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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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You are NOT "Sorry I'm Late"!!
Tuesday, 7 July, 2026
Send us Fan MailWe tell a story about German academic quarter hours-- akademische Viertel-- and use it to argue that lateness is an economics problem of coordination, incentives, and transaction costs, not just manners. We lay out five rules that predict who shows up late, why the pattern spreads, and how to spot it before you commit to a recurring meeting.• the “academic quarter hour” as a rule that makes lateness predictable• lateness as a transaction cost that blocks group goals• platonic travelers and the habit of leaving no buffer• five rules of lateness and what each predicts• why meetings drift into equilibrium lateness over time• lateness as an externality and prisoner’s dilemma• incentive fixes from social sanctions to financial penalties• watch setting quirks and backwards induction as a practical test• listener letter on medical insurance hiding prices from consumers• why hospitals were small before 1935 and how sulfa drugs changed that• letter on permitting payments for solar projects and why people call them bribes• book recommendation for the punctually challengedLinks:Munger, Chron of Higher Ed, 5 Rules of Lateness in Academe Munger, Econlib, The 5 Sorry Rules of LatenessNew York Times article on "Time Personality"U of Michigan's version of the academic quarter hourBook-o-da-week: Never Be Late Again: 7 Cures for the Punctually Challengedby Diana DeLonzor and Gerry DeLonzor. Post Madison Publishing May 19, 2026.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
