Llewellyn H. Rockwell, Jr. of LewRockwell.com recalls founding the Mises Institute in 1982, at a time when Austrian economics was in decline. With help from Margit von Mises, Murray Rothbard, and Burt Blumert, the Institute aimed to revive Mises’s ideas. The 2025 Mises University was a success, with 125 students exploring complex topics like time preference and Austrian Business Cycle Theory. Rockwell writes:

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, and its Misesian branch in particular, were 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. This is a world that young people today, who find Austrian economics all over the place, can hardly imagine.

I wanted to do what I could to promote the Austrian School in general and the life and work of Mises in particular. […]

Unfortunately, Tom continued, this was not true of the young people attracted to Trump’s MAGA movement. It was futile to try to convince them of free market economic policies by explaining the irrefutable arguments of Mises and Rothbard. They would not understand them and would not care even if they did.

But there is another way that has a better chance of success. The MAGA supporters profess to be conservatives, and if we can show them that our policies are more in line with conservative values than theirs are, maybe we can win them over. To that end, Tom noted that American conservatives often oppose Big Government. They correctly see that the State is likely to act in the interests of the elite groups that control it rather than in the interest of ordinary people. Was it likely that Trump’s supposedly rightwing government would do things differently? Far better to trust the voluntary actions of people on the free market. We at least know that voluntary exchanges are in the interest of the people who make them; otherwise, they would not have engaged in them. Maybe they will regret what they have done afterwards, but they have a better chance of being right than the State. Further, another important conservative value is self-reliance. Is it really “conservative” to seek special favors from the State, like tariff protection that harms American consumers, instead of trying to build up your business through your own efforts? Tom, for one, did not think so. […]

Our great President of the Mises Institute, Tom DiLorenzo, gave another  brilliant lecture on “Competition and Monopoly.” He showed that Mises and Rothbard both rejected the unrealistic notions of perfect competition and its variants, like monopolistic competition. Perfect competition, which assumes a large number of firms that cannot influence price, isn’t competition at all. Real competition involves rivalry between firms that can influence price. The only valid definition of “monopoly” is a grant of privilege by the state. There cannot be a monopoly on the free market. Furthermore, Tom pointed to his own research that showed that firms accused of being monopolies, like John D. Rockefeller’s Standard Oil, gained their dominant position by supplying better quality and cheaper products than their less successful rivals, who sought to use the Sherman Antitrust Act and other measures to compel them to break up.

Read more here.