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. Essays must be submitted in English only. Electronic versions should be sent to: email@example.com. Authors of winning essays must present their papers at the General Meeting to receive their award.
First prize: $2500 cash award + travel grant
Second prize: $1500 cash award + travel grant
Third prize: $1000 cash award + travel grant
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 competitionís 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"