The Answer Is Transaction Costs

Author: Michael Munger

"The real price of everything is the toil and trouble of acquiring it."  -Adam Smith (WoN, Bk I, Chapter 5)In which the Knower of Important Things shows how transaction costs explain literally everything. Plus TWEJ,  and answers to letters.If YOU have questions, submit them to our email at taitc.email@gmail.com There are two kinds of episodes here: 1. For the most part, episodes June-August are weekly, short (<20 mins), and address a few topics. 2. Episodes September-May are longer (1 hour), and monthly, with an interview with a guest.Finally, a quick note:  This podcast is NOT for Stacy Hockett. He wanted you to know that.....
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God Speaks Hebrew But Understands Yiddish
Tuesday, 25 August, 2026

Send us Fan MailWe 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 Hebrew can carry science, not just prayer. • Hebrew’s revival as a rare case of full language reboot at scale • Jewish linguistic diversity and why German, French, Russian, Polish, and Yiddish create coordination barriers • Spoken language as a network effect and why “no one wants to go first” • Inframarginality and Ben-Yehuda providing a public good as a private mission • Hebrew as a neutral focal point that no faction fully “owns” • Building missing vocabulary through roots, grammar, and standardization bodies • Bootstrapping with a native-speaking child as proof of concept • Newspapers as distribution channels that reduce divergence in word choice • Backlash from religious authorities and the real enforcement costs of change • The 1913 Technikum decision and the Technion language war over German vs Hebrew • A listener extension connecting Rawls, insurance, and the veil of ignorance • Book recommendation on American founding ideals and proclaiming libertyIf you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com !You can follow Mike Munger on Twitter at @mungowitz