Podcast appearances and mentions of Vernon L Smith

rWotD Episode 2876: Wassily Leontief Welcome to Random Wiki of the Day, your journey through Wikipedia’s vast and varied content, one random article at a time.The random article for Wednesday, 19 March 2025 is Wassily Leontief.Wassily Wassilyevich Leontief (Russian: Васи́лий Васи́льевич Лео́нтьев; August 5, 1905 – February 5, 1999), was a Soviet-American economist known for his research on input–output analysis and how changes in one economic sector may affect other sectors.Leontief won the Nobel Memorial Prize in Economic Sciences in 1973, and four of his doctoral students have also been awarded the prize (Paul Samuelson 1970, Robert Solow 1987, Vernon L. Smith 2002, Thomas Schelling 2005).This recording reflects the Wikipedia text as of 00:06 UTC on Wednesday, 19 March 2025.For the full current version of the article, see Wassily Leontief on Wikipedia.This podcast uses content from Wikipedia under the Creative Commons Attribution-ShareAlike License.Visit our archives at wikioftheday.com and subscribe to stay updated on new episodes.Follow us on Mastodon at @wikioftheday@masto.ai.Also check out Curmudgeon's Corner, a current events podcast.Until next time, I'm generative Joanna.

Much of the field of economics derives its theories from a subset of Adam Smith's philosophy found in the Wealth of Nations. But are economists overlooking other parts of Adam Smith's teachings that could explain more about human behavior and economics?  Nobel-prize winning economist Vernon L. Smith is an emeritus professor of economics and law at Chapman University. His books like Rationality in Economics: Constructivist and Ecological Forms and Humanomics: Moral Sentiments and the Wealth of Nations for the Twenty-First Century explore how human behavior shapes economics.Vernon and Greg discuss the role Adam Smith's Theory of Moral Sentiments plays in understanding behavioral economics, Vernon's early supply and demand experiments, and how his work shaped the field of experimental economics. *unSILOed Podcast is produced by University FM.*Show Links:Recommended Resources:Adam Smith StoicismAlfred MarshallEdward ChamberlinMilton FriedmanKevin A McCabeCharles HoltBetsy HoffmanGuest Profile:Faculty Profile at Chapman UniversityNobel Prize Winner BioHis Work:Economics of Markets: Neoclassical Theory, Experiments, and Theory of Classical Price DiscoveryRationality in Economics: Constructivist and Ecological FormsHumanomics: Moral Sentiments and the Wealth of Nations for the Twenty-First Century A Life of Experimental Economics, Volume I: Forty Years of DiscoveryA Life of Experimental Economics, Volume II: The Next Fifty YearsEpisode Quotes:Do humans learn economics through experience, not theory?39:09: People don't get the economics right by thinking about it. They get it right by actually participating in markets and getting a feel for what's going on. And I argue that humans are very good, once they do that. Sure, they can be fooled. And they do a lot of crazy things in a new market before they've acquired experience, but they adapt very well. And so, that equilibrium concepts are relevant. But the behavior is very much experience-oriented. And so, they get there through experiential learning. You see more than just abstract analysis and thinking about it.Perspective is at the foundation of the theorem of moral sentiments12:29: [The relationship] Perspective is at the foundation of the Theory of Moral Sentiments. That's what he's [Adam Smith] talking about—sentiments. An important part of it is fellow feeling.Gratitude influences sacrifice and motivates cooperation48:16: Gratitude creates indebtedness. And so people may have self-interested motivations, but they also have this motivation to get along with others. And so this proposition predicts, in the trust game, that people are sacrificing; they're taking less reward in order to do what they believe is right, to treat this person.Why is Vernon championing Adam Smith's principles in the modern way of thinking about economics?56:45: So that's why I'm a champion of trying to get that pattern of thinking and Adam Smith's principles into the modern way of thinking in economics. Economics and psychology, and in economics, because the Theorem of Sentiments was a contribution to social psychology that just never took hold. It was another hundred years, you see, before psychology started to do anything. And it was the beginning of the 20th century before psychology became very prominent. And then it was individual psychology, not social psychology. I think Adam Smith would find that strange.

