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The Answer Is Transaction Costs (Michael Munger)

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Pub. DateTitleDuration
09 May 2023TAITC: Episode 100:09:28

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The introductory episode for TAITC: "The Answer is Transaction Costs!"  The new weekly podcast from Duke University's Mike Munger (http://michaelmunger.com)

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


16 May 2023Exchange Takes "Place," and the Strange Case of Lettuce00:15:05

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Why would sellers go to a "place" where many others are also selling the same product? Wouldn't it better to go someplace off by yourself, so you can get the monopoly price? Well, the answer is that transactions"take place," meaning they require a context. Amazingly, it's better to go where all the other sellers are going, because of the problems of triangulation, transfer, and trust.  The Sears catalog was a "virtual" (paper) place, and Amazon is another "virtual" (online) place. But the answer to why we do that is "transaction costs."

But then I go back in time to my own introduction to the notion of transaction costs, in a class taught by the remarkable economist Yoran Barzel. The puzzle is so simple that it seems dumb: why do we measure lettuce by the head, meat by the pound, and diamonds by the caret?

Yoram Barzel, Measurement Cost and the Organization of Markets.
The Journal of Law & Economics, Vol. 25, No. 1 (Apr., 1982), pp. 27-48
https://www.jstor.org/stable/725223

Brian Albrecht, Brian Albrecht at Int Cent for Law and Econ
https://pricetheory.substack.com/p/are-transaction-costs-just-costs

Plus, the TWEJ!

And our first letter, as a homework assignment.

Are congestion taxes an effective way to overcome transactions costs pertaining to efficient use of roads?  Probably not the best.  There is no externality with congestion, because everyone stuck in traffic has moved to the harm. Those who could be held liable for causing congestion are not those who pay for a variable toll, but those who come later.

We'll talk about this in Week 3!

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


23 May 2023Propriety, Norms, and Traffic Congestion: Episode 300:17:40

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The third episode for TAITC: First, we take up the question of traffic congestion. Then, does the transaction cost approach have a relationship with moral and ethical theory?

Resources:
Econtalk: Traffic  https://www.econtalk.org/michael-munger-on-traffic/
Roger Congleton Book  Solving Social Dilemmas
Coase and Epstein: Intellectual Portrait Series, Liberty Fund
John R. Commons, 1931, American Economic Review
Ronald Coase, 1937, Economica
Oliver Williamson, Transaction Cost Economics
Douglass North, Institutions

And of course the TWEJ

The letter, for this week, from Anonymous: Does Starbucks have surge pricing? Once you realize that TAITC, then of course they do. 




If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


30 May 2023Middlemen: From Mancgere to Amazon00:20:36

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Does Starbucks have surge pricing?

What is a Mancgere?

Should the Stomach go to the Wheat, or should the Wheat come to the Stomach?

Plus, the TWEJ!

Some things discussed this week:

Michael Munger, "Market Makers or Parasites" https://www.econlib.org/library/Columns/y2009/Mungermiddlemen.html

Frederic Bastiat, WHAT IS SEEN AND UNSEEN. https://www.econlib.org/book-chapters/chapter-chapter-1-what-is-seen-and-what-is-not-seen/

Frederic Bastiat, "The Negative Railroad." https://www.libertarianism.org/publications/essays/negative-railroad

David Friedman, HIDDEN ORDER.   http://ndl.ethernet.edu.et/bitstream/123456789/2041/1/47.pdf.pdf 

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


06 Jun 2023Roads, Public Goods, and Focal Points00:26:04

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Episode 5: Notes and Sources 

Vaughn Baltzly, "Publicized Goods, or the Promiscuity of the Public Goods Argument."   https://www.cambridge.org/core/journals/economics-and-philosophy/article/abs/concerning-publicized-goods-or-the-promiscuity-of-the-public-goods-argument/DE16529B673600C47C22B59C87D198A9 

Bruce Benson, "Are Roads Public Goods?"
https://www.springerprofessional.de/en/are-roads-public-goods-club-goods-private-goods-or-common-pools/11240720

Daniel Klein, KNOWLEDGE AND COORDINATION.   https://www.amazon.com/Knowledge-Coordination-Interpretation-Daniel-Klein/dp/019979412X/ref=sr_1_1?ie=UTF8&qid=1324300010&sr=8-1 

Thomas Schelling, THE STRATEGY OF CONFLICT.  http://elcenia.com/iamapirate/schelling.pdf 

"Are Roads Really Public Goods?"  https://fee.org/articles/are-roads-really-public-goods/

"Economists on Federal Funding for NPR." National Public Radio, PLANET MONEY.  https://www.npr.org/transcripts/134863998 

"The Fundamental Law of Road Congestion."  https://cityobservatory.org/the-fundamental-global-law-of-road-congestion/ 

"Tolls on the Connecticut Turnpike."   https://www.latimes.com/archives/la-xpm-1985-10-10-mn-15553-story.html 

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


13 Jun 2023Dating, Marriage, and the Costs of Search00:21:44

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Episode 6 takes up the question of "matching," and the transaction costs of dating and marriage.  Some resources: 

Ashley Madison:  "Is It Real?"

