A Quote by Vernon L. Smith
After graduating in engineering I went to the University of Kansas to get an MA in economics as a vehicle for allowing me to decide if I wanted to continue in economics.
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When I was graduating college with an economics degree, I had no idea what I wanted to do. I was kind of scared. So I was just trying everything.
Interestingly, human irrationality is a hot topic in economics at the moment. Behavioural economics it's called, on the cusp of economics and psychology.
My mother and my father taught me to look at the actual problem, not the face of it, not the veneer of it. So for me, I was never - I was impressed that it - racially, I was impressed, right, but now in America it's about economics, and it's been about economics, and honestly, everything's been about economics since I don't want to say the beginning of time, but it's been about economics for a long while.
At the beginning of my sophomore year at Princeton University, I took my first economics course; our textbook was the first edition of Samuelson's 'Economics: An Introductory Analysis.'
I am practical by nature, and I'd heard that being a writer or an artist is a good way to starve! So I was an economics major at Oklahoma State, and then received an M.S. from Cornell in Agricultural Resource and Managerial Economics. I knew if I wanted to write I would do it on my own, but I knew I wouldn't make myself study economics on my own.
We judge economics by what it can produce. As such, economics is rather more like engineering than physics: more practical than spiritual.
I started in the law; and the study of law, when it precedes the study of economics, gives you a set of foundation principles about how human beings interact. Economics is very useful, and I studied economics in graduate school. But without understanding the social and organizational context of economics, it becomes a theory without any groundwork.
Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn't work in the next. Economics is a difficult subject.
I went to university for a couple of years and I didn't enjoy university. The studying and the accountancy, economics, I just hated that stuff. Now the irony is here I am lawyer, accountant, I do it all day every day and sit at a desk. So I've never ended up where I wanted to be in many ways. I always wanted to be a farmer.
People want to think of economics as a natural science, like physics, with the comforting reliability of simple-to-understand theories like F=MA. Unfortunately, it isn't. Economics is a social science, and the so-called theories are really social and moral constructs.
If people are teaching economics, they need to teach all the different disciplines, all the different schools in economics. They can't just teach one because then the person isn't equipped to deal with the economics profession.
My master's was in economics, and my Ph.D. was in philosophy, and I became a professor at USP. But after three years, I was invited to be secretary of finance for Sao Paulo mayor Marta Suplicy. They reached out to be because of my economics background.
After graduating from University, I began directing in theatre too, and I've been directing, writing and acting ever since, which has allowed me to continue this traveler lifestyle.
I do not believe there is a natural resource economics. I believe there is good economics and bad economics.
How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists are probably the ones that are bending them in the correct direction. I don't think it's going to be that hard to bend economics a little to accommodate what's right in psychology.
I studied economics with some teachers from ESADE. It's a really good school here in Spain. They helped me to understand a little about numbers, stats, economics, etc.
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