Catallactics

Catallactics or catallaxy (Greek katallage, means " exchange " but also implicitly " from an enemy make a friend " ) is the study of the effect of market interactions, in particular taking into account the capital market prospects. Catallactics was initially a 1831 proposed by Richard Whately term for economics.

Since the early 20th century, the term catallactics in economics for free market human interaction as a driving force for finding complex economic problems in use. The doctrine of catallactics explores the interactions of exchange relationships in markets as well as the effect of interaction which markets are and will take place possible.

The repeated number of Nobel prizes for katallaktische research approaches to well-known economists such as, inter alia, Daniel Kahneman and Vernon L. Smith, George A. Akerlof, Michael Spence and Joseph E. Stiglitz and Friedrich Hayek emphasize the importance of catallactic teaching.