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The Microeconomics of Consent

In: James Buchanan

Author

Listed:
  • David Reisman

Abstract

No concept figures so prominently in economic theory as does that of voluntary exchange. The ceremony is old and it is familiar. Property rights are well defined. The lesser-valued utility is swapped for the higher-valued satisfaction. Preferences are equal but opposite. No trading partner concludes his contract unless he believes it to be in his interest, self-perceived.

Suggested Citation

  • David Reisman, 2015. "The Microeconomics of Consent," Great Thinkers in Economics, in: James Buchanan, chapter 9, pages 123-130, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-1-137-42718-2_9
    DOI: 10.1057/9781137427182_9
    as

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