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Mark Thornton opens this triple-header episode with a live Radio Rothbard appearance from Mises University, joining Ryan McMaken to discuss inflation, the K-shaped economy, asset prices, debt, the dollar, and why Austrian theory explains what mainstream accounts leave out. Thornton argues that monetary inflation benefits asset owners and government-connected interests first, while working households face higher prices long before wages catch up.On Side B, Mark joins Freedom Works interview on democratic socialism, where he explains why young Americans are drawn to socialism, how government intervention created many of their grievances, and why free markets remain the real path forward. The episode closes with Wall Street Bullion to discuss gold, silver, energy, debt service, the weakening dollar, BRICS, the petrodollar, and the economic fallout from war in the Persian Gulf.2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of The Case for a 100 Percent Gold Dollar through August 31. Grab yours today at https://mises.org/issuesfree20% off listener offer on the insulated Minor Issues tumbler and three of Mark's books: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton.Be sure to follow Minor Issues at https://Mises.org/MinorIssues

Reviewing Lawrence H. White's Free Banking in Britain, Murray Rothbard dismantles the claim that Scotland enjoyed a century of successful free banking before the Peel Act of 1845. Drawing on Sydney Checkland's history, he shows that the Scottish banks pyramided credit on the Bank of England rather than standing on their own specie, suspended payment alongside England from 1797 to 1821, and let reserves fall from 10–20 percent to as little as 1 percent, while depositors who asked for gold met argument, rebuff, and the threat of losing future credit. The rarity of bank failure that White counts as proof of success, Rothbard argues, is evidence of the opposite.

Murray Rothbard realized the present system of punishment for committing crimes is both inadequate and unjust. We need to move to a system of restitution.Original article: https://mises.org/mises-wire/i-spent-28-years-arresting-criminals-rothbard-was-right-all-along

Bob reviews Murray Rothbard's 1988 essay "The Myth of Free Banking in Scotland," his sharp response to Larry White's influential account of Scottish free banking.Related:Rothbard's Article, "The Myth of Free Banking in Scotland": Mises.org/HAP560aBob's Debate with George Selgin on Fractional Reserve Banking: Mises.org/HAP560bGeorge Selgin's Article, "Scottish Banks and the Bank Restriction, 1797–1821": Mises.org/HAP560cJoe Salerno's Article on Mises as Currency School Free Banker: Mises.org/HAP560d

No matter how legitimate the reasons might seem for going to war, the results are always horrific, and wars rarely, if ever, accomplish their stated purposes.Original article: https://mises.org/mises-wire/dupes-war

The completion of the first draft of Man, Economy, and State enabled Murray Rothbard to move on to other activities and projects. He earned his doctorate in 1956 and reviewed papers and books for the Volker Fund, evaluating contemporary research using the body of economic theorems he had deduced. Focusing on the Chicago School, Rothbard criticized Israel Kirzner's attempt to fuse Austrian insights with neo-Marshallian production theory as well as Milton Friedman and others' neo-Fisherian monetary economics. Rothbard not only criticized new publications; he also continued to edit his treatise, adding new references and making other changes. In 1962, despite professional and institutional obstacles, Man, Economy, and State was finally published. With it, Rothbard greatly advanced the Austrian tradition and firmly positioned himself as Mises's heir.

Murray Rothbard used his general-equilibrium approach with its emphasis on economic interrelations to erect a systematic framework of interventionism. He started by elaborating further on the concept of the purely free market and developing a comprehensive welfare theory. He then proceeded to create a typology of government policy, formulate a novel theory of monopoly that distinguishes between a monopoly price and a free-market price, develop an original theory of backward tax imputation, and analyze the calculational chaos caused by government expenditure. The capstone of Rothbard's analysis of interventionism was his integration of the Mises–Hayek theory of the business cycle into general economic theory. Rothbard was thus able to demonstrate how the boom could result only from credit expansion and not from an increase in the supply of commodity money such as gold. He also demonstrated how credit contraction during the bust promotes recovery. With these advances in the Austrian theory of the business cycle, Rothbard finally completed the monumental task of deducing the entire corpus of economic theory using the praxeological method.

