Catallactics Science

Catallactics Science

Catallactics, the science of exchange. Richard Whately coined the word in his Introductory Lectures on Political Economy (1831), and argued that it would have been a better name than 'political economy' since economics can deal only with commodities in the process of exchange and not with systems in which the economic problem is met in some other way as on Robinson Crusoe's island.

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consumeraffairs.org.uk

Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this consumeraffairs.org.uk site is therefore not a final statement of economic doctrine.

Economics is in the last resort a technique of thinking. The reader will therefore need to make an intellectual effort, more substantial for some web entries than for others, to get the most interest and value out of this website.