FMI Public Speaker Series — January 30
Propriety, Property, and Price Discovery in Adam Smith and Classical Economics: Neoclassical Economic Failures
The Free Market Institute will host Vernon L. Smith, George L. Argyros Endowed Chair in Finance and Economics at Chapman University and 2002 co-recipient of the Nobel Memorial Prize in Economic Sciences. Prof. Smith will deliver a public lecture on Propriety, Property, and Price Discovery in Adam Smith and Classical Economics: Neoclassical Economic Failures.
The lecture will take place on Monday, January 30, 2023, in the McKenzie-Merket Alumni Center Ballroom (2524 17th St., Lubbock, TX 79409), from 5:30 – 6:30 PM on the Texas Tech University campus.
Prof. Smith will also be available for a book-signing at 4:45 PM prior to the public lecture. His book, Economics of Markets: Neoclassical Theory, Experiments, and Theory of Classical Price Discovery 1st ed. (2022 Edition) will be available for purchase beginning at 4:30 PM.
The event is free and open to the TTU community and the general public.
About the Program
In Part I of this presentation, experimental trust games will be used to assess the predictive power of general propositions on beneficence and justice governing human action in Adam Smith’s (1759) theory of human sociability and society.
In Part II, the first double auction supply and demand market experiment will be used to illustrate Adam Smith’s (1776; Chapter VII) model of price discovery by “higgling and bargaining” buyers and sellers in a market. His model will be expressed in general mathematical form thereby providing a classical theory of the price discovery process that has been illusive to model in neoclassical-modern theory.
In contrast with neoclassical-modern theory, Adam Smith distinguished methodologically between the origins and the consequences of human action, leading to insights no part of neoclassical-modern theory.
About the Speaker
Vernon L. Smith was awarded the Nobel Prize in Economic Sciences in 2002 for his groundbreaking work in experimental economics. Prof. Smith has joint appointments with the Argyros School of Business & Economics and the Fowler School of Law, and he is part of a team that will create and run the new Economic Science Institute at Chapman.
Prof. Smith has authored or co-authored more than 375 articles and books on capital theory, finance, natural resource economics and experimental economics. He serves or has served on the board of editors of the American Economic Review, The Cato Journal, Journal of Economic Behavior and Organization, the Journal of Risk and Uncertainty, Science, Economic Theory, Economic Design, Games and Economic Behavior, and the Journal of Economic Methodology. He is past president of the Public Choice Society, the Economic Science Association, the Western Economic Association and the Association for Private Enterprise Education.
Previous faculty appointments include the University of Arizona, Purdue University, Brown University, the University of Massachusetts, and George Mason University, where he was a Professor of Economics and Law prior to joining the faculty at Chapman University. Prof. Smith has been a Ford Foundation Fellow, Fellow of the Center for Advanced Study in the Behavioral Sciences and a Sherman Fairchild Distinguished Scholar at the California Institute of Technology.
For more information about this program and other upcoming events, visit www.events.fmi.ttu.edu or contact the Free Market Institute at free.market@ttu.edu or (806) 742-7138.