6th International Vernon Smith Prize

Arkadiusz Sieron, Alexander W. Salter, Fürst Hans-Adam II. und Julian F. Müller (v. l.).
Arkadiusz Sieron, Alexander W. Salter, Fürst Hans-Adam II. und Julian F. Müller (v. l.).

The 6th International Vernon Smith Prize took place in Autumn 2013. This years essay competition had the topic: “Public Debt? Cheat the Citizen!”. A public debt is the debt owed by a central government. As governments can only finance their expenditures by printing money or levying taxes, a public debt amounts to the deferral of either of these primary methods of finance. If the debt is payed for by printing money, the end result is inflation. However, running a debt which is financed by taxation always implies that a government is not creating new economic activity but only determining the proportion of economic activity which occurs in the public or private sector.

ECAEF invited papers on this topic. The Winners of the 6th International Vernon Smith Prize were: 1st Prize (EUR 4,000) Alexander W. Salter (United States, George Mason University). 2nd Prize (EUR 3,000) Julian F. Mueller (Germany, Technische Universitaet Muenchen). 3rd Prize (EUR 2,000) Arkadiusz Sieron, (Poland, University of Wroclaw). The ceremony took place on Monday, February 3, 2014 in Vaduz, Liechtenstein