EconTalk

Don Boudreaux on Buchanan

Jan 11, 2021
Don Boudreaux, an economist from George Mason University, dives deep into the impactful work of Nobel laureate James Buchanan. He explores public choice theory, revealing how economic principles apply to political behavior. Boudreaux discusses Buchanan's contrarian views on markets and the notion of life as an ongoing process rather than a mere series of problems. The conversation also touches on ethics in economics, emphasizing human identity and the importance of institutional frameworks in personal transformation.
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INSIGHT

Economics: Choice vs. Exchange

  • Economics isn't just about individual choice and scarcity.
  • It's about human interactions and exchanges, both commercial and non-commercial.
INSIGHT

Economy vs. Individual

  • The economy isn't like an individual with a unified set of preferences.
  • There's no single "best" allocation of resources for society as a whole.
ANECDOTE

Gulag Defiance

  • Solzhenitsyn and Grossman highlighted individuals in the gulag who defied self-interest.
  • Even under dire circumstances, some chose not to prioritize mere survival.
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