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Home , Benjamin Anderson, Frank Fetter, Fritz Machlup, Gustave de Molinari, Henry Rogers Seager, Lawrence Reed

AN AUSTRIAN TIME LINE

THE lATE SCHOLASTICS

Francisco de Vitoria (c.1485-1546) Juan de Medina (1490-1546) Martin de Azpilcueta Navarrus (1493-1586) Domingo de Soto (1494-1560) Diego de Covarrubias y Leiva (1512-1577) Luis de Molina (1535-1601) Juan de Mariana (1536-1624)

RICHARD CANTILLON (1680-1734)

Etierme Bormot de Condillac (1714-1780) AR.J. Turgot (172 7-1781) Antonie Louis Claude Destutt, Comte de Tracy (1754-1836) Jean Baptiste Say (1767-1832) Claude Frederic Bastiat (1801-1850) (1819-1911)

CARL MENGER (1840-1921)

Philip Henry Wicksteed (1844-1927) Knut Wicksell (1851-1926) (1851-1926)

EUGEN YON BOHM-BAWERK (1851-1914)

James Bonar (1852-1941) William Smart (1853-1915) Robert Meyer (1855-1914) Eugen von Philippovich von Philippsberg (1858-1917) Frank Taussig (1859-1940) Edwin Carman (1861-1935) Herbert Davenport (1861-1931) (1863-1949) (1870-1930) Luigi Einaudi (1874-1961) Hans Mayer (1879-1955)

LUDWIG YON MISES (1881-1973)

Joseph Schumpeter (1883-1950) Benjamin Anderson (1886-1949) Faustino Ballve (1887-1958) Leo Schonfeld-Illy (1888-1952) Richard von Strigl (1891-1942) John V van Sickle (1892-1975) (1894-1993) Trygve J.B. Hoff (1895-1982) Katsuichi Yamamoto (1896-1987) (1896-1978) Ludwig Erhard (1897-1977) V Orval Watts (1898-1993) Lionel Robbins (1898-1984) Ewald Schams (1899-1955) Wilhelm Ropke (1899-1966) Friedrich A von Hayek (1899-1992) William Hutt (1899-1988) Gottfried von Haberler (1900-1995) (1902-1983) Paul Rosenstein-Rodan (1902-1985) Oskar Morgenstern (1902-1977) G.L.S. Shackle (1903-1992) F. A Harper (1905-1973) Ludwig Lachmarm (1906-1991) Percy L. Greaves, Jr. (1906-1984) Bruno Leoni (1913-1967) Jack Wiseman (1919-1991) Benjamin Rogge (1920-1980) William W Bartley (1934-1990)

MURRAY N. ROTHBARD (1926-1995)

THE TRADITION CONTINUES. I\ustrian School: A Family Album THE STORY OF THE AUSTRIAN they urged governments to obey SCHOOL begins in the fifteenth ethical strictures against theft and century, when the followers of murder. And they lived up to Thomas Aquinas, writing and 's rule: the first The value of an article does teaching at the University of job of an is to tell not depend on its essential Salamanca in Spain, sought to governments what they cannot nature but on the estimation explain the full range of human do. of men, even if that action and social organization. The first general treatise on estimation is foolish . These Late Scholastics , Essay on the Nature of DrEGO DE COVARRUBIAS observed the existence of economic Commerce, was written in 1730 by law, inexorable forces of cause and Richard Cantillon, a man schooled effect that operate very much as in the scholastic tradition. Born in other natural laws. Over the Ireland, he emigrated to France. He course of several generations, they saw economics as an independent Diego de Covarrubias. one of the lAte Scholastics discovered and explained the laws area of investigation, and explained of supply and demand, the cause the formation of prices using the of inflation, the operation of "thought experiment." He exchange rates, and the subjective understood the market as an nature of economic value-all entrepreneurial process, and held To suppose all consumers to reasons be dupes, and all merchants to an Austrian theory of money and manufacturers to be celebrated them as the first real creation: that it enters the cheats, has the effect of . economy in a step-by-step authorizing them to be so, The Late Scholastics were fashion, disrupting prices along of degrading all the working advocates of property rights and the way. members of the community. Cantillon was followed by the freedom to contract and trade. AR.J. TURGOT They celebrated the contribution of Anne Robert Jacques Turgot, the business to society, while doggedly pro-market French aristocrat and opposing taxes, price controls, and finance minister under the ancien regulations that inhibited regime. His economic writings were Anne Robert Jacques Turgot enterprise. As moral theologians, few but profound. His paper