Vernon L. Smith is one of the leading economists of our time. He was born in Wichita, on January 1, 1927. In 2002, he shared the Nobel Memorial Prize with Daniel Kahneman. Professor Smith has taught at many universities. He is a classical liberal, in the mold of a Smith of yore: Adam. With Jay, […]

Vernon L. Smith is one of the leading economists of our time. He was born in Wichita, on January 1, 1927. In 2002, he shared the Nobel Memorial Prize with Daniel Kahneman. Professor Smith has taught at many universities. He is a classical liberal, in the mold of a Smith of yore: Adam. With Jay, he talks about his life, his findings, and freedom—glorious, precious freedom. Source

Vernon L. Smith is one of the leading economists of our time. He was born in Wichita, on January 1, 1927. In 2002, he shared the Nobel Memorial Prize with Daniel Kahneman. Professor Smith has taught at many universities. He is a classical liberal, in the mold of a Smith of yore: Adam. With Jay, he talks about his life, his findings, and freedom—glorious, precious freedom. 

Daniel Kahneman (born March 5, 1934) is an Israeli-American psychologist and economist notable for his work on the psychology of judgment and decision-making, as well as behavioral economics, for which he was awarded the 2002 Nobel Memorial Prize in Economic Sciences (shared with Vernon L. Smith). His empirical findings challenge the assumption of human rationality prevailing in modern economic theory. With Amos Tversky and others, Kahneman established a cognitive basis for common human errors that arise from heuristics and biases, and developed prospect theory. In 2011 he was named by Foreign Policy magazine in its list of top global thinkers. In the same year his book Thinking, Fast and Slow, which summarizes much of his research, was published and became a best seller. In 2015, The Economist listed him as the seventh most influential economist in the world. He is professor emeritus of psychology and public affairs at Princeton University's Princeton School of Public and International Affairs. Kahneman is a founding partner of TGG Group, a business and philanthropy consulting company. He was married to cognitive psychologist and Royal Society Fellow Anne Treisman, who died in 2018. Original video ⁠here⁠⁠ Full Wikipedia entry ⁠here⁠ Daniel Kahneman's books ⁠here --- Support this podcast: https://podcasters.spotify.com/pod/show/theunadulteratedintellect/support

Çınla, Scott, and Jennifer discuss a number of recent additions to the literature in history of economic thought and methodology. If you are interested in reading the papers discussed in this episode, here they are (unfortunately, some may be behind paywalls): Counterfactual Thinking and Attribute Substitution in Economic Behavior John Davis and Theodore Koutsobinas (2021), Review of Behavioral Economics: Vol. 8, No. 1, pp 1-23 Neoclassical Supply and Demand, Experiments, and the Classical Theory of Price Formation Sabiou M. Inoua and Vernon L. Smith (2022), History of Political Economy: Vol. 54, No. 1, pp. 37–73 What's (Successful) Extrapolation? Donal Khosrowi (2022), Journal of Economic Methodology: Vol. 29, No. 2, pp. 140-152 Smith and Marx Walk into a Bar is supported by a grant from the History of Economics Society: http://historyofeconomics.org

Daniel Kahneman is an Israeli-American psychologist and economist notable for his work on the psychology of judgment and decision-making, as well as behavioral economics, for which he was awarded the 2002 Nobel Memorial Prize in Economic Sciences (shared with Vernon L. Smith). His empirical findings challenge the assumption of human rationality prevailing in modern economic theory. With Amos Tversky and others, Kahneman established a cognitive basis for common human errors that arise from heuristics and biases, and developed prospect theory. In 2011, he was named by Foreign Policy magazine in its list of top global thinkers. In the same year, his book Thinking, Fast and Slow, which summarizes much of his research, was published and became a best seller. In 2015, The Economist listed him as the seventh most influential economist in the world. He is professor emeritus of psychology and public affairs at Princeton University's Princeton School of Public and International Affairs. Kahneman is a founding partner of TGG Group, a business and philanthropy consulting company. He was married to cognitive psychologist and Royal Society Fellow Anne Treisman, who died in 2018.

