Vernon Smith on Hayek, Competition, and the Discovery Process

To reflect on the significance of Hayek’s Nobel Prize and the various strands of influence his work has had in subsequent decades of scholarship. In 2014, the Mercatus F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics hosted a keynote speech and panel discussion by some of Hayek’s most prominent colleagues and interlocutors. They discussed the breadth of Hayek’s vision, his contribution, and its influence on the research of other elite economic thinkers. In this installment of the series, Nobel Laureate Vernon Smith reflects on Hayek's insight on competition as a discovery process and how scientific knowledge can actually advance on the back of failed experiments. CC Music: Twisterium