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Austrian School of Economics

GIS World Report 2014

GIS-world-report-2014

GIS World Report 2014 – by Prince Michael of Liechtenstein | This resume is based on reports from our worldwide experts and our own research, looking at today’s main issues and concentrates on key global events which are likely to be of further interest. Topics are covered regionally and by subject headings which include economics, defence and security and politics. The Geopolitical Information Service (GIS) is a network that provides expertise and insights on geopolitical trends for international corporations, governments and their agencies and other institutions.

Download the full report here (PDF)

Call for Papers!

Vernon Smith Prize 2014
Vernon Smith Prize 2014

The 7th International 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). This years topic of the Essay Competion:


“Trusting Politicians with Our Money is like Leaving a Cat in Charge of a Cream Jug”


|- First Prize EUR 4,000 -|

|- Second Prize EUR 3,000 -|

|- Third Prize EUR 2,000 -|

“Trusting Politicians with Our Money is like Leaving a Cat in Charge of a Cream Jug”. The ever present political desire for more and cheaper money is a fact which monetary authorities have never been able to resist. Not only contradicts history the naïve belief that governments have given us a safer money than we would have had without their claiming a monopoly to issuing it. This exclusive right has also its origin apparently not in any benefit it secures for citizens but simply in the aspiration to enhance the coercive powers of governments. Moreover, it is doubtful whether it has ever done anybody any good except to the rulers and their favorites.

ECAEF invites papers on this topic which meet the following requirements:

1: Entries may be submitted by individuals of up to 30 years (in 2014!).

2: Entries may not exceed 12 pages; 1.5 spacing; left/right margins no less then 1 inch; full bibliography and a 1/2 page summary (abstract) must be included.

3: Entries must be submitted in English in electronic form (PDF) to krl@ecaef.li and must include an abbreviated CV, featuring DoB, education, and current position

4: Entries must be received on or before November 9, 2014.

5. It is mandatory that all prize winners participate in the award ceremony in Vaduz Prizes are not transferable and will be awarded on the basis of originality, grasp of subject, and the logical consistence of the argument.

Essays will be judged by an international jury and the winners will be invited to present their papers at a special event in Vaduz, Principality of Liechtenstein, on February 2, 2015. First Prize €4,000 – Second Prize €3,000 – Third Prize €2,000.

The Destruction of Savings

Cover page Bild-Zeitung. June 6, 2014
Cover page Bild-Zeitung. June 6, 2014
On June 6, 2014, Germany’s largest tabloid newspaper, Bild, appeared with the headline ‘How bad can poverty get in old age?’ (Wie schlimm wird die Altersarmut?), writes Marc Zahn, Director & COO at Industrie- und Finanzkontor in Vaduz, Liechtenstein. In the text they use the word ‘Zins-Klau’ a slang expression for ‘stealing interest’. All this in response to the European Central Bank’s (ECB) decision to lower the refinancing rate to 0.15 per cent and the deposit rate to minus 0.1 per cent. Europe’s governments and the ECB are afraid of deflation. It is believed that this measure can push up inflation towards 2 per cent. Will that help? Is Bild right? … Read the entire blog here -> GIS expert Mark Zahn: “The Destruction of Savings”
GIS stands for Geopolitical Information Service. It is a global intelligence service providing independent, analytical, fact-based reports from a team of experts around the world. We provide our clients with access to expert insights in the fields of geopolitics, economics, defence, security and energy. GIS experts provide scenarios on significant geopolitical events and trends. They use their knowledge to analyse the big picture and provide a valuable recommendation of what is likely to happen next in a way which informs long-term decision-making.

Environmental Markets: A Property Rights Approach

Environmental Markets: A Property Rights ApproachIn a new book “Environmental Markets”  Terry L. Anderson and Gary D. Libecap explain the prospects of using markets to improve environmental quality and resource conservation. No other book focuses on a property rights approach using environmental markets to solve environmental problems. Anderson and Libecap apply this approach to land, water, wildlife, fisheries, and air. The book has been published in May 2014. It concludes by discussing tougher environmental problems such as ocean fisheries and the global atmosphere. The authors compare a market-based property rights approach with standard approaches to these problems using governmental management, regulation, taxation, and subsidization, emphasizing that neither governmental nor market solutions are a panacea. Environmental Markets is the inaugural book in Cambridge Studies in Economics, Choice, and Society, a new interdisciplinary series of theoretical and empirical research focusing on individual choice, institutions, and social outcomes, edited by Peter J. Boettke and Timur Kuran.

     If you are interested in receiving examination copies, please contact Ellena Moriarty at emoriarty@cambridge.org. The book is also available for purchase at Amazon.com

     Praise for “Environmental Markets”:

     “Two of the world’s leading scholars on property rights and the environment … offer a rich review of the myriad creative ways in which market forces can be harnessed to improve environmental quality. The book’s fresh perspective on the question of how best to solve problems ranging from climate change to overfishing reminds economists and their students to look before they leap, with regulation as a solution.”

Sheila M. Olmstead, The University of Texas at Austin

     “The world is bedevilled by problems caused by lack of private property rights. Terry Anderson and Gary Libecap document just how many environmental problems could be solved by granting stronger property rights to tackle ‘tragedies of the commons,’ in which open access results in a destructive free-for-all.”

Matt Ridley, author of The Rational Optimist


TERRY L. ANDERSON
is the president of the Property and Environment Research Center (PERC) and Senior Fellow at the Hoover Institution, Stanford University. Anderson is the author or editor of thirty-seven books including, most recently, Tapping Water Markets with Brandon Scarborough and Lawrence R. Watson. He has been published widely in both professional journals and the popular press and has received many awards for his research and teaching.
GARY D. LIBECAP is Professor of Corporate Environmental Management in the Donald Bren School of Environmental Science & Management and Professor of Economics at the University of California, Santa Barbara. He is also a Research Associate at the National Bureau of Economic Research in Cambridge, MA, a Research Fellow at the Hoover Institution, Stanford University, and a Senior Fellow at PERC, Bozeman, Montana. ABOUT PERC—Founded more than 30 years ago, PERC—the Property and Environment Research Center—is the nation’s oldest and largest research center dedicated to improving environmental quality through property rights and markets. Learn more at PERC.org.