Catallaxy is a word referring to “the economy”, used by Friedrich Hayek and influenced by Ludwig von Mises’ word “Catallactics”. The word, catallaxy, refers to more than “household management” – which is what the Greek-root of the word economy actually means. Dating back to Aristotle, the concept of household management could refer to a family-home, or an entire country, however with both there is an implication of “shared goals”. Hayek, not completely happy with the concept of shared goals in a market economy, used Catallaxy to describe what was then called economy. In a market economy, Catallaxy is viewed as a “Science of Exchange” (See reference).
Boettke, P. in The Political Economy of the Austrian School, 2nd edition 1994, preface, proposition 2. Retrieved originally on June 27, 2010 from http://en.wikipedia.org/wiki/Catallaxy