About this videoIn this conference Vernon Smith, a pioneer in experimental economics and systematic observation, shows the process and outcome of virtual economic trials which illustrate human action towards property rights, exchange and specialization in a society. By creating an artificial environment that exposes participants to basic economic activities in a controlled software, he has been able to measure and analyze different behaviors and collaborations inside the experiment. Through these trials Smith demonstrates the evolution of economic interactions in history, when certain needs arise between individuals. He shares how individuals tend to cooperate with each other instead of stealing or cheating in order to succeed, based on spontaneous social rules that guide social interactions towards wellness. Finally, he describes how property rights naturally tend to acquire importance in a society and how certain innate rules emerge to preserve it, explaining the ends and means of our society nowadays. |
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CreditsDiscovering Exchange, Specialization and Property
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