• 00:01    |    
    Initial credits
  • 00:20    |    
  • 01:04    |    
    Economic experiments
    • Specialization, exchange and property rights
    • Quotes Adam Smith
    • Sparse instructions
    • Screen interface of the experiment
    • Experiment description
    • Participant artificial production
    • Efficiency
    • Chat room communication
    • Wealth creation
    • Self-interested, social and helpful
    • Observed discovery process
    • Build8 results
    • Bilateral relationships
    • Participants language
    • Property rights
    • Quotes David Hume
    • Quotes The Wealth of Nations, Adam Smith
  • 23:49    |    
    Action re-specification in the experiment
    • Game of steal
    • Participants complaints
    • Order creation
    • Convention creation
    • Steal trading process
    • Property as an experimental convention
  • 32:46    |    
    Economic history in the laboratory
    • Screen interface
    • Chat rooms
    • Merchant chat rooms
    • Impact of history on wealth creation
    • Language sociability
    • Property rights history
    • No property rights history
    • Perception of interpersonal exchange
    • Quotes John Locke
    • Quotes Adam Smith
  • 46:48    |    
    Question and answer period
    • Property right rules
    • Economic experiment variations
    • Do your experiments demonstrate the need for a central government?
    • Do you think modern societies can be compared with the outcome of these experiments?
    • How many participants in your experiments tend to steal from others?
    • Would you include more complex elements into your experiments such as money?
    • Do you think these experiments prove that the social contract derives from interpersonal exchange?
  • 01:15:15    |    
    Final words
  • 01:16:40    |    
    Final credits

Discovering Exchange, Specialization and Property

New Media  | 18 de junio de 2010  | Vistas: 34

About this video

In 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.


Discovering Exchange, Specialization and Property
Vernon Smith

Milton Friedman Auditorium
Universidad Francisco Marroquín
Guatemala, June 18, 2010

New Media - UFM production.  Guatemala, May 2010
Camera: Joni Vasquez, Jorge Samayoa; digital editing: Mynor de León; index and synopsis: Sergio Bustamante; content reviser: Sofía Díaz; publication: Carlos Petz/Daphne Ortiz


Vernon L. Smith was awarded the 2002 Nobel Prize in Economics…


Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.

Universidad Francisco Marroquín