More On Experimental Economics

David Warsh has written this superb column on experimental economic’s development, and Vernon Smith’s role in that development. He tells the story very well, illustrating the experimental diaspora from the vibrant group of scholars at Purdue in the late 1950s and early 1960s. Warsh also mentions one of those scholars, Jonathan Hughes, who was a pioneer in applying rigor and economic analysis to economic history. Hughes was the author of two very important books about entrepreneurship (The Vital Few) and the history of government involvement in the U.S. economy (The Governmental Habit), among his many other achievements. He was also a professor of mine in graduate school, a wonderful role model, and a genuinely good person, in addition to being a fantastic economist.