By VERNON L. SMITH* When we leave our closet, and engage in the common affairs of life, (reasonâs) conclusions seem to vanish, like the phantoms of the night on the appearance of the morning; and âtis difï¬cult for us to retain even that conviction, which we had attained with difï¬culty ... (David Hume, 1739, 1985, p. 507). ... we must constantly adjust our lives, our thoughts and our emotions, in order to live simultaneously within different kinds of orders according to different rules. If we were to apply the unmodiï¬ed, uncurbed rules (of caring intervention to do â This article is a revised version of the lecture Vernon L. Smith delivered in Stockholm, Sweden, on December 8, 2002, when he received the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The article is copyright Â© The Nobel Foundation 2002 and is published here with the permission of the Nobel Foundation. The title was suggested to the author in the paper by Joel Norman, âTwo Visual Systems and Two Theories of Perception: An Attempt to Reconcile the Constructivist and Ecological Approachesâ (Behavioral and Brain Sciences, 2002). After ï¬nishing this paper I found that my use
American Economic Review – American Economic Association
Published: Jun 1, 2003
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