 So, for our next session, we're going to talk about our student programs and opportunities that are available to all of you. First, my name is Felicia Jones. I work as the registrar and student services coordinator here at the Mises Institute. Oh, thank you. Next to me is Karis Lambert. He is a current summer fellow here. And then we have David McClain. He is from, he's in our inaugural graduate program class, our first class that we started this year in 2020, in the fall. And then finally, we have our provost of the graduate program, Joseph Becker. Okay, so to start off, I'm just going to give you, all of you, a short description of what opportunities we have for students at the Mises Institute and our programs. So throughout the year, we have events. We have Mises Meetup events. We have the Austrian Economics Research Conference, the Libertarian Scholars Conference, and the Supporters Summit. So at each of these events, we offer student scholarships. Generally they'll cover admission and potentially more, but more than anything, we want to see your beautiful faces throughout the year, not just at Mises Hue. And so all you have to do is, when you pull up that event on our Mises.org website, slash events, go on, fill out a student scholarship, and those applications come to me, and I'll go through them. Usually those applications will just involve filling out the forms, sometimes completing, submitting your academic transcripts, potentially, you know, writing an essay or writing sample. But just more than anything at our Mises Institute events, we want you guys to stay connected to us and come back and see us. So throughout the summer, however, we have, as you are all aware, Mises University. Next year, I want you guys to not only leave this evening excited, but come back, bring your friends, all of you, you are our ambassadors. When you're a Mises University alumni, you represent us, and you guys are the ones that can help us find more amazing students like yourselves. So next year, shoot me an email, just send me a reminder that, hey, I attended Mises Hue in 2021, and oh, this is my friend, by the way. Send me that email, fill out our Mises University student applications. The way that they look is you fill out the form, again, submit your transcript, a writing sample, letters of recommendation, those are super important. And so, yeah, we want to see you guys again. And more than anything, we want you guys to represent us well, because our donors want you guys here more than anything else. Our donors are what made it possible. And so we care about having the best quality students, which are you guys. Another summer program we have is the Rothbard Graduate Seminar. It occurs every June. It's a week-long seminar where you have both discussions and lectures by our faculty. We'll cover usually an in-depth work. We've done Human Action by our namesake. We've done Man, Economy and State by Murray Rothbard. And we'll usually do, though, essentially the masterworks. And so it's a great opportunity for students, especially those who are in graduate school, to come back in June and really dig deep in those works. Especially because, I mean, those are where those ideas are expressed and delved into. And so if you want to come to RGS, fill out the application, turn on those letters of rec, and just more than anything, come back. Just another note with both Mises University and RGS are, again, our wonderful donors. They cover housing and meals. So it's a fantastic opportunity, and we want you all back. And then finally, we have our Fellowship in Residence program. Like I said, Mr. Lambert here is one of our summer fellows. Basically it's an opportunity for graduate students, especially those in PhD programs, whether in economics, political science, history, to come and spend a summer at the Mises Institute. You will be working on your research. And our wonderful in-house faculty this year, it was Dr. Joseph Salerno, Dr. Mark Thornton, and Dr. Patrick Newman. They got to be the mentors and guided our wonderful summer fellows and just really helped them with their research and the Austrian tradition. And I would say that's the most powerful part of the summer fellowship is, nowhere else are you going to be able to research in such a messian and Rothbardian context. As part of that program, you would receive a stipend and housing for the summer. So it's a great gig. If you're interested, please apply. And I'm going to pass it on to Mr. Lambert. Thank you, Felicia. So my name is Karis Lambert for those who don't know me. I just finished up my second year in the PhD program in economics at George Mason University. So I'm going to give some color to what Felicia just mentioned about the graduate fellowship opportunity here and the experience to attend the Mises Institute events from the graduate student academic track perspective. So first, just so you have some sense of where I'm coming from, I was kind of a child of the Ron Paul revolution, as I'm sure many of you were as well. Back in 2012, I saw some YouTube videos. It was after the fact. So it was before the election, but after the preliminary debate. So I saw Ron Paul debating with his compatriots, his fellow Republicans. I was really drawn in by the anti-war message. But he mentioned Austrian economics at some point. So I checked it online and somehow wound up on Mises.org, of course, and someone recommended Hazlett first. So I read Economics One Lesson, Murray Rothbard's