Source: EconLog
by Pierre Lemieux
“A deal is an agreement to exchange something for some consideration, but different sorts of deals exist. A deal is not necessarily a free exchange and a free exchange is not necessarily a free-market exchange. The gold standard of all deals is a free-market exchange: a voluntary exchange where alternative demanders and suppliers exist. The free market does not need to be perfectly competitive, but alternatives are available at costs that are not too high.” (08/05/25)