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ANNUAL REPORT | 3 Our Mission

ANNUAL REPORT | 3 Our Mission

a n n u a l r e p o r t 2 0 2 0 SUCCESS EFFECTIVE

MOMENTUM MOMENTUMContents Chairman’s Report ...... 3

Our Mission ...... 4 Our Principles ...... SUCCESS . . . 4 EFFECTIVEMises University ...... 6 Graduate Program ...... 7

Rothbard Graduate Seminar ...... 8 MOMENTUMResearch Fellows Program ...... 9 Seminars, Meetups,EFFECTIVE and More ...... 10 Alumni Highlights ...... 13 EDUCATEMember Spotlight ...... 13 Mises Online ...... 14 Social Media ...... SUCCESS ...... 15 Books and Publications ...... 16

Ward and Massey Libraries ...... 16 MOMENTUMMises Bookstore ...... 17 SUCCESS Society and Club Members ...... 18

Financials ...... 21 EFFECTIVE Board of Directors | Officers ...... EFFECTIVE...... 22 EDUCATESenior Fellows | Fellows | Associated Scholars ...... 22 Message from the President ...... 23 SUCCESS2021 Coming Events ...... RESEARCH...... 24 EFFECTIVE RESEARCH MISES INSTITUTE • 518 WEST MAGNOLIA AVENUE, AUBURN, AL 36832 • 334 .321 .2100 MISES .ORG • CONTACT@MISES .ORG THE MISES INSTITUTE IS A NONPROFIT ORGANIZATION . CONTRIBUTIONS ARE -DEDUCTIBLE TO THE FULL EXTENT OF THE LAW . EFFECTIVE Chairman’s Report MOMENTUM Llewellyn H. Rockwell, Jr.

America faces a grave crisis, as malevolent forces This is why the Mises Institute was created: to threaten to destroy us . Power-hungry statists preserve and advance and good SUCCESSmanipulate our elections, foist unprecedented while opposing the intellectual mess that currently restrictions on our civil in the guise of “health” reigns in Washington and in countless regimes across measures, and demand a “Green New Deal” that will the world . cripple our economy . Nonetheless, there are still many bright, young Even aside from these threats, the global economy economists and students in other disciplines interested is in deep trouble, and the economic pain will be felt in doing good work. We offer them support. We don’t for many years to come . What’s worse, the proposed believe good economics is only for economists . It’s why solutions are all more of the same, but on a much our website continues to provide an enormous library, larger scale: more money printing, more bailouts, and plus new and timely articles added daily . more government spending . After all, our website traffic has only increased since In fact, one might say 2020 was the year during which government lockdowns and a new era of economic sound economics, and even economic common sense, crisis began last spring . People are looking for an SUCCESS was completely thrown aside . Central bankers hit the antidote to the mainstream . We aim to provide it . panic button and embraced the new orthodoxy, which is “anything goes .” This is what I promised to Margit von Mises when she agreed to allow me to name our Institute after her In the aftermath we rarely hear even mild protests husband . It’s what Murray and I planned when he SUCCESSfrom mainstream economists about runaway became our academic vice president . government debt or the creation of trillions of dollars from nothing . More often than not, economists seem The latest crisis has taught us that it’s not easy to concerned with providing intellectual cover for the favor the and a free society without government planners and central bankers . compromise . But this uncompromising view is what EFFECTIVE we teach our students at the Mises Institute, in our This won’t last forever . At some point, reality will Mises University, Rothbard Graduate Seminar, and our intervene, and we will be forced to admit the dream of other programs . We’re also nearing the completion of wealth through easy money and government planning the first year of our graduate school, where we offer has failed . It won’t be a painless process . People an MA in Austrian economics . This was the realization will revolt against “mask mandates” and lockdowns, of one of Murray’s dreams for the Institute, and we militarism and meddling in other countries, and plan to keep it going . environmentalist nonsense . RESEARCH Our amazing donors make all of this possible, and we The only way we’ll be able to recover is to recapture thank you . respect and an understanding of sound Austrian economics as handed down to us by RESEARCHand and to carry on their struggle for liberty against the Leviathan State .

2020 ANNUAL REPORT | 3 Our Mission

The Mises Institute exists to promote teaching and research in the 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, , and , the Institute seeks a free market capitalist economy and a 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 , a deductive science of 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.

4 | MISES INSTITUTE 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 .

