Quotation of the Day…

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… is from page 174  of Tom Palmer’s February 2007 paper “Twenty Myths about Markets,” as this paper is reprinted in Tom’s superb 2009 book, Realizing Freedom:

Market processes aren’t races, which have winners and losers. When two parties voluntarily agree to exchange, they do so because they both expect to benefit, not because they hope they will win and the other will lose. Unlike in a race, in an exchange, if one person wins, it doesn’t mean that the other has to lose. Both parties gain. The point is not to “beat” the other, but to gain through voluntary cooperative exchange; in order to induce the other person to exchange, you have to offer a benefit to him or her, as well.

DBx: Yes. This point is as undeniable as it is straightforward. It is also widely ignored and frequently denied.