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The Answer Is Transaction Costs The Answer Is Transaction Costs Michael Munger What’s Cookin’? — The McLemore Boys Podcast What’s Cookin’? — The McLemore Boys Podcast John & John II McLemore The Yeah C'mon Show The Yeah C'mon Show Yeah C'mon Show B4 The Bell Podcast B4 The Bell Podcast Late AF Productions Chloe Vs The World Chloe Vs The World The Fellas Studios Mom Group Chat Mom Group Chat Mom Group Chat Elvis Duran and the Morning Show ON DEMAND Elvis Duran and the Morning Show ON DEMAND Elvis Duran Podcast Network and iHeartPodcasts The Fellas The Fellas The Fellas Studios Pitch Side Pitch Side The Fellas Studios Big Mad Morning Show Big Mad Morning Show 97.5 KMOD (KMOD-FM) El Mañanero Radio El Mañanero Radio Bolivar Valera The Rick Burgess Show The Rick Burgess Show iHeartPodcasts The Bill & Jessica Show The Bill & Jessica Show Power 101.7 Perverted Podcast Perverted Podcast Count Boogie Greg & The Morning Buzz On Demand | Comedy, Pop Culture, Morning Banter Greg & The Morning Buzz On Demand | Comedy, Pop Culture, Morning Banter Greg and The Morning Buzz | Comedy, Pop Culture, Morning Banter Run That Prank Run That Prank iHeartPodcasts Best of The Steve Harvey Morning Show Best of The Steve Harvey Morning Show iHeartPodcasts Cult Liter with Spencer Henry Cult Liter with Spencer Henry Spencer Henry | Morbid Network Total Party Kill Total Party Kill The Incomparable Dungeon Masters Gutfeld! Monologues Gutfeld! Monologues FOX News Radio PINCH MY SALT PINCH MY SALT Pinch My Salt Bubba the Love Sponge® Show Bubba the Love Sponge® Show Podcast Playground Ab 17 - wahnsinnig TÄGLICH Ab 17 - wahnsinnig TÄGLICH Tommy Wosch & Kathrin Wosch 掰头掰头 掰头掰头 掰头工坊 Reddit Stories Reddit Stories Rakmor La Jungla con Jose Antonio Abellán La Jungla con Jose Antonio Abellán La Jungla Radio Por la Mañana con Javi Serrano Por la Mañana con Javi Serrano La Jungla Radio The Crew Has It The Crew Has It Gianni Paolo and Michael Rainey Jr. Gorman in the Morning Gorman in the Morning 92 KQRS | Cumulus Media Minneapolis Todo por la radio Todo por la radio Bill MANPASI MANPASI DJ Fateh və Rəvan Bağırov Wake Up Classy 97 The Podcast Wake Up Classy 97 The Podcast Josh Tielor & Chantel Tielor - Classy 97 KLCE Cauet sur Europe 2 Cauet sur Europe 2 Europe 2 Bucky & BK Bucky & BK Texas Football Just Trish Just Trish Trisha Paytas Stockdogs Unleashed Stockdogs Unleashed Stockdogs Unleashed! Not My Bagg Not My Bagg The Fellas Studios
The Answer Is Transaction Costs

Comedia

The Answer Is Transaction Costs

Michael Munger

Transaction Costs Killed the Medical Stars

June 30, 2026 10:00am 48 min

Send us Fan MailWe 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 m...

Parasites And Property Rights

June 23, 2026 6:00am 50 min

Send us Fan MailBIBLIOGRAPHICAL NOTE:  The information in this episode comes from Red Flags Press.  Their main web site is very useful for research purposes, and I recommend it!We follow the idea of the “social parasite”...

Books Don't Bet, They Match

June 16, 2026 6:00am 1:04

Send us Fan MailWe break down how sportsbooks function as brokers that match contracts, set prices through the point spread, and earn their living through the vig. Kevin Braig joins us to explain how law, technology, and...

Hereditary Monarchy: At Least You Know Which Idiot Is Next

June 09, 2026 6:00am 31 min

Send us Fan MailHereditary 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 “w...

Swollen Permits? Call Chile!

May 31, 2026 4:00pm 45 min

Send us Fan MailPermits feel like “just paperwork”, until they quietly become the biggest barrier to building, investing, and even basic economic growth. We use Chile’s fight with “permisologia” to show how bureaucracy c...

