The Manhattan Institute hosted a banquet in New York City in honor of John Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University, who has been named this year’s recipient of the prestigious Hayek Prize for his book First Principles: Five Keys to Restoring America’s Prosperity (W.W. Norton 2012). “The Hayek Prize, which carries an award of $50,000, is one of the country's most significant book awards. It was established by the Manhattan Institute to recognize a work published within the previous two years that best reflects F.A. Hayek's vision of personal liberty and economic freedom,” stated James Piereson, a senior fellow at the Manhattan Institute, chairman of the Hayek Prize Committee and president of the William E. Simon Foundation.
In his new book, Taylor offers solutions to the current economic crisis that involve returning to America’s founding principles. He argues that to restore prosperity America should return to economic and political freedom—a predictable policy framework, rule of law, strong incentives, reliance on markets, limited government—and reconstruct its economic foundation from those proven principles.
“Taylor's book reminds us that our current economic difficulties are not rooted in our people, institutions, or culture but are due mainly to failures in national policy. The path to growth and prosperity, he argues, will be found in a return to the traditional American principles of individual freedom, limited government, and stable economic policy,” stated Piereson.
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