The : A Family Album ­ 1 • "Value and Money" spelled out Say discovered the the origins of money, and the productivity theory of resource nature of economic choice: pricing, the role of capital in The best tax is that it reflects the subjective the division of labor, and always the lightest. rankffigs of an individual's "Say's Law": there can never J.B. SAY preferences. Turgot solved the be sustained "overproduction" famous diamond-water or "underconsumption" on the paradox that baffled later if prices are classical economists, allowed to adjust. He was a articulated the law of defender of laissez-faire and diminishing returns, and the , as criticized usury laws (a was Bastiat. As a free-market sticking point with the Late journalist, Bastiat also argued Scholastics). He favored a that nonmaterial services are classical liberal approach to subject to the same economic economic policy, laws as material goods. In one recommending a repeal of all of his many economic Jean Baptiste Say special privileges granted to allegories, Bastiat spelled out government-connected the "broken-window fallacy" industries. later popularized by Henry Turgot was the intellectual Hazlitt. father of a long line of great Despite the theoretical French economists of the sophistication of this eighteenth and nineteenth developing pre-Austrian Property is a necessary centuries, most prominently tradition, the British school of consequence of the Jean Baptiste Say and Claude the late-eighteenth and early­ nature of man. Frederic Bastiat. Say was the nineteenth centuries won the fReCX!RIC BASTIAT first economist to think deeply day, mostly for political about economic method. He reasons. This British tradition realized that economics is not (based on the objective-cost about the amassing of data, and labor-productivity theory but rather about the verbal of value) ultimately led to the elucidation of universal facts rise of the Marxist doctrine of (for example, wants are capitalist exploitation. Claude Frederic Bastiat unlimited, means are scarce) The dominant British and their logical implications. tradition received its first

2 - The Austrian School: A Family Album All things are subject to the law of cause and effect. This great principle knows no exception.

Precious metals naturally became the economic form of money in the ordinary trading relations of civilized peoples. CARL MENGER

Car! Menger Car! Menger (left) and a friend fishing. serious challenge in many years when Carl Menger's Principles money originates in a free market when the most marketable of Economics was published in 1871. Menger, the founder of the commodity is desired, not for consumption, but for use in Austrian School proper, resurrected the Scholastic French trading for other goods. approach to economics, and put it on firmer ground. Menger's book was a pillar of the "marginalist revolution" Together with the contemporaneous writings of Leon in the of economic science. When Mises said it "made Walras and , Menger spelled out the an economist" out of him, he was not only referring to subjective basis of economic value, and fully explained, for the Menger's theory of money and prices, but also his approach to first time, the theory of (the greater the the discipline itself. Like his predecessors in the tradition, number of units of a good that an individual possesses, the less Menger was a classical liberal and methodological individualist, he will value any given unit). In addition, Menger showed how viewing economics as the science of individual choice. His

The Austrian School: A Family Album ­ 3 Investigations, which came value, price, capital, and In capitalistic enterprise, the great out twelve years later, battled . His History and personalities of entrepreneurs have the German Historical Critique of Interest Theories, risen to their full stature: bold technical School, which rejected theory appearing in 1884, is a innovators, organizers with a keen and saw economics as the sweeping account of fallacies knowledge of human nature. accumulation of data in in the history of thought and

