The world today is in crisis. Military aggression in Ukraine has escalated into global economic war, with nations forced to choose between following the lead of an increasingly illiberal West and access to the vital energy and industrial markets of Russia and China. At the same time, the world continues to suffer the devastating consequences of “public health” experts who exploited the coronavirus crisis to pursue their underlying authoritarian impulses. Meanwhile, the specter of a sinister Great Reset financed by reckless central bank policy poses perhaps the greatest threat to free societies and the prosperity of mankind.
In this moment, the ideas of the Austrian school are needed more than ever before.
Mises University continues to be the most powerful source of instruction in this vital tradition. In Auburn this week, students from around the world are learning from scholars such as Joseph Salerno, Jeff Herbener, Tom DiLorenzo, and Bob Murphy, as well as the newest generation of Austrian leaders, such as Per Bylund, Patrick Newman, and Jonathan Newman. Our Mises U photo album has captured the excitement of our students and the life-changing conversations they have had with our faculty.
Kent State professor Lucas Engelhardt’s lecture on hyperinflation this Thursday highlighted the importance and uniqueness of the Austrian tradition. As the Federal Reserve goes along with the hapless Biden administration in redefining recession and dismissing the true hardships of inflation, Dr. Engelhardt illustrated the true consequences of empowering reckless central banks blinded by the fallacies of Keynesianism, monetarism, and socialism.
As Dr. Engelhardt emphasized, the damage inflicted by this rejection of Misesian economics isn’t simply experienced in rising prices—though the most vulnerable in society always suffer most. Hyperinflation also destroys the culture of a society and the character of individuals.
Austrians’ holistic appreciation for free markets not only as a vehicle toward greater material well-being but also as a force for civic virtue and peaceful social cooperation has played a vital role in inspiring champions of liberty like Murray Rothbard, Ron Paul, and Lew Rockwell. This week those ideas have reached the latest class of bright minds, who will take the lessons they have learned at Mises U back to their communities, networks, and vocations.
Mises University is only possible because of the incredible generosity of its donors. Thanks to these vital investments in the future, a new generation is equipped to follow the personal motto of Ludwig von Mises: “Do not give into evil but proceed ever more boldly against it.”
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