Born in 1893 Heydel became a professor at the Jagiellonian Univesity in the early 1930′s, but his criticism towards Piłsudski’s national policy resulted in being expelled from his own faculty. Nevertheless, he did not give up his efforts to write about gross national income. The outbreak of World War II wrecked his plans. Nazis offered him to renounce Polish citizenship, but he refused to do so and signed himself a death penalty. His execution in 1941 in Auschwitz Concentration Camp ended his promising career.

After the II World War Poland found itself in the USSR zone of influence. Heydel’s writings were banned and his books were removed from libraries: his criticism towards Marxism and state interventionism were totally unacceptable at that time.

Now, after more than half of a century thanks to the Instytut Misesa, the works of Heydel are finally republished. Efforts of the volunteers working for the Institute resulted in two-volume publication that consists of articles about the economy, society, national politics, and Polish art history. Many articles remained out-of-public since the outbreak of the WWII. The book has just been released.

From Austrian economists’ point of view, responsibility for the current breakdown lies entirely with the state and central banking. In an interview with Bankier.pl, Witold Falkowski, the president of the Ludwig von Mises Institute Poland, explains where the economic crisis comes from and how to avoid the return of recessions.

[Bankier.pl] Who was Ludwig von Mises?
[WF] Mises was a distinguished economist and praxeologist. As he mentioned himself, a real economist he became after reading “Principles of Economics” by Carl Menger, the founder of the Austrian school of economics. Mises was highly esteemed and respected as a researcher in the twenties and thirties. The Austrian school and Mises were forgotten though, ever since Keynes ideas became popular. Jörg Guido Hülsmann, author of a recent monumental biography of Mises, titled it: “Mises: The Last Knight of Liberalism”. Indeed, Mises was a consistent and staunch defender of the truth which he regarded as economic liberalism, not very popular in academic circles in the U.S., where he spent over 30 years, and still unpopular in state capitalist Europe. Thanks to his consistency and intellectual activity the Austrian school has survived, and recently even been booming.
Mises was also a knight in a more literal sense. In winter 1918-1919, when the Marxists gained influence in the government of Austria, he personally persuaded Otto Bauer, the leader of the Marxists, and his wife Helena Gumplowicz to give up plans for an alliance with Moscow and the introduction of the Bolshevik regime in Vienna. Therefore we can say that Mises won an important battle in defense of civilization.

What determines the uniqueness of Austrian economics?
Its normality – we are living in abnormal times when evil is often referred to the good, theft to justice, savings to suppression of demand, good of certain interest groups to the public good. The Austrian School stubbornly asserts that there is no reason to take away people’s money in the name of some public benefit, as there is no investment without savings and capital accumulation, and the market is able to provide almost all goods and services the consumers need.
In the scientific sense, what determines the peculiarity of the school is: its methodological individualism (we study various phenomena, and not their aggregates, the average statistics, etc.); subjectivism (no objective economic values, price depending on supply, demand, preferences of the seller and buyer); realism (these are units who work, rather than collectives, aiming to improve the situation of acting). Austrian economics is firmly rooted in praxeology, a philosophical study on the effectiveness of action. It indicates certain rules, which control human action, and warns against the consequences of violations of these rules. Such violations include, for example: dictating to people what is good for them; forcing entire populations to follow certain regulations and economic compulsions (maximum prices, minimum wages, tariffs, state insurance, subsidizing certain spheres of the economy, fiat money, and many others).
Austrian economics, unlike the British tradition and all of today’s mainstream, is actually not divided into macroeconomics and microeconomics. Economic laws are universal and the activity of all market participants ultimately boils down to the actions of individuals. Reflections on the aggregates, models and the shape of the national and the world economy are the areas of speculation which the Austrians do not enter.
There is one more distinctive feature of Austrian economics. Austrians believe that economics is the science which everyone can and should learn, because it concerns everyone. Practicing economics, as something between social engineering and creative accounting, is in our opinion a blind alley or rather a way that leads to increasingly serious crises and large scale manipulations. Economics should be taught from kindergarten.

