catallactics
1
9.9
- noun
- /ˌkætəˈlæktɪks/
- Specialized
- Catallactics helps us understand how prices are formed through voluntary transactions in the marketplace.
Examples
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Rothbard (1951, p. 946) similarly defines catallactics as "The Theory of Voluntary Interpersonal Exchange."
Academic text (2018) -
Following Whately's (1831, p. 6) definition of man as "an animal that makes exchanges," catallactics, then, ultimately deals with exchanges conducted by acting man in the marketplace.
Academic text (2018) -
You don't even grasp the concept of economic calculation and catallactics.
Blog text (6) -
Although it is indeed true that catallactics has no means to completely determine the actual final price in any isolated exchange, additional theoretical insights can be discovered about isolated exchange in cases of investment appraisal in contrast to cases of valuation (and appraisement) alone.
Academic text (2018) -
Within this general science is included—embedded in it—catallactics, or the science of exchange (Mises 1949, 1996: 1-3; hereafter M).
Academic text (1999) -
3.1 Catallactics and the Status Quo of Austrian Theorizing: Whately (1831, p. 6) -- objecting to the formerly established term "political economy" -- originally introduced the term "catallactics" to frame the sphere
Academic text (2018) -
3.1 Catallactics and the Status Quo of Austrian Theorizing: Whately (1831, p. 6) -- objecting to the formerly established term "political economy" -- originally introduced the term "catallactics" to frame the sphere
Academic text (2018) -
In consequence, it seems worthwhile to review the status quo of Austrian theorizing on the catallactics of isolated exchanges in order to ascertain which fundamental insights can be drawn from previous analyses for the assessment of the role of negotiations in the valuation of firms.
Academic text (2018) -
The study of catallactics reveals important insights into the dynamics of market exchanges.
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Economists use catallactics to analyze how individuals engage in exchanges to fulfill their needs.
Synonyms
371
3.5
The study of how people make, buy, and use things and services
1
3.7
The study of how people and countries make, share, and use goods and services
Surface Forms
Morphology
catallactics = catallactic (opaque) = catallact + ics
Although the suffix '-ics' signals a field of study, the root 'catallact-' is a rare Greek combining form unfamiliar to typical learners, so the overall base is not transparent.
Etymology
Catallactics comes from an old Greek verb katallassein, which means 'to exchange' or 'to make friendly'. So catallactics is the part of economics that studies how people trade with each other and how prices are formed by voluntary exchanges.