Vernon Smith Prize

The Education Market: Thought On The Benefits Of Competition Marcos Lüdy ABSTRACT In this essay, a comprehensive approach to the educational phenomenon will be undertaken, starting with a praxeological analysis to address general questions about the feasibility of incorporating market principles and free competition into the education sector. Accordingly, an argument will be developed in […]

  The Mischaracterization of Education as a Merit Good Garret Thomas Molloy ABSTRACT This essay advances three claims (1) The current provision of public education characterizes education as a merit good. This characterization motivates state intervention to correct for merit good’s characteristics of positive externalities and consumer uncertainty (2) The provision of free public education […]

The Public-Private Paradox of Education: Merit Good or Negative Externality? Patrick Tecklenburg ABSTRACT This essay explores education`s multifaceted role as a private, a public and a merit good, with an intertwined reflection on its historical evolution and modern-day relevance. From its origins as a privilege, mainly only affordable by the elite to the widespread vision […]

Is education a public or a private good? Who gains from being educated? Olivia Liane Opitz   ABSTRACT This article examines whether education should be considered a private or public good and analyses the impact of both approaches on individuals and society. An equitable and accessible education system promotes social cohesion, economic stability and innovation. […]