Four New Liberty, and then, of course, as I'm sure many of you know, you take it from there. But after graduating from undergraduate, I didn't intend to go to a PhD right away. So I worked in the private sector for a while. I had a cubicle desk job, and I really realized it wasn't really for me. And I wanted to go into the academic worlds, and I wanted to be a professor and kind of work in the Austrian tradition that pulled me in so much. So from that point, I knew, of course, I came into this world through the Mises Institute, Mises.org, all of the free resources. And it's the place I knew where I wanted to center my own focus for my own career and getting the support that I thought would benefit me in my quest to basically make the Manger and Mises positions the dominant positions in academia. It's not an easy task, but over the long run, we can try our best. So then, of course, now I'm able to come here as a summer fellow, as a graduate student. And I did attend both MisesU and RGS last year, but I wasn't a summer fellow last year. So I can compare the experience coming just for those two isolated weeks to being here all summer. So I'm going to make the pitch why, if you're serious about entering academia and advancing these particular ideas, I think it's a great way to spend your summer here. So there are four particular reasons, among others, that I think being here is pretty much the best way you can spend your summer as a Mangerian Misesian. So first, as Felicia mentioned, there are faculty here all summer. Not just for RGS and MisesU, but they're here every week. They're available to talk about anything you'd like to talk about. Mostly, of course, we do come with a research proposal. So you are working on something specific to you. But you can, of course, ask them any questions about any paper they've written in the past, any paper that's coming out. You just learn so much just by discussing whatever comes to mind, just in the halls and before and after the workday. So in my case, I'm in the early stages of my dissertation. And so I'm still in the conceptualization phase of how I want my dissertation to be composed. And each of the faculty members, in their own ways, in unique ways, helps me really form my own vision for what I'll do for the next two years working on my dissertation. And also this summer, I completed a lot of foundational theoretical research. And so now, from now, I have a really firm base to move forward. So I'm not sure I would be able to have as great a dissertation as I hope to eventually achieve without that kind of support this summer. So from now, I feel very confident moving forward the more empirical work from the theoretical foundation I've now set. And also, this year, there were five other fellows, six in total. And of course, the camaraderie is amazing. It's very rare in the world to spend a whole summer with other people who are committed to advancing the same tradition as you are in the same discipline in academia. So just the conversations, whether intellectual conversations, or just having fun and just talking outside, it's a really great way to spend the summer. Also, so the facilities. So as you know, there are many, many books around. There's a library upstairs. There's Rothbard's library. We also have access to the Auburn University facilities. I didn't even use those this summer. This is my first summer here all summer. I was more than satisfied with all the books around. And even this week in Mises U, I discovered so many books in the back of the room that I need to read next. So there's no lack of books. You're reading Rothbard's books is really incredible, because as you know, he annotates many of his books. So I read some great Austrian works for the first time this summer with Rothbard's copies, kind of getting into Rothbard's own head. And also, I read some works that I already love. But I read Rothbard's copies. And I have a whole new view on what Rothbard liked. And I kind of have some idea why he liked that. And it really helps as a scholar in this tradition to have that feeling. And then finally, I just want to mention, I was at RGS in Mises U last year. But in a sense, I feel I got more out of it this year because there's never too many times read human action, basically. So going through it again this year in RGS, it really helped me pick up some subtleties that are very important but are kind of easy to miss when you're just going through the first or even the second time. And when you have access to the professors who are the foremost experts on Mises's thought and human action, there's really no substitute for doing that multiple years. So don't be afraid to come back to Mises U multiple times. Even this year, as a graduate student this year, I was watching the lecturers imagining myself as a lecturer. And so you pick up small things that you might not expect rather than just the content of the PowerPoints. So just if anyone wants to ask any questions later and throughout the rest of the day, please feel free to come to me. But if you're anything like me and interested in pursuing academic work in this tradition, there's really no substitute for being here as much as you can be here. So thank you. All right. Next, we have our provost of our graduate program, Joseph Becker. Thanks, Felicia. So what I really want to do is talk about two points. And one is why you would want to come to or join our graduate program, our master's degree program. It's