6 | MISES INSTITUTE Graduate Program

In August of 2020, the Mises Institute welcomed its first cohort of graduate 9 States students to the new graduate REPRESENTATED program offering a Master of Arts BY OUR GRADUATE degree in Austrian economics . STUDENTS The average undergraduate GPA of the inaugural cohort was 3 .6, with 67 percent already holding 3.6 AVERAGE at least one graduate degree . UNDERGRADUATE GPA OF OUR The Institute’s new and exciting STUDENTS program incorporates distance education tools to accommodate students and faculty residing in various locations and time zones . Using the learning management The Mises Institute’s graduate school system Canvas®, the Mises Institute is “ able to present Austrian economics is off to a strong start! I’m teaching interactively while also operating its microeconomics to the second cohort of graduate program entirely online . students and it is a stimulating experience Instructors of the program include for me . My students are wonderfully Senior Fellows, Fellows, and Associated Scholars, who introduce engaged and display the intellectual the material in a challenging and rigor needed to tackle the demanding compelling way to encourage Rothbardian curriculum . The course scholarship . The master’s program requires completion of twenty-four requires a prodigious amount of reading semester hours of coursework and and then online discussion, which has a thesis suitable for publication in a peer-reviewed journal . been rich and thought provoking . I wish I’d had the opportunity to study the great This long-awaited and much- needed program is a fulfillment of Austrian school texts during my own Mises’s and Rothbard’s dreams of a graduate school . What an opportunity for rigorous graduate school dedicated to the study of Austrian economics these students . Watch for great things and free market principles . to come from them in the future! ” Learn more at mises.org/edu –Dr . Sandra Klein Mises Graduate Faculty

2020 ANNUAL REPORT | 7 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 .

8 | MISES INSTITUTE 2020 RESEARCH FELLOWS

Research Fellows Program “ The Mises Institute is a beacon for truth and liberty, the ‘mecca’ of Research Fellows come to the Mises Institute the Austrian school. to work on their PhD research and write books and scholarly articles . They work closely with Being here allows me to our academic vice president, Professor Joseph Salerno, who has a long career teaching research in the causal- university-level economics and has mentored realist tradition with the students in our academic programs for over twenty years . guidance of a wonderful

Many former Research Fellows hold teaching faculty and staff, along jobs at colleges and universities around the with the camaraderie of world . the other fellows. The program helps students build an ” international professional network with other Austrian scholars . –AntÓn Chamberlin 2020 Research Fellow

2020 ANNUAL REPORT | 9 ECONOMY Seminars, Meetups, and More

Mises Seminar at Loyola University EFFECTIVE New Orleans

Professor 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 .

Economics for Beginners MOMENTUM

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 687K+ distortions and the road to serfdom . video plays in 2020 Learn more at mises.org/begin . EFFECTIVE 10 | MISES INSTITUTE ECONOMY

MOMENTUMThe 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 EFFECTIVELacalle on the covid-19 crisis and what it means for our future . Video is at mises.org/covid . MARKET Martial Law and Lockdowns: An Online Seminar with Judge Andrew P. Napolitano SUCCESS 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 MOMENTUMongoing civil unrest . Video is at mises.org/lawless . SEMINAR Mises Meetup in Birmingham, RESEARCHSponsored by Mark Walker Jeff Deist and Patrick Newman addressed a sold- out crowd at Avondale Brewing Company for a no- holds-barred discussion of the economy after the EFFECTIVEcoronavirus shutdown and George Floyd protests . 2020 ANNUAL REPORT | 11 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

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 were featured speaker Amity HOST COMMITTEE AND SPEAKER SPONSORS: Shlaes, Judge Andrew P . Napolitano, Tom Woods, Andy Hord, William Haynes, Greg and Joy Morin, Jeff Tom DiLorenzo, Peter Klein, and Patrick Newman . 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

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 .

12 | MISES INSTITUTE 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 . He will teach strategic management and entrepreneurial Greg and Joy Morin leadership. members since 2009

Krisoffer Mousten Hansen, a 2020 Mises Research Fellow, was named Member a lecturer at the University of Spotlight Leipzig. He will be defending his dissertation at the University of We support the Mises Institute for principled Angers later this year. and pragmatic reasons. The ethical principles of the Institute align precisely with ours, namely that a stateless and free society unencumbered Professor Peter Klein was named by external intrusions into human affairs can a coeditor for the prestigious only lead to human flourishing. Nowhere is this Strategic Entrepreneurship Journal. more apparent than in the study of economics. Focusing on the stark contrast between a market economy versus a serves Professor Patrick Newman was as the ideal framework for promoting these awarded the Gary G. Schlarbaum ideas. However, we also support the Institute Prize for Excellence in Research for our own pragmatic reasons. We must keep and Teaching for a Promising this flame of liberty alive by ensuring those in Young Scholar. the coming generations who are receptive to these ideas have a resource they can turn to. No Professor Per Bylund received the organization has a better track record than the 2020 Merrick Foundation Teaching Institute in promoting these ideas among the Award, recognizing outstanding young. One day they will occupy positions where work in bringing to students they can serve to teach and influence others. In a better understanding and short, we support the Institute in the fervent appreciation of the economic and hope of realizing a freer, more prosperous future political basis of American society. for our children and grandchildren.

2020 ANNUAL REPORT | 13 Mises Online

Mises org. remains one of the most high-traffic economics and 2020 AT A GLANCE commentary sites on the web . Every year, in addition to our two academic journals (Quarterly Journal of Austrian Economics and Journal of Libertarian 1,000+ 65+ 20M+ Studies), we continue to add more ARTICLES PUBLISHED COUNTRIES AMONG VIEWS OF articles and commentary, digital books, ON MISES WIRE EMAIL READERSHIP MISES .ORG podcasts, audiobooks, streaming audio and video, and bookstore offerings, and all for free. Our two most popular podcasts were 427 51% 55 The Human Action Podcast with Jeff AUDIO MISES WIRES INCREASE IN LIVE LECTURES Deist and Radio Rothbard with Ryan PRODUCED WEBSITE USERS AND SEMINARS McMaken and Tho Bishop .

