Human Action: A Treatise on Economics
Page 128
infant, 505–507
location of, 506–507, 510
modern, 587
processing, 341
Inequality
of men (inborn), 90, 134, 157, 173–174, 837–838
of wealth and income, 285–286, 731–732, 836–847 see also, Equality under law; Privileges; Restrictions
Infant industries argument, 505–507
Inflation
catallactics and, 420
credit expansion and, 568
deflation and, 419–421, 428, 564–567, 779
domestic, 452
effects of, 545, 547–563
engineering of, 783
European, 424
passive, 570n
progressing, 424–425 see also, Credit expansion; Cycle theory; Depression; Money
Inflationists
radical, 236
view on history, 463–468
Inheritance and environment, 46
Insecurity, 847–849
Instincts, 15–16, 26–28, 169
Institutionalism, 62, 66, 206, 636n, 643, 697, 755
Insurance, 109, 112n
Integration of catallactic function, 252–256
Interdictions, 13
Interest
computation of, 533–534
credit expansion and trade cycle, ch. 20, pp. 535–583
defined, 523
originary, 238, 427, 521, 523–529, 531–533, 545–547, 548, 639, 842n
phenomenon of, 521–523
problems of, 535–536
productivity theory of, 263–264, 522–531
rate.ch. 19, pp. 521–534
gross, 535–542, 564–567
height of, 529, 531
market, 536–568
money relation and, 455–459
neutral, 536, 538–539
unpopularity of, 569–570
Interests
class, 5, 81
harmony and conflict of, ch. 24, pp. 660–684
“rightly understood,” 669–678
vested, 269, 276, 334, 848
Interference, see, Interventionism
Interlocal exchange rates, 449–455
International capital market, 498
International monetary cooperation, 473–475
International Monetary Fund, 475, 785
International organization, 365, 683–684, 817
International trade, 160, 392, 446, 737, 741
Interventionism
acquisition of wealth and, 310
advocates of, 365
banking and, 437, 444
depression, contracyclical policies and, 792
confiscatory, 802
consumption and, 727–729
crisis of, ch. 36, pp. 851–857
end of, 854–857
harvest of, 851
labor and, 610
legal tender legislation and, 777–779
market economy hampered, Part 6, pp. 712–857
market reaction to, 756–761
method of, 312
monetary matters and, 468, 570
patterns of, 713–715
planning, 104n, 113, 672, 696, 725, 784
policy of, 193, 471, 713–715
price structure and, ch. 30, pp. 752–773
production and, 655, 736, 800
public works and, 792
superhuman, 146
taxation and, 227; ch. 28, pp. 730–735
war and, 821 see also, Cartels; Government; Nationalism; New Deal; Socialism
Intolerance, 148
Intuition, 84
Inventions, 508
Investments
boom and, 574
capital, 342, 369, 378
convertibility and, 499, 505, 510
foreign, 493–495, 497–499
government, 226, 841
inconvertible, 342, 391, 576
malinvestment, 391, 556–558, 561
overinvestment, 556–558
reluctance toward, 582
saving and, 517–520 see also, Capital goods; Entrepreneurs; Interest, rate; Production, factors of; Security; Speculating
Investor, mobility of, 514–517
Iron
gold and, 121
law of wages, 20n, 601, 739
Irrationalism, 5, 6, 7, 12, 18, 89, 95, 102, 104, 173, 185, 314, 880 see also, Rationalism
J
James, William, 156
Jevons, William Stanley, 121, 479, 485, 494, 579
Judgments, see, Relevance, judgments of; Valuation
Just prices, 620, 721, 722
Justice
notion of, 147, 716
social, 671, 719, 849–850
K
Kaufmann, Felix, 39n, 103n
Kautsky, Karl, 137
Kempis, Thomas a, 217
Kepler, Johannes, 58
Keynes, John Maynard, 429, 464, 467, 468n, 546n, 737, 771, 785, 787, 846
Keynesians, ideal of, 474
Knight, Frank Hyneman, 67n, 289n, 489n, 844n
Knowledge, 5, 32, 84, 207, 584 see also, Education; Epistemological problems
Ku Klux Klan, 773
L
Labor
baiting, 740
capital and, 637
catallactics and, 585, 771–773
child, 610, 612, 615, 740–741
commodity character of, 590, 605, 628–629
competition and, 625, 768
compulsory, 628
conditions, 613
distribution of, 134
disutility of, 65–66, 131–137, 584, 588, 606–613
