David Friedman - What Does Law Have To Do With Economics?

In this conversation from 2025, host Matt Bufton interviews historian Steve Davies about the political realignment happening across the Western world. Steve explains how traditional divisions in politics, such as socialism versus capitalism, have been replaced by a new axis centered on nationalism versus globalism. He critiques both "national collectivism" and "technocratic liberal progressivism" while discussing the implications for classical liberalism. The conversation also touches on the influence of leaders like Donald Trump, Justin Trudeau, and Emmanuel Macron, and explores what the future holds for liberal ideas in a shifting political landscape. References "The Great Realignment: Understanding Politics Today" by Steve Davies (Cato Institute) https://www.cato-unbound.org/2018/12/10/stephen-davies/great-realignment-understanding-politics-today/ Steve Davies' talk at the IEA's THINK event https://www.youtube.com/watch?v=6GVMnQ4-_cQ "The Road to Serfdom" by Friedrich Hayek https://www.amazon.ca/Road-Serfdom-Friedrich-Hayek/dp/0226320553 "Capitalism, Socialism and Democracy" by Joseph A. Schumpeter https://www.amazon.ca/Capitalism-Socialism-Democracy-Joseph-Schumpeter/dp/0061330086 "The Origins of Political Order: From Prehuman Times to the French Revolution" by Francis Fukuyama https://www.amazon.ca/Origins-Political-Order-Prehuman-Revolution/dp/0374227349 "Leviathan" by Thomas Hobbes https://www.amazon.ca/Leviathan-Thomas-Hobbes/dp/0140431950 "The Constitution of Liberty" by Friedrich Hayek https://www.amazon.ca/Constitution-Liberty-Friedrich-Hayek/dp/0226320847 Thanks to our patrons, including Kris Rondolo, Amy Willis, and Christopher McDonald. To support the podcast, visit https://patreon.com/curioustask.  

In this conversation from 2022, Alex speaks with Andrew Smith about capitalist peace theory and discusses a Canadian case study as an example of mutually beneficial exchange leading to peace and prosperity.  References 1. “Canadian Entrepreneurs and the Preservation of the Capitalist Peace in the North Atlantic Triangle in the Civil War Era, 1861-1871” by Andrew D. Smith and Laurence B. Mussio Link: https://www.cambridge.org/core/journals/enterprise-and-society/article/abs/canadian-entrepreneurs-and-the-preservation-of-the-capitalist-peace-in-the-north-atlantic-triangle-in-the-civil-war-era-18611871/228FB9ECC4A2E2BA40799185F77B0239

In this episode from earlier this year, Alex speaks with Darrell Bricker about whether Canada is at a breaking point, drawing from Bricker and John Ibbitson’s book Breaking Point to explore Canada’s economic stagnation, regional alienation, generational anxiety, and fragile national identity. Bricker argues that Canada’s challenges are serious but not fatal if Canadians are willing to stop kicking hard problems down the road and start building a country that younger generations can actually believe in. References: Darrell Bricker and John Ibbitson, Breaking Point: The New Big Shifts Putting Canada at Risk Darrell Bricker and John Ibbitson, The Big Shift George Grant, Lament for a Nation Statistics Canada — Canadian international merchandise trade data, including energy exports Canada Energy Regulator — Canada-U.S. energy trade overview Thanks to Our Patrons Thanks to our patrons, including Kris Rondolo, Amy Willis, and Christopher McDonald. To support The Curious Task, visit: https://patreon.com/curioustask

In this conversation from 2023, Alex speaks with Nathan Goodman about the implications of Climate Change for immigration policy and how coercion and polycentricity factor into that conversation. References:  - Adapting to Climate Change through Migration: Justus Enninga and Nathan Goodman https://www.thecgo.org/research/adapting-to-climate-change-through-migration/ - Intergovernmental Panel on Climate Change Summary for Policy Makers https://www.ipcc.ch/report/ar6/wg2/chapter/summary-for-policymakers/#:~:text=Climate%20change%2C%20through%20hazards%2C%20exposure,adapt%20and%20mitigate%20within%20limits  - Beyond Markets and States: Polycentric Governance of Complex Economic Systems: Elinor Ostrom https://www.jstor.org/stable/27871226  - The case for open immigration Chandran Kukathas https://core.ac.uk/download/pdf/237298126.pdf     

In this conversation from 2024, Alex speaks with Erwin Dekker about the economics and public policy perspectives on art, examining various theories on how art derives its value in communities. Dekker explores the idea of the separation between art and state, discusses cultural significance and individual perception in determining the worth of art, and how art's intangible qualities challenge traditional economic valuation. References "Realizing the Values of Art: Making Space for Cultural Civil Society" by Erwin Dekker and Valeria Morea Link: https://www.amazon.ca/Realizing-Values-Art-Cultural-Society/dp/3031245970  Erwin Dekker's Website Link: https://www.erwindekker.com/  “Two approaches to study the value of art and culture, and the emergence of a third” by Erwin Dekker Link: https://link.springer.com/article/10.1007/s10824-014-9237-y  "The Value of Culture: On the Relationship between Economics and Arts" by Arjo Klamer Link: https://www.amazon.ca/Value-Culture-Relationship-between-Economics/dp/9053562184  "Arts and Economics: Analysis and Cultural Policy" by Bruno S. Frey Link: https://www.amazon.com/Arts-Economics-Analysis-Cultural-Policy/dp/3540002731  "Art and the Market: Roger Fry on Commerce in Art" by Crauford D. Goodwin Link: https://www.amazon.ca/Art-Market-Commerce-Selected-Interpretation/dp/0472109022  "Creative Destruction: How Globalization is Changing the World’s Cultures" by Tyler Cowen Link: https://www.amazon.ca/Creative-Destruction-Globalization-Changing-Cultures/dp/0691117837  "What Price Fame?" by Tyler Cowen Link: https://www.amazon.ca/What-Price-Fame-Tyler-Cowen/dp/0674001559  Thanks to our patrons including: Amy Willis, Kris Rondolo, and Christopher McDonald. To become a patron, go to patreon.com/curioustask