Mises org. remains central to making Austrian economics available worldwide by maintaining full texts of hundreds of books and articles 95,999 9M+ 170% MISES WIRE USERS ON INCREASE IN VISITORS by leading Austrian economists such EMAIL SUBSCRIBERS MISES .ORG ON MISES ORG/ES. as Ludwig von Mises and Murray Rothbard . The site is also key in If you haven’t already, subscribe to one of our tailored email lists to stay up reaching new audiences and younger to date on institute happenings, get an inside look at published articles, and demographic groups . 60 percent of be the first to know about future events. Subscribe atmises.org/subscribe . our traffic is under forty-five according to Google analytics .

Ryan McMaken’s article “Police Officers Threaten to Quit If the Public Keeps 1.3M+ Demanding Accountability” VIEWS OF made it to the front page of MISES U 20K+ Reddit before being censored LIVE AT VIRTUAL by moderators. The article MISES U received over 100,000 clicks in the few hours it was available.

14 | MISES INSTITUTE 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+ 17,000+ Facebook 31,900+ Twitter followers followers Instagram 877,000+ followers 1.76M Facebook reach Twitter reach

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

850K+ SOURCE OF VIEWS TRAFFIC TO MISES.ORG

44% SEARCH 25% SOCIAL MEDIA 21% DIRECT #2 REFERRALS ALL-TIME 5% VIDEO 5% OTHER

2020 ANNUAL REPORT | 15 Books and Publications

The purpose of Anatomy of the Crash, edited by Tho Bishop, is to place the ideas of the Austrian 40K+ school within the context of the modern world MATERIALS and contemporary events . The writers put into perspective how and why the events of 2020 were devastatingly predictable . WARD AND During the early days of the 2020 lockdowns MASSEY LIBRARIES and stay-at-home mandates, we put together Quarantine Chronicles: A Shelter-at-Home Series of Our special collections are essays, articles, and clips highlighting lesser-known available for visitors, Fellows, pieces that provide a deep and researchers and provide understanding of important excellent resources for any concepts and history . The topics scholar. Wi-Fi offers a valuable covered are: praxeology, political opportunity for our Members to , and the history of search the in-house collection the Austrian school . of books, first editions, and ephemera. The Mises Institute maintains the archives of Dr. and Mrs. Ludwig von Mises, Dr. We published two and Mrs. Murray N. Rothbard, minibooks in 2020! Bettina Bien Greaves, and a host of other respected Austrian economists.

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 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 INSTITUTE 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 Mises thousands of free books to students and conference attendees every year . GENEROSITYBookstore

The Mises Institute Bookstore makes the scholarship of BECOME A MEMBER liberty available to all through one of the largest selections AND SAVE ALL YEAR! of Austrian and libertarian literature offered anywhere.

Receive benefits as a member We strive to keep the classic works of the Austrian school of the Mises Institute, including available and vital for generations to come, both in discounts in the Mises Bookstore . beautiful print editions and low-cost electronic versions . $60 Basic 10% We also strive to offer the latest in radical, uncompromising Membership off literature across a broad spectrum: economics, philosophy, law, ethics, public policy, and libertarian thought . $150 Premium 15% Every month, more than 10,000 visitors come to the online Membership off store to browse or purchase books, ebooks, audiobooks, and memorabilia items such as apparel, silver coins, and $500 Supporter 20% art . In addition, our on-campus Diehl Bookstore welcomes Membership off hundreds of visitors every year .

VISIT MISES.ORG/MEMBERSHIP Discover more at store.mises.org .

2020 ANNUAL REPORT | 17 On behalf of our students, faculty, staff, and millions of Society and readers from around the world, we thank our donors who make possible all that we do, and these special people for Club Members so generously supporting our work.

