Conventional Wisdom, Chesterton Fences, and "Excuse me"

The Answer Is Transaction Costs

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(NOTE: SORRY for audio glitch earlier. Fixed now!)
BR asks about the economic content of "old sayings."
We talk about habits, character, and "thinking fast and slow."
Plus, TWEJ takes on cultural norms.
Some links and background:

• F.A. Hayek on habit and information
• B. Hooker on Rule Consequentialism
• Munger on Pave the Muddy Paths
• Munger on Rule Utilitarianism
• Russ Roberts on Wild Problems
• Roberts and Munger on Norms and Sports
• Roberts and Munger on Cultural Norms
• David Schmidtz on "Desert Town"
• Adam Smith on being committed to your principles
• Alfred North Whitehead on habit

Lagniappe:
I think we all see different headlines. This one (to me) says, "Sheetz raises gas prices using long lines and frayed tempers on one of the hottest days of the year!"

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You can follow Mike Munger on Twitter at @mungowitz