PLISHMENTS 1994

J-mdwig von Mises (1881-1973) was the cen

tury's leading economist of the Austrian School,
and a pioneering philosopher and historian as well.
His 29 books and 250 scholarly articles made semi
nal contributions to the social sciences and changed
the course of intellectual history.
Teaching in Vienna, Geneva, and New York,
Mises spawned four generations of scholars, and
burgeoning movements for decentralized govern
ment, private property, and free markets.
On Margit von Mises's counsel, Llewellyn Rock
well founded the Mises Institute in 1982. Mrs.
Mises served as chairman until her death in 1993.
 FROM THE PRESIDENT

D.' ear Institute Supporter,

The idea of liberty always buries its undertakers. A year
ago, politicians, bureaucrats, and their kept academics thought
they could successfully inter our freedoms. But they have
been confounded by the most important intellectual and
popular resistance of the century.
The Ludwig von Mises Institute is in the forefront of this
struggle: against left-liberalism in the academy, against the
power and authority of the central state, against the egali-
tarianism of elite opinion. Our successes this year, which
you have made possible, have improved the prospects of
freedom in our lifetime.
The media wail about public "cynicism," but we know
the word is "sophistication." Americans are realizing that
government planning, from Woodrow Wilson to William
Clinton, has been a fiasco. Two-thirds of the people now say
that Washington, D.C., is too involved in their lives, that
it should not provide welfare, and that we need a radically
different approach to government. Two percent trust the
government to do what's right.
Congress lives in fear. The Presidency has shrunk in
stature. Federal judges are despised. Small businesses are
fuming. State legislators are rereading the Constitution.
Local militias are forming. Secession is in the air.
This is what you and I have worked for: a counter-revo
lution to restore private ownership and control of property,
the freedom to trade, decentralized political power, and
individual and community liberty. The welfare state may
meet history's scythe by the end of this decade, and those
connected to the Beltway are well advised to get out before
they hear the whoosh.
In academics, the Austrian School of economics—lib
erty's firmest intellectual foundation—is growing at an
4 • Ludwig von Mises Institute

unprecedented rate. And, as the new edition of a prestigious

economics textbook (Amacher and Ulbrich) points out, the
Austrian School "is embodied in the Ludwig von Mises Insti
tute."

This year, we were able to help more good students than

ever, with financial aid, teaching programs, books, journals,
and moral support at hundreds of colleges and universities
all across America.

In pre-Institute days, it was possible to count the number

of American Austrian economists on two hands. Today,
hundreds of professors and graduate assistants teach the
Austrian School.

This expansion couldn't be happening at a better time.

Egalitarian, scientistic, and post-modern nonsense still
dominates the classroom, but the students are no longer
fooled. For they recognize the modern university's most
conspicuous failing: the depreciation of merit.
The realm of genuine learning is under assault, through
reeducation sessions, made-up history, politically correct
grading, and the politicization of everything from dorm
assignments to library hours.
That's why the modern professorate—having rejected
the standards of classical education—faces deeply skeptical
students.

Young people are seeking a principled body of thought,

and in economics, that's the Austrian School. As the London
Financial Times commented this year, "somewhere up there,
Mises is having the last laugh."
In the following pages, we don't include all of our accom
plishments in 1994, out of concern for your time and our
printing budget. But we are proud of what you helped us do,
and want to share it with you.

Llewellyn H. Rockwell, Jr.

 ACCOMPLISHMENTS 1994

In the typical sociology class, professors openly

preach wealth redistribution. In economics, they pretend
to be more scientific, but the message is the same: we need
a powerful central government to correct "market fail
ures," to tax away earnings, to provide social insurance,
and to regulate every business.
It's different at the Mises Institute, so we attract
students committed to economic logic, private property,
the free market, and individual liberty. But that's not
enough. The students we assist with scholarships and
other help must also have the intellectual credentials,
academic achievements, and moral courage needed to
survive in today's academy. We want them to be stars, and
to go on to teach and influence others for decades into the
future.
In our summer teaching program, for example, we
covered as much theory, policy, and history as it is hu
manly possible to absorb in the allotted time. The opening
lectures of the Mises University traced the history of the
Austrian School, showing the W
students that it is a tradition far fe
grander than current academic
fads. Then the core curriculum
grounded basic economics in
real human affairs, explaining
money and prices, banking and
capital, interest rates and in
vestment, labor and e n-
trepreneurship.
In the elective classes that
followed, the theory was applied
6 • Luilwig von Mises Institute

