catallactic

Tebble summarizes: "The core of the objection that it is not meaningless to predicate (in)justice of catallactic outcomes is that even if no single agent or group of agents acting in concert can be said to have intentionally brought them about that does not mean that, as a (political) society, we cannot hold ourselves responsible for them" (2009, 591).

The analytic consequence was that a grand explanation of long-running government expenditure was futile (Durevall and Henrekson 2011) because the dynamic of the public sector was the result of a catallactic process where the calculus of consent was not possible.

(21) My contrast between competition in capitalism and competition in sports may, at first glance, appear similar to the contrast Mises makes between "biological competition" and "catallactic competition" (von Mises, 1998, pp.

"By a more or less natural extension of the catallactic approach, economists can look on politics and on political action in terms of the exchange paradigm." It is important to realize that this is the case so long as collective action is modeled with individual decision-makers as the basic units.

It is the analysis of the 'catallactic molecule' (Edgeworth 1881: 31) from which first principles are derived.

By virtue of doing justice to a complex social-institutional ontology (reality) of economic distribution, such sociological epistemology (theory) of the phenomenon is prima facie more realistic and valid than that the catallactic (market) alternative neglecting this ontological complexity.

No doubt most retail outlets would be replaced by new ones in a few months or a few years (from the operation of Smith's three "catallactic laws"), and life might then go on much as before.

Within the Buchanan-Smith catallactic framework, economic power becomes meaningless in a world of atomistic buyers and sellers, such as perfect competitive markets provide.

The economic or catallactic problems are embedded in a more general science, and can no longer be severed from this connection.

598) distinguishes "catallactic unemployment" (i.e., frictional unemployment), which is an unavoidable market phenomenon, from "institutional unemployment," which results largely from nonmarket forces such as minimum wage laws.

"Capitalism" and "the free market," for example, describe the catallactic conditions that arise or are permitted in a libertarian society, but they do not encompass other aspects of libertarianism.

On a grander scale, the welfare criterion, catallactic efficiency, is judged by the extent to which market activity encourages economic efficiency, i.e.