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The Answer Is Transaction Costs The Answer Is Transaction Costs Michael Munger That's Freakin' Wrestling Podcast That's Freakin' Wrestling Podcast That's Freakin Wrestling Podcast Vandaag Inside Oranje Vandaag Inside Oranje Vandaag Inside Oranje The Daily Cruise and Travel News ”Podcast” with Tom Drake The Daily Cruise and Travel News ”Podcast” with Tom Drake Tom Drake Spoil Me! Dungeon Crawler Carl Spoil Me! Dungeon Crawler Carl UNspoiled! Network The John Browner Podcast The John Browner Podcast John Browner MJ12 Gerun Malam MJ12 Gerun Malam Mediacorp Hit and Hustle presented by Irish Sports Daily Hit and Hustle presented by Irish Sports Daily Greg Flammang Capitals Radio Network Podcast Channel Capitals Radio Network Podcast Channel Capitals Radio Network UK News Today | 2 Min News | The Daily News Now! UK News Today | 2 Min News | The Daily News Now! The Daily News Now! Jared and James Jared and James Jared Weiss Morning Drive with Tim O’Brien Morning Drive with Tim O’Brien Morning Drive with Tim O’Brien History in Five Songs with Martin Popoff History in Five Songs with Martin Popoff Pantheon Media Fight Disciples Podcast Fight Disciples Podcast Fight Disciples Concealed Carry Podcast - Guns | Training | Defense | CCW Concealed Carry Podcast - Guns | Training | Defense | CCW ConcealedCarry.com Locked On Mavericks - Daily Podcast On The Dallas Mavs Locked On Mavericks - Daily Podcast On The Dallas Mavs Locked On Podcast Network, Nick Angstadt, Isaac Harris English News - NHK WORLD RADIO JAPAN English News - NHK WORLD RADIO JAPAN NHK WORLD-JAPAN Steve Deace Show Steve Deace Show Blaze Podcast Network The Jimmie Rhoades Show The Jimmie Rhoades Show John Andersen The Opperman Report' The Opperman Report' The Opperman Report Virginia Tech Hokies Football Today | 2 Min News | The Daily News Now! Virginia Tech Hokies Football Today | 2 Min News | The Daily News Now! The Daily News Now! Cinema Hot Takes Cinema Hot Takes Author Adidas Wilson Focus economia Focus economia Radio 24 Holmberg's Morning Sickness - Arizona Holmberg's Morning Sickness - Arizona 98KUPD | Hubbard Radio Sikh History Sakhi Sikh History Sakhi Harpreet Kaur The Baron Files Podcast The Baron Files Podcast Baron Files GÉNESIS 2:24 - PODCAST GÉNESIS 2:24 - PODCAST Daniel Cañete Dan Does Footy Dan Does Footy DGM California News Today | 2 Min News | The Daily News Now! California News Today | 2 Min News | The Daily News Now! The Daily News Now! Beyond the Void: Philosophy & Psychology for the Modern Mind Beyond the Void: Philosophy & Psychology for the Modern Mind btv BioGraphics - True Biographies & History's Most Fascinating People BioGraphics - True Biographies & History's Most Fascinating People biog לומד קבלה #kab_heb לומד קבלה #kab_heb Bnei Baruch Kabbalah Education and Research Institute, Бней Барух – Ассоциация "Каббала Ла-Ам" Her Unshakeable Confidence Podcast Her Unshakeable Confidence Podcast Simone and Olivia Knego Conducta Delictiva Conducta Delictiva Michell Rodríguez y Kevin Pinzón LessWrong (30+ Karma) LessWrong (30+ Karma) LessWrong The Everything Feed - All Packet Pushers Pods The Everything Feed - All Packet Pushers Pods Packet Pushers La Voz de César Vidal La Voz de César Vidal César Vidal
The Answer Is Transaction Costs

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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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