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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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The Senate Is The Enemy And Other Friction Stories
Tuesday, 4 August, 2026
Send us Fan MailWe argue that “friction” is not always a flaw and can be a deliberate shield against bad collective decisions. We use Buchanan and Tullock’s public choice framework to show why supermajorities, veto points, and other transaction costs can protect rights while still leaving room for day to day governing. • contrasting cheap outrage with intentional institutional friction • explaining why constitutional amendment rules use supermajorities • breaking down external costs versus decision-making costs • applying the framework to routine policy versus foundational rules • linking cancel culture to collapsed coordination costs and lost buffers • spotting designed friction in bicameralism, vetoes, jury unanimity, central bank independence, corporate charters, and treaties • testing objections about minority rule, the filibuster, and who classifies “big” decisions • discussing ballot initiatives, referenda, and easy-to-amend constitutions • sharing listener letters, egg market notes, and a book recommendation Links:Shruti Rajagopalan on TAITCThe Senate is the Enemy... (claims it comes from "The West Wing," but this is a story that I heard in the 1980s. West Wing just used it. Strange that people think a TV show is a SOURCE. It was just the MEDIUM, people!)Book-o-da-week: Benjamin Labatut, THE MANIACIf 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
