Shawn Ritenour, Timo- thy Terrell, and Bill Anderson seem to be enjoying perpetual life in the reprint market. ‘Brn 1998 ® News PROW THE Lapwno WON Mises ITTV THE QUARTERLY JOURNAL OFAUSTRIAN| ECONOMICS Makine Ir Bic A changed climate is also the case with the economies pro- fession’s journals as well. Beginning this year, our scholarly journal of ‘Austrian economics will be publish- ced four times per year, thanks to the leadership of Transaction Publish- cers, And we have a new name: The Quarcerty Journal of Austrian Eco- nomics. The editors remain Walter Block (University of Central Arkan- sas), Hans-Hermann Hoppe (Uni- versity of Nevada, Las Vegas), and Joseph Salerno (Pace University), with Jeffrey Herbener (Grove City College) as associate editor and Robert Batemarco (Marymount College) as book editor. The first issue features three pieces on Murray Rothbard’s writ- ings on Adam Smith, Rothbard ar- gued that Smith's reputation as a pioneering free marketeer is wildly overblown. Smith favored more state involvement in society than reason would warrant, and was hardly the first to make the case for the market economy. One contri- bution defends his position, one says he went too far, and another says he didn’t go far enough. In addition, there are articles on the origin of bank regulation in the U.S., on fractional-reserve banking, on the difference be- tween classical liberals and liber- tarians, and on the anti-socialist writings of Hayek. It will be made available to students and Members ata discounted price.KirzNer SPEAKS djunct scholar Israel Kirzner (New York University) had a ‘major piece in the Journal of Eco- nomic Literature (March 1997), and several Institue scholars had articles in the research annual Ad- vances in Austrian Economics. To- gether with ASC speaker Frank Machovec (Wofford College), Kir- znet (interviewed in the Spring 1997 Austrian Economics Newslet- ter), won the Smith Center Prize for excellence in Austrian econom- ics, presented at a gathering of the Society for the Development of Austrian Economics. Writing in ‘The Mises Review, David Gordon called Machovek’s book Perféct Competition and the Transformation of Economies “an outstanding con- tribution” thar demonstrates “ex- traordinarily thorough research.” AVitat SPEECH O 15" anniversary confer- ence generated some great papers on all aspects of statism in our century. The capstone of the conference was a speech by Lew Rockwell on “The Future of Lib- erty.” Vital Speeches thought so much of the speech that they printed itn their November 1997 issue, along with speeches by Bill Clinton and Madeleine Albright! In addition, Rockwell’s writings on culture and capitalism, on government regulations, on Mi- crosoft and many other topics have appeared in the Washington Times, Chronicles, the Journal of Commerce, and other publications. War AS FREEDOM'S ENEMY Mc Institute Members called to tell us about a year- end episode of The McLaughlin Group. In a segment on the year’s most important ideas, Pat Bucha- nan singled out our book The Costs of War (Transaction 1997) as the best of the year. He also mentioned the Ludwig von Mises Institute. The Costs of Wis owing to its tough-minded contents, and with- out the benefit of a huge sendoff, eventually began to make its mark and is now in its second printing. Tt was reviewed in some important periodicals and was carried as a selec- tion by the Conservative Book Cinb. Gerard Radnitzky writes in Neue Zitricher Zeitung (Nov. 15, 1997), Switzerland’s most impor- tant newspaper, that “This book is the most convincing attack on the warmongering state to appear since the end of the Second World War... ‘The book shows how the Leviathan State, grown great and powerful in war, does not draw back in peace- time, but rather retains its totalitar- ian foundations. The state’s share, which skyrockets during war, re- mains high, even grows further.” WAR AND THE FUTURE the book is scholarly and his- torical, yet it teaches lessons we can apply here and now. For instance, as Lew Rockwell wrote in the Las Angeles Times, it serves no point for the U.S. to continue its belligerence against Iraq, seven years after the war supposedly ended. Sanctions are war by other means, as the hundreds of thou- sands of dead and dying in Iraq il- lustrate all too well. We're pleased to sce the case for non-belligerence, the position of the Constitution’s framers, gaining wider acceptance in both the media and scholarly cultures. Institute commentaries have ap- peared in the Wanderer, Human Events, the Washington Times, and