Exchange and Demand

Walter E. Block and Ivan Jankovic
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Walter E. Block: Loyola University New Orleans
Ivan Jankovic: University of Mary

Chapter 2 in Action and Choice, 2022, pp 17-34 from Springer

Abstract: Abstract In the previous chapter we defined economics as a science of human action, using scarce means to choose among many competing ends. The one way of looking at action and choice is to treat them as a kind of exchange that a person makes with himself. We are driven to act by a perceived opportunity to improve our subjectively felt well-being. This choice is taking place in time and in the conditions of uncertainty. We are trying to exchange a less satisfactory state of affairs we find ourselves in for a potentially more satisfactory one that we anticipate in the future, as a consequence of our present choice. Let us call this process autistic exchange.

Date: 2022
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DOI: 10.1007/978-981-19-3751-4_2

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