Are achievements of Austrians still valid?
As valid as the law of gravity. Austrians do not announce anything sensational, they rather call not to be against human nature, which is analogous to the force of gravity, which affects all animate and inanimate objects. They remind us that man is not an electron brain but a being with the specific evolutionary constraints. Accumulated in the human mind is both discursive knowledge, that can be used to create clear plans, and practical knowledge (Hayek called it “Metis” from Greek, after James Scott), which is rather encoded in the mind and body, passed in culture and customs, distributed within society. If all human knowledge is brought to the discursive layer, we will not only deprive it of substantial resources but also allow dangerous abuse, which Hayek called the “fatal conceit of reason”.
The Austrian theory of money and business cycles is especially current during the smoldering crisis. Austrians consistently preach that fiat money, created “ex nihilo” paper money as the credit, has to destabilize the economy because it gives a man the power that no one should have, a temptation which no power can oppose.

It is widely believed that the business cycle is an inherent feature of a capitalist economy. Is this true?
The Cycle itself is an inherent feature of the universe. We have the seasons, night and day, everything revolves and returns. In this sense, there is no help for periodicity, no system can eliminate it. However, periodic fluctuations may be mild and unobtrusive, as are mild seasonal changes, dusk or dawn. Such fluctuations dominated the millennia. Exceptions were made of natural disasters, plagues, epidemics, and disturbances in the money supply, usually associated with the rulers of those days (the last category includes famous tulip mania which occurred in the 17th century in the Netherlands).
Capitalism is being blamed because the central government seized a monopoly control over money creation. The central bank determines the money supply, which usually ends with an oversupply. A boom appears: entrepreneurs benefiting from the cheap loans produce things that nobody needs, inflation rises, purchasing power declines, a collapse occurs. Then the central bank intervenes again to throw in more money and “stimulate” the economy. It extends the existing crisis and actually initiates the next.

So what are the real sources of economic crises?
Rapid economic crises, unrelated to external events such as floods and earthquakes, began in the 20th century, when the banking system had been gradually released from compliance with the rules obligatory in other sectors of the economy. It was the beginning of 20th century when they drastically reduced reserve requirement and abolished the gold standard, which allowed creating money in any quantities. This discretion, according to the Austrians, is the cause of booms and collapses. Too easy money gives a misleading signal, interpreted by entrepreneurs as an increase in demand. Overproduction occurs, the market is flooded by goods people do not need, which ends with the factories closing, collapses of the banks, bankruptcies, unemployment, and uncertainty. The Austrian school is the only school of economic thought, which explains the causes and nature of crises. In the view of other schools crises are the scourge of God, the result of a sudden epidemic, or a consequence of human greed or stupidity.

Some economists argue that the gold standard is an anachronism. What about the Austrians?
It may be anachronistic to eat three meals a day, wear shoes or to breathe. The Japanese have already built manlike robots, which don’t have to eat, breathe or buy shoes. They are thoroughly modern. Paper money is a similar modern invention. If a man was a robot, this would work well because robots would use money in a programmed manner. Man is not a robot though; he strives for power and wealth, yielding to temptation, breaking God’s commandments and rules of coexistence. The only obstacle for these unhealthy lusts is independence of money supply from the pressure groups and political clique, leaving the markets to decide which form the money will take. Gold has worked well in this role, but perhaps it would be anachronistic to the market shortly after the release of money, that is after allowing for the production of private money. However, then paper money would quickly prove to be even more anachronistic than gold. Obligatory use of legal tender excludes any innovation in this field.
The Austrians do not insist on the gold standard, they want money to be supplied by the market. Interestingly, the gold standard and the return of full-reserve banking guarantee what ecologists call “sustainable development”. Unfortunately ecologists state that we need to introduce new regulations, prohibitions, and limits on gas emissions and protect the turtles, or frogs, instead of reaching the essence of the problem.

Is it possible to avoid the return of the crisis?
It’s possible, unless you do not pump up the economy. If it is already pumped up, you must give up sustaining the economy artificially. It would be best to abandon central management of economy, which is now widespread, although haunted by the belief that the free market prevails. State regulations and central plans are needed by ministers and commissioners in Brussels. Businesses do not require them; moreover, regulations might be even harmful, as they distort the real customer preferences. The regulations to ban ‘too bent’ bananas reflect only the views of the Commissioner, inhaling his cigar and trying to justify his existence, not the consumer’s existence. And it relates to all regulations.

The Institute has just released “America’s Great Depression” by Murray Rothbard. Why this specific publication?
The priority of our publishing policy is to translate all important writings of Austrian economists, which have never been released in Polish language. Such works include Rothbard’s book. Publishing it during ongoing discussions about the causes of recent financial and economic crisis will be an important contribution to the discourse. Rothbard undermines the stereotypical view that the Great Depression was caused by some defect of the free market and interventionist actions led to depression. Even staunch supporters of government intervention should be familiar with this position and be able to find counter-arguments, before recklessly fighting the crisis.