online. And then I want to talk about what we're looking for in students. So let me start with what sets us apart and why you would want to come to this program. As far as I know, it's the only purely Austrian master's degree program in existence. I was fortunate to do my graduate work with Hans and Murray at UNLV. But I still had to take micro, macro, and quantitative with, I guess I would call orthodox economists. We all kind of know what that means. Everything else I was able to do with them. But here, you can take micro, macro, and quantitative with Austrians, with PhDs who are steeped in Austrian thought and teach the program from an Austrian perspective. A second reason you might want to come is financial. We have great donors. The entire program is less than $5,000 out of pocket for the student. Not because it's a cut rate program, but because we have great donors that make up the difference. We've had transfer students from other master's programs who charge $30,000 or $35,000 for their master's degree here. It's less than $5,000. And one of the beauties of that is you can get out and do the kind of work you want to do without having to be a slave to the paycheck and have to take some job you really don't want just to be able to pay back what you borrowed to get through the program. One other advantage, I think, of our program, because it's 100% online, is you can study with the specialists in their area of expertise. If you want to take a class with Dr. Terrell, you don't have to move to South Carolina. And then when you want to take monetary, move back to Alabama and study with Dr. Salerno, or go to Texas and study with one of the Dr. Kline's, you have access to all of those professors because you're taking the program online. And if you're interested in a particular area, you'll be working with the experts in each of those fields. We also are privately financed, which means we're not beholden to federal regulators. So we can teach the program the way we want to teach it and the way it ought to be taught. So I mean, those are some of the advantages of being in the program. As far as what we're looking for, as you have enough economics after this week to know that when the program is priced as low as it is and it's unique, meaning rare, the demand is going to typically exceed the supply of applicants. That's proven to be the case. But we have some very good students, one of whom you'll hear from shortly. But let me give you a sense of what we look at when people apply to the program. One of the things we want to make sure is that the people who come into the program have a sample background in micro and macro. So they're conversant in terminology and concepts of economics. We don't necessarily expect you to be steeped in the Austrian tradition, because that's what we provide. But we want our students, when they come to at least have the foundation that students would typically get an undergraduate program, we also want them to be good students. The average undergraduate GPA of our accepted students has exceeded 3.5, and they're coming from schools, very good schools, from all around the world, really. We want them also to demonstrate a passion and a strong interest in learning the methodology of the Austrian school. We want people who are attracted to the Austrian program and come in part for that reason. We want our students to have clearly defined goals and what they plan on doing with the education once they get it. I mean, this is a serious thing. I mean, it's 20 hours a week for almost two years. I think some people apply. We're not looking for dabblers or hobbyists, I guess, because the program is very demanding. And you're not going to get through it if you're not real serious about it. Some of our students plan to teach, either at the community college level or the high school level, some of them already are. Some of them look to enhance their policy work. We have a Hill staffer, for example, a legislative director who's working in DC. Entrepreneurs, people who can put this information together in their businesses. Financial planners, we've attracted some of those. We think it's a useful background for that as well. Help their clients do good financial planning with the sound economics that they get in the program. We have an estate planning attorney or two. But I mean, and there probably are other areas where this knowledge is useful. But I guess the important thing is, when you fill out your application, we want to know, and the donors want to know that their money is going to something that's going to be invested in someone who's going to be productive and use what they learn in the program. It is graduate school. It's graduate level school, so you should certainly have the writing and basic math abilities that are commensurate with graduate school work. I mean, as nice as our academic vice president is and fun and funny. I mean, he's very serious about the economics, as are the other instructors who teach in the program. So I mean, they're exacting professors and they expect graduate level work. Before I turn it over to one of our star students to my left, I guess I would say I'll be in my office the rest of the day until the cookout, which I won't miss because I like food. But feel free to stop by or ask questions if we have time left in the session. I'm happy to answer any questions anyone might have. There are brochures and graduate catalogs on the table downstairs. But I'm very excited about