Spring 2007 Lectures

Lecture 1 of 3

Thursday, February 8, 2007 -- 5:15-6:45 p.m.
Martin Luther King Library, Room 225
"Making Great Decisions: How Economics Helps"
David R. Henderson, Research Fellow, Hoover Institution, Stanford University, and Associate Professor of Economics, Graduate School of Business and Public Policy, Naval Postgraduate School.

Decisions, decisions, decisions! From the general, “What subject should I
choose for a major?” to the specific, “Should I open a new franchise at
this location?” the list is endless. Economics, the study of individual
choice, can actually help you to make better decisions. The problem is
that not everyone has time to study economics, and even those who do often
never learn how to apply economic reasoning to their own lives. David
highlight some of the most important principles of great decision-making
along with true stories of good and bad decisions.

David R. Henderson is a Research Fellow with the Hoover Institution and
Associate Professor of economics at the Graduate School of Business and
Public Policy at the Naval Postgraduate School. He was previously a
senior economist with President Reagan's Council of Economic Advisers. He
FORTUNE ENCYCLOPEDIA OF ECONOMICS (1993). In addition to testifying before
committees of the U.S. Congress and appearing on The O'Reilly Factor, the
Jim Lehrer Newshour, CNN, and NPR, Professor Henderson has published over
a hundred articles in such publications as the WALL STREET JOURNAL,
FORTUNE, the RED HERRING, and other major newspapers and magazines.

Lecture 2 of 3

Tuesday, April 17, 2007 -- 5:15-6:45 p.m.
Morris Dailey Auditorium
"Immigration: A Defense of a Completely Free Labor Market"
Benjamin Powell, Assistant Professor, Department of Economics, San Jose State University and Director, Center on Entrepreneurial Innovation, The Independent Institute.

Will immigration destroy America's standard of living? If more immigrants are allowed in will our economy suffer? Do immigrants steal jobs from Americans? Does immigration depress wages of the native born population? What does economics have to say about the current immigration reform debate? What are other spillover costs of immigration and how can they be dealt with. What about national security? Are there political considerations beyond economics? Professor Powell will address these timely topics among others during his lecture.

Benjamin Powell is Assistant Professor of Economics at San Jose State University and Director of the Center on Entrepreneurial Innovation at The Independent Institute. Receiving his Ph.D. from George Mason University, he has been a fellow with the Mercatus Center's Global Prosperity Initiative and a visiting research fellow with the American Institute for Economic Research. Professor Powell is the author of Housing Supply and Affordability and the editor of Making Poor NationsRich: Entrepreneurship and the Processof Development. His scholarly research has been published in such journals as Public Choice, Journal of Economic Behaviorand Organization, Journal of Private Enterprise, IndianJournal of Economics and Business, Human Rights Quarterly, Journal of Labor Research, Cato Journal, BostonUniversity Public Interest Law Journal, California Labor andEmployment Law Review, Florida State University Law Review, Journal of Law, Economics and PublicPolicy, Review of Austrian Economics, and Quarterly Journal of AustrianEconomics.

Lecture 3 of 3

Tuesday, May 15, 2007 -- 4:45-6:45 p.m. (Note start time is half hour earlier than usual)
Morris Dailey Auditorium
"Freedom, Economic Theory, and Experiment"
Vernon L. Smith, 2002 Nobel Laureate in Economics and Professor of Economics and Law, George Mason University.

Globalization is controversial. It confronts people with the social and political challenge of living simultaneously in two different worlds of exchange: personal versus impersonal exchange. Professor Smith exposes frequent misunderstandings about how the rules of each world interact and collide. Globalization is less controversial when viewed as a contemporary expression of the ancient human capacity for discovery, for economic and social development, for migration, trade, and specialization. Globalization is driven by human curiosity, diversity, innovation and freedom. Freedom is associated with economic development but that does not mean that we know how to plan either freedom or development, from the top down or from the outside in. Come and enjoy the reflections of a Nobel Laureate who in his own words muses that economic experiments “are a window on the human career with close intellectual connections to philosophy, science, anthropology, psychology, history and the classical tradition of the Scottish Enlightenment. It's all great fun.”

Vernon L. Smith was awarded the Nobel Prize in Economics in 2002 “for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms.” He is currently Professor of Economics and Law at George Mason University. Professor Smith is also a research scholar in the Interdisciplinary Center for Economic Science in Arlington, Virginia, and President of the International Foundation for Research in Experimental Economics, which he helped found in 1997. He has authored or co-authored over 250 articles and books on capital theory, finance, natural resource economics, and experimental economics. His books include Papers inExperimental Economics, Bargaining and Market Behavior, and the forthcoming Rationality in Economics: Constructivist and Ecological Forms. He has held appointments at: Purdue University, Stanford University, Brown University, University of Massachusetts, University of Southern California, Cal Tech, University of Arizona, and the University of Alaska-Anchorage.