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Prices, Costs, and the Gains from Trade

In: PRICE THEORY AND APPLICATIONS

Author

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  • Steven E. Landsburg

Abstract

Now that we’ve talked a bit about buying and selling, it’s time to pause and ask why people buy and sell things in the first place. Put more succinctly, the question is: why do people trade?The answer is twofold. Sometimes people trade because they have different tastes. That ceramic teapot you inherited from your grandmother — the one in the shape of a smiling pig — might seem to you like a piece of junk and to someone else like a charming piece of American folk art. By listing the smiling pig on eBay, you can locate that someone else and make a trade that leaves both of you happier…

Suggested Citation

  • Steven E. Landsburg, 2024. "Prices, Costs, and the Gains from Trade," World Scientific Book Chapters, in: PRICE THEORY AND APPLICATIONS, chapter 2, pages 37-51, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811263316_0002
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