On Transaction Costs

Transaction costs function just like any other cost--they ration the willingness of an individual to engage in some activity. They can take the form of financial costs, or, as in Dr. Boudreaux's example, they can take the form of inconvenience. In either form, they exact a cost above and beyond the price of the good or service one is purchasing.

Thoughts on the Electoral College

The election of a president in which the popular vote is at odds with the Electoral College is a rare event in American history. Given that the data from the last 40 elections indicates no consistent advantage in "swing states" for either party in the Electoral College, I see no compelling reason to believe that it should begin happening more often.