catallactics

(redirected from Catalaxy)

catallactics

(ˌkætəˈlætɪks)
n
political economy
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
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In a lecture in 1831, Richard Whately had dismissed Crusoe stories as useless in explaining economic ideas because to him economics was the study of "exchange" only (or "catalaxy"): Crusoe has nobody to exchange with before Friday comes along, so by definition there can be no economic activity on the island.