Two Bakers Walk Into A Cartel
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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, m…
The Senate Is The Enemy And Other Friction Stories
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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…
Regime Uncertainty: Political Risk is Transaction Cost!
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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 …
The Main Course was Transaction Costs: Milton's Dinner with Ronald
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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 instituti…
God Speaks Hebrew But Understands Yiddish
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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 …
The Ship Has Sailed: Mike Munger on Medicare, Markets, and Debt
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Episode Summary
Duke political economist and podcast host Mike Munger (The Answer is Transaction Costs) joins Anthony DiGiorgio and Anish Koka to argue that what Americans call "health insurance" isn't insurance at all — it's a social program where, as Bastiat put it, everyone trie…
Episode 602 - The Answer Is Still Transaction Costs: Michael Munger Returns
Professor Michael Munger returns to The Soul of Enterprise for a fourth visit and once again, the answer is transaction costs. Ron and Ed catch up with the Duke University economist, political scientist, author, and host of The Answer Is Transaction Costs to explore some of the provocative question…
Renta Vitalicias: Pension Promises Only Work When Politics Honors Them
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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 …
Public Choice and Politics Without Romance (with Mike Munger)
Before you give the government new powers, try the Munger Test: cross out "government" and insert the name of the politician you trust least. Then see if you still like the idea. In his 52nd EconTalk appearance, Mike Munger talks with host Russ Roberts about public choice, politics without romance,…
Bookmakers Set Odds To Maximize Profit Not Balance Bets
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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 …
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