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The key insight of adam smith's wealth of nations is misleadingly simple: if an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it. most economic fallacies derive from the neglect of this simple insight, from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.
-Milton Friedman
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The Key Insight Of Adam Smith's Wealth

Milton Friedman
The key insight of adam smith's wealth of nations is misleadingly simple: if an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it. most economic fallacies derive from the neglect of this simple insight, from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.
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Party Believe Simple

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Adam smith's key insight was that both parties to an exchange can benefit and that, so long as cooperation is strictly voluntary, no exchange can take place unless both parties do benefit.
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