Friedrich von Hayek is much more recognizable figure than Murray Rothbard. Why Ludwig von Mises Institute Poland doesn’t translate his works?
Perhaps because he is more recognizable. You could say that Hayek did very well himself. He won the Nobel Prize and many books were published in Poland, including: “The Constitution of Liberty”; “Individualism and Economic Order”; “The Fatal Conceit”; “Road to serfdom”. Hayek is also easier to accept for mainstream economists because often he gives the central government substantial prerogatives. Mises and especially some of his disciples, such as Murray Rothbard, are slightly more consistent (some would say radical) in opting for small government. But we remember Hayek because he’s an unconventional thinker, a very inspiring one. Our publishing plans include translating his “Prices and Production”.

Is the Ludwig von Mises Institute Poland engaged in any other projects besides publishing activities?
We work with high school students by creating a special program: “Lessons of Economics”. In several schools in different cities we have already held several lessons about the economy, with particular emphasis on the Austrian perspective. University students, and anyone interested in economic issues, are invited to the Clubs of Austrian School of Economics (KASE). They operate in several cities (we want to be present in all cities over 100.000 inhabitants) and are self taught. There is nobody teaching Austrian economics in Poland, therefore we need to study it ourselves. We also organize seminars and conferences on special order of companies and institutions. More frequently, we report entrepreneurs who discover that Austrian economics perfectly reflects their practical knowledge in theory. Finally, each year we organize Summer Seminars of Austrian Economics, involving people of all ages, mostly those who already possess some economic knowledge.

How popular is Summer Seminar of Austrian Economics?
Places for this year’s seminar in Radziejowice are almost sold out, despite the fact that you have to pay a participation fee, which might be costly for students. These seminars provide a unique atmosphere of sharing ideas, searching for truth and complying with intellectual discipline. I really like to participate in them, and co-operating with a group of wonderful volunteers gives me extra satisfaction. They are young economists, who have the courage to think independently, often in a different way, than their professors expect.

Witold Kwaś›nicki

What is the free market?

Briefly put: “It is the most pacific institution created by humankind”€. Comparable only with the wheel invention.

The essential market features and its effects indicate that the market is the best, even if imperfect, solution to social problems. It proves the most effective remedy to “€œsocial diseases”€. Therefore, we are trying to answer on: “€œDoes the market contribute to poverty generation?”€

Ryszard Bugaj

The discussion panel refers to the range of today’s governmental interventions from macroeconomic perspective.

Mateusz Machaj

Contestable Market Theory vs. Competition Theory

Neoclassical theory of competition has been based on strictly theoretical premises such as “€œperfect competition”€ and “€œmonopolistic competition”€. The Austrian School has managed to develop the most realistic competition theory (Mises, Hayek, Rothbard, and Kirzner). An appropriate definition of the latter might be a theory of free markets – with liberty of entrance and exit, uninterrupted by government intervention.

In the 1980s, William Baumol introduced an alternative theory of contestable markets. According to him, a given sector remains competitive as long as it allows at any time entrance of a competitor who is able to compete freely with other vendors.

A close affinity between the Austrian theory and the contestable market theory is self-evident. The notion of “€œsunk costs”€ is a distinctive idea in Baumol studies. However, thorough understanding of “€œsunk costs”€ inevitably leads to the conclusion that genuinely contestable (competitive) markets are simply free markets.

Jan Iwanik

Insurance cycles and Austrian theory of the business cycle

The Austrian theory of business cycles explains macroeconomic fluctuations with a disturbing impact of manipulation into interest rates on regular economic time preferences. The theory claims that unnatural facilitation of the credit availability results in unsustainable extension of economic production structure, which in turn leads to a collapse. So-called underwriting cycles mainly occur in property insurance markets and are reflected in variable availability and price of policies. These cycles are well substantiated phenomena in developed markets. They originate from mass changes of a risk perception, changes in reinsurance availability, changes of interest rates, phenomenon of a “€œwinner’s curse”€ and a systematic risk derived from the regulation.

The Austrian theory partly explains the underwriting cycle development. Firstly, a loose monetary policy may be a trigger for the cycles. Secondly, they may get triggered by change of reinsurance availability. Thirdly, the cycles are more likely in long-term insurances.

The theory of underwriting cycles provides new arguments to clarification of the Austrian theory of business cycles.

