I’d like to begin by telling you something about how I founded the Mises Institute in 1982 and what we are trying to accomplish. Thirty-five years ago, when I was contemplating the creation of a Ludwig von Mises institute, the Austrian School of economics—especially its Misesian emphasis—was very much in decline. The number of Misesian economists was so small that all of them knew each other personally and could probably have fit in Mises’s small living room.
I wanted to do what I could to promote the Austrian School in general and the life and work of Mises in particular. Mises was a hero both as a scholar and as a man, and it was a shame that neither aspect of his life was being properly acknowledged.
I first approached Mises’s widow, Margit. She agreed to be involved and to share her counsel as long as I pledged to dedicate the rest of my life to the institute. I have kept that pledge. Margit von Mises became our first chairman. How lucky we were to have as her successor the great libertarian businessman Burt Blumert, who was also a wise advisor in our earliest years.
When I told Murray Rothbard about the proposed institute, he clapped his hands with glee. He said he would do whatever was necessary to support it. He became our first academic vice president and our inspiration.
Murray later said, “Without the founding of the Mises Institute, I am convinced the whole Misesian program would have collapsed.” Of course, we can’t know how things would have turned out had we made different choices. I simply wanted to do what I could, with the help of dear friends like Murray and Burt, to support the Austrian School during some very dark times, and I was prepared to let the chips fall where they may.
More than 40 years later, the Mises Institute is still working to spread the thought of Mises and his great student Rothbard. Our most important form of outreach is Mises University, an intensive summer program in which we take undergraduate students under our wing for one week and introduce them to Austrian economics.
I am glad to be able to tell you that Mises University 2025 was a smashing success. We hosted nearly 100 students who came from far and wide, representing 28 states, 15 countries, and four continents.
But the success of Mises University is not merely a matter of the number and diverse origins of the participants. It depends crucially on the quality of the students and faculty and on the innovative structure of the program. This year’s students were some of the most engaged, enthusiastic, and serious young scholars who have ever enrolled at Mises University. They listened with rapt attention to lectures on topics of daunting complexity, such as the time preference theory of interest and Austrian business cycle theory.
These students continued to discuss Austrian economics at lunch, during which they could sit with a faculty member of their choice, and at dinner. An unbelievable 67 students, a full two-thirds of the class, chose to take the optional written exam, and 11 of them passed the orals, five with honors.
And that’s not all. This year 13 of our 19 faculty members were also Mises University graduates. This is undeniable proof of the long-term impact of the program. And because most of our faculty are Mises University alumni, they shared the students’ eagerness to participate and to be present. This palpable mutual enthusiasm created an electrifying atmosphere of intellectual exploration and exchange.
But, ultimately, Mises University is about the students. I want to share a note we received from a student after Mises University 2025 concluded:
It has already been two weeks since Mises University ended, and yet I still haven’t been able to move on from what has undoubtedly been the most impactful experience of my life. I know it’s common to hear that ‘Mises U is the best week of the year,’ but after living it myself, I can now say it with full conviction: it truly is. . . . And now, I’m ready. I feel stronger and more eager than ever to put what I’ve learned into action. To spread the truth about liberty and help others understand how Austrian economics can transform lives.
—Michelle Molina Müller, Universidad Francisco Marroquín
Transformative experiences like this are the goal of Mises University. And we would not be able to do any of it without the support of our wonderful donors. Next year will be the 40th anniversary of Mises University, and we plan to make it unforgettable.
