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Introduction

The Hayek Essay Contest is open to all individuals 36 years old or younger. Entrants should write a 5,000 word (maximum) essay. Essays are due on May 31, 2016 and the winners will be announced on July 15, 2016. The essays will be judged by an international panel of three members of the Society.

Topic

In what other areas of modern societies is competition underutilized as a discovery procedure? Can competition be beneficially introduced in other industries that are often monopolized by governments? What, if any, are the limits of competition’s ability to produce beneficial spontaneous orders?

“Competition operates as a discovery procedure not only by giving anyone who has the opportunity to exploit special circumstances the possibility to do so profitably, but also by conveying to the other parties the information that there is some such opportunity. It is by this conveying of information in coded form that the competitive efforts of the market game secure the utilization of widely dispersed knowledge”
– Hayek, F.A., 1976b. Law, Legislation and Liberty, Volume 2: The Mirage of Social Justice. Chicago: University of Chicago Press.

“Competition is “a procedure for discovering facts which, if the procedure did not exist, would remain unknown or at least would not be used”
– Hayek, F.A., 1968/2002. Competition as a discovery procedure. (Marcellus S. Snow Trans.) Quarterly Journal of Austrian Economics 5, 9-23.

“It [government provision of money] has the defects of all monopolies: one must use their product even if it is unsatisfactory, and, above all, it prevents the discovery of better methods of satisfying a need for which a monopolist has no incentive”
– Hayek. F.A., 1976a/1990. The Denationalisation of Money , Third Edition, Institute of Economic Affairs, London.

Organizer
The Mont Pelerin Society

Prizes
First prize: $2500 cash award + travel grant*
Second prize: $1500 cash award + travel grant*
Third prize: $1000 cash award + travel grant*
*Travel grant includes coach class airfare, registration fee, and most meals. Hotel, other food, and other expenses will be the responsibility of the attendee.

Deadline
May 31, 2016

Guidelines
• Essays must be submitted in English only.
• Entrants should write a 5,000 word (maximum) essay.
• Electronic versions should be sent to: mps.youngscholars@ttu.edu.
• Authors of winning essays must present their papers at the General Meeting to receive their award.

Inquiries
Please contact us at mps.youngscholars@ttu.edu with additional questions or click here

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Maduka Onwukeme is an Attorney, Creative Writer and Business Consultant. Follow him on Twitter, on Facebook or on Linkedin

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