Fundamentals of Economic Analysis: A Causal-Realist Approach

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2. Exchange and Demand

  • Fundamentals of Economic Analysis
June 12, 2007

Tags Austrian Economics OverviewMonetary TheoryPhilosophy and MethodologyProduction Theory

All action is really exchange. What the actor prefers less is exchanged for something he prefers more, including gift giving. It is a fallacy to say that the goods exchanged have equal value.

Salerno also covers elastic and inelastic demand.

The second in a series of ten lectures, from Fundamentals of Economic Analysis: A Causal-Realist Approach.

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