#24: When Will Inflation End? Nobel Economist Weighs In - Vernon Smith, Nobel Economist & Professor
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This episode of the Performance Initiative Podcast with Drs. Grant Cooper and & Zinovy Meyler combines insights from Nobel Laureate Vernon Smith and the principles of Adam Smith to explore a range of economic themes, including the implications of Universal Basic Income (UBI), the impact of government policies on inflation, banking, and the housing market, and the evolution of labor and automation. Vernon discusses the historical and future trajectories of economic policies, the importance of free markets, innovation, and the potential of cryptocurrencies. Additionally, he reflects on the benefits of UBI in comparison to retirement incomes, the value of practical skills over formal education, and the role of government in major infrastructures like highways. Grant, Zinovy and Vernon also delve into the human aspect of economics, emphasizing the significance of empathy, social cooperation, and the moral sentiments that guide societal interactions and economic transactions, as highlighted through the theories of Adam Smith. The podcast concludes by addressing the factors that contribute to longevity and productivity, emphasizing a life deeply engaged with personal interests and societal contributions.(00:00) Introduction(02:24) Vernon Smith's Insights on Economics, Social Safety Nets, and Personal History(11:48) Exploring the Dynamics of Minimum Wage and Early Work Experiences(14:56) The Evolution of the B29 and Lessons in Innovation(17:21) The Role of Social Safety Nets and Private Initiatives(20:40) Government Spending, Inflation, and the Economy's Future(46:18) The Housing Market, Bubbles, and Economic Cycles(50:20) Biotech Investments and the Potential of Bitcoin(01:09:54) Exploring Inflation and Government Spending(01:11:56) The Impact of COVID-19 on Supply and Demand(01:13:09) Government's Role in Regulation and Free Markets(01:14:55) The Debate on Food Safety and Government Intervention(01:27:51) Automation, Jobs, and the Future of Work(01:30:16) Universal Basic Income: Necessity or Inevitability?(01:34:17) Investment Strategies and Economic Predictions(01:38:40) Reflecting on Historical Figures and Economic Theories(01:44:18) The Evolution of Economic Thought and Practice(01:44:25) Adam Smith's Enduring Influence on Economics(02:16:36) The Future of Economics and Societal DevelopmentVernon L. Smith is a renowned American economist and professor, celebrated for his pioneering contributions to experimental economics, a field he helped establish. Born in 1927, Smith's innovative work involves using controlled experiments to study how people make economic decisions, which challenged traditional economic theories that relied heavily on mathematical models and assumptions of rational behavior. His groundbreaking research has provided profound insights into market mechanisms, auction designs, and the behavior of economic agents, earning him the Nobel Memorial Prize in Economic Sciences in 2002 alongside Daniel Kahneman. Smith's career spans several decades, during which he has held academic positions at various prestigious institutions, published extensively, and remained a vocal advocate for understanding the practical implications of economic policies and theories on everyday life.#VernonSmith #BehavioralEconomics #FinancialCrisis #EconomicInsights #FiscalPolicy #SupplyChain #Podcast #FinancialLiteracy #Investing #NobelPrize #EconomicHistory #PublicPolicy #PerformanceInitiative #EconomicTheorySocials:YouTube: https://www.youtube.com/channel/UCKPNCI1-HBSZmiHNAlAjiIwWebsite: https://www.performanceinitiativepodcast.com/Instagram: https://www.instagram.com/performanceinitiativeTikTok: https://www.tiktok.com/@performanceinitiative