Mr . and Mrs . William W . Massey, Jr . Mr . James E . McCrink Mr . Anthony Deden MISES SOCIETY Mr . Jack A . Minton, Jr . Mr . and Mrs . Ellice McDonald, CBE Mr . Remy Demarest Anonymous Mr . and Mrs . Terence H . Murphree Mr . Roger Milliken Mr . Louis Dentini Mr . Perry Alford The North American Foundation Gregory and Joy Morin Mr . William A . Diehl Mr . Steven R . Berger Mr . Robert G . Ring Judge Andrew P . Napolitano Howard and Teri Dittrich Ms . Carol I . Cooper Mr . and Mrs . Robert N . Tuller Mr . Larry Nappe Mr . Eric Eastlund Mrs . Charles de Muralt Sally von Behren Mr . and Mrs . R . Nelson Nash Dr . Larry J . Eshelman Mr . Kenneth M . Garschina Mr . and Mrs . Quinten E . Ward Mr . and Mrs . Brantley I . Newsom Mr . A .H . Feige, Jr . Mrs . Bettina Bien Greaves Mr . and Mrs . Walter F . Woodul III Mr . and Mrs . William C . Newton Mr . Edward W . Fuller Mr . Fergus N . MacDonald Mr . Walter C . Wylie Matthew and Adriane Niehaus T .J . and Ida Goss Mr . and Mrs . 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Bryan Lee Briggs Mr . and Mrs . William Duhamel CLUB AND LIBERTAS Mr . Brian Mast Mr . David Brown Mr . Michael Gelband Anonymous Dr . Margaret N . Maxey John and Jan Brunner Mr . Simon Guenzl Ms . Jordan Ausman Mr . Kurt Buchwald Mr . Norbert J . McLuckie Mr . Bernard Karwick Ms . Martha Babson Dr . Andrew Bunch Mr . Roy P . Miller Mr . Yuriy Khapochkin Mr . Fred J . Badalli Mr. Jeffrey P. Buol Mr . Richard Mills Mr . Russel Bankson Dr . Carl Liggio, Jr . Mr . Donald Burger Mr . Wade A . Mitchell Steven H . Benson, DDS Mr . and Mrs . Matt Lyons Mr . Michael L . Burks Michael H . Mudge and Barbara J . Dr . Theodore Berthelote Mr . Mark McGrath Mr . John A . Buttrick Clarke Mr . Neil Booth and Mrs . Zhenxin Mr . and Mrs . Brian A . Miller Dr . Per and Susanne Bylund Mr . Charles A . Nelson Jiang Mr . Mark S . Murrah Mr . Scot Campbell Mr . and Mrs . Thomas Nichta Mr . Herbert Borbe Mr . Christopher J . Peters Mr . Bob Cangiano Mr . Jan Niessen Ms . Mary D . Brown Mr . and Mrs . Oscar Porcelli Mr . Kenneth Chadwick Col . James E . Norwood Mr . Robert B . Bruce Mr . and Mrs . Leonard W . Mr . Richard Chambers Mr . Glenn M . O’Dell Ringenbach Mr . Ted H . Caine Mr . Daniel Chang Mr . Bill Olinger Mr . Guilford R . Robinson Mr . Dennis M . Campbell Mr . Wayne Chapeskie Mr . Harry R . Pace Ms . Rosemarie C . Rotella Mr . David Capshaw Mr . Joseph F . Chicoine Mr . Buck Ryan Mr . Aubrey T . Carruth Mr . John W . Panchuk Ms . Linda N . Chirico Mr . Eric R . Schwarz Prof . Thomas R . Clark Mr . Paul F . Peppard Gayla Claes John and Edith Slavic Mr . Ernest Colton Mr . William D . Plumley Mr . James Clark Dr . and Mrs . G . Keith Smith Mr . Bryan J . Coupal Mr . Jerry Pogue Mr . Andrew W . Cleveland III Mr. Jeffrey M. Tibbs Mr . Dayne D . Crellin Mr . Robert Reading Mr . Gary Clouse Mr . James W . Crofts Senator John Reagan Mr . Mark Walker Mr . and Mrs . Jacob M . Cochran Mr . and Mrs . Trey Daniels Mr . T . James Reynolds Mr . Sean J . Wilks Mr . Cullen Connors Mr . Marc de Mesel Ms . Anni Roberts Mr . Gary L . Cottingham Mr . and Mrs . Steven L . Dick Dr . Karen Ross CHAIRMAN’S Mr . Donald K . Cowles Thomas and Lisa Dierl Ms . Dagny Ross BRONZE CLUB Mr . and Mrs . Kevin J . Coyne Ms . Mary Diane Dolan Mr . Robert L .M . Russell Anonymous Mrs . Candace L . Cramer Randall Dollahon and Mr . Ernest H . Ryan Mr . Abdelhamid Abdou Mr . Peter Crane Kathleen Lacey Dr . and Mrs . Murray Sabrin Aida Miller Foundation Mr . Lawrence E . Creeden Mr . Jerry T . Dowell Mr . and Mrs . Paul M . Samson Mr . and Mrs . J . Ryan Alford Mr . Daniel L . Cummings Mr . Bill Eaton Dr . Lynne F . Shepard Mr . and Mrs . Garry Allen Mr . and Mrs . Raymond E . John B . Egger, PhD Dr . Lee Allison Cunningham Mr . Jack DeBar Smith Mr . Jonathan Erb Mr . Josh Alvey Dr . Ernest N . Curtis Mr . and Mrs . Michael Stack Mr . John C . Faux Mr . Harold V . Anagnos Mr. Jeffrey K. Czyz Drs . Susan Stalzer and Bruce Tagle Mr . John A . Fehsenfeld Mr . J . Terry Anderson D . Allen and Sandra Dalton George M . Steele, Jr ., MD Mr . Grant Fesler Mr . Jeremy Anderson Mr . Ben Davenport Mr . Gregg W . Steinhafel Mr . David Fisher Mr . William H . Anderson Mr . R . Leahman Davidson Mr . David J . Steinhafel Mr . and Mrs . Richard Garber Mr . Todd Baker Robert and Amyrillis Davis Mr . Richard Stephenson Mr . William Gibson Mr. Scott Banfield Mr . L . Michael Davis Dr . Bruce Tagle Mr . Kevin Gilligan Mr. Jeffrey A. Barnes Dr . Christopher Detweiler Mr . Jerry Pogue Mr . John E . Golob Dr . John Bartel Mr . Paul J . Dietrich Dr . Jane ten Brink Mr . Albert S . Goodrich Mr . Chris Becraft Dr . and Mrs . Thomas J . DiLorenzo Mr . and Mrs . Reginald Thatcher Mr . and Mrs . James E . Goss Mr . Gordon Bennett and Ms . Sarah Disbrow Mr . and Mrs . Matthew E . Greco Mr . James C . Thomason III Ms . Lucy Goodhart Mr . Constantin Dragomirov Mr . Gene Gryziecki Mr . Kenneth H . Toft Mr . Aravind Bhimarasetty Mr . J . Richard Duke Mr . Kenneth R . Hall Mr . R . David Van Treuren Mr . William H . Bird Dr . David Dürr Mr . John A . Halter Dr . and Mrs . Ted Vaughn Dr . and Mrs . Jason Blue Mr . and Mrs . Ralph D . Dwyer III Mr . Michael Harris Mr . Jerry K . Williams Mrs . Della B . Bluemly Mr . Jarrod Eagle Mr . James J . Helbling Mr . Roger A . Zessin Mr . and Mrs . Charles Boettcher Mr . and Mrs . Joe D . Edge Stephen and Monica Hillis Mr . and Mrs . John Zumbrum Mr . David Bottoms Mr . David J . Emery

