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The Ludwig von Mises Institute

Advancing Austrian Economics, Liberty, and Peace

Advancing the scholarship of liberty in the tradition of the Austrian School

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Mises University 2004 (First Session)

June 6

Auburn, Alabama

To accommodate high demand in its 19th year, the Mises University has expanded to two summer sessions, different not in content or level but only in faculty and some subject areas. Come deepen your knowledge of the Austrian School, or discover it for the first time. The entire first session will take place at the Mises Institute in Auburn, Alabama. The  second session runs August 1-7, 2004.

Mises University is open to full-time students, faculty, and current Members of the Mises Institute (Click HERE to join). Interested full-time students can apply now to receive a scholarship covering full tuition, housing, and meals (catered and served at the Mises Institute). Faculty may use the faculty registration form. See the full schedule. 


Rooted in the tradition of Carl Menger and Ludwig von Mises, as well as Murray Rothbard and F.A. Hayek, the Austrian School offers a rigorous and logical approach to economics that gives free markets their due and takes full account of the reality of human choice.

More than a field within economics, the Austrian School is an entirely different approach that dissents from the mainstream on method, theory, and policy. It views economic actors as unique, conscious, and freely choosing individuals, not as undifferentiated data to be manipulated mathematically or politically.


The Mises University is the world's leading instructional program in the Austrian School of economics. Since 1986, it has been the essential training ground for economists who are looking beyond the mainstream.

The program offers courses, seminars, and reading groups on the whole range of the discipline. A core curriculum presents economic foundations, and more than fifty elective classes explore the entire range of economics, in all levels of advancement. The program ends with a Mündliche Prüfung, an optional exam for an honors certificate.

Subject areas cover market behavior, competition, value and utility, money and banking, business cycles, industrial organization, method, economic history, the philosophy of science, financial economics, and more. You attend what most suits your interests and level of advancement.

Classes are interspersed with reading groups, discussion seminars, faculty panels, and plenary lectures. There are special sessions on economic history, economics and ethics, and political philosophy. Nightly social hours allow time to meet and discuss it all with faculty and other students. There's a primer on surviving graduate school, library hours and meals, films in the amphitheater, and even a sing along.

All students must be familiar with the Required Readings prior to attending.


The Mises Institute, the world center for the scholarship of liberty, is located adjacent to the campus of Auburn University and near the heart of uptown Auburn. The recently expanded Mises Campus features semianr rooms, an extensive special-collections library, a large archival center housing the papers of Mises and other great Austrian economists, seminars rooms, and retail bookstore, a music conservatory, an outdoor amphitheater, and study gardens.

You'll stay in a private dormitory that offers comfortable. air-conditioned rooms with desks and private baths, parlor rooms with televisions, a swimming pool, a weight room, computer services, and a helpful staff.

All meals are catered and will be enjoyed at the library and gardens of the Mises Institute. Classes will be in the seminar rooms and library of the Mises Institute. Nightly social hours will offer refreshments and movies in an informal atmosphere ideal for discussing new ideas from the daily lectures or for making new friends.


Walter Block (Loyola University, New Orleans)
Thomas DiLorenzo (Loyola College, Baltimore)
David Gordon (Mises Review)
Jeffrey M. Herbener (Grove City College)
Hans-Hermann Hoppe (University of Nevada, Las Vegas)
Jörg Guido Hülsmann (Mises Institute)
Peter Klein (University of Missouri)
Roderick T. Long (Auburn University)
Robert Murphy (Hillsdale College)
Joseph T. Salerno (Pace University)
Joseph Stromberg (Mises Institute)
Mark Thornton (Ludwig von Mises Institute)

See this compendium of student comments

The Schedule

All times Central Time.  Breakfast served at Commons Dorm.  Lunch, dinner, and social hours at Mises Institute.


SUNDAY, June 6 2004

  • 10:00am-8:00pm (Central Time) check-in at Commons Dorm  
  • 5:00-7:00pm Registration at Mises Institute (bus between dorm and Mises Institute every half hour 5-8)  
  • 7:00pm Dinner at the Mises Institute  
  • 8:00pm Welcoming remarks, faculty introductions Thornton.  Condon Hall
  • 8:15pm Mises and the Foundation of Austrian Scholarship. Hülsmann
  • 9:30 Social Hour  
  • 10:00pm shuttle departs Mises Institute for dorm

MONDAY June 7  

  • 7:30-8:30am breakfast at Commons Dorm
  • 8:30am shuttle departs dorm for Mises Institute
  • 9:00-10:00am  The Marginalist Revolution. Salerno.  Condon Hall
  • 10:00am Group photo Hogan Amphitheater
  • 10:30-11:30am Value, Utility, and Price. Herbener.  Condon Hall
  • 11:45am-12:45pm  Praxeology: The Austrian Method. Hoppe. Condon Hall
  • 12:45-1:30pm Lunch                 
  • 1:30-2:30pm Time Preference and Interest. Herbener. Condon Hall                  
  • 2:45-3:45pm Concurrent   
  • 4:00-5:00pm   Calculation and Price Theory. Salerno. Condon Hall
  • 5:00-6:30pm Dinner              
  • 7:00pm The Mises Circle: Informal Talk by Guido Hülsmann. Hogan Amphitheater
  • 8:00pm shuttle from Mises Institute to dorm
  • 8:00-10:00pm Film (Minority Report) Hogan Amphitheater
  • 10:00pm shuttle from Mises Institute to dorm  