the program. I'm super excited to be part of its creation and in running it from an administrative perspective. And I think perhaps even more keen insights can be gained by listening to, as I say, one of our star students, David McLean. Thanks, Joe. So I'll talk a little bit about my experience. I'm a little older than most of the students in this room, even some of the professors, I dare say. But I didn't discover Austrian economics until a little bit later in life. When I was an undergraduate, I majored in criminal justice and sociology, interesting fields. But I didn't have a career path in mind. And at that time, my idea of what economics is was a lot different. I don't know if you remember back on Monday, Dr. Peter Klein's lecture, he showed a slide of a page filled with complex equations and all that stuff. It's like somebody trying to work out how to land a rover on Mars or prove the existence of black holes or something. That's what I thought economics was. It was just a lot of difficult equations and formulas and statistical machinations and all that sort of thing. So it wasn't until I discovered Austrian economics, and that was in the early, I'd say 2004, 2005, somewhere in there. And I discovered the Mises Institute and started to read on my own about Austrian economics. And it really was an eye-opener for me. It was very enlightening. And from that point, I knew I wanted to go to graduate school. I knew I wanted to go back into academia. I felt like this was a real vocation for me to teach and to do research in this area. And I didn't know how to get there. I didn't have a path charted out or anything like that. I knew that most of the graduate programs out there really don't have anything to do with Austrian economics. I think there are one or two programs that are friendly, but nothing like what I had envisioned. I didn't want to go through a mainstream program and learn a bunch of stuff that I didn't feel was realistic or applied to the real world. And so I was kind of in limbo for a long time. And when I found the graduate program just recently, last year, I was super excited. I thought this is terrific. This is exactly what I want. I get to learn Austrian economics from some of the foremost experts. And so I was terribly excited. I applied right away. And I was lucky enough to get in, fortunate enough to be a part of the inaugural class. And I have to say, it's been an outstanding experience. I think some of the things that really set this program apart are two things. One, I'll mention, and just to echo what Joe said, is that the quality of instruction is just outstanding. I mean, I don't think you can find in one place as many first rate professors to learn from. And I think that's unique. I don't think you'd find that in another program. I think this is really unique that way. And secondly, it really teaches economics from the ground up. And it teaches it in a very holistic and a very complete way. So from micro to macro to monetary theory, it all fits together into a very coherent and cohesive whole. And again, I think that's unique. I don't think that you'd find that in a lot of programs. I think they kind of separate out the different aspects. So Austrian economics is unique that way. And I think that the program is unique in the way that it teaches Austrian economics. I'm not sure what else to say about that, other than the fact that the program has really lived up to my expectations. It's important for me because as I say, I'm a little older. I've got a family. I've got roots. So having that flexibility and being able to study online, that's really important for me. And the affordability of the program, as Jo mentioned, is just a wonderful bonus. And I can't say enough good things about it. I think it's just been fantastic. And I'm really looking forward to completing it. Thank you so much, Mr. McLean. Now we're going to do a Q&A because we want to hear about your pressing questions. Thank you all very much. A question actually about how you organize the master's program. I did an online master's in tax. And it was purely online. And the lectures were prerecorded. And there was readings. So I had the complete freedom of doing it any day of the week. So I also have family and run a company. So that flexibility is exceptionally important. Is that even possible in this program? Or are there times during the day when? So I basically worked all day and then went home and did all of my education at night, or mostly on the weekends, actually. So would this be able to work or no? Yeah. In fact, most of our students do. David, case in point, one of the questions I was going to ask him, if it didn't get elicited and it sort of did, is it is a time commitment. We say 15 to 20 hours a week for almost two years. It's asynchronous, though, which is, I think, kind of the thing you're asking about, which means if you want to work at 3 in the morning on this program, you can. There are, however, weekly deadlines. And you do get penalized for not meeting the weekly deadline. So there's reading. There's discussion board posts. There's exam preparation. There's a paper to write. There are lectures to watch. All of that can be done during the hours that work for you as long as you submit your assignments by the Sunday midnight, usually, is what the instructors do deadline. There are also live office hours. And our experience has been that the instructor will schedule that at a time, because we have students