Stephen Blackwood speaks with the Nobel Laureate in Economic Sciences, Vernon L. Smith. They begin by defining and exploring commonly misunderstood economic terms—markets, capitalism, equilibrium—and then unpack the discoveries of Dr Smith's pioneering experiments in economics, which—against widely held assumptions—revealed the operation of beneficence and non-zero-sum reciprocity at the heart of free exchange. ‘Self-interest' is […]

Stephen Blackwood speaks with the Nobel Laureate in Economic Sciences, Vernon L. Smith. They begin by defining and exploring commonly misunderstood economic terms—markets, capitalism, equilibrium—and then unpack the discoveries of Dr Smith's pioneering experiments in economics, which—against widely held assumptions—revealed the operation of beneficence and non-zero-sum reciprocity at the heart of free exchange. ‘Self-interest' is thus profoundly re-evaluated. Paradoxically, the only way to self-realization is through concern for others.  Also, Vernon recommends for further reading, especially on the topic of his experimental games, which are described but not entirely comprehensible in the podcast, the following: Vernon L. Smith (1991) Papers in Experimental Economics. New York: Cambridge University Press.

Forum on the Economic & Legal Foundations of Capitalism, with Nobel Laureate Vernon Smith; Cosponsored with the Smith Institute for Political Economy and Philosophy 

Egy érdekes gondolatkísérletnek lehet itt tanúja az olvasó egy Nobel-díjas szerző tollából. Vernon L. Smith, aki 2002-ben Daniel Kahnemannal megosztva közgazdasági Nobel-díjban részesült, és kutatótársa, Bart J. Wilson e kötetükben nem kisebb kihívásra vállalkoztak, mint beilleszteni az 1776-ban megjelent A nemzetek gazdasága című Adam Smith művet korunk közgazdaságtani áramlatainak körforgásába. A közgazdaságtan történetének első rendszerezett és a nyugati világ egyik legnagyobb hatású műveként hivatkozott kötet ugyanis napjainkban éppoly fontos üzenetet hordoz az értékteremtésrôl, mint a korát jelentősen meghaladó Adam Smith-i gondolatok keletkezésének idején. A szerzők arra hívják fel a figyelmet, hogy közel 250 évvel ezelőtt, a neoklasszikus közgazdaságtani irányzatok fokozatos előtérbe kerülésével párhuzamosan, a közgazdászok szem elől tévesztették az emberi érzések, gondolkodásmódok és a legjellemzőbb motivációk teljes skáláját. Vernon L. Smith és Bart J. Wilson azt állítják, hogy az Adam Smith-i modell társadalmi szolidaritása a 21. század gazdaságát is újrahumanizálhatja. Ha a gazdasági folyamatokhoz az emberi kapcsolatokat építő érzéseket, a bajtársiasságot és a jóhiszeműséget vesszük kiindulásként, akkor a jelenkor empirikus elemzési módszerei által a közgazdaságtan újra egy emberközpontú tudománnyá alakítható.

Dr. Vernon L. Smith was awarded the Nobel Prize in Economic Sciences in 2002 for his groundbreaking work in experimental economics. Dr. Smith has joint appointments with the Argyros School of Business & Economics and the Fowler School of Law, and he is part of a team that will create and run the new Economic Science Institute at Chapman. Here is a link to Dr. Smith’s full bio: https://www.chapman.edu/our-faculty/vernon-smith You can learn more about the Economic Science Institute at Chapman University here: https://www.chapman.edu/research/institutes-and-centers/economic-science-institute/index.aspx And you can learn more about Vernon Smith’s coauthor, Sabiou M. Inoua, here: https://scholar.google.com/citations?user=d4XLUPYAAAAJ&hl=en Here is a link to the video of the presentation Dr. Smith made for the Voices of Culture lecture series at the University of Arizona: https://vimeo.com/397787102 And finally, here is a link to the USA Today article that he wrote on the coronavirus: https://www.usatoday.com/story/opinion/2020/03/23/coronavirus-economy-lives-suspense-not-wall-street-crash-column/2898448001/ James Harrigan & Vernon Smith

