David Deutsch tweeted the following:
David is right. The exchange of money for a painting is just a trade that does not alter the total amount of goods and services (resources) available in an economy. Person buying the painting acquires property rights over the painting, and the seller has the money–which represents claims on resources. The seller of the painting can do whatever he wants, including giving it to charity. The buyer could have given the money to charity instead of acquiring the rights to the painting. Continue reading “Money”
Life is a Random Draw 