The Association of Private Enterprise Education*
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1 THE ASSOCIATION OF PRIVATE ENTERPRISE EDUCATION* The Association of Private Enterprise Education^ v/ww.apee.org c/o Prcbasco Chair of Free Enterprise 313 Fletcher Hall. Dept. 6106 The University of Tennessee at Chattanooga 615 McCallie Avenue Chattanooga, TN 37403-2598 423.425.4118 voice 423.425.5218 fa* e-mail hand and glebe logo is a registered of The Association of Private Forty-First Annual Conference President Douglas J. Den Uyl Liberty Fund, Inc. “Capitalism: Free-Market or Crony?” Bally’s Las Vegas Hotel and Casino Las Vegas, Nevada April 3-5, 2016 The Association of Sponsors for the 2016 APEE Conference Private Enterprise Education ® The Association expresses appreciation to the The Im 2016 Adam Smith Award pact Group Charitable Foundation, Kickapoo Springs to Foundation, Kenneth and Jacqueline Berger Family John B. Taylor Trust, and NVJOBS for grants to support the atten Hoover Institution dance of young scholars at the APEE 2016 Confer ence; Liberty Fund, Inc. for support of the Undergradu The ‘ Adam Smith Award is ate Research Competition; Atlas Network for support the highest honor bestowed for the Sound Money Session and Student Blog Con by The Association of Private test; International Test Solutions, Inc., The Billing Tree, Enterprise Education®. It is Inc., the Goodrich Foundation, and the Koch Foun given to recognize an individual dation for, program support; and The Probasco Chair who has made a sustained of Free Enterprise at The University of Tennessee at and lasting contribution to the Chattanooga for support and assistance in arranging perpetuation of the ideals of a this year’s program. free market economy as first laid out in Adam Smith’s Wealth of Nations. The recipient of this award must be an 2016 Supporting Organizations individual who has acquired an international reputation as an eloquent scholar and advocate of free enterprise DeVoe L. Moore Center at Florida State University and the system of entrepreneurship which underlies it. Trinity College In searching for a recipient, APEE looks for someone Universidad Francisco Marroquin who through their writing, speaking, and professional life, has focused attention upon the fundamental Participating Organizations principles that are the bulwark of our organization. Academy on Capitalism and Limited Government Foundation Past Recipients ACRE Acton Institute 2015 - Deirdre Nansen 2000 - Armen A. Alchian McCloskey American Legislative Exchange Council 1999 - Allan H. Meltzer Arizona Council on Economic Education 2014 - Lawrence H. White 1998 - Robert J. Barro Austrian Economics Center 2013 Ayn Rand Institute - William Russell 1997 - Alan Greenspan Easterly . Barker Financial 1996 - Douglass C. North Bastiat Society 2012 - Bruce Yandle Buckeye Institute 1995 - Vernon L. Smith Business and Economics Academy of Milwaukee, Inc. 2011 - Elinor Ostrom 1994 - Richard K. Armey Cato Institute 2010 - Peter J. Bbettke Center for a Stateless Society 1993 - Gordon Tullock 2009 - Jose Pinera Charles Koch Institute/Foundation 1992 - Charles Murray Chicago Trading Company 2008 - Arnold C. Harberger Discover Financial Services 1991 - James M. Buchanan 2007 - Leonard P. Liggio ' Foundation for Research on Economics and the 1990 - Malcolm S. Forbes Jr. Environment 2006 - Bruce L. Benson W Edwards Deming Foundation for Teaching Economics 2005 - Manuel F. Ayau Fraser Institute s 1989 - Walter E. Williams Hammond Institute for Free Enterprise, Lindeniibod 2004 - James D. Gwartney University 1988 - William A. Niskanen 2003 - Richard A. Epstein Harris Economics Group 1987 - Senator Phil Gramm Heritage Foundation 2002 - Hernando de Soto Hoover Institution 1986 - Murray Weidenbaum 2001 - Harold Demsetz ,■ ■ 1985- James C. Miller III continued on page 74 2 3 President’s Welcome Vice President’s Welcome As president of The Association of Private On behalf of the Executive Enterprise Education®, I am more than delighted Committee and Officers of APEE, I to welcome you to the 41st Annual Meeting of the am pleased to welcome you to Las Association here in Las Vegas. For newcomers, you ■■ " Vegas for the 41st annual meeting of will find APEE to be an organization filled with energy The Association of Private Enterprise and devoted to ideas in a manner unequaled by any Education®. We look forward to other organization. For veterans, welcome back to the exploring with you the many issues intellectual excitement and camaraderie that no doubt related to private enterprise and private compelled your return. enterprise education. Vice President Gerald O’Driscoll has put This year’s conference theme is “Capitalism: Free- together a marvelous program around the theme Market or Crony?” It was intended to stimulate research and of “Capitalism: Free Market or Crony?” Highlighting analysis of a timely issue in political economy. The theme our program are two plenary speakers: Vernon Smith is addressed in a wide variety of papers and sessions. This presenting “Adam Smith for the 21st Century: Conduct, year we have two exciting plenairy speakers: Vernon Smith Rules, Trust Games, the Emergence of Property,” on “Adam Smith for the 21st Century: Conduct, Rules, Trust and Chip Mellor whose title is “License to Work: Games, the Emergence of Property,” and Chip Mellor on A Monopolist’s Best Friend.” Our award recipients “License to Work: A Monopolist’s Best Friend.” this year will be: Adam Smith Award: John B. Taylor; In addition to our diverse program, I am pleased Herman Lay Award: John A. “Matt" Matthews Jr.; to report that the 6th annual Undergraduate Research Distinguished Scholar: Jerry L. Jordan; Kent-Aronoff: Competition will be held Monday night. Liberty Fund provided Edward Peter Stringham. support for the event. Additionally, grants from The Impact We are fortunate to again be able to host the Group Charitable Foundation, Kickapoo Springs Foundation, Undergraduate Research Competition/Poster Fair, Kenneth and Jacqueline Berger Family Trust, and NVJOBS generously supported by Liberty Fund Inc. In addition, supported the attendance and participation of many young contributors to the Young Scholar’s Program include scholars. The Impact Group, Kickapoo Springs Foundation, International Test Solutions, Inc., The Billing Tree, Kenneth and Jacqueline Berger Family Trust, and the Goodrich Foundation, and the Koch Foundation provided NVJOBS. Atlas Network provided support for the support for the plenary speakers and the general program. Sound Money Session and Student Blog Contest. Also, Atlas Network provided support for the Sound Money Finally, we are' very much indebted to International Session and the Student Blog Contest. Test Solutions, Inc., The Billing Tree, the Goodrich Over the next three days, you will have the Foundation, and the Koch Foundation for general opportunity to meet and interact with fellow scholars program support. interested in classical liberal ideas, political economy, and As always, J.R. Clark and his staff deserve all private enterprise. You make up the intellectual community credit for the continuous efforts each year that form the that constitutes APEE. backbone of APEE. I am certain you will get a great Finally, I want to acknowledge all those who helped deal out of this meeting besides having a great time. I me organize the conference. Foremost among these are J. look forward to seeing you at our various events. R. Clark, Ashley Harrison, Sheri Carmichael, Cari O’Neal, Lisa Clements, Kevin Pickard, Tracey Williams and my Sincerely, assistant, Linda Barnett. In addition, I am deeply grateful for all the help I received from the current and Past Presidents of APEE, the Executive Committee, and APEE members too numerous to mention. The cooperation and support of the Douglas J. Den Uyl APEE community make these meetings a success. President i.ST Sincerely, Gerald P. O’Driscoll, Jr. Vice President The Association of Private Herman W. Lay Memorial Award Introduction Enterprise Education ® J.R. CLARK Annual Conference Program The University of Tennessee at Chattanooga Presentation “Capitalism: Free-Market or Crony?” DOUGLAS J. DEN UYL Liberty Fund, Inc. Bally’s Las Vegas Hotel and Casino Recipient JOHN A. “MATT” MATTHEWS JR. Las Vegas, Nevada April 3-5,2016 Sunday Dinner 7:30-8:30 pm Skyview 5/6 NOTICE TO PARTICIPANTS All participants, authors, and gu'ests attending the Sunday Adam Smith Award conference are required to register and pay the 8:30-9:30 pm Introduction applicable fees. Admission to all events is by name Skyview 5/6 GERALD P. O’DRISCOLL JR. badge only. Please wear your name badge to all Cato Institute events. Presentation DOUGLAS J. DEN UYL Liberty Fund, Inc. SUNDAY APRIL 3. 2016 Recipient JOHN B. TAYLOR Sunday APEE Executive Board Meeting Hoover Institution 12:00-4:00 pm Skyview 1 MONDAY APRIL 4. 2016 Monday Continental Breakfast Sunday Registration 7:30 am 12:00-7:00 Skyview pm Foyer Skyview Foyer Monday Registration 7:30-11:45 Sunday Editorial Board Meeting am 4:00-5:00 pm Skyview Skyview 1 Foyer Sunday Opening Reception Monday 12.A.1 6:00-7:00 pm 8:00-9:15 am "Nature Unbound: Bureaucracy and Skyview Palace 1 the Environment Foyer Session Chair: Sunday Welcome RYAN MERLIN YONK, Utah State 7:00-7:30 pm DOUGLAS J. DEN UYL University Skyview 5/6 Liberty Fund, Inc. Papers: Conference Overview “Managing for Failure: National Rark GERALD P. O’DRISCOLL JR. Service Mismanagement of Yellow Cato Institute stone” Ih Memoriam of Scott L. Probasco JORDAN LOFTHOUSE, Utah State Jr. University RYAN MERLIN YONK, Utah State University 6 7 “Legislation Feeds our Wildfires”