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Nobel Laureate Vernon L. Smith
Lectured at PKU
By Chen Hong, Ma keke
PKU NEWS 2003--12—05
http://ennews.pku.edu.cn/news.php?s=71848541
Peking University, Beijing, Dec. 5, 2003: Vernon L. Smith, 2002 Nobel Prize winner
in Economics gave a speech on Market, Capital Market and Globalization at
President Office Hall of Peking University this afternoon. He is the third speaker of
the Series of Nobel Laureate Lectures for the10th anniversary celebration of CCER
(China Center for Economic Research).
Vernon L. Smith is currently Professor of Economics and Law at George Mason
University, a research scholar in the Interdisciplinary Center for Economic Science,
and a Fellow of the Mercatus Center all in Arlington, VA. He received his bachelor‘s
degree in Electrical Engineering from Cal Tech, and his Ph.D. in Economics from
Harvard. He has authored or co-authored over 200 articles and books on capital
theory, finance, natural resource economics and experimental economics.
Professor Smith began his speech with the discussion of commodity and service
markets, which are the foundation of existing wealth creation. In his opinion, the
hallmark of commodity and service markets is diversity. Diversity requires freedom
because it is freedom that allows each to be different and creates the necessity to
exchange, and the welfare of human depends on knowledge and skills of others,
whom we trade through markets. Meanwhile, market requires consensus
enforcement of rules and social economic exchange.
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