all around the world, as you might imagine. So we schedule those at a time that you can make at least one of them. And if you need to make both of them, I guess you just take an hour off of work or something at the time that you need to do it. But David, have you found the flexibility that I'm describing? Yeah, absolutely. You know, that's a good case in point. Those are my needs as well. It is a big time commitment. I think 20 hours is probably on low ball. But you get out of it what you put into it. I mean, that's a cliche, but it's true. And having the flexibility to work around a career and around family and all that sort of thing, it's really important. And I've found that it's totally doable. I wanted to find out a little bit more about your guys' recruitment process and what different methods you guys employ to recruit students to come to this event specifically. And do you guys have preferences in the types of students that you're looking for? Or is there just like you're trying to diversify what kind of students come into this program so I guess you have more holistic people coming, right? By this program, you mean Mises Yu? Yeah, Mises Yu. OK. Well, for Mises Yu, when we have students fill out their applications, I mean, we accept students from a wide range of disciplines, schooling, majors. And I mean, we've even had students who have taken the self-schooling route. A lot of what we're looking for are students who are committed academically. And those who really want to learn Austrian economics, we're looking for students that want to come and talk to our faculty and get the most that they can out of this and both benefit from that in-person aspect, but then also we want students to come and network, not just with faculty, but with each other. I mean, we're, in a sense, we're your matchmaking and libertarian circles. But more than anything, we believe that this type of connection and this type of community, when we have dark times, when we have like 2020 of COVID and it feels like government has expanded to the extent that you feel alone. But that's the nice thing about Mises University coming to our other Mises Institute events is that you're not alone. We have this wonderful community of libertarians who are committed to studying Austrian economics and to Mises, to Rothbard. And yeah, I would say I'm looking for students who come from that wide range of disciplines but are committed more than anything else. I might lend just a historical perspective to this because I know I'm older than the rest of the panelists, but I've also been associated with the Institute longer than the rest of the panelists. I went to my first Mises U back when they were doing them at Stanford in 1989. I, at the time, had 21 hours of undergraduate economics that had never heard of the Austrian school. I worked on Ron Paul's 1988 libertarian candidacy for president from Kansas City at the time, and he gave me a copy of Foreign New Liberty, which is how I even became aware of Mises U in the Institute. But I have so many friends that I've developed over the years. I mean, one example is I met a guy from NBC in New York who came to a weekend conference. And this was 30 years ago, and we've been close friends ever since. So the social aspects of this we think are really important. So it's good that you're here. Enjoy the fact that you're meeting people that share your values. I think that's the basis for real friendship, our shared values. Sometimes you don't even have that with your family, but you have it with your Mises family. And David and Keras, can you talk a little bit about the experience of RGS as a great book seminar, your student-led discussions? Because I know we had some graduate scholars that were not economists that had their exposure to the praxeological tradition. Yeah, for sure. I did mention in my little short talk how rewarding it is to attend RGS multiple times, not just once, as an economist. But this year especially, there were some historians there who had never been exposed to Mises before applying to RGS. You read the whole book before you come to RGS. And you should read the whole book, and you should come prepared for robust discussions. But they were history PhDs. And they understood Mises', it's called praxeology, the science of human action, where there's theory, which is epitytically true, and the causal realist science. And then there's history, which is understanding, which is understanding the motives of individual actors, understanding why they did certain things, the consequences of that. So they're in the history camp, but they found this whole approach so rewarding. And such a new way, some of these students were in their third or fourth years of their history programs. And they were reading Mises' human action and finding his very short discussion of why the Roman Empire collapsed to be more enriching than what they were learning for multiple years in their history programs. So there really is a power to the praxeological approach to both theory and history. And so no matter what discipline you're from, even maybe psychologists would benefit, anthropologists, any kind of historical, social, scientific discipline dealing with human beings would benefit from attending RGS if you're a graduate student in interest in academia. Speaking of which, the RGS is an elective in our graduate program, so if someone wants to knock out one of their eight required three semester hour courses, they can