The Answer Is Transaction Costs cover image

Conventional Wisdom, Chesterton Fences, and "Excuse me"

The Answer Is Transaction Costs

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The Moral Argument of Rule Utilitarianism

Adam Smith advocated for doing the right thing rather than constantly trying to do a cost benefit analysis about whether I can get away with it. No one is good enough to do the right thing if they stop and add up the cost and benefits, he says. Good habits mean sometimes you act well when you didn't really have to do theright thing,. That sounds like a cost but if you think about it it's actually a significant benefit on its own terms.

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