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
Conventional Wisdom, Chesterton Fences, and "Excuse me"
(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:
- F.A. Hayek on habit and information
- B. Hooker on Rule Consequentialism
- Munger on Pave the Muddy Paths
- Munger on Rule Utilitarianism
- Russ Roberts on Wild Problems
- Roberts and Munger on Norms and Sports
- Roberts and Munger on Cultural Norms
- David Schmidtz on "Desert Town"
- Adam Smith on being committed to your principles
- Alfred North Whitehead on habit
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