Nobel Prize–Winning Economist: Democrats Are Committed 'To Spending Other People's Money'

Vernon Smith received the 2002 Nobel Prize in Economic Sciences for his pioneering work in experimental economics. I caught up with the 96-year-old recently in Southern California and conducted a long interview about his life and work that will appear as a Reason podcast.

Here's part of our conversation about President Joe Biden's massive $6.8 trillion budget plan, the role of government spending and Federal Reserve policy in causing inflation, the bailout of Silicon Valley Bank, and why Smith believes "it's very hard to keep Democrats [from] wanting to make the world better by spending other people's money."

Produced by Nick Gillespie and Justin Zuckerman; sound editing by Ian Keyser.

Credits: Evan Cantwell/UPI Photo Service/Newscom; PPS Vienna/ZUMA Press/Newscom; CNP/AdMedia/Newscom; Gripas Yuri/ABACA/Newscom; Rod Lamkey—CNP / MEGA / Newscom/RSSIL/Newscom; Ingram Publishing/Newscom; Rod Lamkey—CNP/Sipa USA/Newscom; Bastiaan Slabbers/Sipa USA/Newscom