From Economy Professor a term coined by the Austrian economist and political theorist Friedrich Hayek (1899-1992):
1. A catallaxy is a market order without planned ends, characterized by the 'spontaneous order' which emerges when individuals pursue their own ends within a framework set by law and tradition.
2. Self-organizing system of voluntary exchange.
Etymology (from Man, Markets and Language): "Catallactics," Hayek says on the other hand, "was derived from the Greek verb katallatein (or katallasein) which meant, significantly, not only `to exchange' but also `to admit into the community' and `to change from enemy into friend'." Someone who studies the market process would be called a "catalactist" rather than an "economist."
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