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.
Many economists believe that voluntary exchanges are more conducive to economic efficiency than exchanges mandated by governments.
Famous quotes containing the words voluntary and/or exchange:
“All religions have based morality on obedience, that is to say, on voluntary slavery. That is why they have always been more pernicious than any political organisation. For the latter makes use of violence, the former—of the corruption of the will.”
—Alexander Herzen (1812–1870)
“But come what sorrow can,
It cannot countervail the exchange of joy
That one short minute gives me in her sight.”
—William Shakespeare (1564–1616)