to issues like central banking, sound money, taxes, gov

ernment controls, the welfare state, and civil rights.
There were moments of laughter, as when one faculty
member drew a skull and crossbones on a graph to repre
sent the government. There were moments of grave re
flection, as when we discussed the human cost of
socialism. But whatever the topic, the students worked
hard, from morning to night.
[For a complete listing of Mises U. faculty, presenters
at our 1994 conferences, members of our editorial board,
and associated scholars, see pages 20-22.]
The Christian Science Monitor doesn't usually cover
summer schools, but it ran a story on the 1994 Mises U.
Considering what a botch the press makes of economics,
it was pretty good.
We were pleased to find the students up on the latest
developments because their libraries and professors re
ceive our Review of Austrian Economics, published by
Kluwer Academic Publishers. It is edited by Mises's suc
cessor, Murray N. Rothbard, with the assistance of Walter
Block of the College of the Holy Cross, Steve H. Hanke of
the Johns Hopkins University, and a 47-member interna
tional editorial board.
As the only English-language scholarly journal devoted
to the Austrian School, the RAE is indispensable. Until its
establishment, Keyncsians, Marxists, and others hostile to
the free market could shut our scholars out. But no more. And
this year saw some of the most sought-after issues to date.

AiJ so breaking new ground was our 1994 "Costs of

War" conference in Atlanta. The quality of the papers
delivered, the inch-high stack of praise we received, and
the explosive demand for the tapes lead us to regard it as
among our most successful conferences ever.
 Accomplishments 1994 • 7

In the latter days of Leviathan, the welfare state

merges into the warfare state, as the Clinton administra
tion has so aptly demonstrated in Haiti. Ironically, Clin
ton first proposed sending troops on the opening day of
our conference. Public reaction to the idea was swift and
sharp, with more than 80% opposing the idea. Americans
have had it with foreign adventures. They sense that we
need to concern ourselves with our own problems, espe
cially the sorry state of American liberty.
Over three days, through the War Between the States,
the Spanish-American War, World Wir I, and other con
flicts, we sought to understand war's cost to freedom,
truth, prosperity, and self government, and to reassert the
principle that our military exists to defend America, not
some "new world order."
The conference was recorded by the Voice of America
and broadcast worldwide. The papers will also be publish
ed as a book, edited by John V. Denson, our vice chair
man. In the meantime, students and professors are
clamoring for copies of the papers.

J.here is also renewed interest in a journalist who

devoted his life to liberty and truth: Henry Hazlitt, the
economist, philosopher, novelist, and literary critic who
died last year. We were hon
ored that he served the Insti
tute as a Distinguished Advi
sor, that his last article was a
contribution to the Review of
Austrian Economics, and that
he made the Institute a prin
cipal heir. To celebrate the
100th anniversary of this
great man's birth, we held a
Henry Hazlitt conference in New York, the
8 • Luilwig von Mises Institute

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

gettable occasion.
Bettina Bien Greaves of the Foundation for Economic
Education spoke on Hazlitt as an intellectual companion
during the worst of the Keynesian revolution. William
Peterson, a student of Mises's, knew Hazlitt well and
shared some of his reminiscences. Columnist Joe Sobran
told how, as a student and ever since, he looked to Hazlitt
as a model of how to write. Lawrence Kudlow, economics
editor at National Review, contrasted the high level of
Hazlitt's economics journalism with the low level of to
day's. And Murray Rothbard paid a moving tribute to his
friend as man and economist.
Also awakening interest in Hazlitt is the Institute's
book-length bibliography compiled by our research direc
tor Jeffrey Tucker. It includes an essay on Hazlitt's life
and achievements, annotations of Hazlitt's books, and
a list of 6,000 Hazlitt articles, many of which are brought
to light for the first time.

