Discussion on Trial and Error, Military Mistakes, and Public Choice at the University of Virginia

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Exploring the value of trial and error and competition in problem-solving, reflecting on the military's avoidable errors that triggered enduring consequences. The discussion also highlights the impact of studying government and the groundbreaking contributions of James Buchanan and Gordon Tullock in public choice theory.

Nobel Laureate Ronald Coase of the University of Chicago talks with EconTalk host Russ Roberts about his career, the current state of economics, and the Chinese economy. Coase, born in 1910, reflects on his youth, his two great papers, "The Nature of the Firm" and "The Problem of Social Cost". At the end of conversation he discusses his new book on China, How China Became Capitalist (co-authored with Ning Wang), and the future of the Chinese and world economies.