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Self-Interest Reconsidered - Vernon Smith

Updated: Jul 26, 2023

Video from Ralston College

Self-Interest Reconsidered

"Stephen Blackwood speaks with the Nobel Laureate in Economic Sciences, Vernon L. Smith. They begin by defining and exploring commonly misunderstood economic terms—markets, capitalism, equilibrium—and then unpack the discoveries of Dr Smith’s pioneering experiments in economics, which—against widely held assumptions—revealed the operation of beneficence and non-zero-sum reciprocity at the heart of free exchange. ‘Self-interest’ is thus profoundly re-evaluated. Paradoxically, the only way to self-realization is through concern for others. Also, Vernon recommends for further reading, especially on the topic of his experimental games, which are described but not entirely comprehensible in the podcast, the following: Vernon L. Smith (1991) Papers in Experimental Economics. New York: Cambridge University Press. Writers and Writings Mentioned in this Episode Adam Smith, “The Wealth of Nations” (1776), Chapter 7 “Humanomics: Moral Sentiments and the Wealth of Nations for the Twenty-First Century” (2019), Vernon L. Smith and Bart J. Wilson “The Theory of Moral Sentiments” (1759), Adam Smith Parables of Jesus found in the Gospels Carl David Anderson (physicist) The Gospel of John, Chapter 1 C. S. Lewis’s Trilemma" from video introduction

Dr. Vernon L. Smith

"Professor, George L. Argyros Endowed Chair in Finance and Economics, Professor of Economics and Law Smith Institute for Political Economy and Philosophy Economic Science Institute Dale E. Fowler School of Law The George L. Argyros School of Business and Economics Expertise: Experimental Economics; Ethics & Society; Adam Smith; Industrial Organization; Real Estate; Economics and Law." from the website:

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