De opprinnelige medlemmene var Maurice Allais, Carlo Antoni, Hans Barth, Herbert Cornuelle, John Davenport, Stanley Dennison, Aaron Director, Walter Eucken, Erick Eyck, Milton Friedman, Harry Gideonse, Frank Graham, Friedrich von Hayek, Henry Hazlitt, Floyd Harper, Trygve J. B. Hoff, Albert Hunold, Carl Iversen, John Jewkes, Bertrand de Jouvenel, Frank Knight, Fritz Machlup, Salvador de Madariaga, Henri de Lovinfosse, Loren Miller, Ludwig von Mises, Felix Morley, Michael Polanyi, Karl Popper, William Rappard, Leonard Read, George Révay, Lionel Robbins, Wilhelm Röpke, George Joseph Stigler, François Trevoux, Orval Watts og Cicely Wedgwood.