Catallaxy
Catallactics
The spontaneous order of the market — from the market coordination of human action to the coordination of human-to-machine and machine-to-machine economies.
Origin
From Greek katallasso (καταλλάσσω), meaning "to exchange," "to admit into community," and "to change from enemy into friend." Archbishop Richard Whately coined the term "catallactics," which was later discussed by Ludwig von Mises and popularized by Friedrich Hayek, who defined catallaxy as "the order brought about by the mutual adjustment of many individual economies in a market." Hayek preferred this term over "economy" (from Greek "household management"), emphasizing that markets are emergent orders of cooperation—systems reconciling diverse aims without central control—rather than unified entities with shared goals.