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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
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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
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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
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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
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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+
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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. 16 | MISES INSTITU TE
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
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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
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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.
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HAYEK SOCIETY
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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
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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
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CHAIRMAN’S SILVER CLUB Anonymous
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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
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Bernard and Joan Koether
Mr. and Mrs. John B. Estill
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Mr. and Mrs. William Fink
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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
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Dr. and Mrs. Anthony Gill
Richard and Donna Mancini
Mrs. Rhonda Gillespie
Mr. David L. March
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Mr. Alexander Markesinis
Mr. Dan W. Glovak
Dr. and Mrs. Charles W. Martin
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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
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Mr. John M. Inks
Mr. Brian E. Millsap
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Mr. Zoran Mitrovski
Dr. Hal Jacobson
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Dr. John A. Kasch
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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