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Vernon L. Smith has been a notable figure in which economic movement or school of thought?

  • Keynesian

  • Neoclassical

  • Chicago School

  • Austrian School

Answer

The Austrian School, as represented by Vernon L. Smith, emphasizes the role of individual decision-making and entrepreneurship in economic processes. It advocates limited government intervention and free market principles, highlighting the spontaneous coordination of economic activities through price signals and market forces. The school's focus on subjective value, entrepreneurship, and market processes provides insights into economic phenomena such as business cycles, market dynamics, and the evolution of economic institutions.
The Path to Economic Insight: Unraveling the Legacy of Vernon L. Smith

The Path to Economic Insight: Unraveling the Legacy of Vernon L. Smith

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