We are proud to announce the winners of the 2016 Hayek Essay Contest:
First Prize: Adam Martin, “The Limits of Liberalism: Good Boundaries Must Be Discovered” ($2500)
Second Prize: Matthew Munoz, “Deontological Dickering” ($1500)
Third Prize: Edgar Duarte, “Competition as a Discovery Procedure in the Practice of Accounting” ($1000)
Winners will participate in a special Young Scholars session, moderated by Benjamin Powell (Texas Tech University), on Friday, September 23, prior to the Closing Dinner of Mont Pelerin Society’s 2016 General Meeting.
The 2016 Hayek Essay contest was made open to all individuals 36 years old or younger. Entrants submitted English-language essays of no more than 5,000 words on the Essay Contest Theme shared below. Winners receive the cash prize listed, as well as a travel grant covering coach class airfare and complimentary registration at MPS. For questions about the Hayek Essay Contest, please contact: email@example.com.
Essay Contest Theme
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.