In this conversation from 2021, Alex Aragona speaks with Aeon Skoble as he outlines his ideas on what anarchism is, how we should think on it, and how it overlaps with classical liberal ideas. References from The Curious Task Episode 99 with Aeon Skoble Aeon Skoble is author of Deleting the State and editor of a collection of essays called The Simpsons and Philosophy. He has a chapter titled “What Is the Point of Anarchism” in The Routledge Handbook of Anarchy and Anarchist Thought. Read more from Aeon Skoble on the blog Radical Classical Liberal here. Aeon Skoble mentions Robert Nozick, who argues for a minimal state in Anarchy, State, and Utopia available for purchase here. Aeon Skoble further discusses Robert Nozick in this video produced by the Fraser Institute here. Learn more about the prisoner’s dilemma here. The relationship between anarchism and law is explored by Bruce Benson in his book The Enterprise of Law, available for purchase here.

In this episode from 2022, Alex speaks with David Friedman about the history of legal systems around the world from an economic standpoint. References 1. “The Machinery of Freedom: Guide to Radical Capitalism” by David D. Friedman Link: http://www.daviddfriedman.com/The_Machinery_of_Freedom_.pdf  2. “Law’s Order: What Economics Has to Do with Law and Why It Matters” by David D. Friedman Link: http://www.daviddfriedman.com/Laws_Order_draft/laws_order_ToC.htm  3. “Who Is David Ricardo and What Is He Famous For?” by the Investopedia Team Link: https://www.investopedia.com/terms/d/david-ricardo.asp#:~:text=Ricardo's%20widely%20acclaimed%20comparative%20advantage,as%20compared%20to%20other%20nations.  4. “Ordeals” by Peter T. Leeson Link: https://www.jstor.org/stable/10.1086/664010 Thanks to Our Patrons Thanks to our patrons, including Kris Rondolo, Amy Willis, and Christopher McDonald. To support The Curious Task, visit: https://patreon.com/curioustask

In this episode from 2025, Matt Bufton speaks with Don Boudreaux about tariffs, free trade, and the economic misunderstandings that drive protectionist policies. Don critiques the balance of trade doctrine, drawing from historical examples and economic theory to explain why tariffs harm both consumers and producers. The discussion covers the impact of tariffs on the U.S. and Canada, how politicians exploit economic misconceptions, and why a policy of unilateral free trade would be the best path forward. References Globalization by Don Boudreaux Paperback: https://www.bloomsbury.com/us/globalization-9780313342134/   The Essential Hayek by Don Boudreaux Free PDF: https://www.fraserinstitute.org/sites/default/files/essential-hayek_0.pdf   "The Case for Free Trade" by Don Boudreaux (Mercatus Center) https://www.mercatus.org/system/files/boudreaux-benefits-free-trade-ep-v2.pdf  "Don't Get Played By Protectionists" (Cafe Hayek) https://cafehayek.com/2025/03/dont-get-played-by-protectionists.html  "On America's Trade Deficit With China" by Don Boudreaux https://thedailyeconomy.org/article/on-americas-trade-deficit-with-china/  "Adam Smith Doesn't Like U.S. Trade Policy" by Stuart Anderson https://www.forbes.com/sites/stuartanderson/2018/07/18/adam-smith-doesnt-like-u-s-trade-policy/  Thanks to our patrons, including Kris Rondolo, Amy Willis, and Christopher McDonald. To support the podcast, visit https://patreon.com/curioustask.

In this conversation from 2023, Matt speaks with Mark Mercer about academic freedom, the changing mission of universities themselves, and what role faculty, administrators, and students should play in shaping the future of the institution.  References: Mark’s Interview in C2C Journal: https://c2cjournal.ca/2023/05/confronting-the-post-academic-university-in-conversation-with-mark-mercer/   Peter March at St. Mary’s: https://www.cbc.ca/news/canada/nova-scotia/students-protest-prof-who-posted-cartoons-1.623017  Kathleen Lowrey at University of Alberta: https://edmontonjournal.com/news/local-news/u-of-a-professor-says-she-was-dismissed-over-views-that-biological-sex-trumps-transgender-identity-for-policy-decisions  Tomáš Hudlický at Brock University: https://niagaraindependent.ca/remembering-professor-tomas-hudlicky-and-how-poorly-brock-university-treated-him/  The Chicago Principles: https://provost.uchicago.edu/sites/default/files/documents/reports/FOECommitteeReport.pdf   

In this episode from 2021, Alex Aragona speaks with Dennis Rasmussen about his findings on how the American Founding Fathers truly felt about the experiment they designed and built as time went on. References Dennis Rasmussen previously joined The Curious Task to speak about his book The Infidel and the Professor, and you can listen to that episode here. The book discussed on this episode of The Curious Task is Fears of the Setting Sun by Dennis Rasmussen, which can be purchased from Amazon here. The rising sun armchair can be seen digitally here. More information on the Federalists can be found here, and the Anti-Federalists here. The soundtrack to Hamilton can be listened to here. Thanks to Our Patrons Thanks to our patrons, including Kris Rondolo, Amy Willis, and Christopher McDonald. To support The Curious Task, visit: https://patreon.com/curioustask