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Thread: Exchange Equivalence - Stupid Questions with Idiom

  1. #1

    Exchange Equivalence - Stupid Questions with Idiom

    Going to ask this here because Full Metal Alchemist has made it impossible to google.

    The Austrian school rejects the idea that exchange is between two equivalent values right? In Austria land each person values the thing they are receiving more than the thing they are giving correct?
    In New Zealand:
    The Coastguard is a Charity
    Air Traffic Control is a private company run on user fees
    The DMV is a private non-profit
    Rescue helicopters and ambulances are operated by charities and are plastered with corporate logos
    The agriculture industry has zero subsidies
    5% of the national vote, gets you 5 seats in Parliament
    A tax return has 4 fields
    Business licenses aren't even a thing nor are capital gains taxes
    Constitutional right to refuse any type of medical care



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  3. #2
    Yes, otherwise why trade?
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  4. #3
    I would look for equal value when trading.

  5. #4
    Quote Originally Posted by Schifference View Post
    I would look for equal value when trading.
    But would the thing you trade away actually be as valuable TO YOU as the thing you trade for?

    When I buy food from the store it is because I need food and I can't eat FRNs or coins and the store has more food than they have any use for and they want FRNs.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  6. #5
    Quote Originally Posted by idiom View Post
    The Austrian school rejects the idea that exchange is between two equivalent values right? In Austria land each person values the thing they are receiving more than the thing they are giving correct?
    Not really. Clearly both traders have an excess supply of the thing they're trading and not of the thing they're trading for. But clearly they consider the value equivalent enough to do the trade.

    The cobbler trades shoes for, well, everything else he owns. Does that mean he values shoes less than all other things? I suspect not. He made his career out of shoes.
    Quote Originally Posted by angelatc View Post
    There's not a liberty lover on the planet who isn't called a liberal by the right, and a con by the left.

  7. #6
    Quote Originally Posted by acptulsa View Post
    Not really. Clearly both traders have an excess supply of the thing they're trading and not of the thing they're trading for. But clearly they consider the value equivalent enough to do the trade.

    The cobbler trades shoes for, well, everything else he owns. Does that mean he values shoes less than all other things? I suspect not. He made his career out of shoes.
    He values THE SHOES HE SELLS less than the things he gets with the money he trades them for, he values THE SHOES HE USES more so he doesn't sell them.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  8. #7
    You trade for what you need . If I do not need anything I can store it . If I have too many apples I can make beer , If I have too much wheat I can make beer , if I have too much corn I can make whiskey . If I have all of the toothpaste and @Suzanimal is out of toothpaste she will trade me something for some . She will want to brush her teeth , Danke of course would not be bothered not brushing his teeth .
    Do something Danke

  9. #8
    Quote Originally Posted by oyarde View Post
    You trade for what you need . If I do not need anything I can store it . If I have too many apples I can make beer , If I have too much wheat I can make beer , if I have too much corn I can make whiskey . If I have all of the toothpaste and @Suzanimal is out of toothpaste she will trade me something for some . She will want to brush her teeth , Danke of course would not be bothered not brushing his teeth .
    He has false teeth?
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  11. #9
    Quote Originally Posted by Swordsmyth View Post
    He has false teeth?
    Nah, he's just nasty.
    Quote Originally Posted by Ron Paul View Post
    The intellectual battle for liberty can appear to be a lonely one at times. However, the numbers are not as important as the principles that we hold. Leonard Read always taught that "it's not a numbers game, but an ideological game." That's why it's important to continue to provide a principled philosophy as to what the role of government ought to be, despite the numbers that stare us in the face.
    Quote Originally Posted by Origanalist View Post
    This intellectually stimulating conversation is the reason I keep coming here.

  12. #10
    Quote Originally Posted by oyarde View Post
    You trade for what you need . If I do not need anything I can store it . If I have too many apples I can make beer , If I have too much wheat I can make beer , if I have too much corn I can make whiskey . If I have all of the toothpaste and @Suzanimal is out of toothpaste she will trade me something for some . She will want to brush her teeth , Danke of course would not be bothered not brushing his teeth .
    Yeah, I'm stickler for clean teeth but I stand firmly in the anti-flossing camp. BTW, I picked up a bracelet at the thrift store that is egg yolk amber but I call it my British toof bracelet.
    Quote Originally Posted by Ron Paul View Post
    The intellectual battle for liberty can appear to be a lonely one at times. However, the numbers are not as important as the principles that we hold. Leonard Read always taught that "it's not a numbers game, but an ideological game." That's why it's important to continue to provide a principled philosophy as to what the role of government ought to be, despite the numbers that stare us in the face.
    Quote Originally Posted by Origanalist View Post
    This intellectually stimulating conversation is the reason I keep coming here.

