James Buchanan is a celebrated Nobel laureate economist, prolific author, and scholar of liberty. In Part 1 he discusses the theory of public choice, his exchange theory of economics, and constitutional thought. In Part 2, the conversation moves to such topics as the work ethic, the logic of free markets, subjectivism, anarchy, federalism, the influence of philosophy and the significance of the Nobel Prize. Approximate running time: 120 minutes