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The Answer Is Transaction Costs The Answer Is Transaction Costs Michael Munger Programming Tech Brief By HackerNoon Programming Tech Brief By HackerNoon HackerNoon Tech Stories Tech Brief By HackerNoon Tech Stories Tech Brief By HackerNoon HackerNoon Cybersecurity Tech Brief By HackerNoon Cybersecurity Tech Brief By HackerNoon HackerNoon Science Tech Brief By HackerNoon Science Tech Brief By HackerNoon HackerNoon Futurism Tech Brief By HackerNoon Futurism Tech Brief By HackerNoon HackerNoon Tech Companies Tech Brief By HackerNoon Tech Companies Tech Brief By HackerNoon HackerNoon 媽很想聊 媽很想聊 育兒|親職 |教育|夫妻關係 Society Tech Brief By HackerNoon Society Tech Brief By HackerNoon HackerNoon The Colonel of Truth The Colonel of Truth Conrad Reynolds Middays w/ Marques Maybin Middays w/ Marques Maybin ESPN 680 Audio Vault 佛曲 佛曲 amitofo Radio Granada Radio Granada Cadena SER Cadena SER Navarra Cadena SER Navarra Cadena SER SER Madrid Norte SER Madrid Norte Cadena SER Radio Rioja Radio Rioja Cadena SER Radio Jódar Radio Jódar Cadena SER Cadena SER Euskadi Cadena SER Euskadi Cadena SER Radio Calahorra Radio Calahorra Cadena SER Radio Tarancón Radio Tarancón Cadena SER SER Avilés SER Avilés Cadena SER Around the Circle | An Enneagram Channel Around the Circle | An Enneagram Channel Jeff Cook and T.J. Wilson 《生命的觸動》每日靈糧 《生命的觸動》每日靈糧 GOOD TV Cash Daddies With Sam Tripoli, Howie Dewey and Johnny Woodard Cash Daddies With Sam Tripoli, Howie Dewey and Johnny Woodard Johnny Woodard The Brice & Bianucci podcast The Brice & Bianucci podcast Broadway Media Attitude with Arnie Arnesen Attitude with Arnie Arnesen Arnie Arnesen REAL REAL Radio REAL Boston Celtics News Today | 2 Min News | The Daily News Now! Boston Celtics News Today | 2 Min News | The Daily News Now! The Daily News Now! La Jungla con Jose Antonio Abellán La Jungla con Jose Antonio Abellán La Jungla Radio Pharmaceutical Executive Pharmaceutical Executive Pharmaceutical Executive Podcast The Brazilian Shirt Name Podcast The Brazilian Shirt Name Podcast 11-29 Media CK News Today CK News Today Blackburn Media UtaTen UtaTen IBGメディア株式会社 Última Hora Caracol Última Hora Caracol Caracol Pódcast Ground Zero Media Ground Zero Media Clyde Lewis Regional Media Podcast Network Regional Media Podcast Network Regional Media Радио РБК. Главное Радио РБК. Главное Радио РБК
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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