Murray Rothbard's project drastically changed in mid-1953. Unable to rely on Mises's sparse treatment of production theory, Rothbard adopted his old Marshallian approach, focusing on an individual firm that faced fixed prices and restricted investment decisions. But he soon recognized the pitfalls of Marshallian partial equilibrium and discarded it for Austrian general equilibrium, emphasizing the Böhm-Bawerkian capitalist-entrepreneur's ability to invest in multiple firms across the structure of production and influence market prices. In doing so, Rothbard finished the Böhm-Baverkian system by integrating the pure time preference theory of interest of Frank A. Fetter and Ludwig von Mises into the production structure analysis of Knut Wicksell and F. A. Hayek. This interrelatedness approach led Rothbard to differentiate between factor incomes, apply Mises's theory of the impossibility of socialist economic calculation to a vertically integrated firm, and expose the flaws of neoclassical monopoly and competition theory. With these theoretical breakthroughs, by 1955 Rothbard moved beyond his initial goal of “bringing to the surface and clarifying” his mentor's “edifice” to deducing the architectonic edifice of praxeological economic theory along the lines of Mises's “great book” suggestion.

Murray Rothbard's economic perspective changed significantly in 1949 when he met Ludwig von Mises and read his magnum opus, Human Action. With the financial support of the Volker Fund, Rothbard accepted Mises's offer to write a textbook rendition of his treatise. Early on, Rothbard evinced a thorough understanding of Mises's monetary transmission mechanism and praxeological method. This allowed him to further develop the theories of value and price formation the emerging neoclassical synthesis had neglected. In particular, Rothbard used the means-ends relationship to deduce the law of ordinal marginal utility rankings and contrasted it with modern theories of utility. He then showed how this law logically resulted in demand schedules that always sloped downward, which in turn led to a theory of pricing that explained the process of equilibration to the market clearing price. Finally, he extended his analysis to price formation in a monetary economy. In addition to exhibiting his own intellectual progress, Rothbard's developments significantly advanced economic science because Mises assumed these logical deductions but never actually derived them.

Murray Rothbard started his career with a foundational training in neoclassical economics. At Columbia University, he learned from highly regarded professors and demonstrated a thorough understanding of the positivist method, Keynesian and Marshallian economic theory, and institutional empirical analysis. Crucially, Rothbard perceived the fact that critical errors existed in these disparate strands of knowledge, although he could not yet articulate them. But the recognition itself motivated him to take the highly important step of contacting the free-market Foundation for Economic Education and the William Volker Fund, thereby discovering Austrian economics.

Murray N . Rothbard: The Making of an Austrian Economist is written for everyone interested in Rothbard's economic theory and Austrian economics in general. We hope it will serve as a useful complementary volume to Man, Economy, and State by elucidating Rothbard's many contributions and the process by which he developed an integrated structure of economic theory using the praxeological method.

After defeating the British in the American Revolution, Americans had the opportunity to set the country on a long path of freedom. They chose to empower government, instead.Original article: https://mises.org/mises-wire/paradise-lost-government-gained

This book has been several years in the making. Originally we envisioned it as a collection of letters and unpublished monographs from the Rothbard Papers at the Mises Institute. It was only in 2020 that we realized that a coherent narrative was needed to organize and bring to life the mass of correspondence and other writings. Over the next several years we wrote the manuscript and revised it as suggestions were made and new archival material was discovered.

In attempts to rectify what are seen as historical wrongs against certain groups of people, western governments have embarked on programs to engage in wrongs against other groups of people. The universal principles of liberalism are supplanted by policies sure to make matters worse.Original article: https://mises.org/mises-wire/universal-principles-liberalism-and-politics-race

The democratization of urban planning, the politicization of the environmental movement, and the no-growth movement came together to erect enormous barriers to housing construction in California.Original article: https://mises.org/misesian/how-democratic-socialism-created-californias-housing-crisis

The up and down experience with free markets in Eastern Europe following the fall of the Iron Curtain shows that free markets, while undermining the state, do not operate apart from state interference.Original article: https://mises.org/mises-wire/domestic-agorism-eastern-europes-example-libertarianism-without-academic-guidance

For many years, some economists and politicians have painted income equality as a major threat to our economy and well-being. As usual, they understand neither inequality nor economics.Original article: https://mises.org/mises-wire/how-much-inequality-there-depends-how-its-measured

