Discovering the Invisible Hand
Vernon and Russ discuss the remarkable ability of human beings to solve problems through the institutions they have created, such as auctions. They explore the evolution of auctions and the importance of learning from failures in order to facilitate wealth creation.In this clip
From this podcast
EconTalk
Vernon Smith on Markets and Experimental Economics
Related Questions
Can mistakes lead to successful ideas as discussed in the episode Arnold Kling on Prosperity, Poverty, and Economics 2.0 and the clip Trial and Error?
Are markets truly efficient?
Can we truly study efficient markets as discussed in the episode Ep. 148 - David Levien and Brian Koppelman: How to Get Inside The Mind of Billionaires and the clip Market Theories Explored, as well as in the episode An MIT Professor Explains His Original Theory For How Markets Really Work and the clip Adaptive Markets Theory?