A Conversation with Armen A. Alchian


A Conversation with James M. Buchanan (Part II)

During the second part of this conversation, Nobel Prize winner in Economics, James M. Buchanan gives his insights on topics such as work ethic, anarchy, federalism, subjectivism, and tells anecdotes of his personal experiences and philosophy. He believed that there was economic content in the work ethic and that by working harder a general benefit would be obtained, differing from the neoclassical theory paradigm. In regards to the subjectivism present in his work on public debt, he claims to have come to that understanding independently, though the reading of F.A. Hayek, reinforced his thinking. Also, he comments that working in rather small and less academically acknowledged universities, allowed him to independently develop his own ideas and not be influenced by established structures of thinkers, consequently, that gave him more freedom to follow his intellectual pursuits. As the conversation ends, Buchanan analyzes his particular interest in what will happen when he is no longer alive, and concludes by stating that the spirit of classical liberalism provides meaning to lives and it has to be constantly motivated so it can transcend mortality.

James M. Buchanan, Jr. (1919-2013) was an American economist. He was awarded as Nobel Laureate in Economics in 1986 for…


Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.

Universidad Francisco Marroquín