The Winners of the 4th International Vernon Smith Prize 2011 for the advancement of Austrian Economics are:
First Prize EUR 4,000: Caleb J. Miles (New Zealand) for his essay “Staat versus Rechtsstaat: Institutional Determinants of the Rule of Law”.
Second Prize EUR 3,000: Wolf von Laer (Germany) for his essay “The Decline of the Rule of Law & the Emergence of Regime Uncertainty”.
Third Prize EUR 2,000: Marta P. Mikluch (USA) for his essay “The Lost Consensus: Liberum Veto of the Polish-Lithuanian Commonwealth”.
Inspired by F.A. von Hayek the topic of our 4th International Vernon Smith Prize was: “The Rule of Law in Decline”. ECAEF invited papers on this topic in English from individuals of up to 30 years of age. The deadline for all entries was December 18, 2011. Prizes were not transferable and have been awarded on the basis of originality, grasp of subject, and the logical consistence of the argument. Essays were judged by an international jury and the winners were honored at a special event in Vaduz, Principality of Liechtenstein, in February 2012.