FRIEDRICH VON WIESER service of the state. a firm defense of the idea that As professor of the interest rate is not an economics at the University artificial construct but an of , and then tutor to inherent part of the market. Friedrich von Wieser the young but ill-fated It reflects the universal fact of Crown Prince Rudolf of the "time preference," the Labor cannot House of Habsburg, Menger tendency of people to prefer increase its share restored economics as the satisfaction of wants sooner at the expense science of rather than later (a theory of capital. based on deductive logic, and later expanded and defended

EUGEN 1'011 B6HM·BAWERJ< prepared the way for later by Frank Fetter). theorists to counter the Bohm-Bawerk's Positive influence of socialist thought. Theory of Capital Indeed, his student Friedrich demonstrated that the von Wieser strongly normal rate of business influenced Friedrich von profit is the interest rate. Hayek's later writings. Capitalists save money, pay Menger's work remains an laborers, and wait until the excellent introduction to the final product is sold to receive economic way of thinking. profit. In addition, he At some level, every Austrian demonstrated that capital is since has seen himself as a not homogeneous but an student of Menger. intricate and diverse Menger's admirer and structure that has a time follower at the University of dimension. A growing Innsbruck, Eugen von Bohm­ econom y is not just a Bawerk, took Menger's consequence of increased exposition, reformulated it, capital investment, but also Eugen von B6hm-Bawerk and applied it to a host of of longer and longer new problems involving processes of production. 4 - The Austrian School: A Family Album 's 100 Schilling note bears B6hm-Bawerk's likeness.

Finance Minister B6hm-Bawerk

Bohm-Bawerk engaged in a inroads in the English-speaking world. prolonged battle with the Marxists But one area where Bohm-Bawerk had over the exploitation theory of capitat not elaborated on the analysis of and refuted the socialist doctrine of Menger was money, the institutional capital and wages long before the intersection of the "micro" and communists came to power in Russia. "macro" approach. A young Mises, Bohm-Bawerk also conducted a economic advisor to the Austrian seminar that would later become the Chamber of Commerce, took on the model for Mises's own Vienna seminar. challenge. Bohm-Bawerk favored policies The result of Mises's research was that deferred to the ever-present reality The Theory ofMoney and Credit, of economic law. He regarded published in 1912. He spelled out how interventionism as an attack on the theory of marginal utility applies market economic forces that cannot to money, and laid out his "regression succeed in the long run. In the last theorem," showing that money not years of the Habsburg monarchy, he only originates in the market, but three times served as finance minister, must always do so. Drawing on the fighting for balanced budgets, sound British Currency School, Knut money and the , free Wicksell's theory of interest rates, and trade, and the repeal of export subsidies Bohm-Bawerk's theory of the and other monopoly privileges. structure of production, Mises It was his research and writing presented the broad outline of the that solidified the status of the Austrian theory of the business cycle. Austrian School as a unified way of A year later, Mises was appointed to looking at economic problems, and set the faculty of the , the stage for the School to make huge and Bohm-Bawerk's seminar spent a

The Austrian School: A Family Album ­ 5 In the direct handling of economic life, governments are usually clumsy and ineffective. In economic life their main business should be that of traffic cop, not that of driver. and above all not that of back~seat driver. BENJAMIN ANDERSON

