Ludwig von Mises was the leading Austrian economist of his generation. He received several honorary doctorates and the distinction of a ceremonial 50th-anniversary renewal of his earned doctorate. The same occasion produced a Festschrift in his honor; another, in two volumes, celebrated his 90th birthday. The American Economic Association named him a Distinguished Fellow in 1969. The editors of Liberty magazine chose him in their January 2000 issue as “Libertarian of the Century.”

Mises was born in Lemberg in Austrian-ruled Poland (now Lviv, Ukraine) and died in New York City. His father was a railroad engineer in the civil service; his younger brother, Richard, became an eminent professor of applied mathematics and related fields. Mises entered the University of Vienna in 1900, where he earned a ...