ESPI - Institut za ekonomska i socijalna istraživanja

2008 SUMMER SCHOOL

Vienna and Chicago: Two Schools of Free-Market Economics

– With emphasis on competition and tax policy –

July 14th – July 25th 2008

The eleventh 2008 ESPI Summer School will represent a unique opportunity for students and young scholars to deepen their understanding, as well as to broaden and update their knowledge about the role of markets in solving economic and social problems. For those who are not yet familiar either with the classical liberal tradition, Austrian and Chicago School of economics, summer school will be a good introduction. The school will cover a range of topics but the emphasis will be placed on competition and tax policy, on the economics of growth, on the differences between free-market economists - Austrian and Chicago School - and on how pervasive are externalities, public goods, monopoly, imperfect competition, and macroeconomic stability in the market economy and if than how much government is necessary to handle "market failure"? The School aims to disseminate the ideas of individual freedom and responsibility, free market, and limited government.

PARTICIPANTS

Thirty (30) advanced undergraduate and graduate students in social sciences and humanities, preferably in economics and related disciplines (including law, political science, psychology, organizational and behavioral sciences) from Serbia, Albania, Bosnia and Herzegovina, Croatia, Macedonia, Montenegro.

FULL APPLICATION PACKAGE - JUNE 20TH

• One Letter of Recommendation from their Home Universities
• Motivation Letter (Up to 300 words describing why you would like to take part in the school, what they expect to gain from it and how do you think you will contribute to its overall organization while participating in it and in future)
• Short Resume or CV
• Appropriate knowledge in economics and/or social sciences and English (interview, phone interview)
• Registration via www.institutespi.org and Application package via mail office@institutespi.org or send/brought to Topličin venac 11, 11 000 Belgrade, Serbia; +381 11 3346086, +381 11 3346172;
• Contact persons: Zorica Stanković
• Download application form (ESPI InstituteSummerSchool2008ApplicationForm.doc 68KB)

ACKNOWLEDGEMENT LETTERS TO THE APPLICANTS – JUNE 25TH

Selection Committee will be in charge of announcing the final list of participants. The decision will be brought upon motivation letter, recommendation and interview (or phone interview) and if necessary entrance test that covers Economics.

FINAL LIST OF PARTICIPANTS – JULY 1ST

Selected applicants will be asked to confirm their participation by June 30th. If some of them do not confirm participation, the applicant first on the waiting list will be invited.

2008 SUMMER SCHOOL – JULY 14TH - JULY 25TH

Venue: Lectures will be held at ESPI Institute premises Topličin venac 11, Belgrade, Monday to Friday, while weekends will be left for students’ informal interaction and teamwork.

ACCOMMODATION

The participants will be accommodated at the hotel in downtown Belgrade. Accommodation will be provided in both single and double rooms.

ACADEMIC CURRICULUM 2007

1. Vienna and Chicago: Two Schools of Free-Market Economics
   This course will present a historical account of the resemblance and disparity between Austrian and Chicago schools. Where do members of the Austrian and Chicago schools disagree? What they have in common? The Austrian and Chicago schools were born in the midst of crises in economic theory, at times when the classical laissez-faire model of Adam Smith faced unprecedented challenges from the critics of capitalism. The Austrians rescued classical economics from the socialist/Marxist threat in the late 19th century, while the Chicago school countered the Keynesian challenge of the 20th century. Still, there are the points of disagreement: whether theories should or should not be empirically tested; the concept of the ideal monetary system; the business cycle, capital theory, and macroeconomic model; and the role of government in a market economy.
2. Competition and Tax Policy – Market Power and Tax Competition
   Transition countries lack credible competition policy. What the national economies’ experiences show? Is the free market simply opposite to government? What are the main gains of tax competition? How the tax policy improves the economy?
3. Growth and Development – The Role of Economists and Entrepreneurs
   What role is the economist to play in understanding and contributing to economic development? Despite the apparent scientific soundness of the best known theories, it will be explained that the only acceptable engine for growth is entrepreneurship and that both entrepreneurship and the opportunities to profit from it depend on the features and origins of the institutional framework.
4. Hayek and the Proper Role of Government in a Market Economy
   On the whole, society's problems and challenges are best dealt with by people and companies interacting with each other freely without interference from politicians and the State. This means that government action, whether through taxes, regulation or laws, should be kept to a minimum. This course will examine how Hayek views the role of the government and how pervasive are the arguments like externalities, public goods, monopoly or imperfect competition that are so common in the mainstream economics and, how much government is really necessary to handle "market failure"?

LECTURERS (confirmed)

• Dr. Barbara Kolm, F.A. v. Hayek Institut, Austria
• Prof. Boris Begovic, University of Belgrade and CLDS, Serbia
• Dr. Dusko Vujovic, World Bank, USA
• Prof. Fred Foldvary, Santa Barbara University, USA
• Prof. John Cobin, Greenville South Carolina, USA; Le Tourneau University in Texas;
• Universidad Francisco Marroquin, Guatemala
• Prof. Veselin Vukotic, University of Podgorica and ISSP, Montenegro

ACKNOWLEDGEMENT:

Economic and Social Policy Institute has won the 2007 Freda Utley Prize for Advancing Liberty. ESPI thanks to the Atlas Economic Research Foundation for the award.

Any substantial changes in the program will be announced.

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