Essays & News

Vernon Smith Prize 2017 Winners announced The 10th International Vernon Smith Prize for the Advancement of Austrian Economics was an essay competition sponsored and organized by ECAEF European Center of Austrian Economics Foundation, Vaduz (Principality of Liechtenstein). This years’ topic: Does Tolerance become a Crime when applied to Evil? The winners are: 1: Mattias Oppold (Germany) […]

Could Digital Currencies Make Hayek’s Denationalization of Money Dream Come True? And can a basket of cryptocurrencies be the new world monetary basis? Perhaps it is too early to answer these questions, as the cryptocurrencies and the blockchain revolution is only at its very beginning and digital moneys such as Bitcoin or Litecoin are still […]

by Paul Butler When monetary theory comes up in reference to Bitcoin, the work of Friedrich von Hayek is often invoked. I have read a number of claims that the Nobel laureate’s 1976 book, Denationalisation of Money,1 lays the theoretical foundation for the cryptocurrencies we see today. In this post, I will argue that the […]

Markets work efficiently when they are based on competition. Cartels are damaging, and rightly are not allowed, because they eliminate competition. A successful internal market needs regional and regulatory competition, something that some countries – mostly those with excessive cost structures – frown upon. They use the terms “race to the bottom” and “unfair competition” […]

by Federico Salazar (Mises Institute, Peru) Eugen Böhm v. Bawerk “Der Zweck der Volkswirtschaft” | This last book commentary was published in Neue Freie Presse, on Feb 2, 1910. I was very lucky to find it during my research for another topic in the Österreichische Nationalbibliothek digital service. Reading Böhm-Bawerk the theorist, the polemicist and […]