Vernon L. Smith is the George L. Argyros Chair in Finance and Economics and President, International Foundation for Research in Experimental Economics at Chapman University. Vernon L. Smith, who was awarded the Nobel Prize in Economics in 2002 “for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms,” has held appointments at Purdue University, Stanford University, Brown University, University of Massachusetts, USC, California Institute of Technology, University of Arizona, University of Alaska-Anchorage, George Mason University, and Chapman University. Professor Smith received his bachelor’s degree in Electrical Engineering from California Institute of Technology (1949), his masters in Economics from the University of Kansas (1951), and his Ph.D. in Economics from Harvard (1955). He has authored or co-authored over 290 articles and books on capital theory, finance, natural resource economics, experimental economics, and the housing origins of economic instability, 1920-2014. Professor Smith is a Fellow of the Econometric Society, and the American Association for the Advancement of Science. Purdue University awarded him an Honorary Doctor of Management degree in 1989. Dr. Smith was elected member of the National Academy of Science in 1995. In 1996 he received Cal Tech's Distinguished Alumni Award. He became Kansan of the year (Topeka Gazette) in 2002, received a Distinguished Alumni award from the University of Kansas in 2011 and in 2014 an Honorary Doctor of Science degree. He has served on numerous editorial and editorial advisory boards, and as president of several national economic associations. He has served as a consultant on the liberalization of electric power in Australia and New Zealand, and has participated in numerous private and public discussions of energy privatization and liberalization in the United States and around the world.Support the show (https://business.fau.edu/giving/)

