Catallactics

Catallactics is a theory of the way the free market system reaches exchange ratios and prices.^[1]^[2]^[3]^[4] It aims to analyse all actions based on monetary calculation and trace the formation of prices back to the point where an agent makes his or her choices.^[5] It explains prices as they are, rather than as they "should" be. The laws of catallactics are not value judgments, but aim to be exact, empirical, and of universal validity. It was used extensively by the Austrian School economist Ludwig von Mises.^[6]

^ "catallactics". Oxford English Dictionary third edition. Oxford University Press. December 2002. Retrieved 3 October 2023.
^ "catallactics". Merriam Webster Dictionary (11th ed.). 2003. Retrieved 3 October 2023.
^ "s.v. catallactics". The Oxford English Dictionary: Being a Corrected Re-Issue of with An Introduction, Supplement and Bibliography of a New English Dictionary on Historical Principles. Vol. 2 C. Oxford: Clarendon Press. 1933. p. 170. Retrieved 3 October 2023 – via Internet Archive.
^ Rothbard, Murray N. (2008). "catallactics". In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics. Vol. 1 (2nd ed.). New York, NY: Palgrave Macmillan. pp. 704-705 – via Internet Archive.
^ Rutherford, Donald (2002). "catallactics". Routledge Dictionary of Economics (2nd ed.). London and New York: Routledge. p. 75 – via Internet Archive.
^ Kirzner, Israel M. (2001). Ludwig von Mises: The Man and His Economics. Wilmington, Delaware: ISI Books. pp. 93-.

[1] "catallactics". Oxford English Dictionary third edition. Oxford University Press. December 2002. Retrieved 3 October 2023.

[2] "catallactics". Merriam Webster Dictionary (11th ed.). 2003. Retrieved 3 October 2023.

[3] "s.v. catallactics". The Oxford English Dictionary: Being a Corrected Re-Issue of with An Introduction, Supplement and Bibliography of a New English Dictionary on Historical Principles. Vol. 2 C. Oxford: Clarendon Press. 1933. p. 170. Retrieved 3 October 2023 – via Internet Archive.

[4] Rothbard, Murray N. (2008). "catallactics". In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics. Vol. 1 (2nd ed.). New York, NY: Palgrave Macmillan. pp. 704-705 – via Internet Archive.

[5] Rutherford, Donald (2002). "catallactics". Routledge Dictionary of Economics (2nd ed.). London and New York: Routledge. p. 75 – via Internet Archive.

[6] Kirzner, Israel M. (2001). Ludwig von Mises: The Man and His Economics. Wilmington, Delaware: ISI Books. pp. 93-.

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