123: Vernon Smith on Life During the Great Depression and World War II, Overcoming Adversity and Life as an Economist

01.11.2018 - By Economic Rockstar

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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  

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