A attendance was also high for our annual Austrian

Economics Weekend at the University of Nevada, Las
Vegas. Our faculty presented a history of American mone
tary and banking institutions from the colonial period to
the present, showing it to be a constant struggle between
the supporters of inflation and sound money. Our scholars
explained the origins of money in the free market, how
government monopolizes and debases it, and how we can
return to a sound system. They also discussed the persist
ent attempts to impose a single fiat money on the world,
starting with Bretton Woods.
Our 1994 Supporters Summit, held in Palm Beach
Gardens, Florida, was a great occasion as well. We renewed
old friendships, established new ones, and put our heads
together on matters of theory, strategy, and programs.
 Accomplishments 1994 • 9

We talked about "The Real State of the Union," and

some of the more conspicuous federal outrages. We took
apart Clinton's proposals on crime and welfare. And we
heard about a new and encouraging phenomenon, the
U.S. secession movement. It's already active in countless
counties and suburbs, but the central state may be next.
At the final round-table discussion, George Kocther, a
long-time friend of Mises and the Institute, announced
^_ his plans to have a bust made of
nil I Rl v 1! a 01 U STRIAN Murray Rothbard, to accompany
BCONOMII -
those he had commissioned of
Mises and Hayek.

I,. nstitute scholars partici

pated in many other conferences
RBffi
as well. For example, panels on
the Austrian School were held at
the American, Eastern, South
ern, and Western Economic Association meetings. The
Association of Private Enterprise Educators included
many Austrian scholars in its program. Senior Fellow
David Gordon worked closely with the Center for Liber
tarian Studies. And we were well represented at the John
Randolph Club.
It's a good sign when serious journalists like Michael
Prowse delve into the Austrian School. In a major article
in the London Financial Times, he called the Institute a
"center of Austrian research," and wrote that "Austrians
have a niche position in the U.S. largely due to the efforts
of Mises, who was driven to New York in 1940 by the rise
of Nazism. The technocrats who saw economics as akin
to engineering (a science independent of politics) were still
defending socialism in the mid-1980s. They still run the
profession but somewhere up there, Mises is having the
last laugh."
10 • Ludwig von Mises Institute

All during the year, students of Mises crowded into our

library for our "Brown Bag Seminar," directed by our
Auburn University academic coordinator, Mark Thorn
ton. We supplied the soft drinks, the students brought
their own sandwiches, hence "Brown Bag."
Charles Adams, author of For Good and Evil: The
Impact of Taxes on the Course
of Civilization, presented his pa
per on "Tax Revolts in the An
cient World." Our senior fellow
Yuri Maltsev of Carthage Col
lege dropped in to lecture on
the World Bank and the Inter
national Monetary Fund. And
Roger Garrison of Auburn Uni
versity speculated when the na- r
tional debt bomb would
Yuri N. Maltsev
detonate.

But mostly, the seminar al

lows our students to present their own work in an infor
mal setting, an opportunity that is surprisingly rare, and
one reason that Campus magazine said "Auburn's pro
gram is benefitted by the presence of the highly regarded
Ludwig von Mises Institute."

The high-quality work of our graduate students at

Auburn and other universities, and their assistance to
the Institute under the direction of senior graduate
student Mark Brandly, makes us very proud. In Auburn,
in addition to learning from the outstanding economics
faculty, they enjoy a vibrant intellectual community.
Roger Garrison, for example, a contributor to 1994's
Modern Guide to Macroeconomics (Edward Elgar), and
who was described in the New York Review of Books as
America's top anti-Kcynesian, is a mentor to our stu
dents.
 Accomplishments 1994 • 11

Mark Thornton is also an effective mentor, and his

published work is as likely to turn up in the morning paper
as in a high-level journal, making him the kind of old-
fashioned scholar we like to cultivate.
Visiting this year as a Henry Hazlitt Fellow is Peter
Klein, who is writing his UC-Berkeley PhD dissertation
on government intervention in the structure of the firm.
Associate editor of the Collected Works of FA. Hayek, he is
also editor of the Institute's student-run Austrian Econom
ics Newsletter.
In residence as O.P. Alford III Visiting Scholar will be
Jeffrey Herbener, economist at Washington & Jefferson
College, who is completing a book on egalitarian ideolo
gies in the history of economic thought.
And we are pleased that a
PhD program is in the works
at the University of Nevada,
Las Vegas. Murray Rothbard
and Hans-Hermann Hoppe
already teach there, and it
would become an even more

Murray N. Rothbard
important
^
learning° center for
the Austrian School.

Rothbard, chairman of our academic programs, ran a

UNLV Austrian study group in addition to his teaching
and research; Hoppe, our senior fellow, completed a sec
ond edition of his acclaimed Theory of Socialism and
Capitalism, which the Institute will publish in a textbook
edition. Hoppe also served as mentor to the UNLV Aus-
trians with a weekly economics seminar, and is known for
refuting opponents of the market at academic meetings.

