Some Problems of General Economic History n°3 (1947)

From Karl Polanyi
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General Economic History
Spring Session, 1947
N°2
B. 1.1.1.4. Some problems of General Economic History

[…]

(b) Another example is in regard to the institution _____. The meaning definition of “economic” may lead to the result that all economic activity regarded as barter and exchange. Archbishop Whately (1787-1863), a Victorian economist, suggested that economics should be called the science of exchange catallactics. This suggestion was taken up in our time by Joseph Schumpeter, and Ludwig von Mises. Production may then be constructed as exchange of preferable for more preferable uses of scarces means.

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Reference: Date: Spring 1947 KPA: 31/03, 3-4