• The Riddle is Transaction Costs: That's What the Money is For!

  • Jun 4 2024
  • Duración: 17 m
  • Podcast

The Riddle is Transaction Costs: That's What the Money is For! Por arte de portada

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

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  • Resumen

  • 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 Edmund Phelps' "My Journeys in Economic Theory," a compelling read that blends economic insights with political theory.

    Links:

    • David Henderson gives a statement of "the riddle"
    • J.R. Hummel's web site
    • Similar story, from LvMI

    Haggling:

    Sebastian Schweighofer-Kodritsch, "The Bargaining Trap," Games and Economic Behavior, November 2022, v. 136, pp. 249-54.

    Book recommendation:

    • Edmund Phelps, My Journeys in Economic Theory. Columbia University Press. https://cup.columbia.edu/book/my-journeys-in-economic-theory/9780231207300


    If 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


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