The 6th International 'VERNON SMITH PRIZE' for the Advancement of Austrian Economics is sponsored and organized by ECAEF - European Center of Austrian Economics Foundation, Vaduz (Principality of Liechtenstein)

Topic:

--- First Prize EUR 4,000 ---
--- Second Prize EUR 3,000 ---
--- Third Prize EUR 2,000 --- 

A public debt is the debt owed by a central government. As governments can only finance their expenditures by printing money or levying taxes, a public debt amounts to the deferral of either of these primary methods of finance. If the debt is payed for by printing money, the end result is inflation. However, running a debt which is financed by taxation always implies that a government is not creating new economic activity but only determining the proportion of economic activity which occurs in the public or private sector.

We invite papers on this topic which meet the following requirements:

1: Entries may be submitted by individuals of up to 30 years (in 2013)

2: Entries may not exceed 12 pgs.; 1.5 space; left/right margins no less then 1 inch; including a full bibliography and a 1/2 page summary

3: Entries must be submitted in English in electronic form (pdf) to krleube@ecaef.li and must include a current CV.

4: Entries must be received on or before November 10, 2013.

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, the Principality of Liechtenstein on February 3, 2013. First Prize: €4,000 - Second Prize: €3,000 - Third Prize: €2,000

Deadline for submissions: November 10, 2013