Tuesday, November 25, 2014

The Smith's Have It: Nobel Laureate Vernon on "Invisible Hand" Adam

Maybe I tried a little too hard for a cute blogpost title, but I can assure you the EconTalk episode it refers to accomplishes its goals, and in a masterly way.  Let the description from the EconTalk website explain:
Nobel Laureate Vernon L. Smith of Chapman University talks to EconTalk host Russ Roberts about how Adam Smith's book, The Theory of Moral Sentiments has enriched his understanding of human behavior. He contrasts Adam Smith's vision in Sentiments with the traditional neoclassical models of choice and applies Smith's insights to explain unexpected experimental results from the laboratory.
The episode gets a little wonky at times, but is mostly accessible to the lay audience. This was the first time that I'd ever listen to Vernon Smith talk, and I thoroughly enjoyed it. His is truly a world-class mind and, at 87 years old, still sharp as a razor.  Along the way you'll learn a little economics history as well as gaining some insights into different schools of economic thought.  A tremendous podcast host interviewing one of the most influential living economists discussing one of the three most influential economists of all time -- what could be better? [Here's the three: Smith, Marx, Keynes].