Matthias Vernengo

I don't know if you can see the yellow sort of, let me tilt it a little bit, the yellow thing.

I don't know if you can see the yellow sort of, let me tilt it a little bit, the yellow thing.

I'm the editor of this encyclopedia.

I'm the editor of this encyclopedia.

It's really an encyclopedia, but economists are not good, good language, and we call it a dictionary.

It's really an encyclopedia, but economists are not good, good language, and we call it a dictionary.

Paul Grave was the editor of The Economist at some point, and he edited this.

Paul Grave was the editor of The Economist at some point, and he edited this.

And it has published like 39 Nobel Prizes and whatnot.

And it has published like 39 Nobel Prizes and whatnot.

His ideas were heavily influenced by Newton.

His ideas were heavily influenced by Newton.

One of his first papers was on astronomy, and he was thinking of, he uses the term gravitation.

One of his first papers was on astronomy, and he was thinking of, he uses the term gravitation.

Market prices gravitate around natural prices.

Market prices gravitate around natural prices.

So whenever you hear economists on the show refer to natural prices, you can thank Adam Smith.

So whenever you hear economists on the show refer to natural prices, you can thank Adam Smith.

In the 20s, 30s and 40s, you start getting sort of the big categories, the GDPs, the consumptions, the investment spending and all that.

In the 20s, 30s and 40s, you start getting sort of the big categories, the GDPs, the consumptions, the investment spending and all that.