The Journal of Libertarian Studies

The economic theory of interpersonal free exchange is beautifully simple. Given two individuals A and B, all we need for an exchange between them to take place is a double inequality. For example, suppose that A has an orange, and B has an apple. If A prefers B’s apple more than his own orange, while B prefers A’s orange more than his own apple, they will exchange.

This is simple, but it could also be misleading.

Volume 17, Number 2 (2003)