In this latest marvellous and riveting episode we are going to first travel into the cold, quiet and overcrowded outer space. That’s right, we are going into earth orbit and visiting the ISS (International Space Station) where Space X has just docked the new Dragon Capsule. This is the next step in a flight to the moon in 2023, still trying to get a ticket if anyone has one. The capsule was only a test with a dummy aboard, and no, not Trump. Next up is the fast approaching final season of Game of Thrones – season 8 – with what is looking like a record breaking battle scene that took weeks to film. This is expected to be more epic than Helms Deep, even the extended edition. Then we look at the fact that Anthem is hard crashing consoles and systems around the world. Cue the music “Queen – Another One Bites The Dust.” That’s right folks, EA has struck again, and this time it gets personal with systems and consoles being bricked by this latest screw up. There is mention of compensation floating around, so hopefully word will spread before too many systems are wrecked. Then we have the games of the week, the weekly shout outs, birthdays, remembrances and events of interest from this week in history. As always we would welcome any feedback, suggestions or whatever. Until next week, stay safe, look out for each other and stay hydrated.EPISODE NOTES:SpaceX Docking - https://www.news.com.au/technology/science/space/hard-capture-is-complete-spacex-capsule-docks-with-international-space-station/news-story/570efb7ec61650520a5ccef2732229dbGame of Thrones Season 8 - https://bgr.com/2019/03/04/game-of-thrones-season-8-spoilers-the-battle-of-winterfell-detailed/Anthem shuts consoles down - https://twistedvoxel.com/anthem-full-system-level-crashes-refund/Games Currently playingBuck– Skyrim - The Elder Scrolls V: Skyrim - https://store.steampowered.com/app/72850/The_Elder_Scrolls_V_Skyrim/DJ– Apex Legends - https://www.ea.com/games/apex-legendsProfessor– Tetris 99 - https://www.nintendo.com/games/detail/tetris-99-switchOther topics DiscussedSoyuz (Russian spacecraft)- https://en.wikipedia.org/wiki/Soyuz_(spacecraft)Soyuz Space Crew Launch Failure 2018- https://www.space.com/42117-soyuz-abort-crew-launch-failure-2018-coverage.htmlTrump congratulating SpaceX- https://www.space.com/trump-hails-spacex-crew-dragon-success.htmlTrump’s Apple Blunder- https://www.heraldsun.com.au/news/world/donald-trump-makes-awkward-blunder-with-apple-ceos-name/video/971ea09386b95981d3cfe0c6396000f8?nk=566c96d427a8dc7faa082c6bd4a1a92c-1551954567- https://www.cnbc.com/2019/03/06/president-trump-calls-apple-ceo-tim-apple-instead-of-tim-cook.htmlNASA leadership- https://www.nasa.gov/nasa-leadership/Delta-v (change in velocity)- https://en.wikipedia.org/wiki/Delta-vUS Army’s No Kill AI Public Relations move- https://www.gizmodo.com.au/2019/03/us-army-assures-public-that-robot-tank-system-adheres-to-ai-murder-policy/Blue Origin Grasshopper rockets- https://en.wikipedia.org/wiki/Grasshopper_(rocket)- https://www.theverge.com/2015/11/24/9793220/blue-origin-vs-spacex-rocket-landing-jeff-bezos-elon-muskSpace industry in South Australia- https://www.spaceconnectonline.com.au/launch/2116-south-australia-uniting-space-industry-for-crcHow Jon Snow and Daenerys Targaryen are related- https://www.thisisinsider.com/game-of-thrones-jon-snow-and-daenerys-targaryen-related-aunt-nephew-2017-3Walking 10,000 steps per day- https://www.livescience.com/43956-walking-10000-steps-healthy.htmlComparisons between Lord of the Rings: The Two Towers Battle of Helm’s Deep and Games of Thrones Battle of Winterfell- http://www.darkhorizons.com/thrones-final-battle-to-outdo-helms-deep/Mass Effect 3 (2012 video game)- https://en.wikipedia.org/wiki/Mass_Effect_3Brain Bug (Starship Troopers Arachnid)- https://starshiptroopers.fandom.com/wiki/Brain_BugWindows 98 rollover bug- https://www.cnet.com/news/date-rollover-bug-in-windows-98/Anthem Demo problems- https://www.polygon.com/2019/1/27/18199405/anthem-vip-demo-down-bioware-fix-infinite-loading-errors-pc-ps4-xbox-oneUhtred (Last Kingdom character)- https://the-last-kingdom.fandom.com/wiki/UhtredHidden chamber found under the Great Pyramid of Giza- https://www.news.com.au/technology/science/archaeology/scientists-discover-hidden-chamber-in-the-great-pyramid-of-giza/news-story/d6afdc5ca473b80f9eee689b19b1f3e1Shoutouts4 Mar 2019 - Playstation 2 turns 19 - https://www.siliconera.com/2019/03/04/playstation-2-celebrates-its-19th-birthday-today-what-were-your-favorite-ps2-games/4 Mar 2019 – John Candy died 25 years ago - https://www.thespec.com/whatson-story/9202816-john-candy-s-enduring-legacy-25-years-after-his-death/5 Mar 1558 - Smoking tobacco introduced into Europe by Spanish physician Francisco Fernandes - http://www.stevenlberg.info/today/18765 Mar 1953 - Mass Murderer Stalin Goes to His Grave - https://www.onthisday.com/articles/mass-murderer-stalin-goes-to-his-graveRemembrances4 Mar 2019 – Luke Perry, American actor who played as Dylan McKay on the TV series Beverly Hills, 90210 from 1990 to 1995, and again from 1998 to 2000. He also starred as Fred Andrews on the CW series Riverdale and had guest roles on notable shows such as Criminal Minds, Law & Order: Special Victims Unit, The Simpsons, and Will & Grace. He died of a stroke at 52 in Burbank, California - https://en.wikipedia.org/wiki/Luke_Perry4 Mar 2019 - Christopher Alan Pallies, American professional wrestler, better known by his ring name, King Kong Bundy. He is best known for his appearances in the World Wrestling Federation (WWF) in the mid-1980s and mid-1990s. Bundy wrestled in the main event of WrestleMania 2 