The Mises Institute is located in a small, two-story building next to the Village parking lot. It sits between the Donahue Drive Momma Goldberg's and the Sigma Alpha Epsilon house. Only a small sign at the front advertises an institute is there at all.
"We are sort of a school, we're sort of a website, we're sort of a library and a book repository and we're sort of a think tank," said Jeff Deist, president of the Institute. "We have a pretty broad mission, but first and foremost we are about keeping the legacy and the current elements of the Austrian school of economics alive and healthy."
Deist said Mises scholars publish academic research on the Institute's website to explain Austrian economics to the public.
Professor of economics Henry Thompson said the Austrian school of economics is a way of thinking about the economy that focuses on historical and theoretical information rather than empirical data.
While recognized in academics, Thompson said most mainstream economists would not call themselves Austrian economists.
The Mises Institute also breaks from the mainstream because of its location. Many famous think tanks, such as the Cato Institute and the Brookings Institution, operate in major cities, such as Washington, D.C., according to their websites.
"It really is almost an accident of fate that we came to be here at Auburn," Deist said.
Deist attributed the Institute's founding in Auburn to help from Auburn University board members, such as John Denson, and a friendly academic climate.
The founders were also drawn to Auburn because the University rented space to them in the Harbert College of Business.
Mark Thornton, senior fellow at the Mises Institute, said the economics faculty in 1982 was unusually friendly to debating different ideas about economics.
"Most economics programs at the time did not have the same kind of open-mindedness," Thornton said.
Thornton said the Austrian school of economics has an unconventional way of thinking about economic issues.
"We're free market (economists), which is an alternative," Thornton said. "Some would say it's a radical alternative."
Deist said Carl Menger and Ludwig von Mises, the Mises Institute's namesake, created a school of thought focusing on minimal government and private sector investment. The nationality of von Mises and Menger, both Austrian, became the collective banner for their theories.
Work done by Mises scholars has drawn support from famous libertarians, such as Ron Paul and Andrew Napolitano, both of whom, Deist said, have spoken at the Mises Institute.
Thompson said the thinking presented by the Austrian scholars breaks from academic convention in economics.
"The economics here at Auburn is more theoretical and empirical," Thompson said. "The mode of thought over there [at Mises] is a little different. It's more historical. The techniques aren't what you find in most economics journals."
Thompson said Austrian economics, while less popular than other schools of thought, still has influenced debate over the last century.
"I think it has a place," Thompson said. "It's hard to say what percentage of economists [are Austrian economists], but it's not trivial and everybody is at least aware of the ideas and give (them) some credence."
Thornton said educating the public, not influencing government policy, is the Mises Institute's purpose.
"The Mises Institute is not a traditional think tank," Thornton said. "Its purpose is to promote economics education."
Mises scholars educate people through publishing on the website, Mises.org, writing academic papers and open seminars.
Deist said the Mises Institute works mainly through its website, but holds several seminars a year open to Auburn students. One in the summer, Mises U, targets undergraduates.
"The Auburn community is a part of just about everything we do," Thornton said.
While Deist and Thompson said there are no official ties between the University and the Mises Institute, both departments maintain what Deist called "a good working relationship."
"I'm personal friends with three or four of the people there, but I see them more on a social basis," Thompson said.
John Sophocleus, adjunct economics instructor, said he appreciated having other scholars to contribute to academic debate, regardless of their school of thought.
"I think they're great," Sophocleus said. "I think if you're in the debate, you're doing something. That's really what education is supposed to be."
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