2020 ANNUAL REPORT | 19 Mr . Christopher D . Engl Mr . Cody A . Koch Ms . Sarena Nichol Mr . Tim Sippel Mr . Eric Englund Bernard and Joan Koether Mr . Erik M . Oja Mr. Jeffrey S. Skinner Mr . and Mrs . John B . Estill Dr . Rudolph Kohn Mr . and Mrs . Richard Olson Dr . Chris Smelick Mr . Charles J . Ezell Mr . Alexandros Konstantinidis Mr . Ernest L . Ortiz Mr . Lee S . Smith Mr . Stephen A . Fairfax Mr . Donald A . Koss, Jr . Mr . and Mrs . Michael V . Orton Mr . Steven R . Smith John and Faith Farr Arthur and Janet Krolman Mr . John Palmer Ms . Nancy H . Southard Dr . and Mrs . P . Brady Farr Mr . Sheung Ping Lam John Paloglou and Dorothy Greene Mr . Adam Sowinski Mr . Fabrizio Ferrari Mr . Jordan Lawrence Dr . Anthony Pappas Dr . James Speights Mr . and Mrs . James R . Feutz Mr . and Mrs . Michael M . Lee Mr . Roy Patchell Dr . Cisse W . Spragins Mr . and Mrs . William Fink Mr . Charles Leir Mr . Timothy C . Patterson Mr . Edwin S . Stacey Mr . Ed Fleck Mr . Russell C . Lemley Mr . James A . Perry Mr . Carl Stalhood Mr . Tyler D . Folger Mr . Steve Link Mr . and Mrs . Jay Peters Mr . and Mrs . David Stearns Mr . John R . Foster Dr . Antonio A . Lloréns-Rivera Mr . and Mrs . Laurence A . Peterson Mr . Richard L . Stees Mr . Steven Frankel Mr . Donald Lovelace Mr . and Mrs . Martin Peyer Mr . Jason Stenack Mr . Adam J . Garrett Mr . George Lowell Drs . Thomas W . and Mr . David B . Stern Leonora B . Phillips Mr . Matthew Gessner Mr . and Mrs . Ben Lunka Mr . Gordon R . Stevenson Dr . and Mrs . Philip Piasecki Mr . George S . Gibbs Mr . Alex Magaro Mr . David G . Stone Igor Pikovets Mr. Jeffrey B. Gilbert Mr . James W . Mahannah Noreene Storrie Mr . Gerard Pompilio Dr . and Mrs . Anthony Gill Richard and Donna Mancini Mr . Jordan Stuart Mr . and Mrs . Dennis Pratt Mrs . Rhonda Gillespie Mr . David L . March Mr . James W . Stuckert Ms . Tatiana Racheva Mr . Andrew Gitzendanner Mr . Alexander Markesinis Mr . Kermit Sutton Karthik Ramani Mr . Dan W . Glovak Dr . and Mrs . Charles W . Martin Pastor James E . Sweet Mr. David R. Ratliff Mr. Kevin R. Griffin Mr . Jed R . Martin Mr . Stephan P . Sykes Mr . Peter C . Reck Mr . Charles F . Hanes Dr . and Mrs . Stephen M . Martin Mrs . Sydney T . Taylor Ms . Margaret P . Reed William A . Hare, DDS Mr . David R . Mason Mr . Paul M . Thomas Mr . Thomas H . Reed Mr . Wayne Harley Mr . Deane R . Mathewson Mr . Richard C . Thurber Mr . David F . Reid Mr . Charles T . Hatch Mr . Ronald Matsui Drs . Benjamin and Rosanne Mr . John W . Reynolds III Thurman Ms . Sandra Hatcher Malcolm W .S . McCain Mr . and Mrs . David L . Richards Mr . Alan Torell Mr . Daniel W . Haubeil Wesley G . McCain Mr . Kenton Riggs Mr . Kevin Tyson Mr . Clifton Hebert Mr . and Mrs . Robert G . McDaniel Elie Rivollier, Jr . Mr . and Mrs . Scott J . Ullery Mr . Matthew Heim Mark and Julie McElroy Mr . Michael Robichaux Mr . Edward Van Drunen Mr . and Mrs . David A . Hendersen Mr . Eugene McFaddin Mr . Gary Roewe Mr . William A . Vaniman and Ms . Mr . and Mrs . Jule R . Herbert, Jr . Mr . and Mrs . Chris W . McGary Kathleen Rogers and Rick Teller Frances G . Matthews Mr . Mark Hickey Mr . G . Joseph McLiney Mr . James B . Rogers, Jr . Dr . Michael S . Vaughn Mr . Albert L . Hillman, Jr . Mr . Charles Mercer Mr . Patrick Rosenwald Mr . Bruce P . Voris and Mr. Christian D. Hoffman Mr . and Mrs . Fritz von Mering Mr . Lester D . Roth, Jr . Mrs . Wendy Ng Mr . Jason Hollon Mr . Roy G . Michell, Jr . Mr. and Mrs. Clifford P. Ryan Dr . John F . Wakerly Dr . Stefan Hubrich Mr . Daniel Miller Mr . Brae Sadler Mr . and Mrs . Isaac Waldron Mr . Aron D . Huddleston Deanna and Greg Miller Mr . Steven M . Sadler Stephen and Mary Walker Mr . Albert L . Hunecke, Jr . Dr . and Mrs . Donald W . Miller, Jr . Thad and Cyndy Salmon Dr . J . Stanley Warford Mr . Kevin Hunt Mr . and Mrs . Matthew Miller Mr . Andrew Sanders Mr . J .C . Warren Mr . Stanley D . Hutchings Mr . Ralph Miller Allan and Bobbye Sawatzky Mr . Pete Watson Mr . John M . Inks Mr . Brian E . Millsap Mr . Kenneth R . Schmeichel Mr . Gerard Weldele Mr . Andrew C . Irvin Mr . Zoran Mitrovski Mr . Albert Schrautemyer Mr. John E. Westerfield Dr . Hal Jacobson Mr . Patrick Moling Mr . Mark J . Schuberg Mr . and Mrs . Michael Whelen Mr . and Mrs . David Jansen Mr . Mark A . Monoscalco Mr . Alvin B . See Mr . Michael Wieczorek Ms . Lili Jensen Mr . Clark Moody Mr . Ekhard Seeßelberg Mr . Richard W . Wilcke Mr. Rex Jolliff Mr . Brian Moore Mr. Robert Seffrin Mr . Ronald B . Williams Mr . Kenneth Kamon Mr . Eric Morris Mrs. Jane Shaffer Ms . Anne Williamson Dr . John A . Kasch Mr . Gary P . Morrison Mr . John P . Sharkey Mr . Robert Wilson Mr . Nicholas Kennedy Ms . Caroline Mortimer Mr . Brian Sharpe Mr . Isaac Woerlen Mr . and Mrs . Thomas Kershner Mr . and Mrs . Darren Mullen Mr . Roger W . Shipman Mr . Roger Wolf Mr . Kenneth King Mr . Rockne Mullens Mike and Linda Shonessey Dr . and Mrs . John A . Wright Mr . Per Kjeldaas Mr . Akihiko Murai Mr . and Mrs . Gary G . Short Mr . Dusty Wunderlich Drs . Peter and Sandra Klein Ms . Mellissa Murray Mr . and Mrs . Dana J . Sieckert Dr . Steven Lee Yamshon Mr . James E . Klingler Mr . James Nardulli Mr . Roy H . Simmen, Jr . Mr . Daniel Yi Mr . Brian Kmetz Mr . Jacob Nemchenok Mr . and Mrs . Thomas W . Singleton Mr . Marty Zigman

