The Answer Is Transaction Costs

Hereditary Monarchy: At Least You Know Which Idiot Is Next

June 9, 2026·31 min
Episode Description from the Publisher

Send us Fan Mail Hereditary monarchy seems like a ridiculous way to pick a leader, yet it dominates most of human political history. We argue the reason is transaction costs: succession systems survive when they settle “who rules next” cheaply enough to prevent recurring civil war. • Why hereditary monarchy is historically prevalent compared with democracy and universal suffrage • Why “divine right” stories often rationalize a choice people already find tolerable • Thomas Pa...

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