Category Archives: Austrian Economics

Austrian Economics

Unkonventionelle Geldpolitik: Der Ausstieg ist machbar

Peter A. Fischer, Neue Zürcher Zeitung, 21. Mai 2016

Jeder Zentralbanker kennt die Taylor-Rule und John Taylor kennt die meisten Zentralbanker. Der US-Ökonom ist besorgt über die gegenwärtige «strategiefreie» Geldpolitik, hat aber eine Lösung parat.

    Schon Ludwig von Mises hat davor gewarnt. Der zusammen mit Friedrich A. von Hayek zu den Gründervätern der liberalen «österreichischen Schule» zählende Ökonom schrieb 1923, Regierungen und Bürokratien wollten mehr ausgeben, als sie den Stimmbürgern über Steuern zumuteten. Deshalb würden sie sich überschulden und suchten dann ihren Schuldenberg über eine hohe Inflation oder durch finanzielle Repression wieder loszuwerden.
Angesichts der seit der Finanzkrise in vielen Staaten explodierenden Verschuldung, den präzedenzlos tiefen Zinsen und der enormen Geldflut dominierten an der diesjährigen 12. internationalen Gottfried von Haberler Konferenz denn auch wohlbegründete Befürchtungen. Gewarnt wurde an der vom liechtensteinischen Fürstenhaus unterstützen Konferenz davor, dass es plötzlich doch noch zu hoher Inflation kommen könnte, eine drohende Monetarisierung der Staatsschulden die Sparer enteignen und die Altersvorsorge vernichten würde und dass der technokratische Charakter der europäischen Integration zu Demokratieversagen führe.
Optimistischer gab sich in Vaduz der in Stanford lehrende John Taylor. Er hat 1993 die nach ihm benannte berühmte Verhaltensregel für die Geldpolitik entwickelt. Die Taylor-Rule definiert den «richtigen» Zinssatz als gewichtete Summe des natürlichen realen (Gleichgewichts–)Zinssatz, der Abweichung der tatsächlichen Inflationsrate vom Zielwert und der Differenz zwischen Wirtschaftsleistung und Potenzialwachstum.

Weiterlesen -> Neue Zürcher Zeitung

Semantic Traps: Politics with Loaded Terms

Semantic Traps


Semantic Traps:
Politics with Loaded Terms

A Seminar for Scholars, Journalists and Entrepreneurs

“One must always repeat the truth, because even the error around us is preached again and again. And not from individuals but from the crowd.” J.W. von Goethe


When political speech writers pen speeches for presidents, prime ministers, and other influential dignitaries, they choose their words carefully, knowing that rhetoric matters. A classic case of an intentional deception of words, according to Schumpeter was the hijacking of the term liberal. In a similar fad, the market economy is increasingly condemned as a system of crony capitalists, the empty notion of social justice turned into a general verdict on our society’s moral status, or carbon pollution became a substitute for the greenhouse gases. In chapter 7 of The Fatal Conceit, “Our Poisoned Language,” F.A. von Hayek lists over 100 words before which we put social ranging from social accounting to social property to social waste, and in each case obfuscate their meaning.
Have you ever wondered how many of our habitual political terms have assumed quite different meanings or, maybe deliberately, have even taken on undertones that suggest something detrimental to what we want to get across? It seems as if the old Confucius warning “when words lose their meaning people will lose their liberty” has more relevance today then ever before.
With Confucius’ admonition in mind, PERC, Liechtenstein Academy, and ECAEF have teamed up to organize a seminar on “Semantic Traps: Politics with Loaded Terms”. Details including the agenda are listed below. If you are interested in finding out more about the seminar, contact co-directors, Terry Anderson or Kurt Leube.

Seminar Date: June 9-11, 2016 (Thu evening to Sat noon)

Location: Liechtenstein Academy Foundation Campus: Freudenfels Castle at Lake Constance, Eschenz, Switzerland

Admission Fee: Free Admission

Program Director: Hans-Rudolf Maag

Academic Directors: Terry L. Anderson and Kurt R. Leube

Seminar Program

Thursday – 9 June, 2016:
tbd Opening Dinner (optional) and welcoming remarks by H.S.H. Prince Michael of Liechtenstein

Friday – 10 June, 2016:
09:00 – 09:30 Registration
09:30 – 10:00 Welcome and Opening
Member of the Princely Family (LI), Hans-Rudolf Maag (CH) and
Terry L. Anderson (USA)

