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Catallactics is the theory of exchange ratios and prices. The subject matter of catallactics is all market phenomena with all their roots, ramifications, and consequences.
Catallactics analyzes all actions based on monetary calculation and traces the formation of prices back to the point where acting man makes his choices. It explains market prices as they are and not as they should be. The laws of catallactics are not value judgments, but are exact, objective and of universal validity.
- ↑ Ludwig von Mises. XIV. The Scope and Method of Catallactics, 1. The Delimitation of Catallactic Problems, Human Action, online version, referenced 2011-5-30.
- ↑ Percy L. Greaves, Jr. "Mises Made Easier ", 1974. Referenced 2014-06-28.