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:
“Men are not therefore put to death, or punished for that their theft proceedeth from election; but because it was noxious and contrary to men’s preservation, and the punishment conducing to the preservation of the rest, inasmuch as to punish those that do voluntary hurt, and none else, frameth and maketh men’s wills such as men would have them.”
—Thomas Hobbes (1579–1688)
“We shall exchange our material thinking for something quite different, and we shall all be kin. We shall all be enfranchised, prohibition will prevail, many wrongs will be righted, vampires and grafters and slackers will be relegated to a class by themselves, stiff necks will limber up, hearts of stone will be changed to hearts of flesh, and little by little we shall begin to understand each other.”
—General Federation Of Women’s Clubs (GFWC)