In 1927, the Österreichisches Institut für Konjunkturforschung (Austrian Institute for Business Cycle Research) began its work with Hayek as director and Mises as spiritus rector. In its early stages, the institute was financed by the latter's contacts at the Chamber of Commerce in Vienna, the Austrian National Bank and the Railway Federation.

Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, loc. 396