It’s the little extras in the definition above that caught my ear as he spoke this past Tuesday (11/2/2010) at Indiana University. …Respect regardless of position. …Provides meaning to your life. …Recognition. Have you worked at such a place where these points were universally true? Continue reading
How do we get out of the current financial mess? “Do whatever you can to allow the start of new businesses,” said 2002 Economic Nobel Laureate Vernon L. Smith, who spoke Thursday night (10/28/2010) at Indiana University. In the history of recessions here and around the world, bubbles in the housing market are regularly more devastating to financial institutions and other parts of the economy than even larger disruptions elsewhere according to Smith, Professor of Economics at Chapman University. Over the past few years I’ve been frustrated by simplified explanations of our recent financial crisis that place all blame on a single element of our system rather than dealing with what is a rather complex and intermixed systemic failure. Smith’s background in experimental microeconomics and long experience with bubbles led him and his associate, Dr. Steven Gjerstad, to study historic recessions and try to identify the differences that lead to … Continue reading