5th International Vernon Smith Prize

5th International Vernon Smith PrizeCollage based on Quentin Massys (1465-1530) The Tax Collectors; Collection of Prince of Liechtenstein, Vaduz-Wien

The Winners of the 5th International Vernon Smith Prize 2012 for the advancement of Austrian Economics are:

First Prize EUR 4,000: Cameron Harwick (USA) for his essay “”.

Second Prize EUR 3,000: Benjamin Buchthal (Germany).  Download his essay here -> PDF (233kb).

Third Prize EUR 2,000: Lode Cossaer (Belgium) for his essay “”.

“A Government which robs Peter to pay Paul can always depend on the support of Paul.” Why should a democratic majority, only because it is the majority be entitled to apply to a minority a rule which does not apply to itself? Although, income redistribution occurs in some form in most of today’s democratic countries, it seems that this practice is an infringement on the fundamental principle on which the justification of democracy rests. The topic is critically important and requires sound thinking. 

Inspired by George Bernard Shaws famous quote ECAEF invited papers on this topic – in English language and from individuals of up to 30 years of age. The deadline for all entries for the 5th International Vernon Smith Prize was November 30, 2012. 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, on January 28, 2013.

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