Garrison Keillor, "We are Still Married"

Michael Munger, on "Calculation" and socialist economics, at AIER

Michael Munger and Russ Roberts, on "Econtalk: WIld Problems" 

Tyler Cowen and Russ Roberts, on "Making Your Own Economy"

Intellectual Property and the Problem of the Anti-Commons

Background on search cost and optimal stopping:



If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


20 Jun 2023Women in Prison, and ALL Costs are Transaction Costs00:19:27

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Last week's letter asked if charging prices below the "market" price might be rational, but might be an antitrust violation. 

The TWEJ is a joke about women in prison for having violated rules against "moral" pricing. The actual cartoon is here, preserved for posterity by the good Timothy Taylor.

Some links, for more information:

Russ Roberts and Michael Munger on John Locke, Prices, and Hurricane Sandy

John Locke, "Venditio"

Guzman and Munger, "Moral Dilemmas from Locke's Venditio," Public Choice.

A "Loudwire" article that fails to understand even basic economics of scarcity.

Mark Perry drops the truth about "Ticket Scalping" and why it happens...

Adam Smith:  "The real price of everything is the toil and trouble of acquiring it."  (WoN, Bk I, Chapter 5)

Michael Munger, "To the Consumer, All Costs are Transaction Costs." AIER. 





If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


27 Jun 2023Dollar Hot Dogs, Coupons, and Bidding for Wallets00:19:41

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Last week's letter asked about the role of transaction costs in rationing discounted products, or "sales," like "Dollar Hotdog Night!" at the ballpark.  As the listener correctly pointed out, this relates to price discrimination, which is a great topic.

And....coupons!

Some additional links and info:


If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


04 Jul 2023Conventional Wisdom, Chesterton Fences, and "Excuse me"00:19:37

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(NOTE: SORRY for audio glitch earlier. Fixed now!)

BR asks about the economic content of "old sayings."

We talk about habits, character, and "thinking fast and slow."

Plus, TWEJ takes on cultural norms.

Some links and background:

Lagniappe:
I think we all see different headlines. This one (to me) says, "Sheetz raises gas prices using long lines and frayed tempers on one of the hottest days of the year!"


If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


11 Jul 2023Lettuce Again, and Lumber00:13:42

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How is buying lettuce like buying lumber? Each is idiosyncratic, and has to be sorted. Imposing the sorting costs on the buyer is actually a way of price discriminating.

Clement Atlee and Winston Churchill, for the best TWEJ ever.

And a cool new letter, about using transaction costs to separate by type, when type is "private information."

Links:


If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


18 Jul 2023Faith and Loyalty through the TC Lens00:21:01

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Transaction costs can help institutions build loyalty and commitment among their members. Starting with the biblical story of Abraham, we delve into the delicate balance of setting transaction costs to neither alienate nor diminish values. 

Then: loyalty filters. The civil service of imperial China.  Email spam.  "The Word of Wisdom", a LDS dietary and lifestyle principle. But....there are cola vending machines at Brigham Young University, a seeming detour from the teachings of the Word of Wisdom. 

Links:

Lagniappe: A note from listener J:  I was particularly interested in today's topic as I am a member of the "Mormon" faith. I remember growing up when caffeinated sodas were seen as a huge deal, you would never bring one to a church BBQ and I remember being kicked out of a friend's house for drinking a diet mountain dew.
I thought you may find it funny that after almost 100 years of confusion around caffeinated sodas, the church finally clarified in 2012 that in fact, caffeinated sodas are okay and not against the word of wisdom. Many speculate that this was due to MItt Romney being thrust into the spotlight as a presidential candidate, and he often drinks diet coke, and the ch

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


25 Jul 2023Academic Publishing, Talking Frogs, and Nailing Your Head to the Floor00:20:15

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What do Monty Python, George Akerlof, and the academic publishing industry have in common? They're all part of the explanation for the way academic publishing works.  High transaction costs and the race for tenure often push scholars to prioritize quantity over quality.

 So, if you've ever wondered why professors seem to produce endless streams of research, this episode is for you.  Plus the TWEJ, a triple-header!

Some links:

1.  Some images sent by EA, about "Desert Town", by Claude Gillot
Two carriages at an intersection, arguing about who gets to go first
A drawing of same, with a judge to determine the merits of the claims

2. The Insectivore's Dilemma: An actual instant of the "eat a bug!" coupon.

3. George Akerlof and the "Loyalty Filters" article in the American Economic Review, 73(1), 54–63.  

4. Kevin Munger and the Journal of Quantitative Description

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


01 Aug 2023Packing Out Your Trash, Brown M&Ms, and $100 Bills on the Sidewalk00:20:05

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How do you trade off your own interests against the interests of others? And what role do transaction costs play? A discussion of our "interest" in the welfare of others,  and the complexity that adds to economic indifference curves.