Knut Wicksell Benjamin M. Anderson Frank Albert Fetter Ludwig von Mises full two semesters debating Mises's socialist Austrian government was book. Marxist Otto Bauer. Knowing Bauer Mises's career was interrupted for from the Bohm-Bawerk seminar, Mises four years by World War I. He spent explained economics to him night after three of those years as an artillery night, eventually convincing him to officer, and one as a staff officer in back away from Bolshevik-style policies. economic intelligence. At war's end, he The Austrian socialists never forgave published Nation, State, and Economy Mises for this, waging war against him (1919), arguing on behalf of the in academic and successfully economic and cultural freedoms of preventing him from getting a paid minorities in the now-shattered empire, professorship at the university. and spelling out a theory of the Undeterred, Mises turned to the economics of war. Meanwhile, Mises's problem of itself, writing a monetary theory received attention in blockbuster essay in 1921, which he the U.S. through the work of Benjamin turned into the book Socialism over the M. Anderson, Jr., an economist at Chase next two years. Socialism permits no National Bank. (Mises's book was or exchange in capital panned by , who goods, and thus no way for resources to later admitted he could not read find their most highly valued use. German.) Socialism, Mises predicted, would result In the political chaos after the war, in utter chaos and the end of the main theoretician of the now­ civilization. 6 - The Austrian School: A Family Album The Mises family with young Ludwig at the left.

Witftout economic calculation there can be no economy. Hence, in a socialist state wfterein the pursuit of economic calculation is impossible, there can be -in our sense of tfte term­ no economy whatsoever.

WDWIG VON MISES

On the market of a capitalistic society, tfte common man is the sovereign consumer whose buying or abstention from buying ultimately determines wftat sflould be produced.

WDWIG VON MISES

The Austrian School: A Family Album ­ 7 Mises challenged the socialists to explain, in economic market attracted a group of converts from the socialist cause, terms, precisely how their system would work, a task which including Hayek, Wilhelm Ropke, and Lionel Robbins. Mises the socialists had heretofore avoided. The debate between the began holding a private seminar in his offices at the Chamber Austrians and the socialists continued for the next decade and of Commerce that was attended by Fritz Machlup, Oskar beyond, and, until the collapse of world socialism in 1989, Morgenstern, Gottfried von Haberler, Alfred Schutz, Richard academics had long thought that the debate was resolved in von StrigC Eric Voegelin, Paul Rosenstein-Rodan, and many favor of the socialists. other intellectuals from allover Europe. Meanwhile, Mises's arguments on behalf of the free Also during the 1920s and 30s, Mises was battling on two

8 - The Austrian School: A Family Album \ f Economics deals with society's fundamental problems; it concerns everyone and belongs to all. It is the main and proper study of every citizen.

LUDWIG VON MISES

Mises and his wife, Margit. Mises and his grandson, Chris.

The Austrian School: A Family Album - 9 other academic fronts. He delivered the decisive movement in America after the New Deal and From left to right, Wilhelm Law, Legislation, Ropke, Gottfried von Haberler, blow to the German Historical School with a World War II. And his series Fritz Machlup , and William series of essays in defense of the deductive and elaborated on the Late Scholastic Hutt. method in economics, which he would later call approach to law, and applied it to criticize or the logic of action. He also egalitarianism and nostrums like social justice. founded the Austrian Institute for Business In the late 1930s, after suffering from the Cycle Research, and put his student Hayek in worldwide depression, Austria was threatened charge of it. by a Nazi takeover. Hayek had already left for During these years, Hayek and Mises London in 1931 at Mises's urging, and in 1934, I champion an economic authored many studies on the business cycle, Mises himself moved to Geneva to teach and order ruled blJ free prices warned of the danger of credit expansion, and write at the International Institute for Graduate and markets. ... The onllJ predicted the coming currency crisis. This work Studies, later emigrating to the . economic order compatible was cited by the Nobel Prize committee in 1974 Knowing Mises as the sworn enemy of national with human freedom. when Hayek received the award for economics. socialism, the Nazis confiscated Mises's papers WILHELM ROPKE Working in and America, Hayek later from his apartment and hid them for the became a prime opponent of Keynesian duration of the war. Ironically, it was Mises's economics with books on exchange rates, capital ideas, filtered through the work of Ropke and theory, and monetary reform. His popular book the statesmanship of Ludwig Erhard, that led to Road to Serfdom helped revive the classical liberal Germany's postwar economic reforms and 10 - The Austrian School: A Family Album ______A claim for equality of material position can be met only blj a government with totalitarian powers.