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20 | MISES INSTITUTE The Mises Institute finished 2020 in a strong financial Financials position, despite the terrible financial ravages of covid FISCAL YEAR 2020 OPERATING REVENUE lockdowns and a worldwide economic recession. We are Contributions $12,992,507 profoundly grateful to our Book Sales $403,085 donors and deeply appreciate your commitment to our Program Service Revenue $112,554 mission. Other Income $344,508 Total contributions in 2020 TOTAL: $13,852,654 were bolstered by a handful of large bequests. But fundraising also rose nearly 20 percent FISCAL YEAR 2020 OPERATING EXPENSES over the previous year. We Programs $4,202,412 slightly adjusted spending at the end of the year to Management & General $535,291 make important repairs and improvements to our buildings Development $468,836 and grounds. We also made TOTAL: $5,206,540 improvements to our website and bookstore. ASSETS AND LIABILITIES Our balance sheet also Current Assets $3,104,390 strengthened, primarily due OPERATING to the overall rise in precious Fixed Assets $4,158,483 metals prices over the year. REVENUE Investments $31,690,183 We hold both physical metals 94% CONTRIBUTIONS 3% BOO SALES and shares in investment funds Other Assets $1,291,604 2% OTHER INCOME closely tied to gold, silver, 1% PROGRAM and other commodity prices. Liabilities SERVICE REVENUE $530,042 These investment holdings NET ASSETS: $40,774,702 mostly accrued through in- kind donations. Over the years many donors have chosen to contribute gold and silver bullion, along with coins and numismatic collectibles, to OPERATING OPERATING the Institute. Others have REVENUE EXPENSES donated mining stocks, shares in exchange-traded funds tied 94% CONTRIBUTIONS 81% PROGRAMS 3% BOO SALES MANAGEMENT to precious metals indices, and 10% 2% OTHER INCOME AND GENERAL similar securities. As advocates 1% PROGRAM 9% DEVELOPMENT of sound money, our approach SERVICE REVENUE has been to hold rather than sell such donations.

