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Exchange and Demand

In: Action and Choice

Author

Listed:
  • Walter E. Block

    (Loyola University New Orleans)

  • Ivan Jankovic

    (University of Mary)

Abstract

In the previous chapter we defined economics as a science of human action, using scarce means to choose among many competing ends. The one way of looking at action and choice is to treat them as a kind of exchange that a person makes with himself. We are driven to act by a perceived opportunity to improve our subjectively felt well-being. This choice is taking place in time and in the conditions of uncertainty. We are trying to exchange a less satisfactory state of affairs we find ourselves in for a potentially more satisfactory one that we anticipate in the future, as a consequence of our present choice. Let us call this process autistic exchange.

Suggested Citation

  • Walter E. Block & Ivan Jankovic, 2022. "Exchange and Demand," Springer Texts in Business and Economics, in: Action and Choice, chapter 2, pages 17-34, Springer.
    • Handle: RePEc:spr:sptchp:978-981-19-3751-4_2
    DOI: 10.1007/978-981-19-3751-4_2
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