JLhis year, The Right Guide, published by Economics

America, includes an extended essay about the Institute,
12 • Ludwig von Mises Institute

noting that our arguments are "gaining interest and re

spect," and that our scholars are "important defenders of
free markets and a free society."
Indeed, our scholars—like money and banking expert
Joseph Salerno of Pace University—spoke on campuses all
across the country. And Llewellyn Rockwell too had a busy
year of speaking at universities, think tanks, and confer
ences. He appeared on lots of radio shows, including Rush
Limbaugh's (with guest host Walter Williams) and Pat
Buchanan's, where he was the guest host. Some said that
Rockwell was the best part of the show at National Re
view's Conservative Summit, and Buchanan wrote to say
he "made the free-trade case with tremendous wit and
eloquence" at the American Cause conference.
A Marxist journalist, used to the no-manners life on
the Left, wrote that the conference organizers from "the
Ludwig von Mises Institute knew my political orientation,"
yet they "treated me in a hospitable manner. I was graciously
introduced to some of the very same characters whose
politics I have routinely scored in print."
Not that we specialize in being nice to Commies. We
prefer helping their victims, which is why we were so
proud that our associate, Duro Njavro, became economic
advisor to the president of Croatia, and so glad to aid a
teaching program in Russia organized by entrepreneur
William B. Grant with the assistance of Yuri Maltsev and
Hans Hoppe.
The Russian program put a special emphasis on the
Austrian School, of course, whose modern exponents are
getting more and more attention in the U.S. as well. A
case in point: Murray Rothbard's winning the $20,000
Richard M. Weaver Prize from the Ingersoll Foundation.
The Foundation noted that Rothbard "almost defines
the term intellectual maverick. A brilliant economic his
torian and philosopher, he has almost single-handedly
 Accomplishments 1994 • 13

revived the idealism of the old American Republic. He's

an individualist to the core, but he has never for a moment
lost sight of the social and moral dimensions of the
marketplace."

Th. he Institute is a maverick as well, with no interest

in the gimmickry that characterizes Washington, D.C.,
and which usually leads to compromises with statism.
On a whole range of issues this year, we were an
original and uncompromising voice, in such newspapers
and magazines as Forbes, Success, the Los Angeles Times,
the fournal of Commerce, and the Washington Times.
We continued our fight against quotas in lending. At
first, we were a lone voice of protest. Now, many others have
risen up to speak out against this costly form of welfare,
including a lead editorial in the Wall Street fournal, which
echoed Institute opinion.
So it goes with other issues, including health care. The
Clinton administration's totalitarian medical bill had
only token opposition in its early stages, and the predict
able instinct of any D.C. wonk is to promote a slightly
less socialist version. We took a different approach: inten
sive public education on just how statist it was. And,
through radio and print, we also showed why the existing
system represents a half-way house to socialism.
Yuri Maltsev spoke nationally on medicine and eco
nomics in the U.S. and the U.S.S.R. If we want the vital
statistics of Bangladesh, he argued, we can have them.
Ralph Reiland and Sarah McCarthy's Free Market piece
on how medical socialism would destroy their small busi
ness was extensively quoted. Murray Rothbard did an
influential Essay in Political Economy on the Clinton
plan. Hans Hoppe demolished medical statism in the Free
Market, with his "Four Point Plan" for freedom. And
14 • Ludwig von Mises Institute

Llewellyn Rockwell, whom Hans F. Sennholz calls "the most

prolific and sagacious writer in our camp," wrote an attack
on "The Medical Socialism of V I. Magaziner," which re
ceived prominent placement in a flurry of newspapers.
All of this helped play into the suspicions of the Ameri
can people. What appeared at the beginning of the year to
be a dreadful menace is now a quaint relic of another age.
And before the issue entered the mainstream, we
pushed for greater recognition of the 10th Amendment,
designed to prevent the political centralization that Jeffer
son decried as "consolidated government." Old-fashioned
concepts like county militias are suddenly on the cutting
edge of libertarian strategy, and land-rights groups are
mushrooming.
Then late last year, we discovered that the Clinton
administration was seeking to create a new international
bureaucracy called the World Trade Organization. Truman
had tried a similar stunt, but Sen
ate free traders—led by colleagues
and students of Ludwig von JL ye powers not
Mises—killed it. delegated to the
United States b\)
Naturally, we were enticed by tye Constitution,
the chance to repeat this glorious nor yroyimteo by it
moment, and we were also driven to tye States, are
by the example of Nafta, which reserved to tye
increased trade barriers and bu States respectively,
reaucracy, just as we had predicted or to t\)e people.
(see our Nafta Reader).
We were the first in print with a stinging criticism of
the WTO in the fournal of Commerce, a piece that set the
stage for nearly all subsequent commentary and debate.
Then we produced a stream of articles on what real free
trade means: no management by government, especially
not world government. Our scholars also appeared in
anti-WTO press conferences, took to the airwaves, and
 Accomplishments 1994 • 15

