The Mises Institute champions sound economics, individual freedom, and peace. It does so through the promotion, distribution, and extension of the monumental work of economists Ludwig von Mises, Murray Rothbard, and Henry Hazlitt, and other advocates of the free market.
The Mises Institute is proud to produce and distribute all kinds of educational materials—student programs, popular articles, podcasts, new animated videos, and ebooks—in its mission to carry on the research tradition of Austrian economics and provide a forum for the next generation of Austrian scholars.
Along with Murray Rothbard, and unlike the socialists and interventionists, we understand that economic growth comes from what has been called “the production-and-exchange process.” This process has promoted the increase of living standards and led to civilization. Rothbard writes, “Man has found that, through the process of voluntary, mutual exchange, the productivity and hence, the living standards of all participants in exchange may increase enormously.”
This peaceful and mutually beneficial process has been titled the “economic means” of acquiring wealth. But there is another means, which the Mises Institute disavows—the “political means.” This involves the acquisition of wealth not through production but via coerced exchange to acquire the production of others. This is the way of the state and its cronies.
Because the Mises Institute wholeheartedly rejects the “political means,” it is wholly dependent on value-for-value exchange and the gifts of its generous donors and friends, who voluntarily unite in the mission of the Mises Institute.
This week is our Fall Campaign, and we need your help. A recurring gift of $5 will make you a 2025 Friend of the Institute. For a one-time donation of $100 or a recurring gift of only $9 a month, you can become a 2025 Member. Every donor will receive a print copy of Murray Rothbard’s classic book, Anatomy of the State.
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This article appears as a full-page ad in the Wall Street Journal today, June 24, 2024, and was made possible by one of our generous donors:Perhaps nothing in financial news receives more attention than an announcement from the Federal Reserve. About eight times per year, the Federal Reserve’s Federal Open Market Committee meets to formally decide and announce its plans for monetary policy. Every announcement has the potential to cause a rally, or a rout, in financial markets. It makes sense that a mere announcement from the Fed has the power to move markets in a big way. The Fed wields vast power over interest rates, bank regulation, and the money supply. When it comes to policies that affect the everyday lives of nearly every American—and even countless people outside the United
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