In 2007, in collaboration with the Association for Evolutionary Economics (AFEE), EAEPE organised the AFEE-EAEPE Veblen 150 Prize Competition, a special competition to celebrate the 150th anniversary of the birth of Thorstein Veblen (1857-1929), one of the founders of institutional and evolutionary economics.
Submissions had to be published or unpublished works dating no earlier than 2005. All works had to reflect Veblenian concerns by addressing the nature of institutions, the theory of institutional evolution, the philosophical foundations of institutional and evolutionary economics, or the application of institutional or evolutionary theory to economic policy.
Two prize categories were defined. Candidates born on or after 1 January 1973, or then enrolled as PhD students, or who were awarded their PhD on or after 1 January 2003, competed under Category 1. All other candidates competed under Category 2.
Prizes were judged by a panel jointly nominated by AFEE, EAEPE and FEED.
Prizes of £2000 each (funded by FEED) were presented at the 19th Annual EAEPE Conference in Porto, Portugal, on 3 November 2007.
An AFEE-EAEPE Veblen 150 Prize was attributed to Olivier Brette for his 2006 article, 'Expanding the Dialogue between Institutional Economics and Contemporary Evolutionary Economics: Veblen's Methodology as a Framework', Journal of Economic Issues, 40(2): 493-500.
Statement of the Prize Competition Panel: 'This published journal article addresses the question of possible links between various traditions of institutional economics, neo-Schumpeterian evolutionary economics and the regulation school. In a highly creative move, Brette uses Veblen’s methodological framework to consider points of both dialogue and possible fusion.'
Statement of the Prize Competition Panel: 'This ambitious PhD thesis considers the role of households within a micro-macro framework developed from a Post Keynesian and chartalist monetary theory of production. The work adds a further, Veblenian dimension by addressing the roles of gender and production in a pecuniary culture. It is a highly skilful and creative synthesis.'
An AFEE-EAEPE Veblen 150 Prize was attributed to Avner Greif for his 2006 book, Institutions and the Path to the Modern Economy: Lessons from Medieval Trade (Cambridge: Cambridge University Press).
Statement of the Prize Competition Panel: 'Greif's book focuses on the evolution of the basic economic institutions of property and contract enforcement from medieval times. Using a combination of economic theory and rich empirical material, Greif develops an original and powerful explanation of the development of these institutions, which respects both cultural and historical specificities.'
An AFEE-EAEPE Veblen 150 Prize was attributed to Arild Vatn for his 2005 book, Institutions and the Environment (Cheltenham: Edward Elgar).
Statement of the Prize Competition Panel: 'Vatn's book addresses the urgent question of environmental policy and shows that an understanding of the role of institutions is vital in this area. It incorporates insights on institutions from both mainstream and heterodox traditions of thought. Magisterial and comprehensive, it is both a textbook and an inspiring, pioneering monograph.'