467. Understanding Human Behavior in Economics with Vernon L. Smith

Much of the field of economics derives its theories from a subset of Adam Smith’s philosophy found in the Wealth of Nations. But are economists overlooking other parts of Adam Smith’s teachings that could explain more about human behavior and economics?

Nobel-prize winning economist Vernon L. Smith is an emeritus professor of economics and law at Chapman University. His books like Rationality in Economics: Constructivist and Ecological Forms and Humanomics: Moral Sentiments and the Wealth of Nations for the Twenty-First Century explore how human behavior shapes economics.

Vernon and Greg discuss the role Adam Smith’s Theory of Moral Sentiments plays in understanding behavioral economics, Vernon’s early supply and demand experiments, and how his work shaped the field of experimental economics.

*unSILOed Podcast is produced by University FM.*