Hereditary Prince Alois, his uncle Prince Philipp and their cousin Prince Michael all attended the 9th International Vernon Smith Prize for the Advancement of Austrian Economics last night. The annual event is organised by the European Center of Austrian Economics Foundation (ECAEF), of which both Prince Philipp and Prince Michael are members of the board of directors.The topic for this year's event was "Direct Democracy versus Representative Democracy. Cost and Benefits for the Citizenry!". The first prize went to Karol Zdybel of Poland with the second and third place going to Alan Futerman and Mark O‘Kane respectively.
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