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Vernon L. Smith

14quotes

Vernon L. Smith: A Pioneer in Economic Science
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Full Name and Common Aliases

Vernon Lomax Smith is a renowned American economist, known for his groundbreaking contributions to the field of experimental economics.

Birth and Death Dates

Born on January 1, 1927, Vernon L. Smith passed away on August 28, 2020, leaving behind a legacy that continues to inspire economists and researchers worldwide.

Nationality and Profession(s)

Smith was an American economist, with expertise in various fields including experimental economics, decision theory, and economic development. Throughout his illustrious career, he held positions at several esteemed institutions, including the University of Arizona, Brown University, and Chapman University.

Early Life and Background

Vernon L. Smith grew up on a farm in Savannah, Missouri, where he developed an early interest in economics through observing the market mechanisms of his family's agricultural business. This hands-on experience instilled in him a deep understanding of economic principles and their practical applications. After completing his secondary education, Smith went on to study at Purdue University, graduating with a Bachelor's degree in Chemical Engineering.

Major Accomplishments

Smith's remarkable career was marked by numerous accolades and achievements:

Nobel Prize in Economics (2002): Vernon L. Smith was awarded the Nobel Prize in Economics for his pioneering work in experimental economics, which provided new insights into human decision-making and market behavior.
 Experimental Economics: Smith is credited with developing the field of experimental economics, which uses controlled laboratory experiments to study economic phenomena.
Development of Market Games: He designed a series of market games that simulated real-world market conditions, allowing researchers to test hypotheses and develop new theories.

Notable Works or Actions

Some notable works by Vernon L. Smith include:

"Experimental Economics: Induced Value Theory" (1962): This seminal paper introduced the concept of induced value theory, which posits that economic values are created through social interactions.
"The Experimental Method in Economics" (1979): In this influential book, Smith outlined the principles and applications of experimental economics.

Impact and Legacy

Vernon L. Smith's groundbreaking work has had a profound impact on various fields:

Experimental Economics: His research has led to the development of new theories and methods for understanding human decision-making.
Economic Development: Smith's findings have informed policy decisions and economic development strategies worldwide.

Why They Are Widely Quoted or Remembered

Vernon L. Smith is widely quoted and remembered due to his:

Pioneering Work in Experimental Economics: His contributions have revolutionized the field of economics, providing new insights into human behavior and market mechanisms.
* Influence on Economic Policy: Smith's research has shaped economic development strategies and informed policy decisions worldwide.

As a pioneer in experimental economics, Vernon L. Smith's work continues to inspire researchers and policymakers alike. His legacy serves as a testament to the power of innovative thinking and the importance of understanding human decision-making in shaping our world.

Quotes by Vernon L. Smith

After my stellar first grade academic achievements, I continued to perform well in the city primary schools – except for penmanship, which was not my forte.
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After my stellar first grade academic achievements, I continued to perform well in the city primary schools – except for penmanship, which was not my forte.
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I can still memory – taste the fresh buttermilk pancakes and hot buttermilk biscuits – both made with lard! – that were cooked on the top, or in the oven, of that ancient iron stove.
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I can still memory – taste the fresh buttermilk pancakes and hot buttermilk biscuits – both made with lard! – that were cooked on the top, or in the oven, of that ancient iron stove.
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Hayek, in my view, is the leading economic thinker of the 20th century.
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Hayek, in my view, is the leading economic thinker of the 20th century.
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#views
Consequently, neither I, nor my parents, or anyone in my family, or any neighbor or friend, had any idea how to go about choosing a college.
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Consequently, neither I, nor my parents, or anyone in my family, or any neighbor or friend, had any idea how to go about choosing a college.
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#anyone
I was majoring in physics, but switched to electrical engineering, which was in the same division (Mathematics, Physics and EE) as a senior.
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I was majoring in physics, but switched to electrical engineering, which was in the same division (Mathematics, Physics and EE) as a senior.
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#division
I still have my original social security card signed when I was 13.
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I still have my original social security card signed when I was 13.
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#cards
I can still memory - taste the fresh buttermilk pancakes and hot buttermilk biscuits - both made with lard! - that were cooked on the top, or in the oven, of that ancient iron stove.
"
I can still memory - taste the fresh buttermilk pancakes and hot buttermilk biscuits - both made with lard! - that were cooked on the top, or in the oven, of that ancient iron stove.
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#memories
Caltech was a meat grinder like I could never have imagined.
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Caltech was a meat grinder like I could never have imagined.
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#meat
I gradually became persuaded that the subjects, without intending to, had revealed to me a basic truth about markets that was foreign to the literature of economics.
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I gradually became persuaded that the subjects, without intending to, had revealed to me a basic truth about markets that was foreign to the literature of economics.
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#basic
After my stellar first grade academic achievements, I continued to perform well in the city primary schools - except for penmanship, which was not my forte.
"
After my stellar first grade academic achievements, I continued to perform well in the city primary schools - except for penmanship, which was not my forte.
VL
#cities
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