Vernon L. Smith - Problems Quotes

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Theory should be ever more demanding of our empirical resources. Simultaneously, data should be ever more demanding of the empirical relevance of theory and of the theorist's expertise in working imaginatively on problems of the world, rather than on stylized problems of the imagination.

Vernon L. Smith

Rules emerge as a spontaneous order–they are found–not deliberately designed by one calculating mind. Initially constructivist institutions undergo evolutionary change adapting beyond the circumstances that gave them birth. What emerges is a form of social mind that solves complex organization problems without conscious cognition.

Vernon L. Smith

I can switch out and go into a concentrated mode and the world is completely shut out. If I'm writing something, nothing else exists... Perhaps even more importantly, I don't have any trouble thinking outside the box. I don't feel any social pressure to do things the way other people are doing them, professionally. And so I have been more open to different ways of looking at a lot of the problems in economics.

Vernon L. Smith