made speeches against the scheme. The Wall Street four

nal listed us as one of three major opponents.
Then an incredible thing happened: a mass anti-WTO
movement sprung up. Despite the lies and attacks of the
establishment, we continued to take the offensive with
The WTO Reader.
We're not set up to be a legislative resource, but when
Senator Daniel Patrick Moynihan's office called to de
mand information on the WTO,
we were glad to comply. But as
The always, we were struck by just how
WTO blooming ignorant, and arrogant,
Reader these Congressional aides are.
It turned out to be only the
Free Market
Critiques of the first of many requests, and thou
W< >rk 1 Trade sands of WTO Readers flew out of
()rganization
our offices into the hands of peo
ple who count. Rush Limbaugh,
Ludwig von Mises Institute for example, was pro-WTO until
Auburn, Alabama 36849
he read it.

Our goal is true free trade, not

the government-managed, foreign-aid subsidized, mon
strosity we have now. As Human Events reported about
one event, "The debate between Llewellyn Rockwell and
William Hawkins, 'Free Trade vs. Protectionism' was
much anticipated and lived up to expectations." Rockwell
"offered a powerful restatement of traditional Jeffcrsonian
republicanism."

J_/nvironmental issues continue to be an economic

sore spot. In the name of conservation, property rights are
attacked by regulators and fanatics. In the old days, people
who thought grass has rights were seen as charming
lunatics; today, they're in charge of multi-billion dollar
16 • Ludwig von Mises Institute

agencies. So, we took an aggressive approach, exposing the

most sacred tenets—like the idea that recycling saves
resources—as patent absurdities. When we were criticized
by the head of an environmental regulatory agency, we
knew we were on the right track.
Since last year's assault on Wico, the central state has
stepped up its attacks on local communities and political
opponents. In several of the cases, we led the counter
attack. Our adjunct scholar Justin Raimondo received
national attention for his analysis of a case in Ovett, Miss.
When a militant leftist group at
tacked a small community, the Jus
tice Department intervened. No need
to guess on which side. The scenario
is the same in other towns, such as
Vidor, Berkeley, and Wcdowee. Ameri
cans are being denied the rights to
free speech and self government.
Hans-Hermann lloppe
Long before they became contro
versial, we denounced the plans of the Clinton admini
stration to transfer populations for the sake of some made-
up demographic balance, at taxpayer expense of course. Our
definitive article on the subject appeared in National
Review just before the New Republic praised the idea.
Last year, you may recall, we warned against govern
ment subsidies to the private-school industry. But the case
was made most completely in our 1994 article on "The
Pitfalls Posed by the Voucher System" in Insight maga
zine. Libertarians and conservatives should drop the is
sue, it warned, "and fast." Otherwise, we will end up with
heavily regulated private schools, even worse public
schools, obliterated school district lines, more welfare,
and lower property values.
Many millions were paid to the other side, but never
theless the movement to subsidize private schools with
 Accomplishments 1994 • 17

