catallactics
Definitions
from Wiktionary, Creative Commons Attribution/Share-Alike License
- noun A form of political economics based on the science of exchange.
Examples
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Adam Smith talked about the bargaining process, Hayek used the term catallaxy to describe the market order, and Mises suggested that market theory and the price system can be captured under the heading catallactics.
Note
The word 'catallactics' comes from Greek roots meaning 'to change' and 'wholly'.
