Easton and Postrel are presented with their awards from IPN president Julian MorrisCredit: International Policy Network
The global prize, which is organised by the International Policy Network (IPN), went to Tom Easton of the Economist and Virginia Postrel of Bloomberg News, whose winning articles were also published by the Wall Street Journal.
In a release the event organisers said the award celebrates journalists "whose writing emulates the great 19th century French classical liberal philosopher and politician, Frédéric Bastiat".
IPN president, Julian Morris added that Easton and Postrel "are modern day Bastiats”.
"Their writing is witty and erudite; they explain clearly and eloquently the importance of freedom and the dangers of restricting freedom," he added.
Jeff Jacoby of the Boston Globe took second prize of $15,000 and freelance journalist Salil Tripathi, who is based in London, was awarded third prize, of $5,000.
When the awards opened to entries earlier this year organisers announced a rise in prize money from a total of $15,000 in 2010 to $70,000 this year, as it celebrates its 10th anniversary.
Previously the awards have also offered an additional online journalism prize of $3,000 but this year this was not offered, with authors of blogs and other online articles instead encouraged to enter either the Bastiat Prize or its new Hoiles Prize for articles focused on US policy issues.
The winners of this new prize were also announced this week, with first prize, of $10,000, going to Damon Root, for articles published by Reason Magazine. Second prize, of $4,000, went to Steven Greenhut, for articles in City Journal and the Orange County Register and third prize, of $1,000 prize money, went to Steve Malanga for work published by The Wall Street Journal.
Links to first prize winning articles:
No Free Locavore Lunch
Need a Lightbulb? Uncle Sam Gets to Decide
The Fantasy of Survivalism
The Great Basketball Swindle
Licensed to Ill