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.....
The Answer Is Transaction Costs
Latest Episodes
When Mass Outrage is Cheap: TC Origins of Cancel Culture
We trace a straight line from a 1697 blasphemy execution to modern cancel culture by focusing on one variable: the cost of turning speech into coordinated punishment. We break down how social media creates common knowledge at near-zero cost, ma...
You are NOT "Sorry I'm Late"!!
We tell a story about German academic quarter hours-- akademische Viertel-- and use it to argue that lateness is an economics problem of coordination, incentives, and transaction costs, not just manners. We lay out five rules tha...
Transaction Costs Killed the Medical Stars
We try to make sense of a real problem many of us feel: paying a lot for U.S. healthcare while still waiting months to see a doctor. We trace how engineered transaction costs, from the Flexner Report to modern residency caps, restrict physician...
Fan Mail
I was listening to the podcast and a specialist on COMECON was mentioned during the introduction. I was curious, what is their name? Thanks, Daniel S
Annapolis, Maryland