About this episode
Direct exchange was limited. The pattern of indirect exchange led to the common medium of exchange: money. Maximization of psychic income always leads the seller of a good to seek the highest money price for it, and the buyer of a good to seek the lowest money price.
All human action uses scarce resources to attempt to arrive at the most highly valued of not-yet-attained ends.
An Alice J. Lillie Seminar. This lecture covers pp. 187-231 in the Scholar's Edition of Rothbard's Man, Economy, and State.
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