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Voluntary Exchange

Introduction

Voluntary exchange represents a keynote of markets free of intervention. It represents the manner in which individual actors in an open market express their individual preferences. The prices established in this process provide evidence of the will of the community and the network of preferences that it reveals.

I will expand extensively on the topic of voluntary exchange as I progress through the development of this website.

Direct Exchange

The simplest type of voluntary exchange consists of direct exchanges — the exchange of one economic good for another.

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Indirect Exchange

Indirect exchanges consist of those in which a person accepts an economic good in exchange for the express purpose of exchanging that good for one they prefer over the first good exchanged.

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Money

An economic good that people generally accept for the purpose of indirect exchange frequently becomes what we refer to as money.

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Free Markets