2020 ANNUAL REPORT | 21 OPERATING EXPENSES

81% PROGRAMS 10% MANAGEMENT AND GENERAL 9% DEVELOPMENT Board of Directors WILLIAM POOLE WILLIAM J . BOYES ANTONY P . MUELLER University of Delaware Arizona State University Universidade Federal de Sergipe DANIEL AJAMIAN Anthem Management Group LLC SHAWN RITENOUR JOHN BRÄTLAND ROBERT F . MULLIGAN DEBORAH AYERS US Department of the Interior Indiana University Sarasota, Florida WILLIAM N . BUTOS PHILIPPE NATAF Université Paris-Dauphine STEVEN BERGER Trinity College Université Paris-Dauphine Adamas Partners LLC TIMOTHY TERRELL PETER T . CALCAGNO JONATHAN NEWMAN Wofford College THE HON . JOHN V . DENSON College of Charleston Bryan College MARK THORNTON Samford and Denson LLP PAUL A . CANTOR GARY NORTH Mises Institute and and Mises Institute Senior Fellow Institute for Christian Economics University of Virginia HUNTER LEWIS THOMAS E . WOODS, JR . GERARD N . CASEY JAMES OSTROWSKI Cambridge Associates LLC Buffalo, New York TomWoods .com University College Dublin ROBERT LUDDY JO ANN CAVALLO ALEXANDRE PADILLA CaptiveAire, Inc . Fellows Columbia University Metropolitan State University of Denver THE HON . ANDREW P . WILLIAM L . ANDERSON PAUL A . CLEVELAND KAREN Y . PALASEK NAPOLITANO Frostburg State University Birmingham Southern College Barton College and the John Locke Fox News and Mises Institute PHILIPP BAGUS Foundation Distinguished Scholar in Law Universidad Rey Juan Carlos ROY CORDATO and Jurisprudence John Locke Foundation E .C . PASOUR, JR . MARK BRANDLY North Carolina State University RON PAUL, MD Ferris State University FRANK DAUMANN THORSTEN POLLEIT Ron Paul Institute and PER BYLUND University of Jena Mises Institute Distinguished Universität Bayreuth Oklahoma State University GREGORY M . DEMPSTER Counselor BENJAMIN POWELL PAUL F . CWIK Hampden-Sydney College DON PRINTZ, MD University of Mount Olive MARSHALL DEROSA Stone Mountain, Georgia PAUL T . PRENTICE LUKASZ DOMINIAK Florida Atlantic University LLEWELLYN ROCKWELL, JR . Colorado Technical University Nicolas Copernicus University FRANK VAN DUN Mises Institute GEORGE REISMAN CARMEN ELENA DOROBĂȚ Universiteit Gent JEFF DEIST Manchester Metropolitan Business Pepperdine University RICHARD M . EBELING Mises Institute School MORGAN O . REYNOLDS The Citadel PATRICIA BARNETT LUCAS M . ENGELHARDT National Center for Policy Analysis ROBERT B . EKELUND Mises Institute Kent State University PARTH J . SHAH Auburn University Officers DAVID HOWDEN Centre for Civil Society St . Louis University Madrid GENE EPSTEIN LLEWELLYN ROCKWELL, JR . The Soho Forum FRANK SHOSTAK Founder and Chairman SANDRA KLEIN Applied Austrian School Economics Baylor University NICOLAI J . FOSS JEFF DEIST Copenhagen Business School JOSEF ŠÍMA President MATEUSZ MACHAJ CEVRO Institute Uniwersytet Wrocławski LOWELL E . GALLAWAY PATRICIA BARNETT GENE SMILEY Executive Vice President G .P . MANISH Marquette University Troy University ANTHONY GILL JOSEPH T . SALERNO University of Washington JOHN SOPHOCLEUS Academic Vice President and Mises MATTHEW MCCAFFREY Auburn University Institute Senior Fellow University of Manchester PAUL GOTTFRIED DALE STEINREICH ROBERTA A . MODUGNO Elizabethtown College Senior Fellows Drury University Università degli Studi JAMES GRANT WALTER BLOCK Roma Tre Grant’s Rate Observer Loyola University New Orleans American Institute for Economic MALAVIKA NAIR NATALLIA GRAY BRENDAN BROWN Troy University Research Southeast Missouri State University Macro Hedge Advisers PATRICK NEWMAN THOMAS C . TAYLOR RICHARD GRIMM THOMAS J . DILORENZO Florida Southern College Wake Forest University Mises Institute Slippery Rock University Associated Scholars SVEN THOMMESEN ROGER W . GARRISON THOMAS GSTRAUNTHALER Auburn University Auburn University GABRIEL CALZADA ÁLVAREZ University of Cape Town Universidad Francisco Marroquin T . HUNT TOOLEY DAVID GORDON STEVE H . HANKE Austin College Mises Institute DOMINICK ARMENTANO The Johns Hopkins University University of Hartford VLADIMIR TOPAN JEFFREY M . HERBENER ROBERT F . HÉBERT Mises Institute – Romania Grove City College WILLIAM BARNETT II University of Louisiana Lafayette Loyola University New Orleans LAURENCE M . VANCE HANS-HERMANN HOPPE RANDALL G . HOLCOMBE Francis Wayland Institute Property & Freedom Society and Mises ROBERT BATEMARCO Institute Distinguished Senior Fellow Fordham University JACOB H . HUEBERT DON BELLANTE Ohio University JESÚS HUERTA DE SOTO Chicago, Illinois Universidad Rey Juan Carlos University of South Florida HARRY C . VERYSER JASON JEWELL University of Detroit Mercy JÖRG GUIDO HÜLSMANN ALBERTO BENEGAS-LYNCH Eseade, Argentina Faulkner University Université Angers and Mises Institute JINGJING WANG Peterson-Luddy Chair JAMES T . BENNETT PETER KERR Beijing Information Science and Southeast Missouri State University Technology University PETER G . KLEIN Baylor University and Mises Institute BRUCE L . BENSON DONALD W . LIVINGSTON CHRISTOPHER WESTLEY Research Fellow Florida State University Emory University Florida Gulf Coast University YURI N . MALTSEV GEORGE BITTLINGMAYER ALLEN MENDENHALL JAMES YOHE Carthage College University of Kansas Troy University Gadsden State Community College ROBERT P . MURPHY SAMUEL BOSTAPH XAVIER MÉRA ANDREI ZNAMENSKI Texas Tech University University of Dallas University Rennes 2 University of Memphis