dozens of other papers around the country. We've also appreciated the recent work of Simon Jenkins of the London Times. Our goal in doing this kind of fundamental research is to spur on a change in what ideas are accept- able in the intellectual and public culture. For the most part, the clas- sical-liberal perspective on govern- ment power is not embraced because it hasn’t been heard. Go In PAGE T conference that immedi- ately followed The Costs of War was the first serious academic look at secession in decades. The vol- ume that grew from that confer- cence is Secession, State, and Liberty, edited by David Gordon and avail- able from Transaction Publishers this summer. And what a block- buster it will be, especially given the timing. SecessioN Bsr; tn ‘The political impulse to secede is a key feature of the post-cold war world. It is alive and growing in Canada, Russia, China, Italy, Bel- gium, Britain, Africa, and even the United States. This volume seeks to explain why itis ajustifiable impulse consistent with classical-liberal the- ory and free-market economics, as Mises himself argued in 1919. This unique volume includes historical reinterpretations of American secession attempts, a.case for European and Canadian seces- sionism, a defense of business seces- sion from the government court 6 [NEWS PRow THE LUDWIG VON Mises isTTUTE a SpraNG 1998system, and a great deal of new Constitutional analysis. Contribu- tors to Secession, State, and Liberty include Donald Livingston (Emory University), Clyde Wilson (University of South Carolina), Thomas DiLorenzo (Loyola Col- lege), Bruce Benson (Florida State University), Steven Yates (Acton Institute), Scott Boykin (Unive of Alabama, Birmingham), Joseph Stromberg (Center for Libertarian Studies), James Ostrowski (attor- ney), Hans-Hermann Hoppe (UNLV), Pierre Desrochers and Eric Duhaime (University of Mont- real), and Murray Rothbard. People said the Mises Institute had gone too far out on a limb with this conference, but as the publisher said of the volume, somebody's got to be willing to examine and explain world events, even if doing so steps outside the PC boundaries. ca OD — “we Tue Ema List f you have email, please send a note to our email address, mail@mises.org. That's how to get on our email list, and receive commentary on daily goings-on, alerts about important new articles on and off the web, and updates on everything related to free markets and the Austrian School. The email list was responsible for a lively debate when we alerted readers to a piece on gold by Jude Wanniski in the Will Street Journal. We praised his article, but offered criticisms (supply siders not being thoroughly Austrian). Wanniski responded on his own web page, and readers had the chance to debate the matter with all sides direct Students who have signed up have also discovered that our site (www.mises.org) is the Austrian economist’s best friend. It contains a massive bibliography on the Aus- trian School, extensive references on a whole series of subject areas, and interviews with Austrian econo- mists, among many other features. The Internet has made the business of advising students so much easier for everyone. A typical message will say, “my professor says capitalism caused the Great Depression. What should I read to get the other side?” In an instant, we can zap them a page full of references, and show how to ob- tain the books and articles. Tue Press Mi Institute articles have run in a wide variety of pub- lications in the last quarter, includ- ing the Washington Times. Its section on culture excerpts items from The Free VL Market for special ‘mention, William ‘Marina’s piece on “Capitalism and the Tao” in par- ticular received a just billing. Batman comics isn’rexactly the press, but it’s worth a mention. In a first for the Austrian School, an issue of The Batman Chronicles is dedicated to a story about Ludwig von Mises. Set in Europe in 1938, it has Batman tying to prevent Mises’s papers from being stolen by the Nazis A full report on this interesting development appears in the March Free Market. Paul Cantor, professor of English at the University of Vir ginia, writes: “Many have pointed to Friedrich Hayek’s winning the Noble Prize in 1974 as the mo- ment when Austrian economics achieved widespread intellectual respectability. But it seems to me that having Mises linked with a re- vered superhero like Batman is a better measure of how deeply Aus- trian ideas have finally penetrated into our culture.” AN AUSTRIAN PERSPECTIVE cland Yeager, Ludwig von Mises. professor