for the public understanding of economics and entrepreneurship

Hayek Essay Competition

The Hayek Essay Competition is an annual essay writing competition for University of Buckingham students in the Autumn Term. Students have a range of topics they may choose to research on which reflect on Hayek’s Nobel Lecture and how his ideas explain the world today.

“The particular occasion of this lecture, combined with the chief practical problem which economists have to face today, have made the choice of its topic almost inevitable. On the one hand the still recent establishment of the Nobel Memorial Prize in Economic Science marks a significant step in the process by which, in the opinion of the general public, economics has been conceded some of the dignity and prestige of the physical sciences. On the other hand, the economists are at this moment called upon to say how to extricate the free world from the serious threat of accelerating inflation which, it must be admitted, has been brought about by policies which the majority of economists recommended and even urged governments to pursue. We have indeed at the moment little cause for pride: as a profession we have made a mess of things”. The Pretence of Knowledge (F. A. Hayek, Nobel Lecture, 1974)