22 | MISES INSTITUTE Message from the President Jeff Deist

2020 was a terrible year in many ways, from government college programs . No Keynesianism, no monetarism, and bans on business travel and shutdowns of schools to no mistaking math or statistics for economics . Students unprecedented profligacy by politicians and central learn from the best Austrian minds and experts in their bankers . particular subjects . Most of all, students absorb real treatises by Menger, Mises, Rothbard, Hoppe, and other Yet 2020 also provided astounding opportunities for new giants . They learn theory, not positivism . And judging by thinking and new ideas to challenge failing orthodoxy . our student surveys and the quality of our applicants, the In that sense the Mises Institute was proud to be program is already a success . more active than ever . We continued to hold live If you haven’t already, be sure to read about our events throughout the year, which were gratefully and graduate school at mises .org/edu . We guarantee you enthusiastically well attended without incident or illness . will be impressed and encouraged by our curriculum We were first out of the gate with Anatomy of the Crash, and program . Along with our summer Mises University the book explaining how and why the economy was for undergraduate students, the master’s degree ranks already exceedingly fragile prior to the covid lockdowns . among our most important and vital offerings. Readership for mises .org and our publications grew rapidly, as millions of people sought to understand the Mises .org, Mises University, and the new graduate economics and tradeoffs behind the “trust the science” program position us as the leading alternative school rhetoric of the pandemic . Homeschooling took on a whole in the world for real economics and the scholarship of new meaning, both for parents using Mises Institute freedom . The market for alternatives to bloated and resources and adult learners interested in self-study . Our expensive universities—especially in the covid era—is Human Action Podcast brought substantive books and exploding, and we were thrilled to see growing interest in theory to a lay audience eager to learn more about the the Mises Institute throughout last year. In a difficult year Austrian school rather than stale chatter about current full of white noise and statist media narratives, the Mises events. And our fundraising results reflected growing Institute stood as a beacon for freedom-loving people interest in our organization and mission . and anyone interested in sound economics, property, freedom, peace, and civilization itself . Yet, more than anything, 2020 was the year millions of independent-minded people realized the pressing need We are grateful to you for your support and interest . We for alternative institutions . It was the year “build your are careful and steady stewards of your donations . We own platform” became both a rallying cry and an abject are committed and optimistic advocates for Austrian necessity in the face of deplatforming and cancel culture . economics . But none of what we do is possible without We took that to heart, and went about working to make you, and we hope our Annual Report encourages you to the Mises Institute one of those alternative institutions . 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 MARCH 19–20 Austrian Economics Research Conference, Auburn, Alabama APRIL 10 2 0 2 1 Mises Meetup, Birmingham, Alabama EVENTS WITH THE JUNE 6–11 Rothbard Graduate MISES INSTITUTE 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

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