Fritz Thomas interviews Vernon L. Smith regarding the role that experimental economics play within the economic theory. Smith describes how these observation exercises contribute to a better understanding of the economic phenomena, as well as how such experiments are useful to predict market behaviors and their main structures. He elaborates on how these economic trials relate to the philosophy of the Austrian School of Economics. Finally Smith explains, based on his research, the causes of economic bubbles in markets and how they emerge from specific monetary policies imposed by central authorities.
Discussing Experimental Economics with Vernon Smith Vernon L. Smith, Fritz Thomas
Casa Popenoe, Antigua Guatemala Universidad Francisco Marroquín Guatemala, June 19, 2010
A New Media - UFM production. Guatemala, June 2010 Camera: Jorge Samayoa, Joni Vasquez; digital editing: Claudia de Obregón; index and synopsis: Sergio Bustamante; content reviser: Sofía Díaz; publication: Carlos Petz/Daphne Ortiz
This work is licensed under a Creative Commons 3.0 License Este trabajo ha sido registrado con una licencia Creative Commons 3.0
Vernon L. Smith
Vernon L. Smith was awarded the 2002 Nobel Prize in Economics for his introducing experimental methods in economic analysis. He is founder of the Interdisciplinary Center for Economic Sciences, George Mason University and has been president of Public Choice Society, Economic Science Association, Western Economic Association and Association for Private Enterprise Education (APEE), among others. Smith holds a PhD in economics from Harvard University and is also honorary doctor in economics from Universidad Francisco Marroquín.