Send us a text

What happens when people stop trusting rules—and start rewriting them?

In this episode, we are joined by economist Edward Lopez about the life and legacy of James M. Buchanan, the Nobel Prize-winning founder of public choice economics. We begin by unpacking Buchanan’s biography and intellectual roots: what shaped his worldview, who influenced his thinking, and why his work remains foundational to understanding government, rules, and freedom.

From there, we dive into the rich ideas in The Limits of Liberty—a dense but powerful book in which Buchanan asks: How can free individuals live together without descending into chaos or coercion? Lopez shares with us Buchanan’s key questions, his analytical framework, and the underlying principles that guide his work—especially his emphasis on rules, consent, and the boundaries of state power.

We explore questions like:

• Who was James Buchanan, and why does his work matter today?
• What makes Buchanan a “consummate Smithian” and a classical liberal?
• What are the central ideas in The Limits of Liberty—and why are they still so relevant?
• How does public choice theory reshape how we understand politics, institutions, and individual freedom?

Edward Lopez is a professor of economics and the BB&T Distinguished Professor of Capitalism at Western Carolina University. He directs the Center for the Study of Free Enterprise and is the past president of the Public Choice Society. His work focuses on the intersection of law, economics, and political processes, especially in the tradition of public choice and constitutional political economy.

If you’ve ever wondered what holds free societies together—or what happens when the rules start to break—this episode is for you.

Want to explore more?

• Intellectual Portrait Series: A Conversation with James Buchanan
• Pierre Lemieux, Lessons and Challenges in The Limits of Liberty, at Econlib.
• Randy Simmons on Public Choice, a Great Antidote podcast.
• Sandra Peart on Ethical Quandaries and Politics Without Romance, a Great Antidote podcast.
• Edward Lopez, Socialism from the Bottom Up: Where Lawson and Powell Meet Hayek and Buchanan, at Econlib.

Support the show

Never miss another AdamSmithWorks update.

Follow us on Facebook, Twitter, and Instagram.