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Lives of the LaureatesTwenty-three Nobel Economists$
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Roger W. Spencer and David A. Macpherson

Print publication date: 2014

Print ISBN-13: 9780262027960

Published to MIT Press Scholarship Online: May 2015

DOI: 10.7551/mitpress/9780262027960.001.0001

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Vernon L. Smith

Vernon L. Smith

Chapter:
(p.267) Vernon L. Smith
Source:
Lives of the Laureates
Author(s):

Roger W. Spencer

David A. Macpherson

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262027960.003.0016

This chapter looks at the career of Vernon L. Smith who received a Nobel Prize in 2002. Smith was born in 1927 and acquired his Ph.D. from Harvard University in 1955. He is currently professor of economics and law and chairman in finance and economics at Chapman University. He has made his career out of the study of markets. He wants to explain why, when liberalization efforts break through the political process, the pendulum swings back and gradually undermine wealth-creation and reduces the effectiveness of reforms. His publications include Economics: An Analytical Approach, Investment, Production: A Study in the Theory of a Capital-Using Enterprise, and Law and Economics of Irrational Behavior.

Keywords:   Vernon L. Smith, wealth-creation, irrational behavior, liberalization

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