Well the Austrians are right in that the traditional assumptions of rationality (and therefore fairness) don’t make much sense.
Although I think the behavioral economists are doing a decent job of backing up these type of assertions: the point that “fairness” is subjective.
Can someone engage in a trade they don’t believe is fair? Yes of course.
But if both parties say a trade is fair, who is an outside observer (with all the market data in the world) to tell them otherwise?
“Fairness is not agreement, fairness is symmetry.”
Well the Austrians are right in that the traditional assumptions of rationality (and therefore fairness) don’t make much sense.
Although I think the behavioral economists are doing a decent job of backing up these type of assertions: the point that “fairness” is subjective.
Can someone engage in a trade they don’t believe is fair? Yes of course.
But if both parties say a trade is fair, who is an outside observer (with all the market data in the world) to tell them otherwise?
“Fairness is not agreement, fairness is symmetry.”