Benjamin Stafford -€” Director of Programs, Foundation for Economic Education, USA

Limit government, not the market

Society and markets are ordered by human action but not by human design. In fact, they cannot be designed by humans for three important reasons: a man is morally fallen, we have severely limited knowledge, and our reason cannot design an extended order. I will later indicate some examples from the last century to point out man’s limitations and thus reasons why government ought to be limited, including atrocities by governments, the way the U.S. government exasperated the Great Depression and the government educational system. I will point out the four different kinds of socialism and its prospects in the coming century. There are three significant ways to stand in the way of socialism’s and advanced liberty, living a life of character, humility, and educating others.

Maciej Bitner

Theories of irrationality and rationality of the financial system

The market researchers of a long existent behavioral finance presented theories to explain financial market disturbances with irrational behaviors of the investors. After the subprime crisis, those explanations have gained renown and popularity. In response to psychological explanation of the speculative bubble phenomenon, the mainstream economy has put forward the hypothesis of effective financial market. It has been based on very strong assumptions pertaining to rational behaviors of the market players.

The Austrian School researchers ought to take a stance on the dispute between the “irrationalists” and the “rationalists”. Three questions are pending. Firstly, is it possible to find the speculative bubbles at all? Secondly, provided they exist, are speculative bubbles harmful for the market players? Thirdly, would it be viable to at least partly prevent the bubbles development or their effects?

All the three questions deserve “yes” answers.

Juliusz Jabł‚ecki

Where is Waldo?€” or: is the credit bubble represented in monetary statistics?

Traditional monetary approach which forms a basis for the majority of contemporary economies and monetary policies assumes that there is a fixed relation between the money supply and inflation. Any deviation of the money supply growth rate from the economic growth trend must result in either inflation or deflation. This perspective, however, is insufficient for today’s bubble analyses. Any correct analysis of inflationary pressure and market price trends requires considering a wide range of substitutes for traditional money, which serve as a means of exchange media in periods of economic boom. It is particularly material to applications of quantity theory of money in analyses of real-life courses of the business cycles. For the analysis of individual cases of booms and crises, not only the amount of money in the market is important, but the quality analysis in particular.

Karol Pogorzelski

Kirzner’s theory of an entrepreneur

Israel Kirzner is the most recognizable of contemporary Austrian economists. An observation that constantly changing market conditions produce continual opportunities for profits is a starting point of his theory. An entrepreneur’s duty is to see and exploit those opportunities. The market efficiency depends directly on the entrepreneur’s competences in this respect. The competence is dependent on institutional market regulations, such as price controls extent, free competition range, etc. Another Kirzner’s achievement is a brilliant criticism of standard, i.e. a balanced market theory. He has emphasized that the entrepreneurs and consumers alike are price-takers, hence have no influence on the exchanged commodity price. The price must be agreed, most often in the course of competition operations.

We are to prove that, comparing to other contemporary theories, the Kirzner’s conception is a convincing choice.

Jan Lewiń„ski

Uncertainty in the economy of global warming

This paper presents the bottom-line issue of selected methods of protection against climate change consequences. The aim is to consider the economic results of ecological schemes. Our analysis covers estimations included in the ecological projects premises for the future potential losses resulting from the climate changes in comparison to possible counter scenarios. What follows next is an analogous analysis of existing ecological projects costs and its economic efficiency. The projects prove unprofitable when not funded by external sources, such as e.g. the governmental ones.

The analysis brings ambiguous conclusions. Firstly, the predictive value of projects of ecological premises, which exlude counter scenarios, is insignificant. Secondly, the public ownership socializes the risk and produces temptation of public fund abuse as well discourages from not only employments of private ecological schemes, but also funding R&D projects in this regard. Hence, the public schemes with extensive sphere of public ownership drive the private ones out of business. A normative conclusion would be to denationalize natural resources, with special emphasis on seas and oceans, which would enable more effective, decentralized market pricing of potential climate change consequences.

Jacek Kubisz

Szymon Chrupczalski

The Coase theorem and the social cost issue

Ronald Coase has attempted to prove that the governmental regulations levying taxes on issuers of external costs are counter-effective, and the problem of transaction costs in real world largely depends on a given legal system. The Coase theorem has been challenged by neoclassical and Austrian schools, alike. The objections regard anti-empirical and ahistorical approach.

The criticism of Austrian School pertains to: 1. the value explaining the Coase theorem, 2. the entitlements of the conflict parties that do not correspond with the ownership rights as guaranteed entitlements. Coase uses statistical conception of effectiveness and costs measurable for independent observers. The Austrian School emphasizes market methods of solving problems described by Coase, based on private ownership: internalization of external costs and spontaneous creation of institutions to reduce transaction costs.