FRIEDRICH A HAYEK

Hayek upon receiving the Nobel prize in 1974 . Friedrich August von Hayek

\ rebuilt the country. Then, in 1992, Austrian archivists human mind in our century. It is economics made whole." The discovered Mises's stolen Vienna papers in a reopened archive in appearance of this work was the hinge of the whole history of Moscow. the Austrian School, and it remains the economic treatise that While in Geneva, Mises wrote his masterwork, defines the School. Even so, it was not well received in the .l Nationalokonomie, and, after coming to the United States, economics profession, which had already made a decisive turn revised and expanded it into Human Action, which appeared in towards Keynesianism. 1949. His student Murray N. Rothbard called it "Mises's Though Mises never held the paid academic post he greatest achievement and one of the finest products of the deserved, he gathered students around him at New York ______The Austrian School: A Family Album - 11 So long as we make use of bank credit as a means of furthering economic development we shall have to put up with the resulting trade cycles. FRIEDRICH A HAYEK

University, just as he had in Mises's New York seminar Vienna. Even before Mises continued until two years before emigrated, journalist Henry his death in 1973. During those Hazlitt had become his most years, the anti-Keynesian work of prominent champion, reviewing WHo Hutt, complemented Mises's his books in the New York Times own. Rothbard became Mises's and Newsweek, and popularizing most prolific student. Indeed, his ideas in such classics as Rothbard's Man, Economy, and Economics in One Lesson. Yet State (1963) was patterned after Hazlitt made his own Human Action, and in some areas contributions to the Austrian -monopoly theory, utility and School. He wrote a line-by-line welfare, and the theory of the critique of Keynes's General state-tightened and strengthened Theory, defended the writings of Mises's own views. Rothbard's Say, and restored him to a central approach to the Austrian School place in Austrian macroeconomic followed directly in the line of theory. Hazlitt followed Mises's Late Scholastic thought by example of intransigent adherence applying economic science within to principle, and as a result was a framework of a natural-rights pushed out of four high-profile theory of property. What resulted positions in the journalistic was a full-fledged defense of a world. capitalistic and stateless social 12 - The Austrian School: A Family Album Henry Hazlitt

The art of economics consists of looking not r merely at the immediate 'I but at the longer effects '­ of any act or policy; it consists in traCing the consequences of that policy not merely for one group but for all groups. HENRY HAlLlTI

order, based on property and freedom of association and business cycle theory to show that the stock market crash and contract. economic downturn was attributable to a prior bank credit Rothbard followed his economic treatise with an expansion. Then in a series of studies on government policy, he investigation of the , which applied Austrian established the theoretical framework for examining the effects ______The Austrian School: A Family Album - 13 Murray Newton Rothbard of all types of philosophical work, The intervention in the Ethics of Liberty, all market. while he was writing a In his later years, series of scholarly Mises saw the economic pieces beginnings of the gathered in the two­ revival of the Austrian volume Logic ofAction, School that dates from published in Edward the appearance of Man, Elgar's "Economists of Economy, and State and the Century" series. continues to this day. It These seminal was Rothbard who works serve as the firmly established the crucial link between the Austrian School and Mises-Hayek classical liberal doctrine generation and the in the U.S., especially Austrians now working with Conceived in to expand the tradition. Liberty, his four­ Indeed, without volume history of Rothbard's willingness colonial America and to defy the intellectual the secession from trends of his time, Britain. The reunion of progress in the Austrian natural-rights theory School tradition might and the Austrian School have come to a halt. As came in his it was, his wide and

Top right, Rothbard with his parents, bottom left, with Hazlitt. Any sodet!! of force - whether ruled by criminal bands or by an organized State-fundamentally means the rule of the jungle, or economic chaos.

