"In the Autumn semester, 1955, I taught Principles of Economics, and found it a challenge to convey basic microeconomic theory to students. Why/how could any market approximate a competitive equilibrium? I resolved that on the first day of class the following semester, I would try running a market experiment that would give the students an opportunity to experience an actual market, and me the opportunity to observe one in which I knew, but they did not know what were the alleged driving conditions of supply and demand in that market"
React to this quote
More by Vernon L. Smith
See allResonant Thoughts
"In the following decades “Kierkegaard remained completely unknown, Schelling’s work was contemptuously buried, and Marx and Feuerbach were interpreted as dogmatic materialists. Then a new impetus came…"
"At the times in my life when I was feeling the most gregarious and looking for bosom friendships, I couldn't find any takers so that exactly when I was alone was when I felt the most like not being al…"
Explore Further
Related Quotes
"The launch of satellite SLV was possible in India only due to the inspiration from Prof Vikram Sarabhai. It…"
— Vikram Sarabhai"The law of causality is no longer applied in quantum theory and the law of conservation of matter is no lon…"
— Werner_Heisenberg"And if the experience of natural science is any guide, then as the science of administration advances, we m…"
— Charles A. Beard"If you sense a deep human need, then you go back to all the basic science. If there is some missing, then y…"
— Edwin H. Land"There is a philosophical, or metaphysical position that can be taken–maybe its a scientific hypothesis–that…"
— John Crowley"You can discover what your enemy fears most by observing the means he uses to frighten you."
— Eric Hoffer
Related Thinkers
Related Topics
Deep Dives
- David Cay Johnston on science
- Rudiger Dornbusch on science
- David Cay Johnston on politics
- David Cay Johnston on time
- David Cay Johnston on justice
- David Cay Johnston on life
- David Cay Johnston on knowledge
- David Cay Johnston on art
- David Cay Johnston on philosophy
- David Cay Johnston on money
- knowledge & Beauty
- knowledge & Change