Abstract

http://ssrn.com/abstract=2034305
 
 

Footnotes (1)



 


 



Dyads, Triads, and the Theory of Exchange: Between Liberty and Coercion


Marta Podemska-Mikluch


Beloit College

Richard E. Wagner


George Mason University - Department of Economics

April 4, 2012

GMU Working Paper in Economics No. 12-13

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.

Number of Pages in PDF File: 26

Keywords: Edgeworth box, dyadic exchange, triadic exchange, coercive exchange, credit markets as coercive exchange, conflict and political economy

JEL Classification: D23, D51, D74, D86, P16

working papers series


Download This Paper

Date posted: April 4, 2012  

Suggested Citation

Podemska-Mikluch, Marta and Wagner, Richard E., Dyads, Triads, and the Theory of Exchange: Between Liberty and Coercion (April 4, 2012). GMU Working Paper in Economics No. 12-13. Available at SSRN: http://ssrn.com/abstract=2034305 or http://dx.doi.org/10.2139/ssrn.2034305

Contact Information

Marta Podemska-Mikluch (Contact Author)
Beloit College ( email )
Beloit, WI
United States
Richard E. Wagner
George Mason University - Department of Economics ( email )
4400 University Drive
334 Enterprise Hall
Fairfax, VA 22030
United States
(703) 993-1132 (Phone)
Feedback to SSRN


Paper statistics
Abstract Views: 831
Downloads: 141
Download Rank: 120,453
Footnotes:  1

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo8 in 0.281 seconds