Definitions for voluntary exchange
vol·un·ta·ry ex·change

WikipediaRate this definition:0.0 / 0 votes

1. Voluntary exchange

   Voluntary exchange is the act of buyers and sellers freely and willingly engaging in market transactions.Voluntary exchange is a fundamental assumption in classical economics and neoclassical economics which forms the basis of contemporary mainstream economics. That is, when neoclassical economists theorize about the world, they assume voluntary exchange is taking place. Building on this assumption, neoclassical economics goes on to conclude a variety of important results such as that market activity is efficient, that free trade has net positive effects and that markets in which economic agents participate voluntarily make them better off. Notably, neoclassical economists—baseding the assumption of voluntary exchange—deny the Marxist definition of the exploitation of labour as a possibility within neoclassically defined capitalism. Marxian economics, one of the major alternatives to neoclassical economics, contends that the exploitation of labor is both possible with voluntary exchange and a definitional condition of the capitalist mode of production, among other modes of production.According to Dr Marianne Johnson, there is no theoretical basis for arguing that partially or completely voluntary exchange is preferable to other arrangements such as government mandates. Voluntary exchange is sometimes at the root of arguments about the morality of markets. Market proponents often invoke what they believe is the morality as well as the supposed efficiency of voluntary exchange to argue against government mandates, including many forms of taxation. The morality of markets, even those rarely adhering to true voluntary exchange, are nonetheless in dispute.

WikidataRate this definition:3.8 / 4 votes

1. Voluntary exchange

   Voluntary exchange is the act of buyers and sellers freely and willingly engaging in market transactions. Moreover, transactions are made in such a way that both the buyer and the seller are better off after the exchange than before it occurred. Voluntary exchange is also a fundamental assumption made by neoclassical economics. That is, when neoclassical economists theorize about the world, they assume voluntary exchange is taking place. Building on this assumption, mainstream economics goes on to conclude a variety of important results, e.g., that market activity is efficient, that free trade has net positive effects, and that markets in which economic agents participate voluntarily make them better off. Notably, mainstream economists, having made the assumption of voluntary exchange, have thus defined away the possibility of finding exploitation. Marxist economists, one of the major alternatives to neoclassical economics, simply assume exploitation. Thus it can be said that economics broadly cannot objectively test for the existence of exploitation of one party or group by another. This is arguably a major failure of the discipline. Mainstream economists have shown that voluntary exchanges are more conducive to economic efficiency than exchanges mandated by governments. On the other hand, there is no theoretical basis for arguing that partially or completely involuntary exchange is preferable to other arrangements, such as government mandates.

How to pronounce voluntary exchange?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say voluntary exchange in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of voluntary exchange in Chaldean Numerology is: 4

2. Pythagorean Numerology

   The numerical value of voluntary exchange in Pythagorean Numerology is: 8

References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Voluntary_Exchange
2. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=voluntary exchange