Vernon Smith won the Nobel Prize in economics in 2002.
Courtesy | Chapman University
A Nobel Prize-winning economist will visit campus as the new Center for Commerce and Freedom holds its first annual conference Friday, April 5 in Plaster Auditorium with lunch and dinner in the Searle Center.
Vernon Smith won the Nobel Prize in economics in 2002 for his use of laboratory experiments in market analysis, according to his biography on the website of Chapman University, where he serves as a professor of economics and law. Smith will conclude the conference with his lecture on “Adam Smith’s Theory of Society.”
The conference will highlight the current challenges to free enterprise, according to Charles Steele, associate professor of economics and Detweiller chair of economics and business administration.
“Our opening panel will discuss ‘stakeholder capitalism,’ a movement that would redefine the purpose of the business enterprise, changing the objective from production of useful goods and services to one of top-down social engineering,” Steele said.
This conference is the beginning of a larger project in defense of economic freedom, according to Roger Butters, associate professor of economics.
“This is the first of many initiatives to promote the importance of freedom and the role of commerce in creating peaceful, free, and prosperous societies,” Butters said.
The conference panels are open to all Hillsdale and non-Hillsdale students as well as the general public, but registration for meals is required, Steele said.
Two other panels will address buying and selling a company and managing assets in reference to the modern political and regulatory business climate, according to Steele.
In addition to the evening dinner, the conference also features a lunch and presentation on “Artificial Intelligence, Commerce, and Liberty,” from John Seiffert, associate professor of computer science.
Steele said the conference will promote Hillsdale’s unique approach to business and economics.
“We understand that commerce is how free people provide for themselves and others,” Steele said. “That it is inextricably linked with liberty, and that it is important that all citizens understand and appreciate this if we are to remain a free, self-governing people.”
Hillsdale is unique in its stand for freedom in economics and business, according to Butters.
“Hillsdale is one of the last academic departments that explicitly argues for free people and free markets,” Butters said.
Steele said The 1792 Exchange, a nonprofit organization, is partnering with Hillsdale and sponsoring the event.
“The 1792 Exchange is a nonprofit organization founded by business men and women who are alarmed by the politicization of business, and especially the ‘woke’ turn and the push for things like stakeholderism, ESG metrics, and DEI policies,” Steele said. “The 1792 Exchange thinks business firms should engage in commerce, not social engineering.”
Steele said the ideas of the conference are applicable across majors and interests because they engage with questions involving man, society, and freedom.
“It is an opportunity to hear important ideas. Students who are not studying economics or business disciplines are especially welcome,” Steele said. “It is vitally important to understand our economic system if one is to understand the nature of man and the nature of society.”
