Dyads, triads, and the theory of exchange: Between liberty and coercion

Dyads, triads, and the theory of exchange: Between liberty and coercion Economists commonly use the Edgeworth box to illustrate the ability of exchange to generate gains from trade. In contrast to this framework of dyadic exchange, we explore triadic forms of exchange where margins of coercion are also present. In the presence of triadic exchange, market transactions are no longer wholly voluntary and instead reflect an admixture of liberty and coercion. We illustrate triadic exchange in the context of credit markets, showing how continual turbulence is a sign of neither market failure nor government failure but is rather a systemic quality of triadic exchange as a system of societal governance. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Dyads, triads, and the theory of exchange: Between liberty and coercion

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Publisher
Springer Journals
Copyright
Copyright © 2012 by Springer Science+Business Media, LLC
Subject
Economics / Management Science; Public Finance & Economics; Political Science, general; Methodology and the History of Economic Thought
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/s11138-012-0180-x
Publisher site
See Article on Publisher Site

Abstract

Economists commonly use the Edgeworth box to illustrate the ability of exchange to generate gains from trade. In contrast to this framework of dyadic exchange, we explore triadic forms of exchange where margins of coercion are also present. In the presence of triadic exchange, market transactions are no longer wholly voluntary and instead reflect an admixture of liberty and coercion. We illustrate triadic exchange in the context of credit markets, showing how continual turbulence is a sign of neither market failure nor government failure but is rather a systemic quality of triadic exchange as a system of societal governance.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: May 16, 2012

References

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