Published Nov 17, 2014

Vernon Smith on Adam Smith and the Human Enterprise

Vernon L. Smith delves into Adam Smith's revolutionary ideas on human motivation and behavior, highlighting the crucial role of social and moral incentives over mere utilitarian views. Through his examination of market bubbles, economic experiments, and trust games, he reveals the complex interplay of intentions and social factors in shaping economic systems.

Episode Highlights

Topics covered

Episode Highlights

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Vernon Smith on Adam Smith and the Human Enterprise

Topics covered

Popular Clips

Understanding Market Bubbles

Power Market Evolution

Unconventional Economic Perspectives

Prudence and the Drug War

Surprising Market Insights

The Evolution of Economic Theory

Trust and Cooperation

Unconventional Conduct

Understanding Human Motivation

The Role of Sociology in Economics

Trust Games Revealed

The Power of Markets

Property Rights and Punishment

The Power of Earning

Episode Highlights

Moral Sentiments

Economic Experiments

Trust Games

Related Episodes

Vernon Smith and James Otteson on Adam Smith

Vernon Smith on Markets and Experimental Economics

Vernon Smith on Rationality in Economics

James Otteson on Adam Smith

Nicholas Phillipson on Adam Smith

Russ Roberts and Michael Munger on How Adam Smith Can Change Your Life

Richard Gunderman on Greed, Adam Smith, and Leo Tolstoy

Michael Munger on Free Markets

Dan Klein on The Theory of Moral Sentiments, Episode 1--An Overview

Deirdre McCloskey on Capitalism and the Bourgeois Virtues

Michael Munger on the Nature of the Firm

Daniel Klein on Honest Income

Dan Klein on The Theory of Moral Sentiments, Episode 3--A Discussion of Part II

David Rose on the Moral Foundations of Economic Behavior

Dan Klein on The Theory of Moral Sentiments, Episode 6--A Discussion of Parts VI and VII, and Summary

Vernon Smith on Adam Smith and the Human Enterprise

Topics covered

Popular Clips

Episode Highlights

Moral SentimentsVernon L. Smith examines Adam Smith's insights on human motivation, contrasting them with traditional economic models. He highlights the role of social and moral incentives in shaping behavior, challenging the utilitarian perspective.

Moral Sentiments

Economic ExperimentsVernon L. Smith examines the intricacies of market bubbles and the insights gained from economic experiments. He applies these findings to real-world economic challenges, advocating for a broader understanding of human behavior in economic systems.

Economic Experiments

Trust GamesVernon L. Smith examines the mechanics and unexpected outcomes of trust games, challenging traditional economic theories. He highlights the importance of intentions and social factors in understanding human behavior.

Trust Games

Related Episodes