EconomicsJunkie

Theft occurs when, by applying or threatening aggression, one person obtains ownership over a good that was owned by another individual who had acquired it via homesteading or exchange.

It stands in stark contrast to exchange. While exchange only occurs when each person involved assigns a higher value preference to the state of affairs attained after the exchange is completed, the act of theft only leads to an improvement for the person performing the act of theft, leaving the person whom theft has been performed on in a state of affairs to which he assigns a lower value preference than the previous state.

• ↑Aggression