There are transactions where it's fine for me to have it, but I just can't exchange it. The only reason we have that law is to make sure that we cannot exchange it for what it's worth. In their mind, there's a difference between voluntary and really voluntary. And I came up with a new word: If you Google it, you'll actually find me and only me. That's so good to start of a trend.
Mike Munger of Duke University talks with EconTalk host Russ Roberts about the psychology, sociology, and economics of buying and selling. Why are different transactions that seemingly make both parties better off frowned on and often made illegal? In theory, all voluntary transactions should make both parties better off. But Munger argues that some transactions are more voluntary than others. Munger lists the attributes of a truly voluntary transaction, what he calls a euvoluntary transaction and argues that when transactions are not euvoluntary, they may be outlawed or seen as immoral. Related issues that are discussed include price gouging after a natural disaster, blackmail, sales of human organs, and the employment of low-wage workers.