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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 |
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Honor Among Thieves: Anja Shortland and Ransomware
Tuesday, 28 April, 2026
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 quietly becomes a form of governance, why data leaks change the game, and what national security risks emerge as everything gets connected. • criminal markets that sit between legal firms and underworld gangs • insurance as governance through protocols, repeat play, and incident response packages • why victims amplify risk when they throw money at crises • the origin story of early ransomware and the transaction costs that made it fail • step-by-step ransomware mechanics from phishing to exfiltration to encryption • how gangs price ransoms by reading cash flow and insurance certificates • leak sites, privacy regulation, and third-party liability as bargaining leverage • why cyber insurance is fragmented and slow to enforce security standards • deductibles, coverage caps, and market hardening that push better cybersecurity • AI-enabled phishing and the asymmetric arms race between attackers and defenders • state-linked ransomware, impunity jurisdictions, and critical infrastructure threats • efficiency versus resilience in smart cities and the Internet of Things Anja Shortland at Kings College LondonShortland's book, Dark Screens: https://www.amazon.com/Dark-Screens-Hackers-Shadowy-Ransomware/dp/1541705750Shortland's first TAITC episode: "Deals with shadows"Links mentioned in podcast:Alex Danco's pirate puzzlePete Leeson's book, The Invisible HookDavid Deutsch's book, The Beginning of InfinityIf 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
