The deadline for submissions is Septermber 2, 2013. You can read about the contest specifics here. Here is an overview:
The Society for the Development of Austrian Economics, in collaboration with the Foundation for Economic Education and the Charles Koch Foundation, is pleased to announce the fourth annual Carl Menger Essay Contest.
The purpose of the contest is to recognize and encourage undergraduate scholarship in the Austrian tradition and the broadly catallactic approach to social science which it represents, an approach common also to the Scottish Enlightenment of Smith and Hume, the French Liberal School of Say and Bastiat, the Virginia School of Buchanan and Tullock, the UCLA price theory of Alchian and Demsetz, and the Bloomington School of Vincent and Elinor Ostrom, among others. We invite essays that explore, advance, challenge, or apply the ideas of these and related schools of thought.
The catallactic approach emphasizes exchange and the rules in which exchange takes place. James Buchanan articulates this approach in his famous article, “What Should Economists Do?” (Southern Economic Journal, Vol. 30 (1964), No. 3). Peter Boettke’s Living Economics describes the catallactic approach as the “mainline of economics.”