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Common sense economic lessons for the interested layman. How a free market economy works, from an Austrian School perspective.
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Lesson Three: Direct Exchange.
An overview of the possibilities of interpersonal interaction with a specific focus on mutual exchange of goods between individuals. An elaboration of price theory – what are prices, how are they determined, supply & demand analysis, and more analytical tools. A discussion of markets, their allocative efficiency, the benefits of free trade, and how markets are self-correcting. All of this done abstracting away from money and complexities in order to comprehend the nature of exchange and the market – skills to be applied to all future lessons and analyses.
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