2. Exchange and Demand
Jun 12, 2007•Ep. 2
Episode description
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.