 |
The Answer Is Transaction CostsAuthor: 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..... Language: en-us Genres: News, Politics, Science, Social Sciences Contact email: Get it Feed URL: Get it iTunes ID: Get it |
Listen Now...
Adam Smith's Wealth of Nations Episode 6--Division of Land
Tuesday, 21 October, 2025
Send us a textWe 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 follows incentives, from primogeniture and entail to charters, free towns, and the market’s “silent and insensible” revolution.institutions as congealed preferences and elite incentiveswhy Smith’s natural order inverts in Europethe physiocrats’ growth model and Smith’s critiqueSolow’s technology vs North’s institutions vs McCloskey’s ideasJoel Mokyr's synthesis and improvement (written BEFORE he Nobel'ed!)feudal constraints primogeniture and entail suppressing agriculturetowns as islands of order through charters and fixed rentsthe king–burgher alliance against baronsmerchants as improvers of land and capital risk-takerscommerce introducing liberty and good governmentSmith’s “most important” passage and its modern relevanceIf 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
