(Don Boudreaux)
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… is from page 97 of my late, great colleague Walter Williams’s 1982 book, America: A Minority Viewpoint (original emphasis):
Free enterprise, laissez-faire, open markets, and capitalism are different expressions which describe a particular relationship between humans. That relationship is voluntarism. There are no third-party interferences with exchange between two or more individuals. Put another way, all relationships are seductive in nature. This means that I do something or give you something that you like if you do something or give me something that I like…. The essence of voluntary (seductive) exchange is that no one enters one unless he, in his own estimation, perceives that he will be better off than in his next best alternative.
Published on June 16, 2023 01:30