come to RGS, spend the week. There is an additional paper component for those who take it for Mises Institute graduate school credit, but we certainly would, we look forward to having our own graduate students attend. In fact, David took advantage of that just this last year. The opportunity to delve into human action is a big, complex book. I know each year alternates, I think, between human action and man economy and state. At least that's been the pattern. But the opportunity to do that over a week with lots of other interested scholars and have those discussions and really delve into the book and what it means and do that in a detailed way was really invaluable. And to pick up on something that Kara said, one thing that surprised me was the intellectual diversity among the students there. As he said, there were history majors, there were a lot of different people from different backgrounds and different interests, and having everybody come together and talk about the book from their own perspective, I think that was really a great experience. Thank you. One more question about the graduate program. So you talked about having an economics background being really important. I'm probably the only person in the room that never had any formal economics at all. How is it, what's your, can you talk a little more just about that in the program? Meaning is it similar to what we have gone through this week, which is not the traditional mathematical approach or is there a lot of math? How does that work? Well, the one math class we teach is called quantitative limitations. So we're very honest about, I mean, we like descriptive statistics. We don't necessarily like inferential statistics, you've probably heard that several times during the week, but to pick up a journal article that looks like the one that David described referring back to was a Dr. Salerno's lecture. Anyway, you need to be able to pick up those journal articles and read them. We have accepted students, I think, that were able to convince us they had, well, I'll say it this way, that they were conversant in economics, terminology and concepts, because we don't wanna set someone up for failure. It's very important to us that the people that we admit to the program will do well. In a couple of cases, we've recommended someone work their way through Mancow's principles, books, just so they have the kind of thing that a student would get having taken a micro and macro class at the undergraduate level and hopefully done okay at it. So, I mean, you can always try and convince us through the essay portion. I mean, we have a short essay part of the application which consists of two questions. Most people are good at answering the call, question they should be. We would hope they would be. One of the first things they teach in law school. And the two questions are, how did you become interested in, how did you come and become interested in why are you interested in particular in the Austrian school? And then the second question we ask is what do you plan on doing with the knowledge once attained? But people do use that essay because they have enough extra words after they say that to explain why we should accept them. But yeah, we don't want to set people up for failure so we want them. They could also probably take a CLEP test in economics and demonstrate that they have. But I mean, we look at the whole person when we go through the application. So, yep. David, I was wondering if you could describe your favorite course or the most substantial course you took in the program. Tough question. Let's see, which professors are here in the room? Here's Dr. It's live broadcast live. I mean, it's rather being corded. Oh my goodness, okay. Pressure. Dr. Jonathan Newman is here. I'll mention him. He was an outstanding instructor. He taught the macroeconomic course. Doctors, Dr. Patrick Newman. Talked history of thought. Dr. Salerno, monetary theory. Dr. Peter Klein, microeconomics. You know, it's really difficult to choose one and I don't really want to do that. But what I will say is that history of economic thought was very interesting to me and very important, I thought, because when you look at the history and you trace out the genealogy of ideas and how they develop, I think it really throws into sharp relief which schools of thought were mistaken, where the errors occurred and why and which schools of thought, Austrian for example, really contributed to a better understanding or an advanced understanding of human action. So I wouldn't say, I don't want to say it's my favorite, but I do say that that's an important thing and I don't know how much of that is included in other programs either. Yeah, history of thought is greatly neglected in a good number of programs, but that's what Murray taught at UNLV, both history of economic thought and economic history of the US, both, I think, really important in retrospect. Keras, can you talk a little bit about your research just to kind of give people an idea on what sort of research projects that you were looking for for fellows? Yeah, so as I mentioned, I'm in the early stages, but the topic is going to be broadly what's called military Keynesianism and of course it's smashing it, it's not applauding it. So the idea of military Keynesianism is that spending in the military industrial complex even in peacetime is good because of all these secondary consequences of aggregate demand management. So it's really just standard