in 1986, facing Hulk Hogan in a steel cage match for the WWF World Heavyweight Championship. While there is no official cause of death, he died in Glassboro, New Jersey at 61 - https://en.wikipedia.org/wiki/King_Kong_Bundy4 Mar 2019 – Keith Flint, English vocalist and dancer most associated with the electronic dance act The Prodigy. Starting out as a dancer, he became the frontman of the group and performed on the group's two UK number one singles, "Firestarter" and "Breathe" both released in 1996. He took his own life at 49 in Great Dunmow, Essex - https://en.wikipedia.org/wiki/Keith_Flint5 Mar 1827 - Alessandro Giuseppe Antonio Anastasio Volta, Italianphysicist,chemist, and a pioneer of electricity and power, who is credited as the inventor of the electric battery and the discoverer of methane. He invented the Voltaic pile in 1799, and reported the results of his experiments in 1800 in a two-part letter to the President of the Royal Society. With this invention Volta proved that electricity could be generated chemically and debunked the prevalent theory that electricity was generated solely by living beings. Volta's invention sparked a great amount of scientific excitement and led others to conduct similar experiments which eventually led to the development of the field of electrochemistry. The SI unit of electric potential is named in his honour as the volt. He died at 82 in Como, Lombardy-Venetia - https://en.wikipedia.org/wiki/Alessandro_VoltaFamous Birthdays5 Mar 1910 - Momofuku Ando, Taiwanese-Japanese inventor and businessman born in Imperial Japanese Taiwan who founded Nissin Food Products Co., Ltd.. He is known as the inventor of instant noodles and the creator of the brands, Top Ramen and Cup Noodles. Born in Japanese Taiwan, Empire of Japan (now Puzi,Chiayi County,Taiwan,Republic of China) - https://en.wikipedia.org/wiki/Momofuku_Ando5 Mar 1934 - Daniel Kahneman,Israeli-American psychologist and economist notable for his work on the psychology of judgment and decision-making, as well as behavioural economics, for which he was awarded the 2002 Nobel Memorial Prize in Economic Sciences (shared with Vernon L. Smith). His empirical findings challenge the assumption of human rationality prevailing in modern economic theory. Born in Mandatory Palestine -https://en.wikipedia.org/wiki/Daniel_Kahneman5 Mar 1974 – Eva Mendes, American actress, model and businesswoman. Her acting career began in the late 1990s, with a series of roles in B films such as Children of the Corn V: Fields of Terror (1998) and Urban Legends: Final Cut (2000). Mendes's performance in Training Day (2001) marked a turning point in her career, and led to parts in the commercially successful films 2 Fast 2 Furious (2003) and Hitch (2005), the latter of which made her one of the first minority actors to play the lead in a mainstream romantic comedy. She starred in Ghost Rider (2007) and The Spirit (2008), both film adaptations of comics, and ventured into more dramatic territory with We Own the Night (2007), Bad Lieutenant (2009), Last Night (2010), and The Place Beyond the Pines (2012). Mendes has appeared in several music videos for artists like Will Smith, and has also been an ambassador for brands, including Calvin Klein,Cartier,Reebok,Pantene shampoo, Morgan, and Peek & Cloppenburg. She has designed for New York & Company and is the creative director of CIRCA Beauty, a makeup line sold at Walgreens. Born in Miami, Florida - https://en.wikipedia.org/wiki/Eva_Mendes6 Mar 1966 - Alan Davies, English stand-up comedian, writer and actor. He has played the title role in the BBC mystery drama series Jonathan Creek since 1997, and has been the only permanent panellist on the BBC panel show QI since 2003, outlasting hosts Stephen Fry (2003–16) and Sandi Toksvig (2016–present) who took over after Fry's exit. Born in Loughton, Essex - https://en.wikipedia.org/wiki/Alan_DaviesEvents of Interest5 Mar 1872 – George Westinghouse Jr patents the railway air brake.-http://cs.trains.com/trn/f/111/p/120861/1378079.aspx-http://www.patent-invent.com/air_brake_patent.html-http://www.freepatentsonline.com/124405.pdf5 Mar 1904 - Nikola Tesla describes the process of the ball lightning formation in Electrical World and Engineer - https://www.wired.com/2010/03/0305tesla-ball-lightning/5 Mar 1975 - Homebrew Computer Club is established in a Silicon Valley garage. From its ranks will emerge industry pioneers like Apple co-founders Steve Jobs and Steve Wozniak and hacker John Draper, aka Captain Crunch.- https://www.wired.com/2009/03/march-5-1975-a-whiff-of-homebrew-excites-the-valley-2/- https://en.wikipedia.org/wiki/Homebrew_Computer_Club5 Mar 1979 – NASA’s Voyager 1 makes its closest approach to Jupiter coming within 172,000 miles of the planet’s surface. - https://www.edn.com/electronics-blogs/edn-moments/4408335/Voyager-1-makes-closest-approach-to-Jupiter--March-5-19795 Mar 1981 – The ZX81, a pioneering British home computer, is launched by Sinclair Research and would go on to sell over 1.5 million units around the world. - https://en.wikipedia.org/wiki/ZX81IntroArtist – Goblins from MarsSong Title – Super Mario - Overworld Theme (GFM Trap Remix)Song Link - https://www.youtube.com/watch?v=-GNMe6kF0j0&index=4&list=PLHmTsVREU3Ar1AJWkimkl6Pux3R5PB-QJFollow us on Facebook - https://www.facebook.com/NerdsAmalgamated/Email - Nerds.Amalgamated@gmail.comTwitter - https://twitter.com/NAmalgamatedSpotify - https://open.spotify.com/show/6Nux69rftdBeeEXwD8GXrSiTunes - https://itunes.apple.com/au/podcast/top-shelf-nerds/id1347661094RSS - http://www.thatsnotcanonproductions.com/topshelfnerdspodcast?format=rss

