2. Exchange and Demand

06/12/2007 Joseph T. Salerno

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.

Download the MP4 video.

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