On the Declaration's 250th anniversary, Larsen Plyler asks what the document was actually written to do. Taking Justice Clarence Thomas's recent claim that it ranks among the West's great anti-slavery documents as his starting point, Plyler argues that the Declaration's legacy has been shaped less by Jefferson than by Lincoln and Martin Luther King Jr., who read a later conception of equality and a single unified nation back into it. Returning the text to its context—grievances aimed at the king alone, a closing paragraph declaring thirteen free and independent states—he makes the case for the legacy that got lost.Recorded at the Mises Institute in Auburn, Alabama, on July 25, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Egalitarians assume people would be equal but for oppression or the random hand of luck, and that where injustice can't be shown, luck alone justifies equalizing by force. Joshua Mawhorter turns the presupposition around. Drawing on Rothbard's Egalitarianism: A Revolt Against Nature and Sowell's Discrimination and Disparities, he argues that inequality is the normal condition of a world of scarcity, change, time, and choice; that it is precisely what makes exchange possible; and that the only equality worth defending is equality of liberty under the rule of law.Recorded at the Mises Institute in Auburn, Alabama, on July 25, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Is neoliberalism a real intellectual tradition or just an insult? Tho Bishop argues it is real and precise: a program for a regulated market economy running on technocratically managed, socialized money. He traces it from Henry Simons's 1934 "A Positive Program for Laissez-Faire" into the Mont Pelerin Society—where Mises watched enthusiasm for antitrust and credit expansion take root, and where the vacuum left by Hayek was filled by Chicago rather than by libertarians—and forward through Friedman's career to Greenspan and Bernanke. The Rothbardians, he concludes, have been the only sustained non-socialist opposition.Recorded at the Mises Institute in Auburn, Alabama, on July 25, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Plenty of people say they like Ron Paul on the economy but part ways with him on war. Connor O'Keeffe argues that's not a coherent place to stand. The warfare state—roughly $900 billion a year for the Pentagon alone, plus the intelligence agencies and veterans' programs—is only fundable because of the two things most libertarians most want gone: the income tax and the Federal Reserve. Strip those away and the empire collapses on the spot. And the causation runs the other way too: war is the health of the state, the coercive tools built for use abroad boomerang home, and the whole imperial project is quietly hollowing out the property rights and sound money that made the country wealthy enough to afford it. Pro-market and anti-war, he argues, is the only consistent position.Recorded at the Mises Institute in Auburn, Alabama, on July 25, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

In this episode of Radio Rothbard, recorded live at Mises University 2026, Ryan sits down with Mark Thornton to talk through the economic trends fueling today's unrest.Be sure to follow Radio Rothbard at https://Mises.org/RadioRothbardRadio Rothbard mugs are available at the Mises Store. Get yours at https://Mises.org/RothMug PROMO CODE: RothPod for 20% off

On the 250th anniversary of the American Revolution, the French Revolution is being re-litigated again—the left holding it up as necessary progress, conservatives citing Burke to argue it proves free-market ideas end in blood. Ryan McMaken, drawing on Rothbard and Ralph Raico, rejects both. Liberalism's role, he argues, was small and confined to the revolution's first months; what followed owed nothing to Jefferson and everything to three forces—the extreme centralization of the French state, twenty-five years of war, and a revolutionary regime that simply replaced the old bureaucracy with a harsher one while keeping every lever of power intact. The real mirror of the American Revolution wasn't the revolution at all, but the decentralist, secessionist peasants of the Vendée it crushed.Recorded at the Mises Institute in Auburn, Alabama, on July 25, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Mark Thornton opens with an update on the “Stocks versus Manure” prediction contest, where agricultural stocks are beating the S&P 500 year to date. He then joins Maggie Lake on Wealthion to discuss gold, silver, mining stocks, Kevin Warsh, Fed policy, interest rates, the dollar, and why the long-term thesis for precious metals rests on debt, deficits, monetary inflation, and financial repression.On Side B, Thornton appears on NTD to discuss the rising appeal of democratic socialism among younger Americans. He argues that young voters are reacting to real burdens—debt, unaffordable education, healthcare, housing, and Social Security promises—but are being drawn toward policies that cannot solve them. Mark also explains why socialism fails in theory and practice, from the calculation problem to incentives, and why education is essential to reversing the trend.2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of The Origins of the Federal Reserve through July 31. Grab yours today at https://mises.org/issuesfree20% off listener offer on the insulated Minor Issues tumbler and three of Mark's books: https://mises.org/MinorIssuesTumbler. Use coupon code Thornton.Be sure to follow Minor Issues at https://Mises.org/MinorIssues

Patrick Newman presents the book he and Joseph Salerno have written, Murray N. Rothbard: The Making of an Austrian Economist. He traces Rothbard's path from a Columbia PhD steeped in the neoclassical synthesis, through his 1949 encounter with Mises and Human Action, to the writing of Man, Economy, and State—a project that began as a beginner's textbook and grew into the treatise that stands beside Human Action at the core of the Austrian tradition. Along the way: Rothbard's neglected theory of production, his reconstruction of welfare economics, and Mises's own remarkable assessment of his heir.Recorded at the Mises Institute in Auburn, Alabama, on July 24, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

