From Commons to Coase and Beyond, With Steven Medema

The Answer Is Transaction Costs

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 theories.
Beginning with John R. Commons' critical insights, and moving through Ronald Coase's focus on transaction costs as the critical difference among institutions, we explore how these issues shape our understanding of efficiency and the "If markets are so great, why are there firms?" Don't miss four new economics jokes (one is lawyer joke, in honor of common law!), my book recommendations, and get psyched for a summertime return to shorter, more frequent episodes.
Meaning of "Kaleidic": From Roger Garrison https://webhome.auburn.edu/~garriro/r8lachmann.htm
Letters:
Corner Crossing:

• https://www.nytimes.com/2022/11/26/business/hunting-wyoming-elk-mountain-access.html?searchResultPosition=1
• https://www.wyomingpublicmedia.org/natural-resources-energy/2024-05-13/corner-crossing-case-back-in-court

Books:
•Glenn Loury, Late Admissions: Confessions of a Black Conservative. https://wwnorton.com/books/9780393881349
(Econtalk Podcast on the Loury book: https://www.econtalk.org/glenn-loury-tells-all/ )
•Kevin Munger, The Youtube Apparatus, from Cambridge Essentials. https://www.cambridge.org/core/elements/youtube-apparatus/36600D69788530F805C650B70976A585

If you have questions or comments, or want to suggest a future topic, email the show at [e-mail] !

You can follow Mike Munger on Twitter at @mungowitz

Chapters

1. The Economics of Transactions and Ideas (00:00:00)

2. The Evolution of Transaction Costs (00:07:59)

3. Exploring Coase's Methodological Stance (00:20:13)

4. The Coase Theorem and Transaction Costs (00:25:26)

5. The Future of Intellectual History (00:41:58)

6. Economics Jokes and Insights (00:57:06)