A man once boasted that he had been offered the whole site of Chicago for an old pair of boots, and when asked why he did not close with the offer, replied, “I didn’t have the boots.” The conditions, therefore, for mutually advantageous direct exchange are that two men, who have access to each other, should differ in their estimates of the marginal significances of some two commodities, and that each should possess a supply of that commodity which he relatively underestimates.
Philip Henry Wicksteed, The Common Sense of Political Economy (1910), fourth chapter.
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Wicksteed
