Best Michael Hockett Podcasts (2024)

1
Why Bosses Don't Wear Bunny Slippers: TAITC 23:09

17d ago23:09

23:09

Ever wondered why firms exist in a market-driven economy? This month's episode promises to unravel this question by diving deep into Ronald Coase's seminal 1937 paper, "The Nature of the Firm." Join me, Mike Munger, as I reflect on our first 16 months of podcasting and share the insights and wisdom that have shaped our journey. You'll gain a thorou…

1
Price Gouging or Price Information? 18:17

1M ago18:17

18:17

Can high prices during emergencies actually save lives? Using North Carolina as an example, we dissect the economic and legal implications of these laws, exploring the ambiguities in terms like "unreasonably excessive" and the chilling effect on commerce. Discover how artificially low prices can lead to resource misallocation, discourage stockpilin…

1
All Housing is Affordable Housing 24:29

1M ago24:29

24:29

Are housing regulations making affordable homes a pipe dream? We promise you'll gain a deeper understanding of how transaction costs and regulatory hurdles impede new housing development, frustrating both market responses and the dreams of potential homeowners. We'll explore how the very laws intended to protect affordable housing often backfire, p…

1
We Get Letters! 20:31

1M ago20:31

20:31

What is it that beach parking lots are actually selling? Why do beer bottles cost more than cans? And just what are costs of the thing, as opposed to the costs of selling or buying the thing? Can you really separate them out? Mass MOCA: "Wilco's Solid Sound" Music Festival https://massmoca.org/event/solid-sound-2024/ "To Consumers, ALL Costs are Tr…

1
Shibumi! Legit Idea, or Shady Dealings? 23:17

1M ago23:17

23:17

You can throw shade, but can you own the idea of shade? Shibumi's sunshade has become an essential part of the coastal landscape, but that has sparked some fierce legal battles. We'll talk patents, beginning with the evolution of shade solutions from caveman ingenuity to Shibumi's wind-powered marvel. Plus, you'll get the inside scoop on the recent…

1
Slavery, Indentured Servitude, and the Problem of Financing Education 25:56

2M ago25:56

25:56

Not everyone realizes that the modern financial system has enabled us to end historical practices such as indentured servitude and apprenticeship. This episode uncovers how financial systems tackled market failures and transaction costs, drawing on insights from Jeffrey Hodgson's "The Wealth of a Nation: Institutional Foundations of English Capital…

1
Bees, Oranges, and Externalities: The Answer is Transaction Costs 26:31

2M ago26:31

26:31

Bees and Valencia oranges from my family's farm in rural central Florida provide a snapshot of externalities and transaction costs. A local beekeeper wasn't just a boon for our crops but also an illustration of Arthur Pigou's theories on the divergence between supply price and marginal supply price. Real-world practices, such as apple orchard owner…

1
Parking Lots, Transaction Costs of the Price Mechanism, and the Pork Pie Fedora Rogue 20:10

2M ago20:10

20:10

Two seemingly similar parking lots at Wrightsville Beach, North Carolina, couldn't be more different in the emergent behaviors they foster. From the orderly lines of the 85-space lot to the chaotic dynamics of the smaller 19-space circular lot, discover how price rationing, queue formation, and transaction costs play critical roles in these everyda…

1
Monkey See, Monkey App! And IP Walks Into a Bar.... 14:44

2M ago14:44

14:44

The method of much of social science is "comparative statics." There's an amazing natura experiment going on, after Hurricane Maria changed the environment for the rhesus macaques of Cayo Santiago. Sometimes, you need a simulation to understand something is only obvious after the fact. These primates, known for their fierce competition and rigid hi…

1
Baseball, Dollar Dogs, Apple Pie and Transaction Costs 16:30

3M ago16:30

16:30

Why would a baseball stadium limit the number of $1 hot dogs per customer on Dollar Hot Dog Night? Find out as we work on this intriguing question posed by a curious high school student named HJ. Through the lens of transaction costs, we reveal how these promotional events are less about selling hot dogs and more about enhancing the overall (cheap!…

