Index

A | B | C | D | E
F | G | H | I | J
K | L | M | N | O
P | Q | R | S | T
U | V | W | Z

A

Apriorism, 1, 9

Ability-to-pay principle, 211

Absolute advantage, 18

Acceleration principle, 147

Action, 3

Advertising, 129, 160, 164

Affluence, 164

Agio. SeeInterest

Algebra, 150–51

Antitrust laws, 190, 194

Arrow-Debreu, 64

Autistic exchange, 17

Average physical product (APP), 84

Awareness, 17

B

Balance of payments, 32, 144

Bank/banking

100 percent reserve, 142–43

fractional-reserve (FRB), 142

run, 165

Barriers to entry, 125

Barter, economy, 35See alsoExchange, direct

Basing-point pricing, 194

Belief, 2, 4

Bentham, Jeremy, 238

Bills of exchange, 145

Böhm-Bawerk, Eugen, 9, 62, 99, 102, 115

Boom, runaway, 165See alsoBusiness cycle

Bribery, 196

Bureaucracy, 121, 124

Buridan’s ass, 49

Business cycle, 146, 156, 164, 165

Bust. SeeBusiness cycle

C

Calculation, economic, 28, 108, 112, 113, 116, 121, 124, 125, 162

Cannan, Edwin, 169

Capacity, paradox of excess, 128–29

Capital goods (factors of production), 4, 5, 7, 82, 85, 104

complementary, 7

Capital, structure of, 163, 164

working, 104

Capitalists, 32, 59, 70

Capitalization, 40, 46

Caplan, Bryan, 185

Cardinality, 6, 51

Cartel/cartels, 121, 124–25

as similar to mergers and corporations, 124

one big, 125

compulsory, 190, 192

Cash balance, 32, 135, 137

Catallactics, 28

Chamberlin, Edward Hastings, 129

Chaos. SeeCalculation, economic

Charity, poverty and, 233

Child labor laws, 190, 193

Choice, 1

Circular flow diagram, 34, 77

Clark, John Bates, 9

Clearinghouses, 144

Clemence, Richard Vernon, 79

Coinage, 149, 197

Coincidence of wants, 27, 29

Collective goods. SeePublic goods

Command posts, 162

Comparative advantage, 16, 18

Competition, monopoly, 128

perfect, 122, 128

Competitive price, 122See alsoMonopoly/monopolies/monopolistic, price

Complementarity, 46

Condition, general, 4

Conflict, 162

Conscription, 190, 193

Conservation laws, 190, 195

Consumer/consumers’

sovereignty, 121, 123

“surplus,” 43

Consumption, function, 147See alsoGovernment spending

Convertibility, 7

Copyrights, 129

Corporations

limited liability, 196–97

Cost/costs, 45, 56, 58

alleged distinction between production and selling, 129

of living, 113

theory of prices, 214

transaction, 129

Court of final opinion, 176

Credit expansion, 156, 164–65See alsoInflation, monetary

Crime. SeeIntervention

D

Deadweight loss, 131

Defense services, 175–76, 213

Demand, 16, 19, 42, 132

exchange, for money, 137, 150

law of, 116

reservation, 21, 110, 137

speculative, 139

to hold, 20

Democracy, 182, 193, 220, 224, 225

as contradictory, 223

in two senses, 222

Department of Commerce, 220, 223, 225

Development, over- and under-, 235

Diminishing marginal utility, law of, 6, 47

Discounting, 84

Distribution, 61

production and, 108, 113

Division-of-labor, 15, 18, 206

Doody, 79

Draft. SeeConscription

E

Economics, 3, 9, 169, 241

Economies of scale, 121, 124

Economists, 241

Economizing, 4

Economy

Evenly Rotating (ERE), 11, 55, 57, 60, 64, 71, 76, 82, 113

progressing, 94, 98, 100

retrogressing, 94, 98, 100

stationary, 94

Elasticity

of demand, 20, 132

of supply, 25

Employment, full, 111, 141

Ends, 4, 47

Entrepreneurship, 2, 4, 95–96

self-employment and, 112

Envy, 182, 185

Equality, 230, 232

before the law, 210

Equilibrium, 47, 104

macro, 140

price, 16, 19, 42

Error, 95

Ethics

antimarket, 229–38

consequentialist, 238

social, 242

Ex ante utility, 45, 155, 157, 181

Ex post utility, 45, 155, 157, 182

Exchange, 1

direct, 15, 27, 41

equation of, 145

indirect, 15, 27

interlocal, 144

Exchange-value, 15, 18

Existential criticism, 238

Externalities, positive and negative, 166–67

F

Factor incomes, 85

Factors of production. SeeCapital goods (factors of production)

Fetter, Frank A., 11

Fisher, Irving, 141, 149, 207, 215

Fixed proportions, 90

Franchises, 196

Free markets. SeeMarket, unhampered

Freedom, 230

of the consumer, 125

of contract, 236

G

Galbraith, John Kenneth, 164

George, Henry, 110

Georgism, 204

Gold, 28, 49

Goods, 4

consumers’, 4

durable, 46

exchangeable (nonexchangeable), 233

Giffen, 116

producers’ See alsoCapital goods (factors of production)

