The Answer Is Transaction Costs

"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.....

Barking Cats: On the "Nature" of Bureaucracy
Jun 10, 2025 – 21:06
Pins: Division of Labor is Limited by Transaction Costs
Jun 3, 2025 – 22:32
Commerce and Sociology: Novak on Entangled Political Economy
May 27, 2025 – 01:20:55
The Paradox of Political Rationality: Lynch
Apr 29, 2025 – 01:08:00
Curation Bubbles, Verification, and the Splintering of Ideology: Green
Mar 25, 2025 – 56:55
The Socialist Generation Debate: Boettke
Feb 25, 2025 – 01:05:12
Transaction Costs and Constitutions: India's Balancing Act, with Shruti Rajagopalan
Jan 28, 2025 – 01:03:51
Political Capitalism and the Power of Elites: Randall Holcombe
Dec 24, 2024 – 01:02:16
Prison Gangs and Governance: David Skarbek
Nov 19, 2024 – 01:01:27
Certainty, Common Law, and Statutory Law: Todd Zywicki of Scalia Law
Oct 22, 2024 – 53:20
From Law to Legislation: A Natural Process
Sep 30, 2024 – 54:31
Why Bosses Don't Wear Bunny Slippers: TAITC
Aug 27, 2024 – 23:09
Price Gouging or Price Information?
Aug 20, 2024 – 18:17
All Housing is Affordable Housing
Aug 13, 2024 – 24:29
We Get Letters!
Aug 6, 2024 – 20:31
Shibumi! Legit Idea, or Shady Dealings?
Jul 30, 2024 – 23:17
Slavery, Indentured Servitude, and the Problem of Financing Education
Jul 23, 2024 – 25:56
Bees, Oranges, and Externalities: The Answer is Transaction Costs
Jul 16, 2024 – 26:31
Parking Lots, Transaction Costs of the Price Mechanism, and the Pork Pie Fedora Rogue
Jul 9, 2024 – 20:10
Monkey See, Monkey App! And IP Walks Into a Bar....
Jul 2, 2024 – 14:44
Baseball, Dollar Dogs, Apple Pie and Transaction Costs
Jun 25, 2024 – 16:30
Dam Shame: It's not easy being government
Jun 17, 2024 – 24:11
Corner Crossing Conundrum: Trespassing, Airspace, and Property Rights
Jun 11, 2024 – 23:18
The Riddle is Transaction Costs: That's What the Money is For!
Jun 4, 2024 – 17:15
From Commons to Coase and Beyond, With Steven Medema
May 28, 2024 – 01:02:24
Desert Town Dilemmas and the Problem of Property Rights
Apr 30, 2024 – 01:01:55
Caldwell: Hayek's Intellectual Journey
Mar 26, 2024 – 01:08:32
Making Deals With Shadows: The Economics of Ransomware and Cybersecurity
Feb 27, 2024 – 44:53
Current Event: Smart Grids, DERs, and the Economics of Energy
Jan 30, 2024 – 01:12:06
The 5G Revolution, Huawei Controversy, and Global Trade Dynamics
Dec 19, 2023 – 54:27
Permissionless Innovation: Unshackling Potential or Unleashing Chaos?
Nov 21, 2023 – 50:54
Neutrality, Security, and Ethereum: the Future of Global Transaction Costs
Oct 31, 2023 – 45:45
Effective Altruism and the Transaction Costs of Maximizing Expected Value
Sep 26, 2023 – 45:34
Motives and Morals of Taxes, and an Homage to Bob Barker
Aug 29, 2023 – 22:45
All You Can Eat, or By the Ounce?
Aug 22, 2023 – 21:17
The Devil Went Down to Grievance: Tuh, Taxes, and HOAs
Aug 15, 2023 – 17:33
The Red Dots Three, Parsley, and Counting Sheep
Aug 8, 2023 – 18:00
Packing Out Your Trash, Brown M&Ms, and $100 Bills on the Sidewalk
Aug 1, 2023 – 20:05
Academic Publishing, Talking Frogs, and Nailing Your Head to the Floor
Jul 25, 2023 – 20:15
Faith and Loyalty through the TC Lens
Jul 18, 2023 – 21:01
Lettuce Again, and Lumber
Jul 11, 2023 – 13:42
Conventional Wisdom, Chesterton Fences, and "Excuse me"
Jul 4, 2023 – 19:37
Dollar Hot Dogs, Coupons, and Bidding for Wallets
Jun 27, 2023 – 19:41
Women in Prison, and ALL Costs are Transaction Costs
Jun 20, 2023 – 19:27
Dating, Marriage, and the Costs of Search
Jun 13, 2023 – 21:44
Roads, Public Goods, and Focal Points
Jun 6, 2023 – 26:04
Middlemen: From Mancgere to Amazon
May 30, 2023 – 20:36
Propriety, Norms, and Traffic Congestion: Episode 3
May 23, 2023 – 17:40
Exchange Takes "Place," and the Strange Case of Lettuce
May 16, 2023 – 15:05
TAITC: Episode 1
May 9, 2023 – 09:28

Recent Reviews

Agmcvet

Love the Show; Don’t Change a Thing

Love the show, Mike. And don’t listen to anyone who says you or your guests get too far off in the economic weeds sometimes: I learn so much and get a greater appreciation for the dismal science with every episode. Being a non-economist TAITC fan, it’s definitely a mental challenge to sort through the…intense…terminology use sometimes, but what an enlightening challenge it is. Keep up the great work!
jjiusbbbdhag

Hunger for the munger

I would love to see an avengers-style buddy action hero movie starring Mike Munger and Russ Roberts fighting against… well I don’t even know what but something where they explain everyday economics principles and wear capes! Love the podcast we need more Mike on the mic.
Vance Ginn

Munger Transactions Are Best

You don’t want to miss this show with Munger making concise arguments for the importance of transaction costs in all we do.
johnson bros

DIAMONDS in a coal mine

Nothing against coal mines, but how great it’s been to run across this gem while regularly exploring my staple listenings. Rewarding
BrevityRules

Audio quality in this week’s show was bad

I like the show but the audio was very low grade and it didn’t provide for good listening. I’m sure the transaction cost of good audio is worth bearing.
nickname taken 102938

A Gem

Munger has that unique ability to translate his expertise in political economy into lessons for policymakers and ordinary citizens alike and make you smile while he does so. Essential listening.
Joey Ken

Love this guy

I consume everything he puts out including his amazing interviews on the Econ talk podcast. He is great at explaining things in a simple way which helps Someone like me with no Econ background (except the aforementioned podcast.)
HDieterD

Too fun to be price theory, and yet that and more

A great approach to analyzing complex economic interactions because it might be more entertaining that educational.
Traviseeeee

At Last

After years of listening to and enjoying Munger on Econtalk, I’m glad to find a stand-alone podcast. The content is deep, the pace is fast —sometimes requiring a second careful listen for the listener of average intellect (myself included). Keep up the fine work!