>In a typical transaction, no value is created This claim isn't true - it completely ignores producer and consumer surplus. It adds nothing to the economy, but

>In a typical transaction, no value is created This claim isn't true - it completely ignores producer and consumer surplus. It adds nothing to the economy, but it adds value to both sides of the transaction. Suppose A and B trade items a and b. This happens because A values item b more than B does, and B values item a more than A does. So by trading both sides have more value to them than originally. Almost zero trades happen right at the margin.