catallactics

English

Etymology

Literally, “science of exhanges”, from Ancient Greek καταλλάσσω (katallássō, “to exchange, reconcile”). Probably coined by British economist Richard Whately in 1831.

Pronunciation

  • IPA(key): /ˌkætəˈlæktɪks/

Noun

catallactics (uncountable)

  1. (economics) A form of political economics based on the science of exchange.
    • 2005, Raimondo Cubeddu, The Philosophy of the Austrian School, Routledge, →ISBN, page 98:
      Catallactics is thus «the order brought about by the mutual adjustment of many individual economies in a market» […]
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