Economist and author Don Boudreaux of George Mason University discusses the life and work of the economist James Buchanan with EconTalk host Russ Roberts. Buchanan received the Nobel Prize in 1986 for his work creating and developing public choice--the field which applies the tools of economics to politicians and political behavior. After discussing the importance of public choice, Boudreaux and Roberts focus on two contrarian articles of Buchanan's where he argues for the importance of markets and life as processes rather than problems to be solved analytically.

Hoover Institution fellow Lee Ohanian discusses whether Phillips Curves are useful for forecasting inflation as well as New Deal policies and the persistence of the Great Depression, and much more.

The section describes how the Chinese Communist Party employs its foreign infrastructure and development program to further its strategic interests abroad and in international institutions.