In Adam Smith’s The Theory of Moral Sentiments (1759), the two pillars of society are Beneficence and Justice. Beneficence is about the good things we do for each other in our communities that contributes to our happiness. Justice is about punishing and discouraging the bad things we do to each other—murder, theft, robbery and violation of contractual promises—that reduces our fear and insecurity and makes stable society possible.

About the Speaker

Vernon L. Smith
Chapman University

George L. Argyros Chair in Finance and Economics and President, International Foundation for Research in Experimental Economics

Vernon L. Smith, PhD, was awarded the Nobel Prize in Economic Sciences in 2002 for his groundbreaking work in experimental economics. Dr. Smith has joint appointments with the Argyros School of Business and Economics and the Fowler School of Law, and he is part of a team that has created and will run the new Economic Science Institute at Chapman. He has authored or coauthored more than 350 articles and books on capital theory, finance, natural resource economics and experimental economics.

Professor Smith is a Fellow of the Econometric Society, and the American Association for the Advancement of Science. Purdue University awarded him an Honorary Doctor of Management degree in 1989. He was elected member, National Academy of Science, 1995. In 1996 he received Cal Tech's Distinguished Alumni Award. He became Kansan of the year (Topeka Gazette) in 2002, received a Distinguished Alumni award from the University of Kansas in 2011 and in 2014 an Honorary Doctor of Science degree.  He has served on numerous editorial and editorial advisory boards, and as president of several national economic associations.  He has served as a consultant on the liberalization of electric power in Australia and New Zealand, and has participated in numerous private and public discussions of energy privatization and liberalization in the United States and around the world. In 1997 he served as a Blue Ribbon Panel Member, North American Electric Reliability Council.