Auburn University, comes to the vigorous defense of the Austrian School against those who would say its non-mainstream status is, due to its failure in the marketplace of ideas. The success or failure of ideas, Professor Yeager argues in the Journal of Economic Perspectives (volume 11, no. 4), does not indi- cate their worthiness as a body of thought. The academic market for ideas is skewed by government subsidies, academic egos, and an unwillingness to abandon failed ideas. We are, however, gradually overcoming all thar, much to the outrage of socialists and lefi-liber- als (if there’s a difference). meritus at Tue Mises UNIVERSITY I ‘he first U.S. audience to hear Yeager’s views in advance of publication was the students at the 1997 Mises University. Since 1984, it has served as the essential training ground for Austrian the- ory. Today, the academy is filling up, both here and abroad, with new professors from its ranks. These bright young faculty members are well schooled and ‘Srene 1998 © News Pow mie Lubw0 VON Miss esr 7well read in the Austrian literature —Mises, Rothbard, Hayck, and more—and understand economic theory to a greater extent than their colleagues. They enter aca- demia armed with all the right tools to entice their students’ in- terest. Hardly a day goes by when we don’t hear a success story, via email or letter, from students who are being influenced by our gradu- ates. For information on the 1998 ‘Mises University, please write us We'll get an application right out to you (oryoucan download one from our website: www.mises.org). Mises's BIOGRAPHER ‘6rg Guido Hiilsmann is busy re- searching and writing his biog- faphy of Mises, as supported by the Mises Institute, He has a de- tailed plan of volume one laid out, and is continuing his investigation of all aspects of Mises’s life and career in Europe. In addition, Hiilsmann has been teaching classes in Austrian economics at the University of Paris, Dauphine. RENo versus GATES: as it ever been so obvious that the central state is a so- ial parasite? Microsoft embodies a free-market success story. Yet here in the land of the free, the company has been targeted for de- struction by Janet Reno in league with the company’s unethical com- petitors. Tes a tragic use of the antitrust law for its usual destructive ends. But the dangers are particularly great in this instance: it could lead to the full-scale regulation of an industry that has been gloriously unregulated. Bill Gates, ‘The issue is so important that we've been very active with our adjunct scholars in editorializing against the Justice Department ac~ tion, both in our own publications and in newspapers and magazines. Microsoft must be free to develop its own products and compete on its own terms, without govern- ‘ment harassment. A Home ror Liperty thanks to generous help from Members of the Mises Insti- ‘ute, the building of the new head- quarters of the Austrian School, right here in Auburn, Alabama, is on schedule. In the building’s de- sign, we have provided maximum 100m for books, study areas, se nar settings, and work tables. The ‘end result will be a dream come true for many anda permanenthome for the scholarship of liberty. ‘The dedication of the building will take place in conjunction with a conference on the Austrian School, in Auburn, June 5-6, 1998, We will hear from our team of senior scholars, who will pre sent biographical portraits of ma- jor Austrian thinkers, and assess their impact on history and present political and economic realities RIP O* generous contributors share with us the hope of a free society, and understand just how central educating the next generation of economists and other teachers is to that effort. Robert Bleiberg, former editor of Barvon’s, was such a man, He was a supremely talented editor and a man of principle as well. He fought for free markets, sound money, financial integrity, and old: fashioned values. He was an en- emy of big government and a great friend of the Mises Institute as well. Friends of freedom every- where mourn his passing. In addition, we remember the service and dedication of these re- cently deceased Members of the ‘Mises Institute: James B. Mooney, McNeill Watkins, Rudolf Wun- sche, John S. Skelly, Jr, Clyde A. Sluhan, Robert E. Francy, Robert H. Krieble, Paul T. Golden, J. Mur- ray Ruby, Paul E. Mueller, Dorothy Wyvell, and Pauline Pieloch, For our part, we pledge to carry on the fight that meant so much to them. “Tue Lubwic Von Mises INSTITUTE, AUBURN, ALABNA 26849-5901 834-844-2500 vax 844-2589; rw MAL@MISES, OF