Vernon L. Smith
Vernon L. Smith
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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