LFMI invites youth to participate in the ‘’Freedom Studies’’ competition. The topic
this year – price in the market
LFMI announces its traditional essay competition ‘’Freedom Studies’’ and invites
students to analyse the phenomenon of the price – how price emerges and what
role it plays in the market.
‘’This topic was chosen due to constantly re-emerging initiatives to regulate prices
and mark-ups, creating expectations that consumer will have to pay less for the
product. It is obvious that in society – from the decision-makers to consumers – there
is a lack of knowledge concerning what the price is, how it emerges and what role it
plays in the market. By announcing this competition and also by publishing the new
‘’Political Economy Readings’’ selection we want to show that limited resources are
most effectively used only when the market is free, and any intervention in price
regulation decreases both the options people have and their wellbeing’’ – LFMI
special expert Rūta Vainienė introduces the topic of this year.
LFMI invites young people to earn from intellectual activities by writing an essay for
the ‘’Freedom Studies’’ competition. You can choose one of the suggested sub-topics
or come up with one yourself. The deadline is the 1st of October.
The ‘’Freedom Studies’’ competition for the students has been running since 2003.
Every year we receive interesting and exceptional works. Last year the students were
writing about the market and morality.
The sub-topics we suggest:
› ‘’Price and Knowledge’’
› ‘’Price and Value Ratio’’
› ‘’The Moral Aspects of the Price’’
› ‘’Price Intervention’’
› ‘’Price Formation as a Process, Based on the Austrian School of Economics’’
› ‘’Economic Calculations and Price’’
› ‘’The Price Mythology’’
The prize fund:
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Cash prizes – the winners of the 1-3 places will be awarded cash prizes (1st
place – 1500 Lt, 2nd place – 1000 Lt, 3rd place – 500 Lt).
Intellectual prizes – the winners of the 1-3 places will also be granted a place
in our top economic courses ‘’Realistic Economic Analysis’’ that will be taking
place for the fifth time.
Books – all the winners will be awarded the newest LFMI ‘’Political Economy
Readings’’ selection about the price in the market.
Essay requirements:
The page count for the essays is up to 10 pages. Students can submit work
that was written as a paper, course work or article.
Requirement for the participants:
Participants of the competition should be no younger than 17 years and
should not have obtained a doctoral degree.
Terms and Dates:
The deadline for the essay submission is the 1st of October 2012. The
winners will be announced and awarded during October.
Contact details:
Please send your essays and queries at: LLRI@lrinka.lt. More information
about the competition is available at www.lrinka.lt under ‘’Economic
education’’ – Essay competition ‘’Freedom Studies’’ or call (+370 5) 250
0280.
Other:
Works will be assessed by a commission comprised of LFMI experts.
Participants of the competition will be provided with additional help –
those who wish to write an essay will have an opportunity to consult an
appointed supervisor, which will answer various questions about the
choice of the topic, additional literature etc.
Recommended literature for the competition of this year about the price in the
market:
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Friedrich A. Hayek, The Use of Knowledge in Society
Žinių panaudojimas visuomenėje (translation)
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Ludwig von Mises, Human Action, XVI. Prices
1. The Pricing Process
2. Valuation and Appraisement
3. The Prices of the Goods of Higher Orders
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Milton and Rose Friedman, Free to Choose, The role of prices.
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G. F. Thirlby, The subjective theory of value and accounting cost
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Laurence M. Vance, The Myth of the Just Price
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Gloria Zúñiga y Postigo, Scholastic Economics: Thomistic Value Theory
 The winners of the previous competitions and their works