Things take an interesting turn, going toward how transaction costs can shape our institutions and preferences, ranging from  a marine fishery to a bowl of M&M's.

And TWEJ. Always, TWEJ.

Some Resources:

Gary Lynne, on Dual Interest Theory:   https://journals.sagepub.com/doi/abs/10.1177/02601079231172366?journalCode=jiea

Neo(Classical) and Rama-Kandra, on caring about others: 
https://www.imdb.com/title/tt0242653/characters/nm0924502

On Coase, Olson, and the Problem of Encompassing Institutions:

On Brown M&Ms:


If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


08 Aug 2023The Red Dots Three, Parsley, and Counting Sheep00:18:00

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The listener letter last week asked about the the three "red dots" that are used to identify liquor stores in South Carolina.
Turns out that this kind of "shibboleth" is a way of identifying and discriminating, in ways that can be useful, or harmful.

Red Dots in South Carolina:

Shibboleth

The Stone Signposts of Pompeii

World Series as Shibboleth  (Robert T. Gravlin, 23rd Armored Engineer Battalion)

Appropriate Measures of Inflation

ERRATUM: MJ writes to point out that if the economist could really count, he would have miscounted the number of sheep, adding one, because he counted the dog. That's fine. But then why did the shepherd agree that the number of sheep was correct? It should have been one over. It's okay that TWEJ's are not funny, that comes with the territory. But in this case there is a logical problem. My mistake, and thanks, MJ!

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


15 Aug 2023The Devil Went Down to Grievance: Tuh, Taxes, and HOAs00:17:33

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Are HOAs an argument for anarchy, or an example of it?
Ex post recontracting as a form a of aggression, when the enforcer of contracts is also a party to the contract.
And of course the TWEJ

Some Links:



If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


22 Aug 2023All You Can Eat, or By the Ounce?00:21:17

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There are many different pricing and packaging schemes for serving food in restaurants, and they all seem to coexist. But there are some significant differences, and thinking in terms of transaction costs and adverse selection can help us understand why.

Plus, a TWEJ on the eternal optimism of Keynesians: THIS time it might work!

Some links:

Buffets, pricing, and management, seller's perspective

Consumer's perspective



If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


29 Aug 2023Motives and Morals of Taxes, and an Homage to Bob Barker00:22:45

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There are three reasons to impose taxes, it seems:
1. To discourage behavior "we" don't like
2. To raise revenue for things "we" want 
3.  To achieve a pattern of social justice in the distribution of resources
What does transaction cost analysis have to tell us about all this?
And Bob Barker, and the 99 cent price point.
Have you even read Marx?
And a new letter.
NOTE: This is the last of the regular episodes of Season 1. With the start of the new academic year, TAITC will move to once per month, with longer episodes coming out the last Tuesday of each month. 
APOLOGY: I said "Meltzer and Richards" with an "S", twice. That's wrong. It's just "Richard," no "S."


Links to Resources:

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


26 Sep 2023Effective Altruism and the Transaction Costs of Maximizing Expected Value00:45:34

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A thought-provoking conversation about Effective Altruism (EA) with technologist Ben Goldhaber, as we explore its intersections with utilitarianism and transaction costs. We'll try to navigate the tricky terrains of libertarianism and the more "directed" world of EA, balancing directional and destinationist solutions, and the role of strong leadership and community dynamics in maintaining this equilibrium. 

We'll question the limits of utility maximization as a framework and ponder over the potential dangers it could pose if unchecked. Our discussion investigates how EA, rational thinking, and global development has influenced the field of AI alignment. 

And my favorite new TWEJ, from @dtarias. In the first monthly edition of TAITC.

Some resources:


If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


31 Oct 2023Neutrality, Security, and Ethereum: the Future of Global Transaction Costs00:45:45

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Are you intrigued by the transformative potential of blockchain and Ethereum? This conversation with Ryan Berckmans, an Ethereum enthusiast and savvy investor, will unravel world that remains mysterious to most. 

We also reflect on Ethereum's potential as a geopolitical tool and the enticing prospect of stablecoins. As we venture into the world of privacy technologies like zero-knowledge proofs of identity or performance, we walk a knife-edge separating  privacy and security. Wrapping up, we discuss the economic benefits of pseudonymity and the potential regulatory response(s). 

Plus, just to keep TWEJ meaningful (otherwise, it would be "TMEJ", which is too hard to say), FOUR new economics jokes, one for each week of the month! And several letters, to give a taste of what I'll talk about in November. 