  • 7:30-8:30am breakfast at dorm
  • 8:30am shuttle from dorm to Mises Institute
  • 9:00-10:00am Money and Banking. Hoppe. Condon Hall
  • 10:15-11:15am Capital. Murphy. Condon Hall
  • 11:30-12:30pm Interventionism (rent control, wage laws, drugs, unions). Block.  Condon Hall                 
  • 12:1:30pm Lunch 
  • 1:30-2:30pm Austrian Theory of the Trade Cycle. Murphy. Condon Hall
  • 2:45-3:45pm   Monopoly and Competition. DiLorenzo. Condon Hall
  • 4:00-5:00pm   The Theory of the FirmKlein. Condon Hall
  • 5:00-6:00pm Dinner    
  • 7:00pm: The Mises Circle: Informal Talk by Robert Murphy. Hogan Amphitheater
  • 8:00pm shuttle from Mises Institute to dorm
  • 8:00pm Film (Meet John Doe) Hogan Amphitheater 
  • 10:00pm shuttle from Mises Institute to dorm  


  • 7:30-8:30am  breakfast at dorm
  • 8:30am shuttle from dorm to Mises Institute
  • 9:00-10:00am Concurrent Sessions     
    • Theory of the Profit, Loss, and Entrepreneurship. Salerno. Condon Hall
    • Epistemological Problems of Economics. Gordon. Massey Library
  • 10:15-:11:15am Concurrent Sessions      
    • Economics of the Public and Semi-Public Sector. DiLorenzo. Condon Hall
    • Economics of Risk and Insurance. Hoppe. Massey Library
  • 11:30-12:30pm Concurrent Sessions 
    • Public Spending and Public Goods. DiLorenzo. Condon Hall
    • Austrian Theory of the Trade Cycle II. Murphy. Massey Library
    • International Law and the Economic Relations Between States. Stromberg. Schlarbaum Room
  • 12:30-1:30pm Lunch                               
  • 1:30-2:30pm Concurrent Sessions     
    • The Chicago vs Austrian view of Property and Capitalism. Block. Condon Hall
    • Problems in Cycle Theory. Hülsmann. Massey Library
  • 2:45-3:45pm Concurrent Sessions    
  • 4:00-5:00pm Seminars     
    • Applications of Austrian Macroeconomic Theory. Murphy, Stromberg. Condon Hall 
    • Money and Banking. Block, Salerno. Massey Library
    • Firms and Financial Markets. Klein, Thornton. Schlarbaum Seminar Room      
  • 6:00-7:00pm Dinner and Social Hour
  • 7:00pm: The Mises Circle: Informal Talk by Joe Stromberg. Hogan Amphitheater
  • 8:00pm  shuttle from Mises Institute to dorm
  • 8:00pm Film (Red Dawn) Hogan Amphitheater
  • 10:00pm shuttle from Mises Institute to dorm 


  • 7:30-8:30am breakfast at dorm
  • 8:30am shuttle from dorm to Mises Institute
  • 9:00-10:00am Concurrent Sessions      
    • Environmental and Resource Economics. Block. Condon Hall
    • Critique of Keynesian Macroeconomics. Herbener. Massey Library
  • 10:15-11:15am Concurrent Sessions      
    • The Microeconomics of Security Services. Murphy. Condon Hall
    • Foundations of Welfare Economics. Hülsmann. Massey Library
  • 11:30-12:30pm Concurrent Sessions 
    • The Economics of the Gold Standard. Block. Condon Hall
    • Theory and History. Gordon. Massey Library
    • Rothbard on Doing Economic History. StrombergSchlarbaum Seminar Room 
  • 12:30-1:30pm Lunch                              
  • 1:30-2:30pm Concurrent Sessions      
    • Consumer Sovereignty and the Production Process. Murphy. Condon Hall
    • Further Considerations in the Theory of Interest. Hülsmann.  Massey Library
  • 2:45-3:45pm Concurrent Sessions     
    • Economics as a Profession. Klein. Condon Hall
    • Mises and Rothbard in the History of Thought. Salerno. Massey Library 
  • 4:00-5:00pm Concurrent Seminars     
    • Theory and History. Hoppe, Hülsmann. Condon Hall
    • Economics and Ethics. Gordon, Long. Massey Library
    • A Critique of Public Choice on Government. Thornton, DiLorenzo. Schlarbaum Room 
    • Common Errors in Economic Theory. Herbener, Klein. Hogan Seminar Room
  • 5:00pm  Dinner and Social Hour
  • 7:00pm  Awarding of the Rothbard Medal of Freedom
  • 8:00pm shuttle from Mises Institute to dorm 

