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Vernon Smith

Biography: 

2002 Nobel Prize Winner in Economics; Professor of Economics and Law, George Mason University

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Recent Commentary

HIGH WIRE ACT: Reforming the Electricity Industry

with Ralph Cavanagh, Vernon Smithvia Uncommon Knowledge
Monday, November 24, 2003

Building America's electricity system was one of the great achievements of the twentieth century, providing inexpensive energy to homes and businesses throughout the country. But in the twenty-first century, two crises occurred. In 2001, California experienced massive electricity shortages, leading to rolling blackouts and skyrocketing electrical bills. And in 2003, a blackout swept across eight states in the Midwest and Northeast, leaving tens of millions in the dark. Why did these problems arise now, after a century of progress? Were they the result of ill-advised attempts to deregulate the utility industry? Or is more deregulation actually the solution?