Some Links:



If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


21 Nov 2023Permissionless Innovation: Unshackling Potential or Unleashing Chaos?00:50:54

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What limits innovation? Is that good? I talk to Adam Thierer, senior fellow at the R Street Institute, exploring the concept of permissionless innovation and its far-reaching implications. From ancient Mesopotamia to the digital revolution, we unpack how policy context shape the trajectory of innovation and, consequently, our society.

With Aaron Wildavsky saying "Go!" and my son Kevin Munger saying "Not so fast, there Scooter!", we venture into the contentious territory of innovation intellectual property rights in an era of digital sharing. 

FOUR TWEJs (trying to keep THAT weekly, at least), and some great letters.

LINKS:
PAPERS and BOOKS by ADAM THIERER:

Money Pump: 

 Aaron Wildavsky, SEARCHING FOR SAFETY, https://www.routledge.com/Searching-for-Safety/Wildavsky/p/book/9780912051185

Calestous Juma, INNOVATION AND ITS ENEMIES  https://academic.oup.com/book/25649

William Baumol, ENTREPRENEURSHIP (article)  https://www.sciencedirect.com/science/article/abs/pii/088390269400014X

Epstein and Munger on Capitalism and Stagnation https://www.youtube.com/watch?v=4o-s541UKgI 

 Munger on “Permissionless Innovation” on Econtalk https://www.econtalk.org/michael-munger-on-permissionless-innovation/ 

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


19 Dec 2023The 5G Revolution, Huawei Controversy, and Global Trade Dynamics00:54:27

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TAITC tries to navigate the complex world of 5G, Huawei, and the telecom revolution with special guest John Pelson, author of the thought-provoking book, Wireless Wars. With Pelson's unique insights from his time as a corporate executive in the wireless tech industry, we explore the pivotal role of rapid, reliable communication in promoting cooperation and exchange. We'll take up some of the intricacies of switching technology, capacity increases, and how institutions and transaction costs influence the wireless business competition. 

Our journey won't stop at revealing the inner workings of the telecom industry. We'll also shed light on the transformative impact of 5G technology on society. Beyond simply being a faster version of 4G, we'll discuss how 5G acts as a conduit connecting things to things, with the potential to bring radical changes to multiple industries. Discover why it's not too late to jump on the 5G bandwagon and how its full potential is yet to be realized.

Some background info and links:



Books'o'da'Month!
•Wireless Wars, Jon Pelson
•The Capitalist Manifesto, Johan Norberg (I said Jonah, but of course it's Johan!!!)
•The Hand Behind the Invisible Hand, Karl Mittermaier

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


30 Jan 2024Current Event: Smart Grids, DERs, and the Economics of Energy01:12:06

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Unlock the secrets of the energy market evolution with economist Professor Lynn Kiesling, who brings her expertise on transaction costs and the digital transformation of the electricity industry to our table. Our energized discussion orbits around the innovative world of Distributed Energy Resources (DERs), where we explore the shift from consumers to proactive producers, thanks to technologies like rooftop solar panels and home energy storage. Professor Kiesling, drawing from her academic journey and reverence for Ronald Coase's work, delves into the institutional structure of production within firms and imparts her wisdom on navigating the complex regulatory frameworks that shape our smart grid technologies.

Also, 4 new TWEJ's, and a letter. It's the January TAITC!

Links:


If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


27 Feb 2024Making Deals With Shadows: The Economics of Ransomware and Cybersecurity00:44:53

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The digital realm is rife with invisible threats, and this episode doesn't shy away from the gritty realities of ransomware and the burgeoning industry of cyber insurance. We tackle the conundrum: How do these defensive expenditures impact our economy when they don't actually produce anything tangible? From the early days of cyber insurance to the ongoing battle against hackers, learn how organizations across the board—from the halls of government to the frontlines of business—are fortifying their defenses against a barrage of cyber threats, each with their own unique strategies and vulnerabilities.

Wrapping up with a human touch, our conversation turns to the pivotal role individuals play in the security of networks and the negotiation tactics employed once defenses have been breached. And because all work and no play makes for a dull podcast, we round off the session with a sprinkling of economic humor, answering listener queries with a blend of wit and wisdom. Don't forget, for those hungry for more knowledge, I've got some book recommendations to deepen your understanding of the legendary thinker Adam Smith. 

Links:
Anja Shortland Website:  https://www.kcl.ac.uk/people/anja-shortland-1
Duke CHOPE Hayek Lecture with Dr. Shortland:  https://www.youtube.com/watch?v=Czs2EYDo2sI

Books:
Arthur Herman: How the Scots Invented the Modern World https://www.amazon.com/How-Scots-Invented-Modern-World/dp/0609809997
James Otteson: Adam Smith's Marketplace of Life https://www.amazon.com/Adam-Smiths-Marketplace-James-Otteson/dp/0521016568/ref=monarch_sidesheet
Adam Smith: The Theory of Moral Sentiments  https://www.libertyfund.org/books/the-theory-of-moral-sentiments/
EconTalk Book Club (six episodes):  https://www.econtalk.org/klein-on-the-theory-of-moral-sentiments-episode-1-an-overview/

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


26 Mar 2024Caldwell: Hayek's Intellectual Journey01:08:32

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Come along on a journey through the corridors of economic history and methodology with our esteemed guest, Bruce Caldwell from the Center for History of Political Economy at Duke University.  Caldwell's personal voyage, from the nuances of economic methodology to his deep dive into Austrian economics, sets the stage for an enthralling discussion on the workings of institutions, transaction costs, and the profound impact of Friedrich Hayek's theories on modern economics. Get ready to unlock the secret meaning behind the unique TIPS acronym within Austrian economics.

