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:
“I am willing to pledge myself that if the time should ever come that the voluntary agencies of the country together with the local and state governments are unable to find resources with which to prevent hunger and suffering ... I will ask the aid of every resource of the Federal Government.... I have the faith in the American people that such a day will not come.”
—Herbert Hoover (1874–1964)
“Let every woman ask herself: “Why am I the slave of man? Why is my brain said not to be the equal of his brain? Why is my work not paid equally with his? Why must my body be controlled by my husband? Why may he take my labor in the household, giving me in exchange what he deems fit? Why may he take my children from me? Will them away while yet unborn?” Let every woman ask.”
—Voltairine Decleyre (1866–1912)