MURRAY N. ROTHBARD

14 - The Austrian School: A Family Album ______--______deep scholarship, cheerful personality, encyclopedic knowledge, and optimistic outlook inspired countless students to turn their attention to the cause of r' liberty. Though Austrians are now in a more prominent position than at any point since the 1930s, Rothbard, like Mises before him, was not well treated by academia. Although he held a chair in his later years at the University of Nevada, Las Vegas, he never taught in a capacity that permitted him to direct dissertations. Nonetheless, he managed to recruit a large, active, and interdisciplinary following for the Austrian School. The founding of the Ludwig von in 1982, with the aid of Margit von Mises as well as Hayek and Hazlitt, provided a range of new opportunities for both Rothbard and the Austrian School. Through a steady I stream of academic r conferences, instructional seminars, books, monographs, newsletters, studies, and even films, ______Th e Austrian School: A Family Album - 15 Rothbard and the Mises Institute carried the Austrian School virtually every department of economics and the social sciences in forward into the post-socialist age. America, and in many foreign countries as well. The annual Rothbard was the first editor of the Mises Institute's Review of Austrian Scholars Conference at Auburn University attracts Austrian Economics, the world's first all-Austrian scholarly journal scholars from around the world to discuss, debate, and apply the (now The Q/larterly Journal ofAustrian Economics), and directed the entire Austrian tradition. Institute's instructional summer school. There he presented much The fascinating history of this great body of thought, of his research into the history of economic thought. This through all its ebbs and flows, is the story of how great minds can culminated in his two-volume An Austrian Perspective on the advance science and oppose evil with creativity and courage. Now History of Economic Thought, which broadens the history of the the Austrian School enters a new millennium as the intellectual discipline to encompass centuries of writing. standard bearer for the free society. That it does so is thanks to the Through the Mises Institute's student fellowships, study heroic and brilliant minds that make up the family history of the guides, books, journals, bibliographies, summer schools, and School, and to those who are carrying that legacy forward with conferences, the Austrian School has permeated, at some level, the Ludwig von Mises Institute.

On the free market, every man gains; one man's gain, in fad , is preciselw the consequence of his bringing about the gain of others. When an exchange is coerced, on the other hand- when criminals or governments intervene-one group gains at the expense of others.

MURRAY N. ROTHBARD

16 - The Austrian School: A Family Album THE FACUL1Y OF THE LUDvVIG VON MISES INSTITlITE