We follow Hayek's intellectual transition from his focus on business cycles to the intricate challenges of economic calculation and knowledge distribution. The conversation illuminates the value of information in economic decision-making and highlights the importance of markets in reconciling diverse plans and purposes. Discover how Hayek's 1945 paper reshaped economic thinking, extending its influence beyond the Austrian school and into the realms of neoclassical economics.

Our exploration culminates with an examination of the very fabric holding our economic systems together – institutions. Delve into the evolution of economic institutions with insights from Doug North's intellectual quest and the relevance of Austrian capital theories in understanding economic flexibility.

Links:

Bruce Caldwell, Beyond Positivism  https://www.amazon.com/Beyond-Positivism-Bruce-Caldwell/dp/1138834238

Bruce Caldwell and Hansjoerg Klausinger, Hayek: A Life, 1899-1950  https://www.amazon.com/Hayek-Life-1899-1950-Bruce-Caldwell/dp/0226816826/

F.A. Hayek, 1945: The Use of Knowledge in Society, American Economic Review. https://www.econlib.org/library/Essays/hykKnw.html

Michael Munger,  "The Socialist Generation Debate" https://www.aier.org/article/the-socialist-generation-debate/

Surge Pricing, NPR.  https://www.vox.com/money/24105250/fast-food-restaurants-dynamic-pricing-algorithm-wendys

Hope Center at Duke. https://today.duke.edu/2018/08/duke-center-expands-commitment-history-economics



If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


30 Apr 2024Desert Town Dilemmas and the Problem of Property Rights01:01:55

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 We embark on a journey through the lenses of Hume, Smith, and Coase, piecing together the roles of observation and empirical study in shaping our understanding of societal conventions and moral philosophy. David Schmidtz recounts a defining moment from his academic path, sparking a robust discussion on the fusion of economics with moral considerations in the realm of ownership and resource distribution.

The discussion with David delves into the essence of property ownership, dissecting what it means to hold rights over something as abstract as an idea or as concrete as land. We grapple with the notion that property is not just a "bundle of sticks" but a set of societal constructs, born from necessity and shaped by our collective desire for harmony. Through examples of conflict resolution and the negotiation of public and private interests, such as eminent domain and navigation easements, we confront the delicate dance between individual autonomy and the greater good. The philosophical undercurrents of property law are laid bare, revealing the presumption in favor of liberty in those deep waters.

The "Desert Town" source:  https://www.cambridge.org/core/books/abs/elements-of-justice/desert/268B6C7A9B17949572933A4DAA0CAB09

Wall Street Journal article on Costco gold purchases: https://www.wsj.com/finance/investing/selling-costco-gold-bars-f14e966f 

Biden DOT rule on airline refunds:  


Lynne Kiesling on The Essential Ronald Coase, Fraser Institute.

Books:

C. Johnson, R. Lusch, Schmidtz, Commercial Society: A Primer on Ethics & Economics (Rowman & Littlefield). 
Bryan Caplan and Ady Branzei. Build, Baby, Build. Graphic novel just published by the Cato Institute  

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


28 May 2024From Commons to Coase and Beyond, With Steven Medema01:02:24

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What if understanding the hidden costs in every transaction could revolutionize how we see economics?  Stephen Medema of Duke University opens up about his academic pivot from computational tax policy to the history of economic thought, weaving in tales of detective-like intrigue and the thrill of uncovering the makers and movers behind economic theories.

Beginning with John R. Commons' critical insights, and moving through Ronald Coase's focus on transaction costs as the critical difference among institutions, we explore  how these issues shape our understanding of efficiency and the "If markets are so great, why are there firms?"  Don't miss four new economics jokes (one is lawyer joke, in honor of common law!), my book recommendations, and get psyched for a summertime return to shorter, more frequent episodes.

Meaning of "Kaleidic":  From Roger Garrison https://webhome.auburn.edu/~garriro/r8lachmann.htm

Letters:
Corner Crossing:  

Books:
•Glenn Loury, Late Admissions: Confessions of a Black Conservative.  https://wwnorton.com/books/9780393881349
(Econtalk Podcast on the Loury book:  https://www.econtalk.org/glenn-loury-tells-all/  )
•Kevin Munger, The Youtube Apparatus, from Cambridge Essentials.  https://www.cambridge.org/core/elements/youtube-apparatus/36600D69788530F805C650B70976A585

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


04 Jun 2024The Riddle is Transaction Costs: That's What the Money is For!00:17:15

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Can a single $100 bill solve an entire town's debt crisis? This riddle is a window into transaction costs. I rely on Jeffrey Rogers Hummel's insights, adding a few thoughts of my own. 