FRIDAY June 11

  • Deadline for signing up for Mündliche Prüfung at 5:00pm today
  • 7:30-8:30am breakfast at dorm
  • 8:30am  shuttle from dorm to Mises Institute
  • 9:00-10:00am Concurrent Sessions      
  • 10:15-11:15pm Concurrent Sessions      
    • Extensions and Applications in Austrian Macroeconomics. Murphy.  Condon Hall
    • International Monetary Systems. Salerno. Massey Library
    • Corporativism and the Warfare State. Stromberg. Schlarbaum Seminar Room 
  • 11:30-12:30pm Concurrent Sessions      
    • Current Topics in Economic Policy (equal pay, discrimination and the glass ceiling) Block.  Condon
    • Economic Reasoning: Principles and Common Fallacies. Gordon. Massey Library
  • 12:30-1:30pm Lunch
  • 1:30-2:30 Concurrent Sessions     
    • Trade Barriers, Outsourcing and Economic Development. DiLorenzo. Condon Hall
    • History and New Directions for Austrian Economists. Salerno. Massey Library
  • 2:45-3:45pm Concurrent Sessions     
    • Protection and the Market for Security. Hoppe. Condon Hall
    • Why Economists Should know Logic and Philosophy. Long. Massey Library  
  • 4:00-5:00pm Faculty Panels
    • Microeconomics: Klein, DiLorenzo, Gordon, Herbener, Murphy, Stromberg, Thornton. Condon
    • Macroeconomics: Hülsmann, Block, Hoppe, Long, Salerno. Massey Library
  • 5:00-6:00pm Dinner
  • 7:00pm: The Mises Circle: Songs of the Mises Circle. Ward Conservatory  
  • 8:00pm shuttle from Mises Institute to dorm
  • 8:00pm Film (Three Kings)  Hogan Amphitheater  
  • 10:00pm shuttle from Mises Institute to dorm  

SATURDAY June 12  

  • 7:30-8:30am breakfast at dorm
  • 8:30am shuttle from dorm to Mises Institute
  • 9:00-10:00am Concurrent Sessions      
    • The Economics of Information TechnologyKlein. Condon Hall
    • The Place of the Equilibrium Construct. Hülsmann. Massey Library
    • Business Cycles and Prediction.  Thornton. Schlarbaum Seminar Room
  • 10:15-11:15am Concurrent Sessions 
    • Economics of Political Centralization. Hoppe. Condon Hall
    • The Utopianism of Marx and Keynes. Herbener. Massey Library
  • 11:30-12:30pm Concurrent Sessions      
    • Knowledge and Judgement. Hülsmann. Condon Hall
    • The Case Against All Antitrust Legislation. DiLorenzo. Massey Library 
  • 12:30-1:30pm Lunch   
  • 1:30-2:30pm Concurrent Sessions      
    • Recent Books Important to Austrians. Gordon. Condon Hall
    • Apriorism and Positivism in the Social Sciences . Long. Massey Library  
    • Recent Monetary Crises. Herbener. Schlarbaum Seminar Room
  • 2:45-5:00pm Study Time and Mündliche Prüfung (optional exams for honors certificate: Those who would like to have their knowledge tested at the end of the conference may choose to take part in an oral exam (German: Mündliche Prüfung). Other than in the U.S. and many other countries, viva voce examination has always been, and is still, the standard form of exam in Central Europe. A jury composed of three to five professors from our faculty will engage each examinee in a tough 10-15 minutes question-and-answer session. Those who pass will receive a graded certificate (ask your school's administration whether you can get credit for it).  Testing in Hogan Seminar Room.  
  • 3:00pm shuttle from Mises Institute to dorm
  • 3:00pm Film (Horsefeathers) Condon Hall
  • 5:00pm shuttle from dorm to Mises Institute
  • 5:30pm Cookout and graduation
  • 7:30-8:30pm shuttle from Mises Institute to dorm every 15 minutes 


If you are a full-time student, graduate or undergraduate, fill out the on-line Student Scholarship Application which can be sent by mail or email attachment. The deadline for session one is May 10, 2004. Economics majors have priority, but students in all disciplines are encouraged to apply. Use a separate sheet of paper to answer the questionnaire, and include an unofficial academic transcript and a copy of your student ID. Submitting papers, especially those dealing with Austrian School topics, and academic letters of recommendation, enhances the likelihood of acceptance. Mark clearly on your application which Mises University, the first or second session, you would like to attend.

If accepted, you must then familiarize yourself with the Required Readings, most of which are available on Mises.org. If you beat the rush, you will have a better chance of acceptance.

There are openings available for faculty members at the rate of $375, which covers room, board, and tuition. Use this faculty registration form.

A limited number of Observer spaces are available. The price of $675 includes all meals, lectures, and student materials. The price of housing is $25 double occupancy, per person per night at the student dorm or $35 single occupancy. For hotels in the Auburn area, click HERE. Use this Member Observer registration form. For questions, email pat@mises.org.

Accommodations: http://mises.org/hotels.asp or register on-line for a dormitory room. Mention Mises Institute for special rates of $65 at Crenshaw House Bed and Breakfast.

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