  13. #11
    If you value something exactly equal to something else, you won't engage in the trade. Why? Transaction cost. Every transaction has a cost, in an of itself. Whether it be something as small as picking something up and handing it to someone else, or as expensive as driving halfway across the world.

    There are situations where it appears that people exchange goods of equal value ("I'll trade my $1 bill for your $1 bill"), but this is only fixating on cardinal value in addition to monetary value. When such a transaction occurs, it's very likely because there's a psychic profit made, somewhere. Maybe the person values the "feel" of trading, or maybe they value teaching the other person a lesson in exchange of goods. This is also why some appear to sell at a loss, intentionally sometimes ("I will give you $2 for your $1").

    Either case, if there is zero psychic profit, and it's only numerical, then no one will ever exchange $1 for $1.

  14. #12
    Quote Originally Posted by Suzanimal View Post
    Nah, he's just nasty.
    That is why you are in love with me.
    Quote Originally Posted by Zippyjuan View Post
    Ron Paul know some weird people...



    Quiz: Test Your "Income" Tax IQ!


    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  15. #13
    Quote Originally Posted by Danke View Post
    That is why you are in love with me.

    Exactly.

    Quote Originally Posted by Ron Paul View Post
    The intellectual battle for liberty can appear to be a lonely one at times. However, the numbers are not as important as the principles that we hold. Leonard Read always taught that "it's not a numbers game, but an ideological game." That's why it's important to continue to provide a principled philosophy as to what the role of government ought to be, despite the numbers that stare us in the face.
    Quote Originally Posted by Origanalist View Post
    This intellectually stimulating conversation is the reason I keep coming here.

  16. #14
    Quote Originally Posted by Swordsmyth View Post
    He has false teeth?
    Nah he is just nasty .
    Do something Danke

  17. #15
    Quote Originally Posted by oyarde View Post
    Nah he is just nasty .
    Is that why you're in love with him too?
    Quote Originally Posted by angelatc View Post
    There's not a liberty lover on the planet who isn't called a liberal by the right, and a con by the left.

  18. #16
    Quote Originally Posted by acptulsa View Post
    Is that why you're in love with him too?
    Danke has been chosen by me to expand our peaceful trade relations with the northern whites , it is thought he has great influence there ( once owner of the Ron Paul autographed box truck ) and also represents the somalians , bikers and the other disenfranchised who were not taken in by the minnesota farmer - labor Party . There is Great economic potential at stake here and we have lifted minnesota tariffs .
    Do something Danke



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  20. #17
    Quote Originally Posted by oyarde View Post
    There is Great economic potential at stake here and we have lifted minnesota tariffs .
    That's good to hear. Overpriced Spam is a terrible hardship.
    Quote Originally Posted by angelatc View Post
    There's not a liberty lover on the planet who isn't called a liberal by the right, and a con by the left.

  21. #18
    You have all been exceedingly helpful.
    In New Zealand:
    The Coastguard is a Charity
    Air Traffic Control is a private company run on user fees
    The DMV is a private non-profit
    Rescue helicopters and ambulances are operated by charities and are plastered with corporate logos
    The agriculture industry has zero subsidies
    5% of the national vote, gets you 5 seats in Parliament
    A tax return has 4 fields
    Business licenses aren't even a thing nor are capital gains taxes
    Constitutional right to refuse any type of medical care

  22. #19
    Quote Originally Posted by idiom View Post
    Going to ask this here because Full Metal Alchemist has made it impossible to google.

    The Austrian school rejects the idea that exchange is between two equivalent values right? In Austria land each person values the thing they are receiving more than the thing they are giving correct?
    Yes. Subjective value.
    Quote Originally Posted by Ron Paul View Post
    The intellectual battle for liberty can appear to be a lonely one at times. However, the numbers are not as important as the principles that we hold. Leonard Read always taught that "it's not a numbers game, but an ideological game." That's why it's important to continue to provide a principled philosophy as to what the role of government ought to be, despite the numbers that stare us in the face.
    Quote Originally Posted by Origanalist View Post
    This intellectually stimulating conversation is the reason I keep coming here.

  23. #20
    Quote Originally Posted by idiom View Post
    You have all been exceedingly helpful.
    You are most welcome
    Do something Danke



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