Honor Among Thieves: Anja Shortland and Ransomware

April 28, 2026 6:00am 1:06

Send us Fan MailA talk with Dr Anya Shortland about the economics of ransomware and the gray-zone institutions that let extortion markets function when nobody can truly enforce trust. We dig into how cyber insurance quie...

Are Transaction Costs Really Just Human Distance

March 24, 2026 6:00am 43 min

Send us Fan MailWe connect Adam Smith’s moral psychology to the modern idea of transaction costs and argue that the biggest frictions in markets start with the cost of understanding other people. We show how sympathy, pr...

Adam Smith's Wealth of Nations Episode 10: Always Contemporary

February 24, 2026 6:00am 1:28

Send us Fan MailWe assess Adam Smith’s enduring ideas—moral authorization of commerce, division of labor, emergent order—and confront where his optimism breaks: how democratic politics and business fuse to create monopol...

Adam Smith's Wealth of Nations Episode 9: Spending, Taxing, and Debt

January 27, 2026 6:00am 1:28

Send us Fan MailWe walk through Book Five of The Wealth of Nations to map a state that defends, adjudicates, and builds wisely, then pays for it without killing growth. From militias to standing armies, fee-based courts ...

Adam Smith Episode 8: A Nation of Shopkeepers

December 30, 2025 6:00am 1:25

Send us Fan MailSmith closes Book IV by dismantling mercantilism through the lens of colonial policy, monopoly, and rent seeking, then weighs physiocracy against the system of natural liberty. We trace why colonies grew ...

Parts is (Not) Parts: The Life Cycle Problem for Heavy Equipment

December 23, 2025 6:00am 1:03

Send us Fan MailWe trace how Alex Schuessler, the once and once-again President of SmartEquip--also a scholar of expressive choice!--built a platform that makes machines more profitable by erasing the friction between pa...

Money Killed Barter; Can a Platform Bring It Back?

December 09, 2025 12:00pm 48 min

Send us Fan MailWe explore why money became the default middleman and how a modern platform can make barter practical by slashing the costs of search, matching, and trust. Founder Jassim Baqer shares the story behind Tba...

Adam Smith Episode 7: The Errors of Mercantilism--Bullion, Balances, and Bounties

November 25, 2025 6:00am 1:15

Send us Fan MailTracing out Adam Smith’s Book IV, chapters 1–6, to show how mercantilism mistakes money for wealth, how protection creates monopolies at home, and why free exchange raises real prosperity. Smith defends t...

Adam Smith's Wealth of Nations Episode 6--Division of Land

October 21, 2025 6:00am 1:16

Send us Fan MailWe trace how Adam Smith solves a historical puzzle: why Europe’s path to prosperity inverted the “natural order,” and how commerce quietly dissolved feudal power to make room for liberty. The story follow...

Little's Law: The Transaction Costs of (Re)Drawing Lines

October 14, 2025 6:00am 55 min

Send us Fan MailA conversation with Andrew Wagner, production and manufacturing engineer, now in aerospace, but with experience also in the auto industry.We trace how transaction costs shape production, from Adam Smith’s...

Adam Smith's Wealth of Nations: Episode 5--The Text of Book II

September 30, 2025 6:00am 1:16

Send us Fan MailThis episode explores Book 2 of Adam Smith's Wealth of Nations, focusing on his revolutionary concept of the "division of stock" and how capital accumulation drives economic growth.• Smith distinguishes b...

Adam Smith's Wealth of Nations: Episode 4--Capital and Book II: Introduction

September 23, 2025 6:00am 54 min

Send us Fan MailBook Two of Adam Smith's "The Wealth of Nations" provides the conceptual foundation for understanding how commercial society sustains growth through capital accumulation and the employment of stock. Smith...

The Innovation is the Exchange Itself!

September 16, 2025 6:00am 1:08

Send us Fan MailChris Cornette, a longtime securities trader who grew up in the business, reveals how the most important innovation that made US capital markets preeminent in the world was the exchange itself.• Cornette'...

When Bribes Become the System: Understanding Lock-In

August 26, 2025 6:00am 25 min

Send us Fan MailCorruption persists not because people like it, but because it becomes embedded in the incentive structure of the state, creating feedback loops that reinforce themselves and resist reform. • A prebend is...

Adam Smith's Wealth of Nations: Episode #3--Introduction and Book I

August 19, 2025 6:00am 1:21

Send us Fan MailAdam Smith's "The Wealth of Nations" developed from decades of lectures on jurisprudence, examining how market exchange creates prosperity through division of labor and specialized skills.• Two core obser...

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