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

You can follow Mike Munger on Twitter at @mungowitz