taxpayers' money began to die this year. Maybe now we

can get on with cutting taxes, so people can have discre
tionary income to spend on private schools. But we won't
deny being in hot water with the establishment. On
"Firing Line," when Bill Buckley was confronted by the
Institute's arguments, he just snarled.
Like Mises, we're interested in foreign policy, as our
"Costs of War" conference showed, and even our op-ed
program is dealing with the subject more often. For example,
former Congressman Ron Paul, our Distinguished Counsel
lor, wrote a widely published column on the "D.C. War
Party," an expanded version of which appeared in the Free
Market. Columnists picked it up, and one week later, a
page-one story in the New York Times reacted in horror. Our
op-ed program also includes Llewellyn Rockwell's columns
in the Washington Times and the Birmingham News.
The number of articles reprinted from the Free Market
is astounding. And there were great ones to choose from,
in this monthly edited by Jeffrey Tucker. A Texas student
said "Thanks a hundred times over for all the wonderful
material I'm sent by the LvMI. The Free Market especially
provides me with ammo for debate."
The Investor's Business Daily calls us frequently for
background information, and reports on the activities of
the Institute in its pages. It even ran a front-page feature
on Mises himself, quoting many of our scholars. Human
Events not only runs articles we put out, but relies on
them for leads, as does National Review and the Wall
Street Journal.
Chronicles, edited by Thomas Fleming, is the best
magazine of opinion in the country, and nearly every issue
runs something by someone associated with the Institute.
We figured strongly in an Insight magazine cover story
on the future of the Right; the war-a-minute op-ed editors at
the Wall Streetfournal finally noted that Justin Raimondo's
18 • Ludwig von Mises Institute

Reclaiming the American Right is

the definitive source on the anti-
New Deal Old Right; and our
work can be seen in chapter after
chapter of David Frum's Dead
Right, which demonstrates that
Jack Kemp and many other Re
publicans are big-government
conservatives.

We're also frequently reprinted in student newspapers,

from Grove City College to the University of Virginia. And
when a college newspaper uses our material, it's invari
ably through the good offices of students and faculty in
our network of academic supporters.
More and more, we hear from graduate students who
have been tutored by the Institute since high school. They
have been raised on the ideas of markets and liberty, and
dedicated their lives to them. And what a joy it is to see
graduates of our program getting top positions and appear
ing in leading journals. Edward Elgar's Companion to
Austrian Economics, for example, includes essays by Don
ald Boudreaux, economist at Clemson University, Mark
Thornton, and Peter Klein.
Peter Boettke, economist at New York University, is
only one of the professors using Rothbard's Man, Econ
omy and State as a textbook. In 1994, high demand
required us to do another large edition of the classic.

JTilm has been another highly successful medium for

us, and now—in cooperation with award-winning director
Sandra Garritano—we're doing a movie on the origins and
machinations of the Federal Reserve. No wonder Alan
Greenspan is worried. But wait until he sees the most
important book on the Fed in its rotten 81 -year history:
 Accomplishments 1994 • 19

Murray Rothbard's The Case Against the Fed. Though the

central bank is not today a subject of political controversy,
it should be, for it is the engine of big government. He
calls for abolishing the Fed, and presents a plan to do it.
Across all the groups in the counter-revolution, there
is opposition to the Fed. Our book shows them why they
are right, no matter what elite opinion says, and what they
can do about it.