Government, 155, 157, 166, 181, 235

borrowing, 166

limited, 176

productive contributions of, spending, 156, 161

provision of defense services, 175

resource-using activities of, 162

run on a “business basis,” 162, 221

spending, 156, 159, 205, 219, 221

“voluntary,” 182

Growth, 163

H

Hayek, Friedrich August, 116

Hegemony, 17, 157, 242

Hire price. SeeRental price

Hoarding, 135, 140

Homesteading, 22

Human

nature, 232, 235

rights, 235–36

Hume, David, 225, 245

Hutt, William Harold, 123, 130, 147

Hyperinflation, 165

I

Immigration, restrictions on, 190, 193, 197

Incentives, 169, 206

Incidence. SeeTaxes/taxation, incidence of

Income, gross, 108, 112

Indispensability, 64–65

Individualism, methodological, 2, 3

Inflation, monetary, 156, 161, 164

price, 165See alsoCredit expansion; Hyperinflation

Innovation, 146, 195. See alsoTechnique

Insurance, 163, 176

Integration, vertical, 71, 113

Interest, 55, 56, 59, 103

compounding of, 78

market (nominal or loan) rate of, 94, 150, 170

entrepreneurial component in market rate of, 100

“natural rate” of, 170

pure rate of, 69, 72, 74–75

purchasing-power and terms-of-trade components in the rate of, 141

Intertemporal utility comparisons, 43

Intervention, 155, 157, 181

autistic, 155, 157, 181

binary, 155, 157, 159, 181, 203–16, 219–25

triangular, 155, 157, 158, 181, 189–99

Investment, 7, 100, 102

gross, 70

net, 96, 104

trusts, 79See alsoSavings

J

Joint-stock company, 75

Judicial services. SeeDefense services

Just price, 204, 209

Justice, canons of, in taxation, 209

K

Keynes, John Maynard, 107, 111, 116, 150

Keynesianism, 140, 147, 161, 224

Kinsella, Stephan, 130

Knight, Frank, 9, 87, 101

Kuznets, Simon, 220, 223, 225

L

Labor, 5, 7, 109

supply curve of, 107, 110, 116

Land, 5, 82, 85, 89

scarcity of, relative to labor, 109

supply curve of, 107

Law Code, 176, 178

Laws. SeeDiminishing marginal utility, law of; Returns, law of; One price, law of; Demand, law of

