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:
“Her voluntary fruits, free without fees;”
—Torquato Tasso (1544–1595)
“We never exchange more than three words with a Friend in our lives on that level to which our thoughts and feelings almost habitually rise.”
—Henry David Thoreau (1817–1862)