Voluntary exchange Quotes

“Most economic histories of the "world" not only omit most extra-European production and exchange (even most of that outside West Europe or even northwest Europe); they neglect the participation of the productive and exchange activities of extra-European countries in the European, not to say world, process of accumulation and development. Moreover, they disregard the part that these productive and exchange relations played in the developing world system.”

“Or how does it happen that trade, which after all is nothing more than the exchange of products of various individuals and countries, rules the whole world through the relation of supply and demand—a relation which, as an English economist says, hovers over the earth like the fate of the ancients, and with invisible hand allots fortune and misfortune to men, sets up empires and overthrows empires, causes nations to rise and to disappear—while with the abolition of the basis of private property, with the communistic regulation of production (and implicit in this, the destruction of the alien relation between men and what they themselves produce), the power of the relation of supply and demand is dissolved into nothing, and men get exchange, production, the mode of their mutual relation, under their own control again?”

“.. is there not one true coin for which all things ought to exchange?- and that is wisdom; and only in exchange for this, and in company with this, is anything truly bought or sold, whether courage, temperance or justice. And is not all true virtue the companion of wisdom, no matter what fears or pleasures or other similar goods or evils may or may not attend her? But the virtue which is made up of these goods, when they are severed from wisdom and exchanged with one another, is a shadow of virtue only, nor is there any freedom or health or truth in her; but in the true exchange there is a purging away of all these things, and temperance, and justice, and courage, and wisdom herself, are a purgation of them.”

“Before it was usual to acquire goods in the market, not for personal consumption, but simply in order to exchange them again for the goods that were really wanted, each individual commodity was only accredited with that value given by the subjective valuations based on its direct utility. It was not until it became customary to acquire certain goods merely in order to use them as media of exchange that people began to esteem them more highly than before, on account of this possibility of using them in indirect exchange. The individual valued them in the first place because they were useful in the ordinary sense, and then additionally because they could be used as media of exchange. Both sorts of valuation are subject to the law of marginal utility.”

“Discussion is an exchange of knowledge an argument an exchange of ignorance.”

“Exchange ideas frequently.”

“In the case of money, subjective use-value and subjective exchange-value coincide. Both are derived from objective exchange-value, for money has no utility other than that arising from the possibility of obtaining other economic goods in exchange for it.”

“Money is a means of exchange.”

“The objective exchange-value of money which rules in the market to-day is derived from yesterday's under the influence of the subjective valuations of the individuals frequenting the market, just as yesterday's in its turn was derived under the influence of subjective valuations from the objective exchange-value possessed by the money the day before yesterday. If in this way we continually go farther and farther back we must eventually arrive at a point where we no longer find any component in the objectIve exchange-value of money that arises from valuations based on the function of money as a common medium of exchange; where the value of money is nothing other than the value of an object that is useful in some other way than as money.”