I’ve been asked, “What is IFREE’s value in a few words?”
IFREE incubates creative market-and personal-exchange system projects that extend the boundaries of economic research and nurture thinking outside the traditional economics research, education, and policy boxes.
IFREE-supported research is about discovery in understanding exchange systems, which are critical in understanding human betterment.
Vernon Smith interacting with workshop participants at Chapman University, 2016
It’s about recognizing the importance of market-oriented solutions founded on property rights and test-bedding BEFORE costly policy changes are implemented. IFREE supports research that takes the next step and asks: “What is the problem? What kind of market? How do we create and grow new markets? How do we create property rights?
IFREE recognizes that test-bedding is critical. Disastrous mistakes can be minimized by avoiding implementation of feel-good well-intended policies. Those who invest resources in IFREE are skeptical that there are magic solutions or ideological prescriptions that lead directly to sound policy-making.
IFREE supported research also explores the voluntary exchange mechanisms of personal relationships that are without the formal external structures of contract and enforcement of markets.
Investors who are interested in economics education are seeing news pathways opened to learning through interactive, hands-on experimental economics workshops and intern summer programs for high school, college, graduate and post-graduate students at various universities in the U.S. and Central America.
IFREE offers a way of thinking about getting things done and it is a source of inspiration that moves people to want to contribute and make things happen.
-Vernon L. Smith