1
Dam Shame: It's not easy being government 24:11

3M ago24:11

24:11

I have been interested lately in a paper Bill Keech and I were working on a decade ago, It was called "The Anatomy of Government Failure." Was AC Pigou the first "Public Choice" theorist? There are two transaction costs problems in the background: 1. Information asymmetries and the problem of ignorance 2. Incentive problems and institutional design…

1
Corner Crossing Conundrum: Trespassing, Airspace, and Property Rights 23:18

3M ago23:18

23:18

What if crossing a mere corner of private land could land you in legal hot water? This episode tackles the thorny issue of corner crossing, where public and private lands meet at a single point, creating potential trespassing conflicts. We'll dissect Dave Schmitz's insights on the limits of property rights and the Roman law doctrine of ad coelum, w…

1
The Riddle is Transaction Costs: That's What the Money is For! 17:15

3M ago17:15

17:15

Can a single $100 bill solve an entire town's debt crisis? This riddle is a window into transaction costs. I rely on Jeffrey Rogers Hummel's insights, adding a few thoughts of my own. And a cool letter: Ever wondered why you haggle for a car but not for your morning Starbucks's coffee? Plus, a book recommendation: Nobel Prize-winning economist Edmu…

1
From Commons to Coase and Beyond, With Steven Medema 1:02:24

4M ago1:02:24

1:02:24

What if understanding the hidden costs in every transaction could revolutionize how we see economics? Stephen Medema of Duke University opens up about his academic pivot from computational tax policy to the history of economic thought, weaving in tales of detective-like intrigue and the thrill of uncovering the makers and movers behind economic the…

1
Desert Town Dilemmas and the Problem of Property Rights 1:01:55

5M ago1:01:55

1:01:55

We embark on a journey through the lenses of Hume, Smith, and Coase, piecing together the roles of observation and empirical study in shaping our understanding of societal conventions and moral philosophy. David Schmidtz recounts a defining moment from his academic path, sparking a robust discussion on the fusion of economics with moral considerati…

1
Caldwell: Hayek's Intellectual Journey 1:08:32

6M ago1:08:32

1:08:32

Come along on a journey through the corridors of economic history and methodology with our esteemed guest, Bruce Caldwell from the Center for History of Political Economy at Duke University. Caldwell's personal voyage, from the nuances of economic methodology to his deep dive into Austrian economics, sets the stage for an enthralling discussion on …

1
Making Deals With Shadows: The Economics of Ransomware and Cybersecurity 44:53

7M ago44:53

44:53

The digital realm is rife with invisible threats, and this episode doesn't shy away from the gritty realities of ransomware and the burgeoning industry of cyber insurance. We tackle the conundrum: How do these defensive expenditures impact our economy when they don't actually produce anything tangible? From the early days of cyber insurance to the …

1
Current Event: Smart Grids, DERs, and the Economics of Energy 1:12:06

8M ago1:12:06

1:12:06

Unlock the secrets of the energy market evolution with economist Professor Lynn Kiesling, who brings her expertise on transaction costs and the digital transformation of the electricity industry to our table. Our energized discussion orbits around the innovative world of Distributed Energy Resources (DERs), where we explore the shift from consumers…

1
The 5G Revolution, Huawei Controversy, and Global Trade Dynamics 54:27

9M ago54:27

54:27

TAITC tries to navigate the complex world of 5G, Huawei, and the telecom revolution with special guest John Pelson, author of the thought-provoking book, Wireless Wars. With Pelson's unique insights from his time as a corporate executive in the wireless tech industry, we explore the pivotal role of rapid, reliable communication in promoting coopera…

1
Permissionless Innovation: Unshackling Potential or Unleashing Chaos? 50:54

10M ago50:54

50:54

What limits innovation? Is that good? I talk to Adam Thierer, senior fellow at the R Street Institute, exploring the concept of permissionless innovation and its far-reaching implications. From ancient Mesopotamia to the digital revolution, we unpack how policy context shape the trajectory of innovation and, consequently, our society. With Aaron Wi…

