This article is about a month old but tells an interesting story about what happened when Sherlock Hibbs tried to pass on what he learned to the rising generation (another report here, the other side here). Hibbs set up an endowment at his alma mater, the University of Missouri, to teach the Ludwig von Mises Austrian School of Economics that helped him become so successful. Von Mises advocated for free markets and the role of the entrepreneur. Apparently, the University of Missouri was happy to accept Hibbs's millions but was not so enamored with von Mises and his economics and so was using the money for other purposes. Many academics follow economic theories along the following lines: What's mine is mine and what's yours is mine too.
Hibbs, however, was wiser than many philanthropists and gave an outside organization power to police the use of the funds. When that outside organization discovered that the University of Missouri was not following the donor intent, they sued the University of Missouri. The court ruled that the University of Missouri was not following donor intent and must surrender the funds. There is probably a lesson in here somewhere.
