VS Prize

XVI. INTERNATIONAL VERNON SMITH PRIZE 2023 Vernon Smith Prize is an essay competition for the advancement of Austrian Economics – sponsored and organized by the European Center for Austrian Economics Foundation (www.ecaef.li), Vaduz (Principality of Liechtenstein). Topic for 2023: “The Rule of Law. It’s Meaning and Purpose” Extended deadline for the essays: November 30, 2023. […]

The Arrogation of Knowledge and its Consequences Niels Behrmann Second Prize in Vernon Smith Prize Contest 2021. Abstract In this essay, I explore the consequences of the methodologically misguided over-confidence in the human ability to gain knowledge and to design a society based on that knowledge. I will defend the hypothesis that such arrogation of […]

Economics Set Free: In Defense of Hayek David Andrew McMillan First Prize in Vernon Smith Prize Contest 2021.   Abstract Policymakers treat economics mysteries as a series of economics puzzles or optimization problems: If only we had more data, they claim, our predictions would be more accurate and evidence-based interventions would deliver greater benefits. The […]