SENIOR FACULTY Scott Boykin Arthur Hughes Frank Machovek William QJJirk T . Alexander Smith Univuslty ofAlabamo. Hillsdale College Univusity ofMaJ}'land Wofford College University ofSouth Carolina University ofTennessee University o/Central Arkansas J.B . Bracewell-Milnes John Egger Sanford Ikeda J .J. Mahoney Salim Rashid Karl Socher David Cordon Surrey, England Towson State University State University ofNew York, The Citadel University ofillinois Carl Menger Institute, Vienna The Mises Review Mark Brandly Robert B. Ekelund Purchase David 0 Mahony Jolm W. Sommer Jeffrey M. Herbener Ball State Univusity Auburn University Christina Jeffrey University College, Cork Mackinac Center Urban Institute, UNC, Charlotte Harold O.J. Brown Larry J. Eshelman Kennesaw State University William Marina W. Duncan Ret:ltie John Sophocleus Reformed Theological Seminary Ossining, ofWitwatersrand Hans-Hennann HOffc Madison Jones Florida Atlantic University Auburn University University of Neva , Las Vegas Pamela Brown Williamson Evers Auburn U ni versity Jorge Martinez Morgan Reynolds Joseph Stromberg State University, Hoover Institution, Stanford Edward Kaplan University of New Orleans Texas A&M University Center for Libertarian Studies " , Jorg Guido H~lsmann Northridge University State University ofNew York, Western Washington University Donald Mathews Wesley Allen Riddle Alexander Tabarrok Buffalo Andruj Bruski David Fand James R. Kee Coastal Georgia College U.S. Military Academy Ball State University Univusity of California, Davis George Mason University Yuri N. Maltsev SL Mary's University, San Margaret Maxey Terry Ridgway Thomas Tacker Carthage College David R. Burton Dario Fernandez-Morera Antonio University ofTexas, Austin Umversity ofNevada, Las Vegas Embry-Riddle Aeronautical The Argus Group Northw~tern University N. Stffhan Kinsella John McCallie Shawn Ritenour University Nicholas Juul foss Southwest Baptist University State University College at Buffalo John Burton Sout Tocas College ofLaw University of C. University of Copenhagen Maine Thomas Taylor Binningham BusintSS School, Israel Kirzne.r Carey Roberts Wake Forest University Joseph T . Salerno England fran~oise Melese Pace University Joseet Fuhrig New York University University ofSouth Carolina Go en Gate University Naval Postgraduate School Timothy Terrell Peter Calca~no Peter Klein Dora ROdr~uez de Ampuero Libuty University lacksonvil e State University LoweU Gallaway Roberta Adelaide Modugno Ludwig von Mis£s Institute University ofGeorgia Institute 0 , Gael Campan Ohio University Luiss University, Rome Ecuddor Hunt TOOJere University ofParis Sandra Johnson KJein Mostafa Moini Austin Cnl ege ADJUNCr SCHOLARS Richard Gamble University ofGeorgia JoAnn Rothbard Paul Cantor Palm Beach Atlantic College Oklahoma City University Ludwig von Mises Institute Scott Trask Charles Adams George Koether University ofSouth Carolina Williamsport, New York University of Virgi.nia Naomi MOldOfsk~ Charles K. Rowley Vera Beach, Florida University ofMe ourne, George Trivoli Ward Allen AnthonJ. Carilli Auburn University George Mason University Roger KOtPI Australia Jacksonville State University Auburn University Hamp en-Sydn"}' College Fred R. Glahe Murray Sabrin Fairleig -Dickinson University Michael Montgomery Richard Vedder Martin Anderson Allan Carlson University of Cnl.orado Ra mapo College The Howard Center Elisabeth Krecke University ofMaine Ohio Univasity Hoover Institution, Stanford Steven Goldberg University ofAix-en-Province, Pascal Salin University Paul Cleveland City University of New York Thomas Gale Moore University ofParis Harr~ verllser Birmingham-Southern College France Hoowr Institution Wa h Co lege Dominick Armentano Paul Gottfried Frank Schohl John P. Cochran Lawrence A. Kudlow John Moorhouse Gdwin Vieira Jr. Un iversity of Hartford Elizabethtown College National Skandia Life Friedrich Schiller University, Metropolitan Stat< Colkge ofDenver Wake For~t University Germany National Alliancefor Roger Arnold Bettina Bien Greaves Dan Cristian Comanescu Erik von Kuehnelt-Leddihn Glenn Moots Cnnstitutional Money California State University, San Foundii tion for Economic Tyrol, Austria Carole Scott Marcos University of Buchar£st Education State University ofWest Georgia Deborah Walker Roy E. Cordato Chandran Kukathas