INSTITUTIONS EVOLVE TO REDUCE TRANSACTION COSTS. Daniel Drezner has been following rather closely the debate on the merits of the do-not-call list. The discussion ought to make clear to observers that libertarianism is not equivalent to anarchy, the rules matter. Professor Drezner has the resolution about right: "Either the telemarketers are assigned the property right of being able to make automated calls, or the individual consumer is assigned the property right of blocking unwanted calls. I have no problem whatsoever with the consumer receiving this particular property right, particularly given the blackmail problems associated with allocating the property right to producers."