Olgierd Sroczyń„ski

Workshops for teachers

The four-lesson scheme constitutes an introduction into the method of teaching and the theory of economics of human action. The aim of the workshops is to demonstrate an interesting way of transferring the knowledge on basic economic issues to the attendees. The main subjects are as follows: the theory of value, social collaboration and competition, the history of money, contemporary bank systems and finance crises.

Project is co-financed by the National Bank of Poland

This year’€™s Austrian Seminar will be accompanied by a special Teaching Workshop program, prepared for teachers who would like to effectively share their knowledge of economics and the Austrian School of Economics with their students. The workshops will take place directly before the seminar and each participant in the workshops will receive a certificate of participation. Although the Summer Seminar and the Teaching Workshops are separate events, we highly recommend participating in both of them.

Participants in the third annual Austrian Summer Seminar can take a special exam on the theory of economics in the tradition of the Austrian School. A passing score on the exam allows examinees to begin a professional cooperation with the Polish Mises Institute.

Join us in Radziejowice,

Witold Falkowski, the President of Polish Mises Institute

Speakers:

Prof. Dr hab. Witold Kwaśnicki, University of Wroclaw, head of The Department of The General Theory of Economics, the head of the Polish Mises Institute Council

Dr hab. Ryszard Bugaj, member of the Institute of Economic Sciences of Polish Academy of Sciences

Dr Jan Iwanik, Polish Mises Institute (IM) expert on insurance, graduate of the Faculty of Mathematics of Wroclaw University of Technology, employee of RBS Insurance in London, UK, columnist.

Dr Mateusz Machaj, founder of the Polish Mises Institute, PhD at Wroclaw University of Economics, assistant professor at Wroclaw University of Environmental and Life Sciences.

Maciej Bitner M.S., IM specialist on financial markets, PhD candidate at the University of Warsaw, freelance columnist.

Szymon Chrupczalski M.S., junior economist of IM, graduate of Jagiellonian University in Krakow and Krakow University of Economics, freelance columnist.

Juliusz Jabł‚ecki M.S., IM specialist on banking, PhD candidate at the University of Warsaw

Jacek Kubisz M.S., graduate of University of Wroclaw, collaborator of IM, intern at Urzad Marszalkowski of Lower-Silesia Region.

Jan Lewiń„ski M.S., collaborator of IM, PhD candidate at Wroclaw University of Economics, translator.

Karol Pogorzelski M.A., IM specialist on public sector, PhD candidate at the University of Warsaw.

Ben Stafford, Director of Programs of Foundation for Economic Education, USA, special guest of Polish Mises Institute.

Program of the Polish Mises Institute 3rd Summer Austrian Seminar
€œThe Boundaries and Effectiveness of the Free Market:€

1. Day €-“ 10.09.2010
13.00-€“15.00 Registration
15.00-€“16.00 LUNCH, welcome drink
16.15-17.00 Opening lecture: “€œWhat is Free Market?”€ (Witold Kwaś›nicki)
17.00-€“18.30 Discussion Panel: “Are there any areas where market does not work?”  (Witold Kwaśnicki, Ryszard Bugaj, moderator: Mateusz Machaj)
18.40-€“19.15 DINNER
19.30-21.00 Refreshments

2. Day -€“ 11.09.2010
08.30-€“09.15 BREAKFAST
09.15-€“10.45 “€œTheories of irrationality and rationality of the financial system” (Maciej Bitner)
10.45-€“11.00 COFFEE BREAK
11.00-€“12.15 “€œWhere is Waldo? Are credit bubbles visible in monetary statistics?” (Juliusz Jabł‚ecki)
12.15-€“13.30 “Kirzner’€™s Theory of Entrepreneurship” (Karol Pogorzelski)
14.00-€“15.00 LUNCH
15.30-€“16.45 “€œInsurance Cycles and the Austrian Theory of Business Cycles”€ (Jan Iwanik)
16.45-€“17.00 COFFEE BREAK
17.00-€“18.15 “€œTheory of Contestable Markets vs. Theory of Competition”€ (Mateusz Machaj)
18.30-€“19.30 DINNER
19.45-€“21.00 Meeting with IM Special Guest (Ben Stafford, Foundation for Economic Education, USA)

