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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Money Killed Barter; Can a Platform Bring It Back?
Tuesday, 9 December, 2025

Send us a textWe 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 Tbadel, what people actually trade, and how reputation, bundling, and scale (might) make swaps work.• Adam Smith’s "double coincidence of wants" problem and transaction costs• Platforms as connection engines that lower search and matching costs• Tabottle’s origin, goals and name meaning exchange in Arabic• How offers, counteroffers and bundles enable fair value without prices• Building trust with profiles, ratings, in‑app messaging and reporting• Local meetups versus future delivery options to cut transfer costs• Why density and subcommunities unlock multi‑party and chain trades• What trades dominate now: books, electronics, kids’ gear and services• AI matching, alerts and global exchange as the growth roadmap• Two‑sided market dynamics and the path to scaleTbadel Web SiteJassim Baqer on LinkedInFrom JJ's letter: Photos of "Parklet" in San Francisco.If 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