Good economic theory is about explaining what we observe people doing. Buchanan makes that point very clearly, ande he gets people miss it. Paul crigman looks at the ain world very much. Th wost modern aconis modern ecoomy. Even better. And i think the last parcast we did was on jim buchanan. There's a connection here with JIM BUCHANNA. Jim buchanan's presidential address to the southern economic association,. which was published, i thinkiwas 19 63, a call, what should economist do? I bu and buchanan wrote this when he was still a colleague with coth, i believe, at u v
Don Boudreaux of George Mason University and Cafe Hayek talks with EconTalk host Russ Roberts about the intellectual legacy of Ronald Coase. The conversation centers on Coase's four most important academic articles. Most of the discussion is on two of those articles, "The Nature of the Firm," which continues to influence how economists think of firms and transaction costs, and "The Problem of Social Cost," Coase's pathbreaking work on externalities.