Until reading this, I'd not thought much about the role that barter still plays in my life, and in the life of many of my friends. I'd never come across the phrase "double coincidence of wants," but that's it, exactly: both trading partners having something the other wants. Two simple forms of barter are the 'swap meets' and 'plant shares' that still take place in some communities around here. My own personal best when it comes to bartering was exchanging a year's worth of varnishing on the boat that belonged to the surgeon who did my hysterectomy. In those days, I didn't have health insurance, but the trade worked out great for us both.
Those are good examples of barters. You made a good deal on the varnishing job, I am assuming. I have no idea what either was worth. But the two of you decided it was a good swap.
I should have added that the good doctor had been a customer for a couple of years; that's how he learned about both my health and financial situation. I have no idea what his surgeon's fees would have been, but he was happy with the deal, and I certainly was!
"How many chickens equals one cow?" That confirms that value of commodities is subjective and depends on circumstances, including rarity of the good. I foresee the possibility of the return of an economy where repair of mechanisms (e.g., appliances) could return to vogue. I am old enough to remember such a time.
Claude's excellent exposition derives from mature facts of economics that, one should have thought, were well known. Apparently, not so well.
Until reading this, I'd not thought much about the role that barter still plays in my life, and in the life of many of my friends. I'd never come across the phrase "double coincidence of wants," but that's it, exactly: both trading partners having something the other wants. Two simple forms of barter are the 'swap meets' and 'plant shares' that still take place in some communities around here. My own personal best when it comes to bartering was exchanging a year's worth of varnishing on the boat that belonged to the surgeon who did my hysterectomy. In those days, I didn't have health insurance, but the trade worked out great for us both.
Those are good examples of barters. You made a good deal on the varnishing job, I am assuming. I have no idea what either was worth. But the two of you decided it was a good swap.
I should have added that the good doctor had been a customer for a couple of years; that's how he learned about both my health and financial situation. I have no idea what his surgeon's fees would have been, but he was happy with the deal, and I certainly was!
"How many chickens equals one cow?" That confirms that value of commodities is subjective and depends on circumstances, including rarity of the good. I foresee the possibility of the return of an economy where repair of mechanisms (e.g., appliances) could return to vogue. I am old enough to remember such a time.
Claude's excellent exposition derives from mature facts of economics that, one should have thought, were well known. Apparently, not so well.
Nicely done, Jim.
Thank you. It is always good to hear from you.