Not a Zero-Sum Game - Ludwig von Mises Institute

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and-very importantly-the quality of disposable goods and services. When we look around closely, we see the hdamental principle of comparative costs at work everywhere.
k %&> Trade as a Distributor of Wealth market economy is the exercise of people's freedom to A exchange. In such an economy, one cannot "make a fortune" at the expense of others, but only by offering others a better deal and, thereby, making them richer. Thus, it is not a zero-sum game. Since we have no objective way to measure who gains the most in a trade, it is fruitless to talk about an equitable or fair exchange, in the sense that both parties should gain approximately the same. Equitable is not the same as fair or just. As economists well know, benefits are measured subjectively at the margin. Each subsequent trade-even of exactly the same thing-will produce different gains for the participants and so will, thus, always create unequal benefits. When I make a deal with Bill Gates (every time I buy one of his computer programs!), sure- ly I gain more than he does because the program is worth much more to me than the price I pay for it. Fortunately, I only have to pay what the marginal buyer is willing to pay; since I am not the marginal buyer, I would be ready to pay more. The reason Gates's fortune is much bigger than mine is because he makes more deals than I do. My ancestors would think me a blockhead if I bought my programs from suppliers who enriched me less than Bill Gates.
Page 2: I I E ~ nn E i~ hn $hat f!ze Laao n
Page 5 and 6: A short version of this essay, enti
Page 8: Acknowledgments Many thanks for the
Page 11 and 12: NOT A ZERO-SUM GAME Table of Conten
Page 14 and 15: Foreword by Donald Boudreaux THE PA
Page 16 and 17: Foreword by Roger Miller THE PARADO
Page 18: THE PARADOX OF EXCHANGE Law and Eco
Page 21 and 22: NOT A ZERO-SUM GAME specialization.
Page 23 and 24: NOT A ZERO-SUM GAME Sir William Bla
Page 25 and 26: NOT A ZERO-SUM GAME It is not clear
Page 27 and 28: NOT A ZERO-SUM GAME the game is ove
Page 29 and 30: NOT A ZERO-SUM GAME increase produc
Page 31 and 32: NOT A ZERO-SUM GAME why it behooves
Page 33 and 34: NOT A ZERO-SUM GAME We will measure
Page 35 and 36: NOT A ZERO-SUM GAME Obviously, when
Page 37 and 38: NOT A ZERO-SUM GAME managerial abil
Page 39: NOT A ZERO-SUM GAME It is true that
Page 43 and 44: NOT A ZERO-SUM GAME up getting stuc
Page 45 and 46: NOT A ZERO-SUM GAME Only competitor
Page 48 and 49: Epilogue Property Rights Matter In
Page 50 and 51: Foreign Exchange Comments on Trade
Page 52 and 53: different in each place. Although t
Page 54 and 55: PART 11 COMMENTS ON TRADE BETWEEN "
Page 56 and 57: PART 11 COMMENTS ON TRADE BETWEEN "
Page 58 and 59: Now suppose that the government of
Page 60 and 61: This is only possible politically b
Page 62: PART 11 COMMENTS ON TRADE BETWEEN "
Page 65 and 66: NOT A ZERO-SUM GAME tially the case
Page 67 and 68: NOT A ZERO-SUM GAME While far from
Page 69 and 70: NOT A ZERO-SUM GAME injurious U.S.
Page 71 and 72: NOT A ZERO-SUM GAME Free trade mean
Page 73 and 74: NOT A ZERO-SUM GAME pally steel and
Page 75 and 76: NOT A ZERO-SUM GAME As the delinque
Page 78: Selected Bibliography Basti-at, Frk

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