Greenspan should be concerned. If we've learned any

thing since the founding of the Institute, it is that princi
pled ideas are more powerful than coercion, connections,
and compromise. Of course, that means we get no pay
ments from the big foundations and corporations affili
ated with central banking and the central state. We also
refuse the government dole.
That's not a complaint, of course. We want to be
independent enough to tell the truth, and to fight for it.
At this crucial stage of history, students and the American
people are ready for the ideas of liberty, and for concrete
strategies to carry them out. That's why, with your sup
port, we want to work even harder for the Austrian School,
and the counter-revolution it undergirds.
We want to aid many more good students; to help more
young professors; to hold more path-breaking confer
ences; to publish more books, journals, research guides,
newsletters, and monographs; and to expand our teaching
programs—if you make it possible.
As the demand for our ideas increases, so does our
enthusiasm for spreading them. Yet we cannot come
close to meeting the existing need. Your support, intel
lectual and financial, is essential. Together, we can
secure a future of learning, liberty, and peace. These are
the ideals of America's founding, and with your help they
can be realized again—in our time. •
 SENIOR FACULTY
Murray N. Rothbard, Chairman oi
Academic Affairs, and Editor,
Review of Austrian Economics
Walter Block, Senior Fellow, and Executive
Editor, HAE
David (.oidoii. Senior Fellow
Bettina Bien Greaves, Senior Mises Scholar
Steve II. Hanke, Associate Editor, RAE
Jeffrey A. Herbener, Visiting Scholar
ADJUNCT SCHOLARS
Dominick Armentano, University of
l lartford
Roger Arnold, California State University,
San Marcos
Charles VV. Baird, California State Univer
sity, 1layward
BniCC Martlet!, Alexis de Tbcqueville Institution
Robert llaleniareo, Marymount College
Don Hcllantc, University of South Florida
Allan Carlson, Koekford Institute
Roy Cordato, Campbell University
Thomas J. DiLorcnzo, Loyola College
Richard Eliding, Hillsdale College
Robert II. Ekchiud, Jr., Auburn University
Larry J. F.shelman, White Plains, N.Y.
Thomas Fleming, Chronicles
Samuel X Francis, Washington Times
Eowell Callaway, Ohio University
Roger Garrison, Auburn University
Paul Gottfried, Elizabethtown College
Robert F. Hubert, Auburn University
Robert lliggs, Edmonds, Washington
Randall G. Holcomhe, Florida State
University
Kurt I.cube, Hoover Institution
Tfbor R. Maehan, Auburn University
1994 MISES UNIVERSITY FACULTY
Murray N. Rothbard, University of Nevada,
Las Vegas
Walter Block, College of the Holy Cross
Roger Garrison, Auburn University
David Gordon, Mises Institute
Jeffrey Herbener, Washington and Jefferson
College
20
Hans-Hermann Hoppe, Senior Fellow
Yuri N. Maltsev, Senior Fellow
Joseph T. Salerno, Senior Fellow
Mark Thornton, O.R Alford ill Assistant
Professor and Auburn University
Academic Coordinator
Ronald Nash, Reformed Theological
Seminary
Gary North, American Bureau of Economic
Research
Igor Oleynik, International Center (or
Development Policy
lames Ostrowski, Buffalo, New York
William II. Peterson, Washington, D.C.
Ralph Raieo, Slate University College of
Buffalo
Justin Raimondo, Center for Libertarian
Studies
Lawrence Reed, Mackinac Center
Charles K. Rowley, George Mason University
Lawrence Secbrest, Sul Ross State University
George Selgin, University of Georgia
Barry Smith, State University of New York,
Buffalo
Thomas C. Taylor, Wake Forest University
Richard K. Vedder, Ohio University
Edwin Vieira, |r., National Alliance for
Constitutional Money
Deborah Walker, Loyola University
)ohn Wells, Auburn University
Lcland B. Yeagcr, Auburn University
Hans-Hermann Hoppe, University of Nevada,
Las Vegas
Yuri Maltsev, Carthage College
losepb Salerno, Pace University
Mark Thornton, Auburn University
Richard K. Vedder, Ohio University
 EDITORIAL HOARD OF THE REVIEW OF AUSTRIAN ECONOMICS •
Martin Anderson, Hoover Institution
Dominick T. Armentano, University of
Hartford
Roger Arnold, California State University,
San Marcos
Charles W. Baird, California State University,
Hayward
Don Bellante, University of South Florida
James T. Bennett, George Mason University
Olafur Bjornsson, University of Iceland
Samuel Bostaph, University of Dallas
J.B. Bracewell-Milnes, Surrey, England
Yale Brozen, University of Chicago
Alfred G. Cuzan, University of West Florida
Thomas J. DiLorenzo, Loyola College
Richard M. Ebeling, Hillsdale College
Robert B. Ekelund, Jr., Auburn University
Joseph Fuhrig, Golden Gate University
Lowell Gallaway, Ohio University
Fred R. Glahe, University of Colorado
David Gordon, Mises Institute
Robert F. Hubert, Auburn University
Robert Higgs, Edmonds, Washington
Ole-Jacob Hoff, Tjome, Norway
Randall G. Holcombe, Florida State
University
Hans-Hermann Hoppe, University of Nevada,
Las Vegas
Edward Kaplan, Western Washington
University
Lord Harris of High Cross, Institute of
Economic Affairs, London
FACULTY AT THE UNLV AUSTRIAN ECONOMICS WEEKEND
Hans-Hermann Hoppe, University of Nevada,
Las Vegas
Yuri N. Maltsev, Carthage College
SPEAKERS AT THE 1994 SUPPORTERS SUMMIT
Burton S. Illumert, Mises Institute
Yuri N. Maltscv, Carthage College
Ron Paul, National Endowment for Liberty
Llewellyn H. Rockwell, Jr., Mises Institute
21
Kurt Leube, Hoover Institution
Stephen O. Littleehild, University of
Birmingham, England
Naomi Moldofsky, University of Melbourne,
Australia
Thomas Gale Moore, Floovcr Institution
John C. Moorhouse, Wake Forest
University
David O'Mahoney, University College of
Cork, Ireland
E. C. Pasour, Jr., North Carolina State University
William H. Peterson, Washington, D.C.
W. Duncan Reekie, University of the
Witwatersrand, South Africa
Morgan O. Reynolds, Texas A&M University
Charles K. Rowley, George Mason University
Joseph T. Salerno, Pace University
Arthur Seldon, Institute of Economic Affairs,
London
Sudha Sbcnoy, University of Newcastle,
Australia
Mark Skousen, Rollins College
Gene Smiley, Marquette University
John W. Sommer, Urban Institute, University
of North Carolina, Charlotte
T. Alexander Smith, University of Tennessee
Thomas C. Taylor, Wake Forest University
Richard K. Vedder, Ohio University
I,eland B. Yeager, Auburn University
Albert H. Zlabinger, Carl Monger Institute,
Vienna
Llewellyn H. Rockwell, Jr., Mises Institute
Murray N. Rothbard, University of Nevada,
Las Vegas
Murray N. Rothbard, University of Nevada,
Las Vegas
Joseph Sobran, Syndicated Columnist
Jeffrey A. Tucker, Mises Institute
 PRESENTERS AT THE "COSTS OF WAR" CONFERENCE

