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Trading: Humans Are Heterogeneous Animals

In: Why and How Humans Trade, Predict, Aggregate, and Innovate

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  • Maurizio Bovi

    (Italian National Institute of Statistics)

Abstract

Were humans all equal in all respects, there would be no gains from trade, and autarchy would be a much more diffuse economic system across the globe. R. Crusoe’s story and existing international trade agreements suggest how large these gains are for both individuals and human clusters. Bovi summarizes the advantages of trading and elaborates on exchanges stimulated by differences in human capital, preferences, information, and propensity to risk. Trading is welfare-enhancing but only under specific conditions. Under the tight behavioral/institutional assumptions of neoclassical economics, the chapter highlights the crucial role of market exchanges, market price and money in the efficient allocation of private goods. Finally, Bovi illustrates how private property helps humans to trade ordinately and to consider the social costs of their actions.

Suggested Citation

  • Maurizio Bovi, 2022. "Trading: Humans Are Heterogeneous Animals," Contributions to Economics, in: Why and How Humans Trade, Predict, Aggregate, and Innovate, chapter 2, pages 31-53, Springer.
    • Handle: RePEc:spr:conchp:978-3-030-93885-7_2
    DOI: 10.1007/978-3-030-93885-7_2
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