The Policy and History faculty panel takes student questions on the state of the movement and the prospects for freedom. Along the way the panelists remember Dr. Roger Garrison, the Auburn economist who drew several of them into Austrian economics and who passed away this past year; work through the newest ideas in the field; debate whether utilitarian or moral arguments win more converts; trace which pre-Austrian thinkers shaped the American founders; and close on the question that matters most to a room full of students—where, realistically, does hope for a freer society come from?Recorded at the Mises Institute in Auburn, Alabama, on July 24, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

The Theory and Method faculty panel takes questions from Mises University students. They work through the tough theoretical ones (whether "supply-shock" inflation is really monetary, what Hayek got wrong about prices, how the mainstream's new "causal inference" differs from praxeological causation, whether transaction-cost economics fits an Austrian framework), then turn personal: the moment each of them discovered there was a way to do economics connected to the real world.Recorded at the Mises Institute in Auburn, Alabama, on July 24, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

What do Austrians think of equilibrium? Jonathan Newman's answer is "always and never." Rather than treating equilibrium as an unreachable ideal against which real markets are judged failures—the trap Mises warned against—he walks through a realistic market process asking at each step what has been settled and what remains open. That yields several distinct equilibrium constructs: the plane state of rest that occurs after every single exchange (where markets always clear), the Wicksellian state of rest where competitors' prices converge, and the final state of rest that the economy forever tends toward but never reaches. The payload is a quiet demolition of "sticky price" and "sticky wage" reasoning—and with it, the Keynesian account of depressions.Recorded at the Mises Institute in Auburn, Alabama, on July 24, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Mark Thornton turns Austrian analysis on economic inequality itself—not whether the pie is growing, but how government intervention re-slices it. Drawing on Rothbard's distinction between specific and general factors of production, he shows the mechanism: any protection, license, tariff, or subsidy enriches the insiders of the favored industry while forcing the displaced resources out into the unprotected economy, where they compete down everyone else's wages and returns. He works the logic through healthcare, and frames the whole thing around the rise of democratic socialism in America's cities—arguing the young are right to be angry about the debt, Social Security, and unaffordable healthcare their elders voted in, even as the socialist cure would deepen the disease.Recorded at the Mises Institute in Auburn, Alabama, on July 24, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

The anti-slavery disunionists and the abolitionists were some of the most critical of slavery and the most serious about ending it. For them, decentralization and secession were potential solutions not problems in ending slavery.Original article: https://mises.org/mises-wire/anti-slavery-advocates-disunion

There is no separate "economics of AI," Peter Klein argues, any more than there was an economics of the internet—there's just economics, applied to specific goods and services. He demystifies what today's models actually do (predict the next word), places them in a long history of "new economy" hype that never required new economic theory, and works through the industry with standard tools: subjective value, the theory of the firm, network effects, and the incumbents' lobbying for regulation to raise rivals' costs. He closes on the deeper question—whether an AI can act in Mises's sense—and argues it cannot: an AI exercises what he calls derived judgment, executing tasks on an entrepreneur's behalf, but it can never decide whether to be an entrepreneur at all.Recorded at the Mises Institute in Auburn, Alabama, on July 24, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Dr. Wanjiru Njoya argues that private property is the indispensable cornerstone of liberty and civilization, and that anti-discrimination laws—however well-intentioned—are a form of aggression against property that nudges society along the continuum toward socialism. Drawing on Rothbard, Hoppe, and Mises, she defends property rights as absolute, carefully distinguishes political philosophy from personal morality, and warns that eroding property will, in Mises's words, cause civilization itself to perish.Recorded at the Mises Institute in Auburn, Alabama, on July 24, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Record-breaking skyscrapers have a habit of opening just as the economy turns—a pattern Mark Thornton connected to Austrian business cycle theory in his work on the skyscraper curse. Lucas Engelhardt, Thornton's coauthor on the 2015 response to the curse's critics, explains the mechanism: artificially low interest rates raise land prices, and bid-rent theory shows why the effect concentrates downtown, precisely where towers get built. Add larger firms and cheap research and development to solve the engineering, and the record tower and the cyclical peak arrive together. He then works through the critics' statistical case and shows that their own results—including their finding that height and output move together—point the same way.Recorded at the Mises Institute in Auburn, Alabama, on July 24, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Everyone agrees higher education is in crisis—tuition rising ten times faster than the price level, administrative bloat, a looming demographic cliff, collapsing public confidence. Peter Klein argues these are symptoms, not the disease. Answering the claim that education is a special good beyond ordinary economic analysis, he shows that what markets actually deliver are discrete units of educational goods and services, and that standard Austrian analysis applies as readily here as to shoes. The structural problem is that there is no free market to speak of: state entities own most institutions, even elite privates draw nearly half their revenue from government, and a handful of federally licensed accreditors control entry. Following Rothbard, Klein's answer is the separation of education and state—with the Mises Institute itself as a working example.Recorded at the Mises Institute in Auburn, Alabama, on July 23, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Tate Fegley uses Joseph Salerno's work to draw out the fundamental differences between Mises and Hayek—on society, law, the family, and above all the calculation problem versus the knowledge problem—arguing that treating the two as interchangeable obscures the distinctly Misesian paradigm.Recorded at the Mises Institute in Auburn, Alabama, on July 23, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Per Bylund takes up Mises's claim that the entrepreneur-promoter cannot be defined praxeologically and argues the opposite—that the promoter can be pinned down as the actor who breaks the economy free from what Bylund calls the "specialization deadlock." Drawing on his own work, he shows how genuine innovation (not mere task-splitting or arbitrage) drives economic growth in spasmodic leaps, placing the promoter, and the firm as an "island of specialization," at the very core of the Misesian market process.Recorded at the Mises Institute in Auburn, Alabama, on July 23, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

