Women in Prison, and ALL Costs are Transaction Costs

The Answer Is Transaction Costs

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Last week's letter asked if charging prices below the "market" price might be rational, but might be an antitrust violation.
The TWEJ is a joke about women in prison for having violated rules against "moral" pricing. The actual cartoon is here, preserved for posterity by the good Timothy Taylor.
Some links, for more information:
Russ Roberts and Michael Munger on John Locke, Prices, and Hurricane Sandy
John Locke, "Venditio"
Guzman and Munger, "Moral Dilemmas from Locke's Venditio," Public Choice.
A "Loudwire" article that fails to understand even basic economics of scarcity.
Mark Perry drops the truth about "Ticket Scalping" and why it happens...
Adam Smith: "The real price of everything is the toil and trouble of acquiring it." (WoN, Bk I, Chapter 5)
Michael Munger, "To the Consumer, All Costs are Transaction Costs." AIER.

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