Jan 11, 2018
Dr. Vernon L. Smith was awarded the
Nobel Prize in Economic Sciences in 2002 for his groundbreaking
work in experimental economics.
He has joint appointments with the
Argyros School of Business & Economics and the Fowler School of
Law, and is part of a team that will create and run the new
Economic Science Institute at Chapman.
Dr. Smith has authored or
co-authored more than 300 articles and books on capital theory,
finance, natural resource economics and experimental
In this episode, Professor Smith
- What life was like growing up in
Wichita, Kansas during the Great Depression.
- How he was schooled during his
early formative years by an immigrant German teacher.
- The roles of his parents in
influencing Vernon’s beliefs, morals and hard working
- His role during World War II as an employee of
- A story of overcoming adversity and
being exposed to innovation and entrepreneurial
- How electrification during the
Roosevelt Administration in the 1930s ended the use of the Coleman
Lamp for famers but how Coleman Lamps pivoted to deal with this
- How he found his way in studying
economics and his influencers at that time.
- We find out about Vernon’s
discovery of a competitive equilibrium in an oral outcry auction
without participants requiring complete or even prior knowledge
resulting in his award of the Nobel Prize in Economic
- His invitation to unveil a statue
of Adam Smith in Edinburgh
- Who he would like to meet if he
could time travel
- Books he’d recommend and much
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