Photo Collage based on Quentin Massys (1465-1530), "The Tax Collectors"; Collection of the Prince of Liechtenstein, Vaduz-Wien.

The Winners of 5th Vernon Smith Prize are:

1: Cameron Harwick (USA)
--- First Prize EUR 4,000 ---

2. Benjamin Buchthal (DE)
--- Second Prize EUR 3,000 ---

3: Lode Cossaer (B)
--- Third Prize EUR 2,000 ---

The 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:

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.

We invited papers on this topic who met the following requirements:

Entries had to be submitted by individuals of up to 30 years (2012), not exceeding 12 pgs.; 1.5 space; including a full bibliography and a 1 page summary; left/right margins no less then 1 inch. Deadline was November 30, 2012. Essays have been judged by an international jury and the winners are now invited to present their papers at a special event in Vaduz, the Principality of Liechtenstein on January 28, 2013.