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The Answer Is Transaction Costs: Daily Summaries Delivered
by Michael Munger
" 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. 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.....
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- 1 weeks ago1h 5m
Bookmakers Set Odds To Maximize Profit Not Balance Bets
Send us Fan Mail We talk with economist Karl Whelan about how sportsbooks actually set odds, why the “balanced book” story falls apart, and how modern betting products are engineered to raise margins. We also trace how regulation, transaction costs, and prediction markets like Kalshi are reshaping sports gambling in the US and abroad. • Karl’s path from macroeconomics and central banking to sports betting research and writing • COVID soccer without crowds as a natural experiment o...
- Sep 27, 202659 min
A Pension Promise Only Works When Politics Honors It
Send us Fan Mail We walk through how Chile converts retirement savings into lifelong income and why inflation protection and competition make the design work. Then politics collides with contract law as COVID-era withdrawals test credible commitment and raise transaction costs across the financial system. • how AFP accounts build national savings and deep capital markets • why a pension is more than a savings account, especially under longevity risk • how the renta vitalici...
- Aug 25, 202627 min
God Speaks Hebrew But Understands Yiddish
Send us Fan Mail We trace how Hebrew goes from a “museum language” to a living vernacular by treating language as a coordination good with huge network effects and real transaction costs. We follow Eliezer Ben-Yehuda’s strategy for lowering those costs, then watch the Technion language fight prove Hebrew can carry science, not just prayer. • Hebrew’s revival as a rare case of full language reboot at scale • Jewish linguistic diversity and why German, French, Russian, Polish, and Y...
- Aug 19, 202625 min
The Main Course was Transaction Costs: Milton's Dinner with Ronald
Send us Fan Mail We tell the story of the Chicago dinner where Ronald Coase walks into a hostile room, and by the end everyone votes with him, led by Milton Friedman changing his mind in real time. Along the way, we unpack why transaction costs, not moral blame, often explain when law and institutions shape outcomes. • the Aaron Director dinner and the vote that flips • why Milton Friedman becomes a political symbol and lightning rod • critiques from the right and left on ...
- Aug 11, 202624 min
Regime Uncertainty: Political Risk is Transaction Cost!
Send us Fan Mail We walk through the weirdly powerful math that makes a stable $10,000 profit stream worth $50,000 in one world and $1,000,000 in another. Then we apply the same present value logic to politics and show how unpredictable rules raise transaction costs, inflate the effective discount rate, and freeze long-term investment. • the discount rate as the hidden driver of valuation • why the consol bond makes present value intuitive • P = X / R as a shortcut for long-lived assets •...
- Aug 4, 202626 min
The Senate Is The Enemy And Other Friction Stories
Send us Fan Mail We argue that “friction” is not always a flaw and can be a deliberate shield against bad collective decisions. We use Buchanan and Tullock’s public choice framework to show why supermajorities, veto points, and other transaction costs can protect rights while still leaving room for day to day governing. • contrasting cheap outrage with intentional institutional friction • explaining why constitutional amendment rules use supermajorities • breaking down exter...
- Jul 28, 202632 min
Two Bakers Walk Into A Cartel
Send us Fan Mail We test a simple bakery price-fixing pact and watch it unravel, then use that failure to explain how transaction costs shape institutions, from unenforceable contracts to the rise of the corporate trust. We connect the common law doctrine of restraint of trade to the Sherman Act, modern merger fights, and a real-world egg pricing controversy where evidence is hard to untangle from supply shocks. • a two-baker cartel that collapses as soon as cheating pays • why courts histori...
- Jul 21, 202636 min
Contracting with Yourself: Akrasia and Transaction Costs
Send us Fan Mail We start with a simple mystery: how the same person can make a proud plan at night and break it in the morning, even while still believing the plan is good. We connect akrasia, free will, and moral responsibility to transaction costs, treating self-control as a contracting problem between competing versions of ourselves. • Jordan I and Jordan II as a model of divided preferences over time • Hard determinism, libertarian free will, and compatibilism as the main phi...
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About 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. 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.....
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