The 9th International Vernon Smith Prize for the Advancement of Austrian Economics is an essay competition sponsored and organized by ECAEF European Center of Austrian Economics Foundation, Vaduz (Principality of Liechtenstein). This years’ topic:
Direct Democracy versus Representative Democracy. Cost and Benefits for the Citizenry!
|- First Prize EUR 4,000 -|
|- Second Prize EUR 3,000 -|
|- Third Prize EUR 2,000 -|
Although, democracy is fundamentally a method for preserving individual liberty and civil rights, this almost narcotic term has become so powerful today that all essential limitations on governmental power are breaking down before it. By deteriorating into a scheme of legitimizing the regime of coalitions of organized interests, representative democracies gradually transform into oligarchies. While it is assumed that governments always have the people’s best interests in mind, for the most part they seem to act in their own behalf. In direct democratic systems, however citizens have more controlling devices at their disposal and can propose, decide, or profoundly modify their governing laws, and even secede from the republic. Are direct democracies more cost effective and beneficial for the citizenry?
ECAEF invites papers on this topic which meet the following requirements:
1: Entries may be submitted by individuals of up to 30 years (in 2016).
2: Entries may not exceed 12 pages; 1.5 spacing; left/right margins no less then 1 inch; full bibliography and a 1/2 page summary (abstract) must be included.
3: Entries must be submitted in English in electronic form (PDF) to firstname.lastname@example.org and must include an abbreviated CV, featuring DoB, education, and current position
4: Entries must be received on or before November 11, 2016.
5. It is mandatory that all prize winners participate in the award ceremony in Vaduz Prizes are not transferable and will be awarded on the basis of originality, grasp of subject, and the logical consistence of the argument.
Essays will be judged by an international jury and the winners will be invited to present their papers at a special event in Vaduz, Principality of Liechtenstein, on February 6, 2017. First Prize €4,000 – Second Prize €3,000 – Third Prize €2,000.
The AEC’s fundamental goal is to promote a free, responsible and prosperous society. Through education and improving public understanding of key economic questions, the AEC promotes the idea of a free market economy and the ideal of a free society.