Steven Medema, assistant director of the HOPE Center, was recently interviewed in the podcast, “The Answer Is Transaction Costs” (TAITC), hosted by Duke Professor of Political Science, Michael Munger. What if understanding the hidden costs in every transaction could revolutionize how we see economics? Professor Medema 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?"
Click here to listen to the full episode.