And a cool letter: Ever wondered why you haggle for a car but not for your morning Starbucks's coffee?  

Plus, a book recommendation: Nobel Prize-winning economist Edmund Phelps' "My Journeys in Economic Theory," a compelling read that blends economic insights with political theory.

Links:

Haggling:

Sebastian Schweighofer-Kodritsch, "The Bargaining Trap," Games and Economic Behavior, November 2022, v. 136, pp. 249-54.

Book recommendation:


If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


11 Jun 2024Corner Crossing Conundrum: Trespassing, Airspace, and Property Rights00:23:18

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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. Steenberg Homes, you'll gain a deeper understanding of how airspace and land use rights have evolved.

Links:




Book:  Jeffrey Rosen, The Pursuit of Happiness: How Classical Writers on Virtue Inspired the Lives of the Founders and Defined America. Simon Schuster. 

https://www.simonandschuster.com/books/The-Pursuit-of-Happiness/Jeffrey-Rosen/9781668002476

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


18 Jun 2024Dam Shame: It's not easy being government00:24:11

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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 ignorance
2. Incentive problems and institutional design

Market failure is actually a thing. And it can be complicated: Kleinman and Teles, "Market and Non-Market Failures."

But so is government failure.  There is no reason to expect government action to be Pareto Optimal. 

The problem is that every flaw in consumers is worse in voters!

It could even be argued (I did!) that a "good" industrial policy is impossible in a democracy.

Book o'da week:  The Next American Economy: Nation, State, and Markets in an Uncertain World . 2022, Encounter Books.  by Samuel Gregg. 

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


25 Jun 2024Baseball, Dollar Dogs, Apple Pie and Transaction Costs00:16:30

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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 dynamics, boost attendance, and ensure a positive atmosphere for everyone, even when things get a bit rowdy.

And the TWEJ:  A dad joke, because of course it is

Three apple pie prices (for one pie!)

Samuel Bagg's book The Dispersion of Power (Oxford)

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


02 Jul 2024Monkey See, Monkey App! And IP Walks Into a Bar....00:14:44

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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, and an interesting letter. 


If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


09 Jul 2024Parking Lots, Transaction Costs of the Price Mechanism, and the Pork Pie Fedora Rogue00:20:10

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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 beachgoers. This unconventional behavior prompts a deeper discussion on the breakdown of social rules and the challenges of maintaining order when outsiders intervene. 

Book o'da'week:  Jonathan Haidt, The Anxious Generation: How the Great Rewiring of Childhood is Causing an Epidemic of Mental Illness. 2024, Penguin Press. 

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


16 Jul 2024Bees, Oranges, and Externalities: The Answer is Transaction Costs00:26:31

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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 balance costs and benefits. 



If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


23 Jul 2024Slavery, Indentured Servitude, and the Problem of Financing Education00:25:56

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Not everyone realizes that the modern financial system has enabled us to end historical practices such as indentured servitude and apprenticeship.  This episode uncovers how financial systems tackled market failures and transaction costs, drawing on insights from Jeffrey Hodgson's "The Wealth of a Nation: Institutional Foundations of English Capitalism." We'll explore the evolution of borrowing against future earnings and how modern financial institutions have streamlined processes that once resembled slavery, fostering the growth of capitalism.

We'll then shift gears to examine Glenn Lowry's groundbreaking views on educational investment, discussed in his book "Late Admissions" and echoed in his 1981 Econometrica paper. Lowry's exploration of intergenerational transfers and parental investments in education reveals significant inefficiencies in the current system, drawing parallels with Michael Hudson's analysis of financial markets. The conversation sheds light on the untapped potential of underprivileged children and the need for better financial instruments to optimize educational funding.

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


30 Jul 2024Shibumi! Legit Idea, or Shady Dealings?00:23:17

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You can throw shade, but can you own the idea of shade? Shibumi's sunshade has become an essential part of the coastal landscape, but that has sparked some fierce legal battles. We'll talk patents, beginning with the evolution of shade solutions from caveman ingenuity to Shibumi's wind-powered marvel. Plus, you'll get the inside scoop on the recent lawsuit where Shibumi defended its designs against Beach Shade LLC, demonstrating the high stakes of protecting intellectual property in today's competitive markets.

But the beach isn't the only place optimization matters. Ever wondered the optimal way to board a plane or fund your education? We dive into the secrets behind efficient airline boarding procedures and the real-world challenges that complicate them. Then, we shift to a heated debate on Income Share Agreements (ISAs) versus traditional student loans, exploring their unique benefits and drawbacks. Get ready to question everything you thought you knew about intellectual property as we discuss Boldrin and Levine's controversial views on innovation and competition. 