What can economics actually teach you about running a business? From the mainstream, Per Bylund argues, very little—its models have no room for the entrepreneur at all. Austrian economics is a different matter. Working from Menger forward, Bylund lays out the sequence every business faces: costs come first and certain, value comes last and unknown. From that he draws the practical implications—why cost-plus pricing is a recipe for failure, why no producer has "pricing power" even as a monopolist, why the firm is best understood as a temporary island of specialization, and why the entrepreneur's only real question is how best to serve the consumer.Recorded at the Mises Institute in Auburn, Alabama, on July 23, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Money is never neutral. Jeffrey Degner works line by line through the passage of Cantillon's Essay that made the case nearly three centuries ago—showing how new money enters the economy unevenly, enriching those who receive it first and squeezing everyone who receives it last. Cantillon named the losers precisely: those on fixed wages, and property owners locked into leases as their costs rise. Degner then brings the analysis forward, connecting it to the several distinct patterns now described as the "K-shaped economy"—divergence between sectors, between the consumption of high- and low-income households, and between a soaring stock market and consumer sentiment that has fallen below its COVID lows.Recorded at the Mises Institute in Auburn, Alabama, on July 23, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Austrian economics did not begin in 1871. Mark Thornton traces its lineage back through the thinkers the mainstream dismisses: the Spanish Scholastics, who worked out subjective value and the effects of inflation while dismantling the case against usury; the anti-mercantilists who told Louis XIV to abolish his taxes; the Physiocrats; and above all Richard Cantillon, whom Rothbard called the father of modern economics. Drawing on twenty-five years of his own research, Thornton makes the case for why the history of economic thought is not antiquarianism but a laboratory—and notes that the good ideas tend to appear precisely when the state grows tyrannical, overtaxes, and overspends.Recorded at the Mises Institute in Auburn, Alabama, on July 23, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Norway sits on large oil deposits, yet has managed to avoid the “resource curse” that has bedeviled so many nations that have abundant natural resources, but severely mismanage their economies.Original article: https://mises.org/mises-wire/how-norway-built-worlds-largest-fund-and-thriving-economy-boot

Modern Monetary Theory's central claim is that a government with a printing press is never budget constrained — so the only real limit on spending is inflation, not debt. Jonathan Newman takes MMT on in its own words, working through clips of MMT proponents making their case before responding. He shows why "their deficit is your surplus" collapses once you ask how debt service is financed, why the WWII economy MMT holds up as a model was a depression for private citizens once government spending is stripped from GDP, and—drawing on his chapter in a forthcoming Mises Institute book—why the archaeological record of ancient Mesopotamia flatly contradicts MMT's account of where money came from.Recorded at the Mises Institute in Auburn, Alabama, on July 23, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.

Game theory has Austrian roots—Oskar Morgenstern was Mises's doctoral student—but the way it's taught leads almost everywhere to the same conclusion: individuals left alone reach bad outcomes, so the state must intervene. Lucas Engelhardt argues the reasoning has a hole in it. Standard analysis treats the game as fixed, when real people are entrepreneurial: alert to opportunity, able to see a bad equilibrium coming and restructure the payoffs before it arrives. Working through the tragedy of the commons, public goods, tariffs, and Huerta de Soto's account of why bankers lobbied for a central bank, he offers a better question—not what should government impose, but how will entrepreneurs change the game, and if they haven't, what's stopping them?Recorded at the Mises Institute in Auburn, Alabama, on July 23, 2026.Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.