33 episodes

"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.....

The Answer Is Transaction Costs Michael Munger

    • Science
    • 5.0 • 38 Ratings

"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.....

    Bees, Oranges, and Externalities: The Answer is Transaction Costs

    Bees, Oranges, and Externalities: The Answer is Transaction Costs

    Bees and Valencia oranges from my family's farm in rural central Florida provide a snapshot of externalities and transaction costs. A local beekeeper wasn't just a boon for our crops but also an illustration of Arthur Pigou's theories on the divergence between supply price and marginal supply price. Real-world practices, such as apple orchard owners paying for pollination services while beekeepers pay for the privilege of orange blossom honey, reveal how market dynamics naturally b...

    • 26 min
    Parking Lots, Transaction Costs of the Price Mechanism, and the Pork Pie Fedora Rogue

    Parking Lots, Transaction Costs of the Price Mechanism, and the Pork Pie Fedora Rogue

    Two seemingly similar parking lots at Wrightsville Beach, North Carolina, couldn't be more different in the emergent behaviors they foster. From the orderly lines of the 85-space lot to the chaotic dynamics of the smaller 19-space circular lot, discover how price rationing, queue formation, and transaction costs play critical roles in these everyday systems.Things take s a quirky turn with the arrival of a man in a pork pie fedora who disrupts these parking norms, buying spaces directly from ...

    • 20 min
    Monkey See, Monkey App! And IP Walks Into a Bar....

    Monkey See, Monkey App! And IP Walks Into a Bar....

    The method of much of social science is "comparative statics." There's an amazing natura experiment going on, after Hurricane Maria changed the environment for the rhesus macaques of Cayo Santiago. Sometimes, you need a simulation to understand something is only obvious after the fact. These primates, known for their fierce competition and rigid hierarchies, expanded their social networks and reduced aggression to endure the island's new, harsh environment.Plus, a politically incorrect TWEJ, ...

    • 14 min
    Baseball, Dollar Dogs, Apple Pie and Transaction Costs

    Baseball, Dollar Dogs, Apple Pie and Transaction Costs

    Why would a baseball stadium limit the number of $1 hot dogs per customer on Dollar Hot Dog Night? Find out as we work on this intriguing question posed by a curious high school student named HJ. Through the lens of transaction costs, we reveal how these promotional events are less about selling hot dogs and more about enhancing the overall (cheap!) game experience to attract new fans. Using a real-life example from a recent Mets game, we explore how such promotions can change the crowd dynam...

    • 16 min
    Dam Shame: It's not easy being government

    Dam Shame: It's not easy being government

    I have been interested lately in a paper Bill Keech and I were working on a decade ago, It was called "The Anatomy of Government Failure."Was AC Pigou the first "Public Choice" theorist?There are two transaction costs problems in the background: 1. Information asymmetries and the problem of ignorance2. Incentive problems and institutional designMarket failure is actually a thing. And it can be complicated: Kleinman and Teles, "Market and Non-Market Failures." But so is government failur...

    • 24 min
    Corner Crossing Conundrum: Trespassing, Airspace, and Property Rights

    Corner Crossing Conundrum: Trespassing, Airspace, and Property Rights

    What if crossing a mere corner of private land could land you in legal hot water? This episode tackles the thorny issue of corner crossing, where public and private lands meet at a single point, creating potential trespassing conflicts. We'll dissect Dave Schmitz's insights on the limits of property rights and the Roman law doctrine of ad coelum, which extends property rights from the heavens to the earth's core. Through landmark cases like Hinman v. Pacific Air Transport and Jacques v. Steen...

    • 23 min

Customer Reviews

5.0 out of 5
38 Ratings

38 Ratings

Vance Ginn ,

Munger Transactions Are Best

You don’t want to miss this show with Munger making concise arguments for the importance of transaction costs in all we do.

johnson bros ,

DIAMONDS in a coal mine

Nothing against coal mines, but how great it’s been to run across this gem while regularly exploring my staple listenings. Rewarding

BrevityRules ,

Audio quality in this week’s show was bad

I like the show but the audio was very low grade and it didn’t provide for good listening. I’m sure the transaction cost of good audio is worth bearing.

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