"Frédéric Bastiat's work has stood the test of time," Julian Morris, vice president of the Reason Foundation, a policy research body, which awards the prize said in a statement.

"The Bastiat Prize recognizes and rewards those who, like Bastiat, eloquently deploy wit, eloquence and originality to make compelling arguments for freedom and challenge the encroachment of the state."

This year the winner will get 10,000 dollars, the second 5,000 dollars and the third 1,000 dollars. Works published between July 01 and June 30 are eligible. Entries close on August 01.