Contr'un
A note on Bastiat and “double inequality”
Sheldon Richman recently posted an interesting piece on “The Importance of Subjectivism in Economics: The double inequality of value,” over at The Freeman. In it, while praising Bastiat, he wants to supplement Bastiat’s account of the benefits of a market economy with “the subjectivist Austrian insight that individuals gain from trade per se.” For an exchange to take place, the two parties must assess the items traded differently, with each party valuing what he is to receive more than what he is to give up. If that condition did not hold, no exchange would occur. There must be what Murray […]