3. Day -€“ 12.09.2010
08.30-€“09.15 BREAKFAST
10.00-€“11.15 “€œUncertainty in the Economics of Global Warming”€ (Jan Lewiński)
11.15-€“11.30 COFFEE BREAK
11.30-€“13.00 “Coase Theorem”€ (Jacek Kubisz, Szymon Chrupczalski)
13.05-€“13.€“20 Commemorative Photo
13.30-€“14.30 LUNCH
14.40-€“17.15 Hall A: Exams / Hall B: information on IM activities (Witold Falkowski), free time, book exchange
17.30-€“18.30 DINNER
18.30-€“19.00 Announcement of IM fellowships, distribution of diplomas

Workshops can take place thanks to the support of Mr. Grzegorz Raczkowski

Speakers:
Olgierd Sroczyń„ski M.S., graduate of Jagiellonian University in Krakow, Faculty of Philosophy and Krakow University of Pedagogics, national coordinator of “€œLessons of Economics”€, head of the Club of Austrian School of Economics in Krakow, columnist (articles in: “€žPrzeglą…d Oś›wiatowy”€, “€žEstetyka i Krytyka”€); since 2008 co-organizer for Lessons of Economics in high schools in Krakow, Nowy Sącz and Katowice

Dr Mateusz Machaj, founder of Polish Mises Institute, PhD at Wroclaw University of Economics, assistant professor at Wroclaw University of Environmental and Life Sciences

Szymon Chrupczalski M.S., junior economist of IM, graduate of Jagiellonian University in Krakow and Krakow University of Economics, freelance columnist.

The participants in the workshop will receive a certificate of completion/participation.

Program of workshops:
9.30-€“10.00 Registration
10.00-€“10.45 “€œEconomics at school – what for?”€
10.45-€“11.40 Lesson I – Theory of Value
11.45-“12.40 Lesson II – Market Competition and Monopoly
Coffee Break
12.55-13.50 Lesson III – History and the Theory of Money
13.55-14.50 Lesson IV – Financial Crises

This year’s seminar brought together over 60 participants and speakers. Deliberations opened the inaugural lecture of the Head of the Scientific Council of Instytut Misesa (IM), Prof. Witold Kwaśnicki of Wroclaw University – Macroeconomics and Austrian theory. The speaker pointed out the timeliness of the Austrian analysis in the context of the current crisis. The first day was also a fascinating debate between the prof. Kwaś›nicki and prof. Tadeusz Kowalik, which was led by Dr. Mateusz Machaj.
Despite the clearly divergent views on the causes of the crisis and his prescriptions for overcoming, both speakers agreed that the market is necessary in the economy.In the course of other sessions of individual speakers issues of banking, finance, the methodology of economics, capital theory and the theory of the business cycle have been presented. In one of his lectures the team leader of the experts of IM, Juliusz Jabł‚ecki studied regulation of the financial market and talked about the progress of the 2008 crisis which was the most present issue spoken about. Much emotion and debate provoked another instance of the speaker, in which he analyzed the effects of the introduction of the euro in Poland. In turn, Karol Lew Pogorzelski, IM specialist of the public sector, asking about the validity of the methodology of the Austrian School, proved that the discussion and methodological disputes within the school and among its supporters are the most viable. Very important elements of the seminar were the teachers training workshops. Arthur Foulkes, an American columnist and associate of the Mises Institute in Auburn, led the first part of them in which He demonstrated that the science of economics can be fascinating even for primary school pupils. The second part of the workshop, which was led by volunteers from Krakow’s Club of the Austrian School of Economics at the IM participating in the project “Lessons of economics” proved to be a great compliment of the first one. The volunteers have been successfully running this project for more then a year. They’ve been introducing economic theory elements during entrepreneurship classes in high schools in Krakow. The speakers discussed not only examples of lesson themes (interested persons received outlines for students and teachers), but also addressed the methodological issues, such as teaching materials. The classes attracted wide interest and were followed by a lively discussion.Thanks to one of the sponsors (In Vino Shop that belongs to dobrewina.pl network) first day of the seminar had an organized wine tasting event. Seminar guests could enjoy delicious vines from the countries of the Old and the New World. This year’€™s seminar participants could join a specialist exam of the foundations of economic theory in terms of the Austrian school. Written test, a qualifying exam to the 2^nd oral part passed all of the 18 participants. The oral part – 14 of them. Four people have passed with honours.

The presentation of diplomas and certificates of participation took place on the last day on the pier of the pond in the historic park surrounding the Radziejowice Palace.

Authors: Witold Falkowski, Anna Gruhn

Translation: Karol Wieczorek