Voluntary exchange is the act of buyers and sellers freely and willingly engaging in market transactions.[citation needed]
Voluntary exchange is a fundamental assumption in classical economics and neoclassical economics which forms the basis of contemporary mainstream economics.[1] That is, when neoclassical economists theorize about the world, they assume voluntary exchange is taking place. Building on this assumption, neoclassical economics goes on to conclude a variety of important results such as that market activity is efficient, that free trade has net positive effects and that markets in which economic agents participate voluntarily make them better off. Notably, neoclassical economists—based on the assumption of voluntary exchange—deny the Marxist definition of the exploitation of labour as a possibility within neoclassically defined capitalism. Marxian economics, one of the major alternatives to neoclassical economics, contends that the exploitation of labor is both possible with voluntary exchange and a definitional condition of the capitalist mode of production, among other modes of production.[citation needed]
Voluntary exchange is sometimes at the root of arguments about the morality of markets. Market proponents often invoke what they believe is the morality as well as the purported efficiency of voluntary exchange to argue against government mandates, including many forms of taxation. The morality of markets, even those adhering to true voluntary exchange, are nonetheless in dispute.[2][3] According to Dr Marianne Johnson, there is no theoretical basis for arguing that partially or completely voluntary exchange is preferable to other arrangements such as government mandates.[4][page needed]
^Musgrave, Richard Abel (1939). "The Voluntary Exchange Theory of Public Economy". The Quarterly Journal of Economics. 53 (2): 213–237. doi:10.2307/1882886. JSTOR 1882886. Retrieved 19 November 2014.
^"The Morality of Market Behavior". Openmarket.org. 20 September 2013. Retrieved 19 November 2014.
^World Archipelago. "What Money Can't Buy". Macmillan. Archived from the original on 7 December 2015. Retrieved 19 November 2014.
^Marianne Johnson (15 November 2013). "Public Economics, Market Failure, and Voluntary Exchange". SSRN 2355437.
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Voluntaryexchange is the act of buyers and sellers freely and willingly engaging in market transactions.[citation needed] Voluntaryexchange is a fundamental...
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distinctive species of fraudulent conduct ... intending to further voluntaryexchanges that are not mutually beneficial", as they "benefit con operators...
advertisement Television advertisement (adjective for) commerce, a system of voluntaryexchange of products and services (adjective for) trade, the trading of something...
Other characteristics include free trade, capital accumulation, voluntaryexchange, and wage labor. Its emergence, evolution, and spread are the subjects...
play in the economy by creating jobs, fostering innovation, enabling voluntaryexchange, and providing competitive goods and services; the recognition of...
considered social whether they are aware of it or not, and whether the exchange is voluntary or not. The word "social" derives from the Latin word socii ("allies")...
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Securities exchanges two years to comply or exit the business. Following is an excerpts from the circular: Exchanges may seek exit through voluntary surrender...
largest being the United Nations with 193 member states. Trade, the voluntaryexchange of goods and services, has long been an aspect of human societies...
explains how one person can acquire holdings from another, including voluntaryexchange and gifts. A principle of rectification of injustice – how to deal...
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system, private property and the recognition of property rights, voluntaryexchange, and wage labor. In a capitalist market economy, decision-making and...
National Stock Exchange of India Limited (NSE) is one of the leading stock exchanges in India, based in Mumbai. NSE is under the ownership of various...
markets, price systems, private property, property rights recognition, voluntaryexchange, and wage labor. cartel Any group of firms that colludes and acts...
pain is primarily mental anguish, which would thus account for his voluntaryexchange of his hat for Lucky's, thus signifying Vladimir's symbolic desire...
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Misanthropy – General dislike of humanity Mutual aid (organization theory) – Voluntaryexchange of resources and services for mutual benefit Non nobis solum – Latin...
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Social Advantage". Retrieved 20 February 2012. Lindahl tax Singh, SK. VoluntaryExchange Theory of Lindhal for Determination of Public expenditure. S. Chand...
In chess, an exchange variation is a type of opening in which there is an early, voluntaryexchange of pawns or pieces. Such variations are often quieter...
profit or income, the accumulation of capital, competitive markets, voluntaryexchange and wage labor, which have generally been opposed by most anarchists...
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