Allan Carlson, Rockford Institute Justin Raimondo, Center for Libertarian

John V. Denson, Mises Institute
Thomas Fleming, Chronicles
Samuel Francis, Washington Times
Paul Fussell, University of Pennsylvania
Richard Gamble, George Mason University
Paul Gottfried, Elizabcthlown College
Robert Higgs, Author, Crisis anil Leviathan
Flans-Hermann Hoppe, University of Nevada,
Las Vegas
William Kauffman, Novelist
Yuri N. Maltsev, Carthage College
Ralph Raico, State University College of
Buffalo
Studies
Llewellyn H. Rockwell, Jr., Mises Institute
Murray Rothbard, University of Nevada,
Las Vegas
Joseph Salerno, Pace University
Eugene B. Sledge, University of Montevallo
Joseph Sobran, Syndicated Columnist
Joseph Stromberg, Center for Libertarian
Studies
Jeffrey A. Tucker, Mises Institute
Clyde Wilson, University of South Carolina

STUDENT EDITORS OF THE AUSTRIAN ECONOMICS NEWSLETTER

Editor: Peter G. Klein, University of California,

Berkeley
Contributing Editors: iVlark IIrand Iy, Doug
Butler, Peter Calcagno, Paul Cwik, James
Kce, Sandra Klein, Keith Rentier, Shawn
Ritenour, Doug Walker, Gilbert Werenia,
all of Auburn University
Correspondents: Amy M. Boswell, University
of Notre Dame
Charles Steele, New York University
Alexander Tabarrok, George Mason University

Patricia O. Heekman, Vice President, Administration

Norma M. Jennings, Financial Administrator
Judith F. Thommesen, Director of Scholarly Publications
Jeffrey A. 'Ibcker, Director of Research] Editor, TI:M

Auburn Student Assistants

Mark Brandly, director
Doug Butler
Peter Calcagno
Paul Cwik
James Kee
Sandra Klein
Keith Rentier
Shawn Ritenour
Doug Walker
Gilbert Werema

22
Burton S. Blumert, Chairman
John V Denson, Vice Chairman
O.P. Alford, III
Robert T. Dofflemyer
Ellice McDonald, Jr.
Ron Paul
Llewellyn H. Rockwell, Jr.
Murray N. Rothbard

Deceased Members of the Board of Visitors

Margit von Mises
Lawrence Fertig
F.A. Hayek
Henry Hazlitt

ENTREPRENEURS COUNCIL •

O.P. Alford, III

Deborah Ayers
Burton S. Blumeit
Franklin Buchta
Christopher Condon
Robert T. Dofflemyer
William A. Dunn
Robert D. Kephart
lohn L. Kreischer
H.F. Langenberg
Hugh E. I.edbetter
Lewis E. Lehrman
Robert D. Love
J.J. Mahoney
Forrest E. Mars, Sr.
Ellice McDonald, Jr.
A. Minis, Jr.
Tyson Popped
Donald Mosby Rembert
James M. Rodney
Catherine Dixon Roland
Lelaud W. Schubert
Raleigh L. Shaklee
Thomas Taylor
Frederick G. Wacker, |r.
R.G. Wilson
 Ludwig von Mises Institute
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