Portrait of the issue in which Ayau´s speech was publised

“We exert our property rights, basically in two forms: by enjoying our property, ourselves; or interchanging that of which we are proprietors”, said to Manuel F. Ayau, President emeritus of the Francisco Marroquín University, when accepting the Adam Smith Award from the Association of Private Enterprise Education.

“I owe Giancarlo Ibárgüen the quote of Federico Bastiat who, back in 1849 said: Every citizen who has produced or acquired a product must have the option to destine it to his own use or to transfer it to whomever, in the face of the Earth, is willing to give him in return the object of his desire.  To deprive him of that option when he has not committed any act in opposition to the public order and to the moral, and to only satisfy the convenience of another citizen, is to legitimize a sacking act and to break the law of justice “.

The complete speech of Ayau, that turns on the property and the general theory of the interchange or comparative costs law, was published by LOWERS it in volume XXI, number 1, of the The Journal of Private Enterprise , corresponding to the Autumn of 2005.

The
APEEgives this prize to eloquent academics who have conquered international reputation defending free market economics and entrepreneurship principles. When choosing a winner, the APEE tries to award people whose work, lessons and professional life are based and rised on such principles.

Ayau adds up to the outstanding group of intellectuals who have received this award, like Vernon Smith and James Buchanan, Nobel prizes in Economics and doctors honoris cause of the UFM; Alan Greenspan, President of the Federal Reserve of the United States of America; Hernando de Soto, author of The Mystery of Capital: Why Capitalism Triumph in the West and Fails Everywhere Else; Gordon Tullock, founder of Public Choice, Malcolm Forbes, publisher of the Forbes magazine and Walter Williams, ex-dean of the Faculty of Economy of George Mason University, the three are doctors honoris cause of the UFM and, Richard Armey received this distinction in May 2005 here at the Francisco Marroquín University.

In April 2005, the APEE´s president Robert Lawson, said ” I am specially pleased to honor Manuel Ayau with our Adam Smith Award. Muso has been a leader and the inspiration for an entire generation of free market academics in Latin America “.