The Answer Is Transaction Costs

Michael Munger
  • 4.9 (47)
  • SOCIAL SCIENCES
  • UPDATED WEEKLY
The Answer Is Transaction Costs

"The real price of everything is the toil and trouble of acquiring it."  -Adam Smith (WoN, Bk I, Chapter 5) In which the Knower of Important Things shows how transaction costs explain literally everything. Plus TWEJ,  and answers to letters.If YOU have questions, submit them to our email at taitc.email@gmail.com There are two kinds of episodes here: 1. For the most part, episodes June-August are weekly, short (20 mins), and address a few topics. 2. Episodes September-May are longer (1 hour), and monthly, with an interview with a guest.Finally, a quick note:  This podcast is NOT for Stacy Hockett. He wanted you to know that.....

  1. 4 DAYS AGO

    The Socialist Generation Debate

    Send us a text Join economist Peter Bettke as he discusses how transaction costs impact market efficiency and our everyday decisions. We delve deep into historical examples, particularly the Soviet Union, to highlight the consequences of centralized planning versus individual market actions. Through engaging anecdotes and rigorous analysis, Bettke reveals why understanding transaction costs is essential for navigating the complexities of modern economies. We also explore the evolving d...

    1h 5m

  2. JAN 28

    Transaction Costs and Constitutions: India's Balancing Act, with Shruti Rajagopalan

    Send us a text What if transaction costs could shape entire political and economic systems? Join us for an insightful discussion with Shruti Rajagopalan, a senior research fellow at the Mercatus Center, as she takes us through her fascinating journey from the University of Delhi to George Mason University. Her research on India's economic liberalization shaped her understanding of economics and public choice theory, and now she is looking at the Indian Constitution as a subject of study. She ...

    1h 4m

  3. 12/24/2024

    Political Capitalism and the Power of Elites: Randall Holcombe

    Send us a text This episode explores the intersection of democracy and capitalism, focusing on the concept of political capitalism and its relation to cronyism. Randall Holcomb discusses transaction costs, charismatic leadership, and critiques the idea that democracy and separation of powers inherently checks coercion, stressing the need for competing elites to foster accountability. • Transaction costs hinder citizen engagement in political processes • Political capitalism defined as capit...

    1h 2m

  4. 11/19/2024

    Prison Gangs and Governance: David Skarbek

    Send us a text Curious about how the world of prison economics operates? Get ready to uncover a hidden universe with our guest, David Skarbek, a leading voice in political economy. David takes us on a captivating journey from his early days in construction to his groundbreaking research at George Mason University, where he was inspired to explore the economics of unconventional spaces. His insights reveal the sophisticated systems of governance designed by prison gangs to maintain order and m...

    1h 1m

  5. 10/22/2024

    Certainty, Common Law, and Statutory Law: Todd Zywicki of Scalia Law

    Send us a text Todd Zywicky, professor at George Mason's Scalia Law School, challenges some conventional legal doctrine, taking up the views of Bruno Leone and Friedrich Hayek. What if the legal world has underestimated the power of spontaneous order? Todd's intellectual journey sheds light on how these groundbreaking ideas contrast sharply with the dominant constructivist views shaping contemporary legal thought. Todd offers perspectives on the role of intuition and reasonableness in the c...

    53 min

  6. 09/30/2024

    From Law to Legislation: A Natural Process

    Send us a text Have you ever wondered how common law rules and market prices both "emerge"? Inspired by the works of James Buchanan, F.A. Hayek, and Bruno Leoni, Donald Boudreaux explains how decentralized processes can lead to the emergence of effective norms, such as queuing and speeding rules, without the need for top-down legislation. We discuss the significance of individuals spending their own money versus others' and how these incentives impact societal outcomes, highlighting the deep ...

    55 min

  7. 08/27/2024

    Why Bosses Don't Wear Bunny Slippers: TAITC

    Send us a text Ever wondered why firms exist in a market-driven economy? This month's episode promises to unravel this question by diving deep into Ronald Coase's seminal 1937 paper, "The Nature of the Firm." Join me, Mike Munger, as I reflect on our first 16 months of podcasting and share the insights and wisdom that have shaped our journey. You'll gain a thorough understanding of how transaction costs influence economic behaviors and organizational structures, with fascinating examples from...

    23 min

  8. 08/20/2024

    Price Gouging or Price Information?

    Send us a text Can high prices during emergencies actually save lives? Using North Carolina as an example, we dissect the economic and legal implications of these laws, exploring the ambiguities in terms like "unreasonably excessive" and the chilling effect on commerce. Discover how artificially low prices can lead to resource misallocation, discourage stockpiling, and hinder the transportation of vital supplies during crises. Allowing higher prices is, perhaps surprisingly, the only wa...

    18 min
See All (45)

4.9
out of 5
47 Ratings

About

"The real price of everything is the toil and trouble of acquiring it."  -Adam Smith (WoN, Bk I, Chapter 5) In which the Knower of Important Things shows how transaction costs explain literally everything. Plus TWEJ,  and answers to letters.If YOU have questions, submit them to our email at taitc.email@gmail.com There are two kinds of episodes here: 1. For the most part, episodes June-August are weekly, short (20 mins), and address a few topics. 2. Episodes September-May are longer (1 hour), and monthly, with an interview with a guest.Finally, a quick note:  This podcast is NOT for Stacy Hockett. He wanted you to know that.....

Information

  • Creator
    Michael Munger
  • Years Active
    2023 - 2025
  • Episodes
    45
  • Rating
    Clean
  • Copyright
    © 2025 The Answer Is Transaction Costs
  • Show Website
    The Answer Is Transaction Costs

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