Catallactics
Catallactics or catallaxy ( Greek katallage, means "exchange" but also implicitly "make a friend out of an enemy") is the doctrine of the effect of market interactions, especially taking into account those interested in the capital market. Catallactic was initially a term proposed by Richard Whately for economics in 1831 .
Since the beginning of the 20th century , the term catallactic has been used in economics for free human market interaction as a driving force for finding complex economic problems. The doctrine of catallactics explores the interactions of exchange relationships on markets as well as the effects of interaction that are possible and take place on markets.
The repeated awarding of Nobel Prizes for catallactic research approaches to well-known economists such as Daniel Kahneman and Vernon L. Smith , George A. Akerlof , Michael Spence and Joseph E. Stiglitz as well as Friedrich Hayek emphasize the importance of catallactic theory.
Individual evidence
- ^ Fv Hayek, Principles of a Liberal Social Order (1966)
- ↑ Ludwig von Mises : National Economy , 1940