The Foundation for Economic Education is the oldest conservative research organization dedicated to the preservation of individual freedom and the private property order. It was established in 1946 by Chamber of Commerce executive Leonard E. Read and guided by its adviser, the eminent Austrian economist, Ludwig von Mises. Both served FEE until their deaths in 1983 and 1973, respectively. In the footsteps of FEE, many conservative think tanks have come into existence, serving supplementary functions or emulating the endeavors of FEE. A few organizations, such as the Heritage Foundation and Cato Institute, managed to surpass FEE in size and scope of functions. All of them are focused on influencing the political scene; they are located in Washington with their eyes fixed on the White House and the U.S. Congress. In contrast, FEE avoids getting embroiled in the heated controversies raging in Washington; located in Irvington- on-Hudson, New York, it has always remained a purely educational organization.

In the past, FEE’s energy and resources were directed toward imparting economic knowledge to the American public at large. It conducted countless classes and seminars for adult audiences and published The Freeman magazine for the general public. In the future, it plans not only to continue this service, but also to turn its attention to the formal education of youth. College, after all, forms the common mind and shapes public opinion more than any other institution of learning.

Although there are several colleges and universities that build on Judeo-Christian values, and several departments of economics that teach economics in the classical tradition, FEE has never promoted them over others, nor sought their cooperation in reaching college youths. In the future, FEE will make every effort to cooperate with these colleges, to attract students to their classes, especially during the long summer months when most campuses are deserted and most students are unemployed. After all, minimum wage laws and labor unions are condemning many young people to idleness during their summer vacations. Many of them would rather use their time more productively by earning summer credits. The particular courses FEE plans to offer are Principles of Economics for freshmen and Current Economic Issues, which is very popular with upperclassmen.

Along similar lines, there are some 2.4 million elementary and secondary teachers in the United States, many of whom could use more graduate credits. In most public schools, their salaries and promotions depend on the number of credits they have earned. In the future, FEE will make every effort to help teachers earn more graduate credits in schools imparting our values and teaching classical economics. It will do so especially during the long summer months when many teachers are looking for an opportunity to earn the needed credits in pleasant surroundings and at bargain tuition rates.

On a yet higher level, the “licensing” of our college instructors by way of advanced degrees is completely in the hands of the mainstream establishment. In the field of economics, every accredited university, without exception, imposes stringent Keynesian requirements on its degree students, instilling holistic sophistry while ignoring market principles. This stranglehold of Keynesianism must be broken before there can be a meaningful change in economic education.

In the future, FEE will work with a few “tutorial” universities that confer higher degrees under state laws. It may even seek a state charter which permits FEE itself to confer such degrees in economics. Free from accreditational restrictions and obligations, a tutorial FEE program may attract greatly talented and highly motivated young people. And without million-dollar capital outlays and inordinate fixed expenses, FEE may be able to spend its resources on instruction rather than construction.

On the level of public education, FEE will continue its highly successful Op-Ed activity which, in 1991, resulted in more than 500 references to and acclaims of The Freeman in the American press.. We may proceed along this line and develop a newspaper syndicate to which our favorite writers will be asked to contribute.

Throughout the years our Freeman authors have written great essays and articles which deserve to be preserved in book form. Their writings are great because they build on the foundation of eternal truth; they are wise because they search for inexorable principles ruling human action not only in all economic matters but also in all human endeavors. We call them “Freeman Classics.” Modern technology enables us to cull these classics from The Freeman issues of the last thirty-six years and reproduce them economically. Such books on particular topics may contribute significantly to present debates and discussions; but they also are likely to be FEE’s greatest legacy to future generations.

Great literature is not, in itself, a means of solving our problems; but it silently and yet forcefully points the way to noble action and virtuous living.