More Newsweek Special On Experimental Economics

Here’s a more extensive set of links to the articles I mentioned below.

An Experimental Mind

Having shaken the ivory tower and reshaped big government, Vernon Smith’s
ideas are revolutionizing business

By Rana Foroohar

Give All Iraqis a Share

Auctions of state wealth go back to Rome, but no one has ever done it
fairly. Now there’s a chance to get it right in Iraq

By Vernon L. Smith

A New ‘Wind Tunnel’ for Companies

By Rana Foroohar

I particularly like the lead-in (as well as the rest!) of Vernon’s editorial on assigning full property rights in Iraqi oil assets to Iraqis

No country has ever given its citizens full rights to share in the wealth generated by the sale of nationalized resources and industries. These rights have been recognized in privatization schemes from Great Britain to Alaska to Eastern Europe, but never in full. Now is the time to consider doing so, starting in Iraq. The objective would be to auction government property, including exploration and development rights, to ensure Iraq realizes the vast potential of its oil resources, and that all Iraqis benefit.

This recommendation is consistent with ones that I (and others) made this spring, including this post from March analyzing a Wall Street Journal commentary by M.A. Adelman, and this post on Michael Barone’s commentary on the matter from April.