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What is Understanding Catallactics in Economics about?

Catallactics is a theory that analyzes how prices are formed in a free market through the choices and exchanges of economic agents. It aims to objectively explain existing prices rather than how prices should be. The theory was developed by the Austrian School economist Ludwig von Mises and further expanded on by Friedrich Hayek, who coined the term "catallaxy" and derived it from a Greek word meaning "to exchange" and "to admit in the community." Richard Whately is credited with first coining the term "cat

Author

Daniel Rae

Language

EN