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
Propriety, Norms, and Traffic Congestion: Episode 3
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