Links and Resources:

Shibumi:



If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


06 Aug 2024We Get Letters!00:20:31

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What is it that beach parking lots are actually selling? Why do beer bottles cost more than cans? And just what are costs of the thing, as opposed to the costs of selling or buying the thing? Can you really separate them out?

Book o'da'week: Dealers of Lightning: Xerox PARC and the Dawn of the Computer Age Kindle Edition Michael A. Hiltzik, 2009, Harper-Collins.  https://www.amazon.com/Dealers-Lightning-Xerox-PARC-Computer/dp/0887309895

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


13 Aug 2024All Housing is Affordable Housing00:24:29

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Are housing regulations making affordable homes a pipe dream? We promise you'll gain a deeper understanding of how transaction costs and regulatory hurdles impede new housing development, frustrating both market responses and the dreams of potential homeowners. We'll explore how the very laws intended to protect affordable housing often backfire, pushing developers toward luxury projects instead.



Cans v. Bottles: https://twinmonkeys.net/an-advantage-to-canning-vs-bottling-lower-shipping-costs/#:~:text=Aluminum%20cans%20are%20cheaper%20to,space%20and%20reducing%20packaging%20waste

The Theban Plays: https://www.amazon.com/Sophocles-Oedipus-Colonus-Antigone-Editions/dp/B00HTJUCLW/ref=monarch_sidesheet_title

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


20 Aug 2024Price Gouging or Price Information?00:18:17

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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 way to get low prices soon. 

Links on Price Gouging:
Videos:

Articles:

Book o'da Week:  https://www.simonandschuster.com/books/What-Went-Wrong-with-Capitalism/Ruchir-Sharma/9781668008263

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


27 Aug 2024Why Bosses Don't Wear Bunny Slippers: TAITC00:23:09

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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 Richard Langlois' analysis of the American Midwest's agricultural sector before the railroad era.



If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


30 Sep 2024From Law to Legislation: A Natural Process00:54:31

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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 wisdom embedded in traditionally evolved rules.

We also venture into the nuanced distinction between law and legislation, drawing on insights from Buchanan and Hayek. We elaborate on Buchanan's concept of "relatively absolute absolutes," and on Hayek’s emergence process, emphasizing the continuous generation of information through human action and preferences. Discover the natural process behind the emergence of common law, its role in establishing predictable rules, and the challenges presented by the unpredictable nature of parliamentary law.

Guest: Donald Boudreaux at George Mason University

Some Links: 

Book o’da’month: Bruno Leoni, FREEDOM AND THE LAW

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


22 Oct 2024Certainty, Common Law, and Statutory Law: Todd Zywicki of Scalia Law00:53:20

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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 courtroom, inspired by the legacies of Leone and Hayek. Uncover the hidden parallels between market dynamics and legal systems, emphasizing the fluidity of Roman law as a process of discovery.

Links:

Todd Zywicki's Faculty Page

Zywicki's published work on Leoni, and the Common Law


The Loper Bright SCOTUS Decision (And the Gorsuch concurrence!)

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


19 Nov 2024Prison Gangs and Governance: David Skarbek01:01:27

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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 manage illicit economies. Whether you're fascinated by how these groups mimic pirate crews or intrigued by their ability to regulate harm in a high-stakes environment, this episode promises to reshape your understanding of extra-legal cooperation.

David Skarbek, Michael Targoff Professor of Political Economy at Brown University.

David Skarbek's Amazon Author Page

Book'o'da'Month:  Shattered: Inside Hillary Clinton's Doomed Campaign  – Crown Publishers, April 18, 2017. by Jonathan Allen  Amie Parnes.

Club Random: Bill Maher talks to William Shatner

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


24 Dec 2024Political Capitalism and the Power of Elites: Randall Holcombe01:02:16

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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 capitalism influenced by political motives
• Dynamic of cronyism within democratic systems
• Buchanan's notion of "politics as exchange" explored
• Political elites dominant in shaping policy and public preferences
• Charismatic leadership affects political beliefs and decisions
• Importance of competing elites for maintaining a balanced political landscape
• Reasons for optimism surrounding innovation in capitalism despite political challenges
• Upcoming book discusses further aspects of political exchange

Links!

Randy Holcombe's web site at FSU 

Michael Giberson blog post at Knowledge Problem, on Price Gouging.

Book'o'da Month:  Peter Boettke, Rosolino A. Candela and Tegan Lindstrom Truitt, The Socialist Calculation Debate: Theory, History, and Contemporary Relevance   https://www.cambridge.org/core/elements/socialist-calculation-debate/5E63749F9D34D065193DCF77FC9FD8A9


If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


28 Jan 2025Transaction Costs and Constitutions: India's Balancing Act, with Shruti Rajagopalan01:03:51

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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 shares how India's socialist elements and frequent amendments navigate the balance between democracy and central planning.