1
Neutrality, Security, and Ethereum: the Future of Global Transaction Costs 45:45

11M ago45:45

45:45

Are you intrigued by the transformative potential of blockchain and Ethereum? This conversation with Ryan Berckmans, an Ethereum enthusiast and savvy investor, will unravel world that remains mysterious to most. We also reflect on Ethereum's potential as a geopolitical tool and the enticing prospect of stablecoins. As we venture into the world of p…

1
Effective Altruism and the Transaction Costs of Maximizing Expected Value 45:34

12M ago45:34

45:34

A thought-provoking conversation about Effective Altruism (EA) with technologist Ben Goldhaber, as we explore its intersections with utilitarianism and transaction costs. We'll try to navigate the tricky terrains of libertarianism and the more "directed" world of EA, balancing directional and destinationist solutions, and the role of strong leaders…

1
Motives and Morals of Taxes, and an Homage to Bob Barker 22:45

1y ago22:45

22:45

There are three reasons to impose taxes, it seems: 1. To discourage behavior "we" don't like 2. To raise revenue for things "we" want 3. To achieve a pattern of social justice in the distribution of resources What does transaction cost analysis have to tell us about all this? And Bob Barker, and the 99 cent price point. Have you even read Marx? And…

1
All You Can Eat, or By the Ounce? 21:17

1y ago21:17

21:17

There are many different pricing and packaging schemes for serving food in restaurants, and they all seem to coexist. But there are some significant differences, and thinking in terms of transaction costs and adverse selection can help us understand why. Plus, a TWEJ on the eternal optimism of Keynesians: THIS time it might work! Some links: Yoram …

1
The Devil Went Down to Grievance: Tuh, Taxes, and HOAs 17:33

1y ago17:33

17:33

Are HOAs an argument for anarchy, or an example of it? Ex post recontracting as a form a of aggression, when the enforcer of contracts is also a party to the contract. And of course the TWEJ Some Links: How to pronounce “Tiebout” Why you should care about Tiebout Munger on Wealth Taxes, and "Tuh" the Dog Makovi on "Cookie Cutter Covenants" NH prope…

1
The Red Dots Three, Parsley, and Counting Sheep 18:00

1y ago18:00

18:00

The listener letter last week asked about the the three "red dots" that are used to identify liquor stores in South Carolina. Turns out that this kind of "shibboleth" is a way of identifying and discriminating, in ways that can be useful, or harmful. Red Dots in South Carolina: The Robert Moss (SOUTHERN SPIRITS) version South Carolina Encyclopedia …

1
Packing Out Your Trash, Brown M&Ms, and $100 Bills on the Sidewalk 20:05

1y ago20:05

20:05

How do you trade off your own interests against the interests of others? And what role do transaction costs play? A discussion of our "interest" in the welfare of others, and the complexity that adds to economic indifference curves. Things take an interesting turn, going toward how transaction costs can shape our institutions and preferences, rangi…

1
Academic Publishing, Talking Frogs, and Nailing Your Head to the Floor 20:15

1y ago20:15

20:15

What do Monty Python, George Akerlof, and the academic publishing industry have in common? They're all part of the explanation for the way academic publishing works. High transaction costs and the race for tenure often push scholars to prioritize quantity over quality. So, if you've ever wondered why professors seem to produce endless streams of re…

1
Faith and Loyalty through the TC Lens 21:01

1y ago21:01

21:01

Transaction costs can help institutions build loyalty and commitment among their members. Starting with the biblical story of Abraham, we delve into the delicate balance of setting transaction costs to neither alienate nor diminish values. Then: loyalty filters. The civil service of imperial China. Email spam. "The Word of Wisdom", a LDS dietary an…

1
Lettuce Again, and Lumber 13:42

1y ago13:42

13:42

How is buying lettuce like buying lumber? Each is idiosyncratic, and has to be sorted. Imposing the sorting costs on the buyer is actually a way of price discriminating. Clement Atlee and Winston Churchill, for the best TWEJ ever. And a cool new letter, about using transaction costs to separate by type, when type is "private information." Links: "M…

