Economics Dictionary of ArgumentsHome
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| Trade: Trade in economics refers to the exchange of goods, services, or assets between individuals, businesses, or countries. It enables specialization, allowing entities to focus on producing what they do best and exchanging surplus for items they need. See also markets._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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James M. Buchanan on Trade - Dictionary of Arguments
Boudreaux I 99 Trade/Buchanan/Boudreaux/Holcombe: Importantly, all trade is voluntary. This fact means that in each exchange all parties to it must gain, or, at least, to anticipate gain. Because no one can be forced to trade, each person as a trader must figure out how to help make his or her potential trading partners better off while simultaneously making himself or herself better off. Creativity: Exchange, therefore, often calls forth creativity. What kinds of exchange do people engage in? What are the limits of people’s ability to exchange? What policies and institutions promote exchange and which discourage it? What patterns of cooperation, conflict, production, and consumption emerge from exchange? These and similar questions are the ones that economists should ask and attempt to answer. And if economists focus on these questions, they’ll likely avoid the error of mistaking the economy for a single decision-making unit. In an economy, resources are directed to their various uses by the countless different commercial exchanges that people carry out, but with no overarching goal to reach or plan to satisfy. By studying the many different ways that individuals exchange, Buchanan argued, economists will no longer slip unawares into the role of social engineer. Market/Buchanan: (…) the economist [should] not slip into the error of thinking of the market as a means of achieving some higher social purpose. >Markets/Buchanan._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
EconBuchan I James M. Buchanan Politics as Public Choice Carmel, IN 2000 Boudreaux I Donald J. Boudreaux Randall G. Holcombe The Essential James Buchanan Vancouver: The Fraser Institute 2021 Boudreaux II Donald J. Boudreaux The Essential Hayek Vancouver: Fraser Institute 2014 |
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