Noted Austrian economist Ludwig von Mises passed away on October 10, 1973, 50 years ago today. The legacy of someone’s life can be viewed as their impact over time on their academic, sport, media, or technical field. One impact of a person in their lifelong profession not appreciated today is the number of people this person taught, encouraged, challenged, debated, dined with over their life.
Fifty-year anniversaries in the U.S mark the passing of time when the people who partook in that event reflect on it. 1973 is an example of the end of conscription (draft), the USA signs the Paris Peace Accords with the North Vietnamese government ending U.S. participation in the Vietnam War, the Supreme Court decision on federalizing abortion in Roe v. Wade, the American League (U.S baseball) adopts the designated hitter, Augusto Pinochet overthrows Salvador Allende as leader in Chile, the Yom Kippur War, the Organization of Petroleum Exporting Countries (OPEC) lead oil embargo, oil and energy price inflation, ongoing Watergate investigations, etc.
Ludwig von Mises would have turned 142 years old this year. What would he say about the flourishing of Austrian economics today? He would have a meal with Llewellyn Rockwell at a restaurant in Auburn, Alabama. They would chat about many topics. Ludwig would ask Lew what encouraged you to establish The Mises Institute and why locate it in Auburn, Alabama? Lew would explain the journey to him, the personal and professional obstacles he faced in establishing the institute, the people who came alongside him and the consent provided by his widow for its creation.
Many of us today have not met Ludwig in person but were exposed to his writings. Some like-minded economists realized these papers described sound money, human nature (praxeology), socialism-based economies, comparing capitalism and communism, etc. made sense. His documents were preserved, organized, and made available for researchers and the public thanks to The Mises Institute. Keynesian economics and concepts are so opposite those of the Austrian school. The real economic data looking back in time show the concepts of John Maynard Keynes do not work and are bankrupt to their very core.
Many individuals are flourishing today due to Ludwig’s academic diligence, perseverance, and writings on these topics. His fleeing Austria to Switzerland in 1934 when he saw the reality of the German war machine was prescient. His work with other like-minded economists like Friedrich Hayek, Murray Rothbard and too many others to mention here show people can work together over time. The truth of their cause is sound and proven over time as realistic and flourishing for individual humanity.
A few people alive today have met Ludwig in person and are part of The Mises Institute. The wisdom of those who met him is encouraged to be recorded, written about, and cherished for all time. This fiftieth anniversary of Ludwig’s passing should encourage us that we can walk along side of an individual like him and keep teaching, writing, and propagating for young and old people in many languages the sound and truthful principles of Austrian economics and human flourishing.
