In this conference, Vernon L. Smith elaborates on the evolution of the 2008 crisis that shattered the world's economic system without warning, especially in the United States. He explains why economic bubbles grow, based on his personal observations. He demonstrates the future implications of premises that were set in previous decades in market policies imposed by central authorities such as the Federal Reserve. Smith describes how other crises, such as the Great Depression, affected the American economy and he compares them with the current one using different indicators. Smith proves that the constant intervention in the economy led to the great debacle that exploded in 2007 in the housing and stock market. Finally, he describes the effects this crisis will have in the economy, and criticizes the solutions that the U.S. government has implemented to solve this problem.
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