Vernon L. Smith
is a Member of the Board of Advisors for the Independent Institute and Professor of Economics and Law, the George L. Argyros Endowed Chair in Finance and Economics, and the Founding Director of the Economic Science Institute at Chapman University. In 2002, he was awarded the Nobel Prize in Economic Sciences for his pioneering work in experimental economics.
By Vernon Smith •
Friday October 6, 2017 at 8:25 AM PDT
One of the best-known quotations from Adam Smith’s The Wealth of Nations (1776) defines natural liberty: “Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of...
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Tags: Adam Smith, classical liberalism, Free Market, invisible hand, justice, Liberty, Natural Law, natural liberty, Nobel Prize, Scottish Enlightenment, The Wealth of Nations