Explore the contrasting worlds of constitutional amendments in the United States and India, where transaction costs play a pivotal role. We unravel the philosophical differences in how these two nations interpret their constitutions, impacting citizens' rights and governance in uniquely distinct ways. Through metaphors like the Ship of Theseus, we evaluate the stability and adaptability of these constitutions, shedding light on how they sustain their respective democratic frameworks amid evolving societal needs.

Adding a dose of humor, we recount a satirical tale of international contractors bidding for a White House fence and explore the complexities of voting systems influenced by transaction costs. The episode takes a reflective turn as we discuss Ulysses S. Grant's memoirs, highlighting themes of personal sacrifice and political intricacies. This conversation promises to enrich your understanding of how economics, law, and political systems intricately intertwine, offering both serious insights and light-hearted moments to ponder.

Links:

Dr. Shruti Rajagopalan's web site at Mercatus and her personal web site
Dr. Rajagopalan's podcast, "Ideas of India" and publications

Book o'da'month: U.S. Grant, Personal Memoirs, Modern Library, 1999.

A note on the TWEJ: Some listeners may find the joke racist. But in fact each of the three stereotypes captures a kind of "excellence," though the three kinds of excellence might not all be equally socially admirable. Gordon Tullock, who was discussed in this episode, made some observations about corruption that are worth keeping in mind: Western nations abhor, or pretend to abhor, corruption, though in fact there is plenty of it in the West. Tullock's point was that, in a nation with dysfunctional institutions, corruption can be efficiency enhancing. Institutions matter. The point is not that Germans are inherently organized and methodical, nor that Mexicans are inherently hard-working and efficient, and certainly not that Indians are all corrupt. But the political and economic systems of those nations create a setting where such actions are "rational," and even expected.  I wrote a piece for Public Choice on Tullock's insight, and the problem of India, and that's why I enjoyed this joke!

If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


25 Feb 2025The Socialist Generation Debate: Boettke01:05:12

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 Join economist Peter Boettke 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, Boettke reveals why understanding transaction costs is essential for navigating the complexities of modern economies. We also explore the evolving discourse surrounding socialism, questioning whether new technologies, such as AI, could revolutionize planning efforts. This episode is not just for economists; it's a critical discussion for anyone seeking to understand the interplay between institutions, information, and human behavior in shaping societal outcomes.

Our conversation unravels the myths surrounding economic models and their real-world applications, encouraging listeners to think critically about the institutions that govern our economy. Don’t miss out on this thought-provoking discussion that could reshape your perception of economics.

Peter Boettke:  

Munger papers on “Status Quo” and James Buchanan:   

Munger on information and "generation": The "Socialist Generation Debate," at AIER

Mainline Economics Resources:

 Book'o'da'month:  

Bill Mauldin, BRASS RING: A SORT OF MEMOIR. 1973, WW Norton.  



If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


26 Mar 2025Curation Bubbles, Verification, and the Splintering of Ideology00:56:55

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What happens when we no longer consume scarce information through trusted, verified institutions, but instead through an abundance of unbundled content without context or curation? John Green, rising star in political science from Duke University, takes us on a tour of the rapidly evolving  landscape of political information.

Green challenges conventional wisdom about how ideologies function, arguing they're not so much coherent philosophical systems as they are socially shared belief networks. In these networks, most people specialize in just one or two issues they deeply care about, while adopting their coalition's positions on everything else. This creates an environment where signaling group loyalty becomes crucial—explaining why people sometimes make outrageous claims not despite their falsity, but precisely because the willingness to say something costly signals authentic commitment.

The conversation takes an illuminating turn when Green unpacks his groundbreaking research on "curation bubbles." Unlike echo chambers or filter bubbles, these environments emerge when people strategically share content based on its utility for their side, regardless of source. A conservative might enthusiastically share a New York Times article criticizing Democrats, while generally dismissing the publication as biased. This selective curation creates information environments that are neither completely closed nor genuinely diverse.

Perhaps most troubling is Green's insight about misinformation in the digital age. The real danger isn't simply false claims from unreliable sources, but rather the strategic repurposing of true information to create misleading narratives. When accurate statistics or facts are stripped of context and woven into deceptive frameworks, traditional fact-checking approaches fall short.

As we navigate this unbundled media landscape, the question remains: can we rebuild institutions that verify and curate information effectively? The answer may determine the future of our shared reality and democratic discourse.

Jon Green at Duke

"Curation Bubbles" in APSR

Converse on Belief Systems

Munger on "Direction of Causation"


Letter Response:

Sweden is NOT socialist!  (If you don't believe me, believe Andreas Bergh...)


Book’o’da Month:  


If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !


You can follow Mike Munger on Twitter at @mungowitz


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