Posts tagged ‘Jeffrey Tucker’
The Division of Labor
The joy of free exchange, and the law of comparative advantage, are explained quite well by Jeffrey Tucker.
Many seem to think of economics and capitalism as sterile or even ugly. This article helps get at the real beauty of free exchange and capitalism, which I would boil down to the following:
- Every exchange between free and uncoerced people increases the well-being of both parties (by each individual's definition of their own well-being). It has to or there would be no transaction.
- Point #1 can and does occur even when one party to the transaction has no absolute advantage in any type of labor or production over the other party
