token economy

noun

, Psychiatry.

1. a method of encouraging desirable behavior, especially in a hospital setting, by offering rewards of token money that can be exchanged for special food, access to television, and other bonuses.

token economy

noun

1. a type of psychotherapy in which the inmates of an institution are rewarded for good behaviour with tokens that can be exchanged for privileges

Word History and Origins

Origin of token economy¹

First recorded in 1965–70

Example Sentences

There are bright spots in the token economy, including Tezos, which raised over $200 million in 2017 and, despite early controversies, has built a popular network for smart contracts.

From Fortune