Lebensraum, 197

Leisure, 7, 110, 116, 216

Libertarianism, 178

Licensing, 190, 192, 199

Liquidity, 79

Location, spatial relations and, 113

Log-rolling, 24

Loss. SeeProfit, loss and

Luck, 234–35

Lutz, Friedrich August, 79

M

Management, as labor, 109

Marginal physical product (MPP), 81, 84, 87, 110

Marginal product, 7, 11

Marginal utility, 2, 6, 18, 45, 47

Marginal value product (MVP), 81, 83, 85, 87

discounted (DMVP), 81, 83, 108, 111

Marginalism. SeeMarginal utility

Market/markets, black, 189, 191

producers’ loan, 74–75

time, 73

unhampered (free), 16, 22, 166, 175, 241

Marshall, Alfred, 60, 63, 115

Materialism, selfish, 233

Means, 4–5, 47See alsoGoods

Medieval society, 230, 232

Medium of exchange, 27, 31See alsoMoney

Menger, Carl, 9, 34, 35, 36, 63

Military. SeeDefense services

Minimum wage laws, 194

Mises, Ludwig von, 9–10, 23, 40, 49, 62, 64, 102, 115, 116, 225, 238, 244, 245

Models, 36

Molinari, Gustave de, 177

Money, 27–28, 135–48

as measure of value, 136, 146

certificates (substitutes), 142

changes in, relation, 138

demand for, 135, 165

exchange demand for, 137, 150

expenditures, 32

implications of the emergence of, 31

in the broader sense, 142

income, 32

marginal utility of, 33, 43, 39

non-neutrality of, 136, 143

proper, 142

purchasing power of (PPM), 39, 40, 41, 43–44, 135, 136, 137, 138

quasi, 145

secular influences on the demand for, 139

stability of, 146

stock (supply), 73–74, 135–36, 137, 138, 142

unit of, 32

warehousing, 142See alsoRegression theorem

Monopoly/monopolies/monopolistic, 122, 126–27, 131, 169, 189, 192, 196, 237

competition, 128

price, 122, 126–27, 169, 199

profits, 126, 169

unions as, 122, 127

Morality, 229, 231, 238

Multiplier, Keynesian, 147

N

Natural resources, depletion of, 86

Nonaggression axiom, 176, 178

O

Oligopoly. SeeMonopoly

Oliver, Henry M., Jr., 236

One price, law of, 20, 41, 108

Orders of production, 5

Ordinality, 6, 51

Overpopulation, 197

Ownership, 220, 221, 222

P

Pacifism, 238

Pareto optimality, 185

Patents, 129, 195

Perks, wage rates and, 111

Pessimism, 10

Planning, central, 46See alsoSocialism

Police. SeeDefense services

Post-income demanders, 74

Power, economic (over nature), 234See alsoHegemony

Praxeology, 1, 3, 9, 169, 229, 231, 237

Price/prices, 16, 18–19, 61

calculation and, 112

controls, 155, 157, 189, 191, 244

costs and, 107, 112

indices, 146

multiform, 129

nominal, 40See alsoMonopoly/monopolies/monopolistic, price

Producer “surplus,” 43

Product control, 158, 169, 189, 191–92

Productivity/production, 70

period of, 5

physical, 99

structure of, 9, 73See alsoMarginal physical product

Profit, 55, 93, 95, 103

accounting, 103

economic, 103

general “rate of,” 102

loss and, 93, 95, 103–04

money, 103

Prohibition, 189, 191

partial, 192

Propaganda, 176, 178

Property rights, 175, 196, 230, 235

Psychic, profit, 25

revenue, 1, 25, 33

Public goods, 166

Public ownership, 163, 219–20, 222

Purchasing power, excess, 161

parity (PPP), 136, 145

Purpose, 1, 3

Q

Quality, 192

Quantity demanded or supplied, 19

R

Reason, 238

Regression theorem, 40, 44

Relative advantage. Seecomparative advantage

Rental price, 40, 46

Rents, 11, 60, 86, 107, 109

net, 109

Reproducibility, 11

Return/returns, gross, 11

law of, 7, 84

net, 62See alsoInterest

Reverse valuation, 15, 17, 24

Ricardo, David, 113

Rights. SeeProperty rights

Risk, 94, 101

Robinson Crusoe economics, 9

Rolph, Earl, 87

Roundaboutness, 9

S

Sacrifice theory, 211

Safety, 192

Saleability. See Marketability

Sam’s Club, 131–32

Samuelson, Paul Anthony, 62

Saving, 7, 100

net, 104

paradox of, 102

Scarcity, 4

School, compulsory, 190, 193

Schumpeter, Joseph, 62, 76, 146

Security, 230, 232

Self-interest, knowledge of, 231

Shifting, 160

Shortage, 19–20, 155, 158, 189, 191

Silver, 28

Slavery, 17, 109

Smith, Adam, 209

Social Darwinism, 230, 233

Social Security, 163

Socialists/socialism, 163, 219, 222

calculation problem and, 108, 113, 162

democratic, 220, 223

“market,” 116

Society, 235

Sovereignty, individual, 121, 123

Specialization, 15, 18, 20, 21

Specificity, 7, 57, 58, 81, 83, 89

Speculation, 4, 16, 50

withholding of land for, 110

State, the. SeeGovernment

Stationary state, 9See alsoEconomy, Evenly Rotating (ERE)

Status society, 232

Stock, total, 6, 20

Subjectivity, 12, 15, 63

Subsidies, 161, 219, 221

Substitutability, 46

Supply, 16, 19, 42

Surplus, 19, 155, 158, 189, 191

Synchronization, 9

T

Tariffs, 190, 193

Tax/taxes/taxation, 156, 203–16

consumers, 205

consumption, 203, 207

corporate income, 203, 206–07

“double,” 206

flat, 156, 159

general sales, 160, 205

head (equal), 156, 159, 212

incidence, 160, 169, 203, 205–09, 214

income, 159, 203, 205, 206–07, 216

land value (ground rent), 160, 204, 209

neutral, 156, 159, 210–12

on accumulated capital, 204, 207

on bequests and gifts, 208

on individual wealth, 208

on wages, 206

partial excise, 206

payers, 205

progressive, 204, 208See alsoTariffs

Technique, 99, 146See alsoInnovation

Time, 2, 4, 9

maturing, 5

preference, 2, 6, 70, 72, 76, 79, 159, 163, 195

working, 5

Traffic-manager analogy to government, 235

Transfer payments. SeeSubsidies

Typology of intervention, 155, 157, 168, 181, 184, 198

U

U.S.A., 219, 222

U.S.S.R., 219, 222

Uncertainty, 2, 101, 114, 235

Unemployment, 111

government, benefits, 190, 194

Unions, 109

compulsory, 122, 127, 194

Unit (of a good), 6

Use-value, 15, 18, 21

Utility, 182See alsoEx ante utility; Ex post utility

V

Value judgments, 238

Value scales, 1, 42, 72

Value, 11, 48

Violence, institutionalized. SeeGovernment

W

Wages, 107, 109, 110–11, 112

real, 116–17, 141

Wagner-Taft-Hartley Act, 194

Walrasian analysis, 116

Welfare, economic, 168

economics, 241–42See alsoUtility

Wertfrei, 242, 245

Z

Zones of indeterminacy, 61, 122, 127