1
Conventional Wisdom, Chesterton Fences, and "Excuse me" 19:37

1y ago19:37

19:37

(NOTE: SORRY for audio glitch earlier. Fixed now!) BR asks about the economic content of "old sayings." We talk about habits, character, and "thinking fast and slow." Plus, TWEJ takes on cultural norms. Some links and background: F.A. Hayek on habit and information B. Hooker on Rule Consequentialism Munger on Pave the Muddy Paths Munger on Rule Uti…

1
Dollar Hot Dogs, Coupons, and Bidding for Wallets 19:41

1y ago19:41

19:41

Last week's letter asked about the role of transaction costs in rationing discounted products, or "sales," like "Dollar Hotdog Night!" at the ballpark. As the listener correctly pointed out, this relates to price discrimination, which is a great topic. And....coupons! Some additional links and info: The $21 "Dodger Dog" at Chavez Ravine The "Monkey…

1
Women in Prison, and ALL Costs are Transaction Costs 19:27

1+ y ago19:27

19:27

Last week's letter asked if charging prices below the "market" price might be rational, but might be an antitrust violation. The TWEJ is a joke about women in prison for having violated rules against "moral" pricing. The actual cartoon is here, preserved for posterity by the good Timothy Taylor. Some links, for more information: Russ Roberts and Mi…

1
Dating, Marriage, and the Costs of Search 21:44

1+ y ago21:44

21:44

Episode 6 takes up the question of "matching," and the transaction costs of dating and marriage. Some resources: Ashley Madison: "Is It Real?" Garrison Keillor, "We are Still Married" Michael Munger, on "Calculation" and socialist economics, at AIER Michael Munger and Russ Roberts, on "Econtalk: WIld Problems" Tyler Cowen and Russ Roberts, on "Maki…

1
Roads, Public Goods, and Focal Points 26:04

1+ y ago26:04

26:04

Episode 5: Notes and Sources Vaughn Baltzly, "Publicized Goods, or the Promiscuity of the Public Goods Argument." https://www.cambridge.org/core/journals/economics-and-philosophy/article/abs/concerning-publicized-goods-or-the-promiscuity-of-the-public-goods-argument/DE16529B673600C47C22B59C87D198A9 Bruce Benson, "Are Roads Public Goods?" https://ww…

1
Middlemen: From Mancgere to Amazon 20:36

1+ y ago20:36

20:36

Does Starbucks have surge pricing? What is a Mancgere? Should the Stomach go to the Wheat, or should the Wheat come to the Stomach? Plus, the TWEJ! Some things discussed this week: Michael Munger, "Market Makers or Parasites" https://www.econlib.org/library/Columns/y2009/Mungermiddlemen.html Frederic Bastiat, WHAT IS SEEN AND UNSEEN. https://www.ec…

1
Propriety, Norms, and Traffic Congestion: Episode 3 17:40

1+ y ago17:40

17:40

The third episode for TAITC: First, we take up the question of traffic congestion. Then, does the transaction cost approach have a relationship with moral and ethical theory? Resources: Econtalk: Traffic https://www.econtalk.org/michael-munger-on-traffic/ Roger Congleton Book Solving Social Dilemmas Coase and Epstein: Intellectual Portrait Series, …

1
Exchange Takes "Place," and the Strange Case of Lettuce 15:05

1+ y ago15:05

15:05

Why would sellers go to a "place" where many others are also selling the same product? Wouldn't it better to go someplace off by yourself, so you can get the monopoly price? Well, the answer is that transactions"take place," meaning they require a context. Amazingly, it's better to go where all the other sellers are going, because of the problems o…

1
TAITC: Episode 1 9:28

1+ y ago9:28

9:28

The introductory episode for TAITC: "The Answer is Transaction Costs!" The new weekly podcast from Duke University's Mike Munger (http://michaelmunger.com) If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com ! If you have questions or comments, or want to suggest a future topic, email the sh…

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