Session I: Politics
10:00 – 10:30 «On the Confusion of Terms in the Political Debate»
Michael Wohlgemuth (D)
10:30 – 10:45 Discussion
10:45 – 11:15 Coffee break
11:15 – 11:45 «Justice, Fairness, Solidarity! The Prophecy of a ‘Socially Just’ Society»
Hardy Bouillon (D)
11:45 – 12:00 Discussion
12:00 – 12:30 «Is the ‘Public Interest’ really in the Public’s Interest?»
Carlos Gebauer (D)
12:30 – 12:45 Discussion
12:45 – 14:00 Buffet Lunch for all participants at seminar site

Session II: Economics
14:00 – 14:30 «Are the Poor really Getting Poorer as the Rich are Getting Richer?»
Erich Weede (D)
14:30 – 14:45 Discussion
14:45 – 15:15 «In Defense of Private Property»
Gary Libecap (USA)
15:15 – 15:30 Discussion
15:30 – 16:00 «Fair Trade and Sustainability: Is Globalization Evil?»
Robert Nef (CH)
16:00 – 16:15 Discussion
16:15 – 16:45 Coffee break
16:45 – 18:00 Q&A, Session I and II
19:00 Dinner at the seminar site (Freudenfels Castle; mandatory); Speaker TBA

Saturday – 11 June, 2016:
08.00 – 09.15 Breakfast
09:30 – 09:45 Directorial Remarks
Hans-Rudolf Maag

Session III: Environmental Issues
09:45 – 10:15 «Dynamic Economics and Dynamic Ecology: The Essence of Free Market
Environmentalism»
Terry L. Anderson (USA)
10:15 – 10:30 Discussion
10:30 – 11:00 «On Secular vs. Non-Secular Environmental Beliefs»
Mark Pennington (UK)
11:00 – 11:15 Discussion
11:15 – 11:45 Coffee break
11:45 – 12:15 «Unleashing the Power of Free Market Environmentalism»
Martin Hostettler (CH)
12:15 – 12:30 Discussion
12:30 – 12:45 Closing remarks
Member of the Princely Family (LI), Hans-Rudolf Maag (CH) and
Terry L. Anderson (USA)
12:45 Individual departures

Understanding How Society Works

An Introduction to the Austrian School of Economics (Seminar)

Understanding how society works features a comprehensive innovative curriculum in Austrian Economics, LIECHTENSTEIN ACADEMY tries to get entrepreneurs, individuals and key opinion leaders in politics, the media, and academia interested. We are not awarding degrees. However, our world-class faculty will grant a degree for the individual modules if successfully mastered. The seminar is designed as a sequence of 8 self-contained modules and thus can be booked individually. To affirm an interactive and open-ended learning environment, we have limited the class size to 20 to 25 students. The instruction will be either in English and/or German. At a later stage, upon request all modules will also be offered in Spanish.

liechtenstein-academy

The contents of the individual modules represent a recommended minimum and thus may be subject to additions and change of emphasis by our instructors.

M1 – Economics
An introduction to the “Austrian School of Economics’

M2 – Philosophy
The methodology and the limits of the social science

M3 – Law
Selected topics in legal theory. The evolution of law, natural law and spontaneous order

M4 – Philosophy
Markets, moral and business ethics

M5 – Economics
Money, banking and behavioral finance; selected topics in monetary-, capital- and business cycle theory

M6 – Politics
Institutional economics and public choice analysis

M7 – Sociology
The problems of demography, immigration issues and social security systems; the illusion of the welfare state’ and alternative models

M8 – Economics
Environmental economics, property rights and the eminent domain problem. Public goods and “the tragedy of the commons’


Download the Course Flyer right here -> Liechtenstein Academy, Course Flyer (PDF, 3.0 MB).

The course will be held in German and English. Designed and Organized by LAF (Liechtenstein Academy Foundation). © All rights reserved by the LIECHTENSTEIN ACADEMY Foundation∙ Herrengasse 12 ∙ FL-9490 Vaduz∙ Tel. +423 235 2881∙ Email: contact@liechtenstein-academy.com

8th Vernon Smith Prize | Read Winning Essays

Vernon Smith Prize 2014
Austrian Econonmics Applied: 8th International Vernon Smith Prize 2015.

8th International Vernon Smith Prize 

Vaduz (FL), February 29, 2016. Essays of the winners of the 8th International Vernon Smith Prize 2015 have now been posted, since all three authors have defended their papers at a special festive event on February 15, 2016 in Vaduz, the Principality of Liechtenstein.


1st Prize: Daniel W. Issing (Germany); Essay:

The Snowden Disclosures: An Inquiry Into The Virtue Of Whistleblowing From An Austrian Economics Perspective
Download Essay here (PDF)


2nd Prize: Demelza Hays (USA); Essay:

The Ethics of Government Surveillance: Is Edward J. Snowden a Hero or a Villain?
Download Essay here (DOCX)

3rd Prize: Mats Ekman (Finland); Essay:

Heroic Leaks of Information: Quixotic or Practical?
Download Essay here (PDF)

The annual Vernon Smith Prize for the Advancement of Austrian Economics is sponsored and organized by ECAEF – European Center of Austrian Economics Foundation, Vaduz (Principality of Liechtenstein).  Topic of the 2015 Essay Competition was: Edward J. Snowden: Hero or Villain?

