The Theory Of Money And Credit (Ludwig Von Mises)

The Theory Of Money And Credit (Ludwig Von Mises)
- Highlight Loc. 718-21  | Added on Thursday, October 13, 2011, 01:36 PM

On the basis of these estimations an exchange may take place in which three pears are given for two apples. Yet it is clear that the determination of the numerically precise exchange-ratio 2:3, taking a single fruit as a unit, in no way presupposes that A and B know exactly by how much the satisfaction promised by possession of the quantities to be acquired by exchange exceeds the satisfaction promised by possession of the quantities to be given up.)