Michael Valdez Moses Loyola University Charles Baird Gerd Habermann Australian.Defense Force Academy Larry Sechrest California State Universityl Campbell University Untertlmmer Institute, Germany Duke University Sui Ross University Allan Walstad Hayward Raimondo Cubeddu Peter Kurrild-Klit~aard Laurence Moss University of Otto von Habsburg University ofAar us, Denmark Arthur Seldon An:i Barnett University ofPisa European Parliament Babson College Institute of Ecorwmic Affairs, John Wells A urn Univasity EliUlbeth Currier David Laband Toshio Murata London Auburn University Karl von Habsburg-Lothringen Auburn University James Barth Cnmmittee for Monetary Research European Parliament Tokyo Business School George Selgin Theodore Weymouth Auburn University and Education Henri Lepage University of Georgia Lake Forest Graduate School Stephen P. Halbrook Univuslty ofParis Ronald Nash Bruce Bartlett Alfred G. Cuzan Fairfax, Virgin ia Reformed Theological Seminary Hans F. Sennholz Frank WiUiams Univusity ofWest Florida Kurt Leube NatiDnal Center for Poli"}' Analysis Steve Hanke Gary North Grove City College ETTWry University Paul Cwik Hoover Institution, Stanford Marco Bassani The Johns Hopkins Uni versity American Bureau ofEconomic Campbell University University Parth Shah Clyde Wilson University ofMilan Research Institute for Civil Society, India Lord Harris of High Cross Michael Levin University ofSouth Carolina Gregory Dempster Hiroyuki Okon Robert Batemarco Hampden-Sydney College Institute ofEconomic Affairs, City University ofNew York Milton Shapiro Mark Yanochik Marymoun t College London Kokugakuin University Claremont Graduate School Kennesaw State University John V. Denson Floy Wley Donald Bellante The Costs of War, Editor LoweU Harriss University ofTexas, Austin Knysztof Ostaszwski Jeremy Sheannur Steven Yates University ofSouth Florida Cnlumbia University University ofLouisville Australian National University Marshall DeRo,a Jeff Lipkes Acton Institute James T . Bennett Florida Atlantic University Robert F. Hebert Univusity ofSouth Florida James Ostrowski Sudha Shen7 Leland Yeager George Mason University Auburn University Buffalo, New York Univers ity 0 Newcastle, Australia Pierre Desrochers Stephen o. Littlechild Auburn University Bnlce Benson University ofMontreal Robert Hi9,gs University of Binningham, Johannes Overbeek Frank Shostak Bong Joon Yoon Florida. State University Indepen ent Review Englanil University ofthe Virgin Isu.nds Ord Minnett, Australia John Devan~ State University ofNew York, George BittlingmVoer University 0 South Carolina Ole-Jacob Ho ff Donald Livingston E.e. Pasour Jr. Eugene B. Sledge Binghamton Emory University North Carolina State University University ofCali omia, Davis Danny Dickerson Tj,me, Norway University ofMontevallo Tony Yu Olafur Bj0rnsson Belmont University Randall Holcombe Franklin A. Lopez William Peterson Gene Smiley University of New South Wales Hmtage Foundation University of Iceland Thomas Dilorenzo Florida. State University University ofNew Orleans Marquette University Wol1.ichiech Zeianiec Samuel Bostfth Loyola College Irving Louis Horowitz William Luckey Ivan P"ongracic Barry Smith International Academy of University 0 Dallas Eric Duhaime Rutgers University Christendom College Indiana Wesleyan University State University ofNew Yo'*, Buffalo Philosophy Donald J . Boudreaux National School of Public Jesus Huerta de Soto Tibor Machan Michael Prowse Steve Smith Albert Ziabinger Fourulation for Economic Education Administration, Canada Complutense University ofMadrid Chapman University The Financial Times Auburn University Carl Menger Institute, Vienna

FOR PHOTOGRAPHS, many thanks to the Austrian National Library, The Bartley Institute, the Chase Manhattan Bank, Jonnie Gilman, Bettina Bien Greaves, Henry Hazlitt, Jeffrey M. Herbener, Hillsdale College, David Jarrett, George Koether, The Carl Menger Papers in the Special Collections Library at Duke University, The Ludwig von Mises Papers at Grove City College, Margit von Mises, , Jesus Huerta de Soto, JoAnn Rothbard, and the University of Vienna. The painting of Covarrubias is by EI Greco.

'I I; Copyright© 1998 The Ludwig von Mises Institute. No reproduction of any photographs without prior pennission of The Ludwig von Mises Institute or appropriate copyright holder.