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Nobel Prize-winning economist explains how a 300 y/o model predicted Uber | Vernon Smith | Big Think
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December 7, 2021
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6:40Now PlayingNobel Prize-winning economist explains how a 300 y/o model predicted Uber, with Vernon Smith, Nobel Prize-winning Economist
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Spontaneous order means the "spontaneous emergence of order out of seeming chaos," and it's something we see daily in both our social and economic lives.
Nobel Prize winner Vernon Smith believes that we see spontaneous order much more often in our everyday social and economic life than we know - such as in the form of apps like Uber and Lyft.
The founders of both ride-share platforms understood that one algorithm could digitally encompass the thousands of cab companies, taxi drivers, and passengers, creating a streamlined process out of something that once seemed so complex, dispersed, and chaotic. Today, these customary transportation apps not only make our lives simple and organized but modern-day spontaneous order in action.
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This video was created in partnership with the Institute for Humane Studies.
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About Vernon Smith:
Vernon L. Smith was awarded the Nobel Prize in Economic Sciences in 2002 for his groundbreaking work in experimental economics. Dr. Smith is a distinguished fellow at the Institute for Humane Studies, has joint appointments with the Argyros School of Business and Economics and the Fowler School of Law at Chapman University. He has authored or coauthored more than 350 articles and books on capital theory, finance, natural resource economics and experimental economics.
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