Keynesianism, but with a focus on the military industrial complex. So of course that's right up the alley of many scholars who have come through the Institute, Rothbard himself wrote on this. Robert Higgs was a long time fellow here. I'm relying on his work. My advisor, Christopher Coyne, is also, he works in this field, which is why it's especially relevant for me to do this, but there's so many works in this library and all the different libraries here. Some are Rothbard, some in this room, some in the upstairs library from the Keynesian point of view and then also criticisms of the Keynesian point of view. So as I mentioned this summer, I was mostly working on that theoretical foundations. That won't be my dissertation per se, because it's basically been done. Haslitz already kind of destroyed the Keynesian system in general, right? But from here on out, I'll be focusing more on the empirical side of post-World War II economic growth in the U.S. There was growth, but a lot of the Keynesians say it was because of the high military expenditure at the time. There was this golden age from 1946 to 1971. And the reason we have gone away from that golden age is because we haven't been doing exactly what the Keynesians said we should have done back then. So that's gonna be my focus. And so Dr. Slarno, for example, wrote a great chapter which appears in a book called Reassessing the Presidency, I believe. John Denson edited it. And so I was able to talk to him. I didn't know he wrote that particular article because it's in this one publication, but when he heard my topic, he said, oh, you should read this article. And actually that article took care of a lot of the background history for me. So from there, I was able to immediately identify a list of the Keynesian thinkers associated with the Kennedy administration. And I immediately, from the first week I was here, I was going through all of their work that's available here. And there was a lot of it. So I went through like 12 books for the first week I was here, just from the Observers Library. So that's the kind of experience you can get here if you're working in this kind of field. If you're trying to do this kind of work where there are some predecessors in our line of thought. And if you're doing that, you can benefit tremendously as I have this summer. Hi, well thank you so much for the opportunity to learn so much about your program and what you have to offer. But I guess my final question is there are some other schools that do offer perspectives on Austrian economics like George Mason or NYU, FSU, Ole Miss. So maybe relating to our elevator pitch competition, if you had to tell us why we should pick the Mises Institute over these other programs, what do you believe that this graduate program has to offer more than those other programs? I think I already said this. If I didn't, I regret not saying it, but it's purely Austrian. Every, there's eight core courses. They are all taught by Austrians from an Austrian perspective. It's online, which serves a need for a lot of people because you can study with the foremost monetarist and the foremost micro-economist in the Austrian tradition without having to move from Texas to Alabama. But if nothing else, we do have a transfer student from Mason in our master's program and their program is $900 a credit hour. Ours is $160. So if nothing else, if we were equal in every other way, there's certainly something to be said about that. Plus, it's the Mises Institute. I will just say too, I do attend George Mason University, which is probably the place with the largest cluster of Austrians working in a PhD granting institution. So it depends on what you wanna do after the degree in a sense. It doesn't need to be a substitute. It could be a compliment in a way. So for example, if you wanna pursue a PhD in Europe, you need to have a master's degree first in the discipline you're trying to pursue. So for example, if you wanted to study with Guido Hulsman in University of Angers, you would only need a master's first. So of course the Mises Institute would provide a very cheap and effective alternative because given that Guido Hulsman himself is a scholar here, right? So if you wanna study with him particularly, this program would be perfect for that, getting the master's degree. If you wanna get a PhD, it also signals, if you wanna get a PhD at an institution that does support Austrian economics, if you wanted to, for example, work for a bit of time, you could do this at the same time, you could work and get the master's and that's a good signal that you're very dedicated in this line of thinking, right? So it doesn't need to be a substitute per se. I haven't gone through the program myself, but I imagine as Mr. Becker mentioned that there really is no other place that has this kind of concentration and this kind of level of quality across the board for everybody, right? Because at all these other programs, you will have to do a mainstream econometrics, a mainstream micro. Some of them are geared much more towards public policy, which is something you have to consider, you know, what program you're looking for. But if you're interested in the Austrian School of Thought and whether academia or just for your own edification, I think you would consider the program highly, I would recommend, yeah. All right, thank you everybody. And if you have any other questions, please come find us afterwards. We're here to answer them. Thank you.