Semantic Traps

Semantic Traps


Semantic Traps:
Politics with Loaded Terms

A Seminar for Scholars, Journalists and Entrepreneurs

“One must always repeat the truth, because even the error around us is preached again and again. And not from individuals but from the crowd.”   J.W. von Goethe


     When political speech writers pen speeches for presidents, prime ministers, and other influential dignitaries, they choose their words carefully, knowing that rhetoric matters. A classic case of an intentional deception of words, according to Schumpeter was the hijacking of the term liberal. In a similar fad, the market economy is increasingly condemned as a system of crony capitalists, the empty notion of social justice turned into a general verdict on our society’s moral status, or carbon pollution became a substitute for the greenhouse gases. In chapter 7 of The Fatal Conceit, “Our Poisoned Language,” F.A. von Hayek lists over 100 words before which we put social ranging from social accounting to social property to social waste, and in each case obfuscate their meaning.
Have you ever wondered how many of our habitual political terms have assumed quite different meanings or, maybe deliberately, have even taken on undertones that suggest something detrimental to what we want to get across? It seems as if the old Confucius warning “when words lose their meaning people will lose their liberty” has more relevance today then ever before.
With Confucius’ admonition in mind, PERC, Liechenstein Academy, and ECAEF have teamed up to organize a seminar on “Semantic Traps: Politics with Loaded Terms”. Details including the agenda are listed below. If you are interested in finding out more about the seminar, contact co-directors, Terry Anderson or Kurt Leube.

Seminar Date:  June 9-11, 2016 (Thu evening to Sat noon)

Location:  Liechtenstein Academy Foundation Campus: Freudenfels Castle at Lake Constance, Eschenz, Switzerland

Admission Fee:  Free Admission

Program Director:  Hans-Rudolf Maag

Academic Directors:  Terry L. Anderson and Kurt R. Leube

Seminar Program

Thursday – 9 June, 2016:
tbd Opening Dinner (optional) and welcoming remarks by H.S.H. Prince Michael of Liechtenstein

Friday – 10 June, 2016:
09:00 – 09:30 Registration
09:30 – 10:00 Welcome and Opening
Member of the Princely Family (LI), Hans-Rudolf Maag (CH) and
Terry L. Anderson (USA)

Session I: Politics
10:00 – 10:30 «On the Confusion of Terms in the Political Debate»
Michael Wohlgemuth (D)
10:30 – 10:45 Discussion
10:45 – 11:15 Coffee break
11:15 – 11:45 «Justice, Fairness, Solidarity! The Prophecy of a ‘Socially Just’ Society»
Hardy Bouillon (D)
11:45 – 12:00 Discussion
12:00 – 12:30 «Is the ‘Public Interest’ really in the Public’s Interest?»
Carlos Gebauer (D)
12:30 – 12:45 Discussion
12:45 – 14:00 Buffet Lunch for all participants at seminar site

Session II: Economics
14:00 – 14:30 «Are the Poor really Getting Poorer as the Rich are Getting Richer?»
Erich Weede (D)
14:30 – 14:45 Discussion
14:45 – 15:15 «In Defense of Private Property»
Gary Libecap (USA)
15:15 – 15:30 Discussion
15:30 – 16:00 «Fair Trade and Sustainability: Is Globalization Evil?»
Robert Nef (CH)
16:00 – 16:15 Discussion
16:15 – 16:45 Coffee break
16:45 – 18:00 Q&A, Session I and II
19:00  Dinner at the seminar site (Freudenfels Castle; mandatory); Speaker TBA

Saturday – 11 June, 2016:
08.00 – 09.15 Breakfast
09:30 – 09:45 Directorial Remarks
Hans-Rudolf Maag

Session III: Environmental Issues
09:45 – 10:15 «Dynamic Economics and Dynamic Ecology: The Essence of Free Market
Environmentalism»
Terry L. Anderson (USA)
10:15 – 10:30 Discussion
10:30 – 11:00 «On Secular vs. Non-Secular Environmental Beliefs»
Mark Pennington (UK)
11:00 – 11:15 Discussion
11:15 – 11:45 Coffee break
11:45 – 12:15 «Unleashing the Power of Free Market Environmentalism»
Martin Hostettler (CH)
12:15 – 12:30 Discussion
12:30 – 12:45 Closing remarks
Member of the Princely Family (LI), Hans-Rudolf Maag (CH) and
Terry L. Anderson (USA)
12:45 Individual departures