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Which comes first: Production or Exchange?

This is one of those classic chicken and egg questions. There can be no exchange without production but production can only happen if there are preceding exchanges. At first glance it seems that production must be the starting point because if you want to exchange you...

What is Exchange?

In the realm of economics, the word exchange hardly ever appears. This is strange because the economy, surely, is about exchanging what we contribute to it for the things we need, even if this exchange is through the medium of money. Money itself is defined as a...