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We tell the story of the Chicago dinner where Ronald Coase walks into a hostile room, and by the end everyone votes with him, led by Milton Friedman changing his mind in real time. Along the way, we unpack why transaction costs, not moral blame, often explain when law and institutions shape outcomes. 

• the Aaron Director dinner and the vote that flips 

• why Milton Friedman becomes a political symbol and lightning rod 

• critiques from the right and left on markets, shareholder value, trade, and Chile 

• Pigouvian externalities versus Coase’s reciprocal harm framing 

• the Coase theorem as a benchmark and why real transaction costs make institutions decisive 

• the “twedge” on comparative advantage and the “no free lunch” remix 

• listener question on tax horizons, regime uncertainty, and the permanent income hypothesis 

LINKS:

• Who's afraid of Milton Friedman (a video)
• Milton Friedman Lives (a blog post)
• Steve Medema, "What Happened on Blackstone Ave?"
• Mary Roach, BONK

If you have questions or comments, or want to suggest a future topic, email the show at [email protected] !

You can follow Mike Munger on Twitter at @mungowitz