Propriety, Norms, and Traffic Congestion: Episode 3
The Answer Is Transaction Costs
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The Importance of Transaction Costs in Prosperity
Richard Epstein: Prosperity is at root an ethical phenomenon. He says a big part of citizens' ability to capture gains from cooperation depends on their ethical disposition. Richard Epstein: Ronald Coase famously put this problem in a setting where transactions cost were front and center, and he likes that kind of treatment.
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