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 economics. In this episode, Professor Smith discusses: 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 ethics. His role during World War II as an employee of Boeing. A story of overcoming adversity and being exposed to innovation and entrepreneurial activity. 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 structural shift. 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 Sciences. 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 more. Check out the shownotes page at www.economicrockstar.com/vernonsmith If you'd like to support the show, check out my Patreon page at www.patreon.com/economicrockstar  

Herbert Gintis is Emeritus Professor of Economics at University of Massachusetts and visiting Professor at Central European University. He is known for his theoretical contributions to sociobiology, especially altruism, cooperation, epistemic game theory and gene-culture co-evolution. Herbert has a B.A and M.A in Mathematics but switched his PhD program at Harvard from mathematics to economics. Professor Gintis was part of a group of economists who developed their ideas on a new economics which encompassed issues of alienation of labor, racism, sexism, and imperialism. Herbert has worked extensively with economist Samuel Bowles, writing their landmark book, Schooling in Capitalist America. One of Herbert’s latest books The Bounds of Reason emphasises the unification of economic theory with sociobiology and other behavioral sciences which, in the words of Nobel Prize-winning economist, Vernon L. Smith, “is firmly in the revolutionary tradition of David Hume (Convention) and Adam Smith (Sympathy)”. In the episode you will learn: about the importance of trans-disciplinary research and collaboration. why economics is not the only social science that explains human behavior. how biology, economics and sociology explain the behaviour of humans in different ways and which discipline is correct? about the Ultimatum Game and how it shows the cooperative and non-cooperative behaviour of humans. about the morality of humans and how we reciprocate kindness with kindness and unkindness with unkindness. why reciprocity makes humans so successful as a species. why some species have a symbiotic relationship with other species, which is not the same as reciprocity. how we can fit all the human feelings together to form a multi-disciplinary approach to understanding human behavior. why we always need a system to punish free-riders and non-cooperators. how the future structure of the University can be seen at Arizona State University today. why we need a new generation of thinkers and research centres who are trans-disciplinary. what projects Professor Herbert Gintis is working on right now. why morality controls politics and your vote will not make a difference. how Herbert gets things done in terms of writing books and journal articles. about Herbert’s disagreement with Nassim Nicholas Taleb. why Herbert believes that macroeconomics is wrong and is in agreement with Taleb on that issue. and much much more. Links mentioned in this episode: economicrockstar.com/herbertgintis economicrockstar.com/bluehost audiobooks.com/rockstar Subscribe now on iTunes and get access to the complete list of Economic Rockstar episodes.

Nobel Laureate Vernon L. Smith of Chapman University talks to EconTalk host Russ Roberts about how Adam Smith's book, The Theory of Moral Sentiments has enriched his understanding of human behavior. He contrasts Adam Smith's vision in Sentiments with the traditional neoclassical models of choice and applies Smith's insights to explain unexpected experimental results from the laboratory.

Nobel Laureate Vernon L. Smith of Chapman University talks to EconTalk host Russ Roberts about how Adam Smith's book, The Theory of Moral Sentiments has enriched his understanding of human behavior. He contrasts Adam Smith's vision in Sentiments with the traditional neoclassical models of choice and applies Smith's insights to explain unexpected experimental results from the laboratory.

Balance sheet crises, in which the prices of widely held and highly leveraged assets collapse, pose distinctive economic challenges. In what promises to be a deeply insightful event, authors Vernon L. Smith and Steven D. Gjerstad will discuss their new book Rethinking Housing Bubbles. Their book examines causes and consequences, and with both authors’ well-known backgrounds in experimental economics, analyzes the events that led to and resulted from the recent U.S. housing bubble as a case study in the formation and propagation of balance sheet crises. The book also examines all previous downturns in the U.S. economy and documents substantive differences between the recurrent features of economic cycles and financial crises and the beliefs that public officials hold about them, especially within the Federal Reserve System. The book concludes with an examination of similar events in other countries and assesses alternative strategies to contain financial crises and to recover from them. Please join us for what promises to be a substantive, highly compelling discussion from two recognized authorities. See acast.com/privacy for privacy and opt-out information.

Dr. Vernon L. Smith was teaching at Purdue in 1955 when he decided to test out an approach he hoped would help his students better understand how the marketplace functions. He conducted a classroom experiment that had half his students selling fictitious goods to the other students who were acting as buyers. That led to his research in experimental economics which eventually won him the Nobel Prize in 2002.