In this statement, Vernon L. Smith recounts his early work experience as a ninth-grade student at the West Side Drug store. At that time, he would deliver prescriptions and various items on his bicycle to customers who had placed orders by phone. This job allowed him to earn wages and gain practical skills such as customer service and basic business operations.
Smith's quote reflects the importance of hands-on experience in shaping one’s character and understanding of work ethics from a young age. By engaging in real-world tasks like order fulfillment, he learned valuable lessons about responsibility and punctuality that would benefit him throughout his life. Additionally, the use of a bicycle to deliver items highlights the era when technology was less advanced but resourcefulness was highly valued. This experience likely contributed to Smith's development as an economist and thinker who emphasizes practical knowledge alongside theoretical learning.
Vernon L. Smith is an American economist known for his work in experimental economics, which earned him the Nobel Prize in Economic Sciences in 2002. His early experiences working at a drug store laid foundational stones for his later contributions to economic theory, underscoring how real-world practice can influence academic thinking and innovations in fields like economics.
