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 today (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 has authored or co-authored more than 375 articles and books on capital theory, finance, natural resource economics and experimental economics. His many publications include Papers in Experimental Economics (1991), Bargaining and Market Behavior (2000), and Rationality in Economics: Constructivist and Ecological Forms (2008), all published by Cambridge University Press.
Prof. Smith is a Distinguished Fellow of the American Economic Association, a Fellow of the Econometric Society, the American Association for the Advancement of Science, and the American Academy of Arts and Sciences. He serves or has served on many editorial boards, including of the American Economic Review, Journal of Economic Behavior and Organization, Journal of Risk and Uncertainty, Science, Games and Economic Behavior, and many others.
In 2002, Prof. Smith was awarded the Nobel Prize in Economic Sciences for his groundbreaking work in experimental economics.
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.
