All action is really exchange. What the actor prefers less is exchanged for something he prefers more, including gift giving. It is a fallacy to say that the goods exchanged have equal value. Salerno also covers elastic and inelastic demand. The second in a series of ten lectures, from Fundamentals of Economic Analysis: A Causal-Realist Approach. Download the MP4 video.
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More from Fundamentals of Economic Analysis: A Causal-Realist Approach
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8. Competition and Monopoly
9. Money and Prices
6. Profit, Loss, and the Entrepreneur
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