division of, 65, 82, 131, 143–145, 147, 157–164, 258, 266, 465, 588, 606, 669, 824, 827
extroversive, 584–585
free, 13 5n, 628
hours of, 133, 599, 608, 740
human, 131–137, 141, 489
immediately gratifying, 137–138
international division of, 622, 824, 826
interventionism and, 610
introversive, 137n, 584–585
joy and tedium of, 585–589
legislation, 313–314, 363, 739, 746–749
market, 584–630
nonspecific factor of, 133–135, 389, 590
Party of Britain, 726
price of, 602
productivity of, 605, 674, 675n, 768
professional, 140, 234
quantity and quality of, 619
relations, 80, 691
Russian versus American, 675n
selective function and, 309
slave, 624–630
socialism and, 137, 674
supply of, 136, 606–613
theory of, 584–630
unions, 373–374, 585, 591, 605, 618, 764–767, 771–773, 783, 786–787, 808, 811
United States, 675n
wages for, 589–593, 615, 619, 673 see also, Production, factors of
Laissez faire, 9, 613, 615, 616, 725–727, 741, 820, 824, 837
Land
appraisal versus improvements, 63 7n
as standing room, 638–639
capital accounting and, 262–263
catallactics and, 634n
evenly rotating economy and, 639n
external costs and, 650
ownership of, 308
preromantic ages and, 641
prices of, 390, 523, 619, 630, 639–640
reform, 801
submarginal, 636–638
theory of, 632–641
utilization of, 634–636, 652 see also, Property
Landauer, Carl, 699n
Lange, Oskar, 702n
Langlois, Charles Victor, 50n
Laputania, 8
Laski, Harold, 726
Lassalle, Ferdinand, 842n, 846
Latin Monetary Union, 469
Laum, Bernhard, 267n
Lavoisier, Antoine Laurent, 186
Law
economic
association, 158–163, 168, 174
comparative cost and
, 158–163
Gregory King, 232
marginal utility, 119–127, 632
of the market, 755–756
of wages, 20n, 601, 739
participation, 36
population, 20n, 129, 174–175, 663–669
psychophysics, 125
return, 127–130, 338–347, 663
Ricardian, 158–163, 168, 174 see also, Gresham's Law
equality under, 838
moral and natural, 146, 173–174, 716, 755, 835, 837
of human action, 755 see also, Praxeology
of nature (physical), 755 see also, Sciences, natural
regarding property, 651
rule of, 199 see also, Liberalism; Legislation
Laymen, economic philosophy of, 464
Leadership, 138, 155, 256, 311, 325
League of Nations, 683–684, 792n, 821
Learning, see, Education
Leather, tariff on, 742
Lebensraum, 320
Legal tender, 432n, 445, 447, 469, 774, 777–779 see also, Currency; Fiats; Money, paper
Legislation
commercial, 214
Corn Laws, 82
labor, 313–314, 363, 739, 746–749
legal tender, 774, 777–779
licenses and, 366, 658–659
Peel's Act of 1844, 569
prolabor, 313–314, 738–741, 746–749 see also, Copyrights; Laws; Patents
Leibniz, Gottfried Wilhelm, 13n
Leisure, 131
Lend-lease, 475
Lenin, Nikolai, 76, 645
Lerner, Abba Ptachya, 803n
Level of prices, 223, 395–396, 410
Lévy-Bruhl, Lucien, 36–37
Liberalism
advocacy of, 149–157, 183
banking problems and, 440–441
eighteenth-century, 173
government and, 149, 283, 321, 719
philosophy of, 685, 837
praxeology and, 153–155
pseudo, 153
religion and, 155–157 see also, Market economy
Liberals
illusions of, 157, 193, 860–862
self-styled, 281
Liberty, see, Freedom
Licenses, 366, 658–659
Life and science, 877–878
Living costs, 466 see also, Costs; Standard of living
Loans
bank, 568
contract for, 196–199, 280, 281, 497, 524
government, 226, 461
interest rate and, 455
intergovernmental, 499
market, 524, 542–545, 672
money, 430
short and long term, 400, 441, 541
war, 228–229 see also, Credit; Credit expansion
Location of industries, 499, 506–507, 510, 514
Locke, John, 13n
Logic, 25, 33–38, 74, 86, 99, 184–185
Logical positivists, 699n
Long run, 82–83, 294, 649
Lorenz, Max Otto, 523n, 734n
Losses, see, Profits and losses
Lottery enterprise, 109
Lozovsky, A. pseud. (Dridzo, Solomon Abramovich), 765n
Lutz, Harley, 731–732
Lysenko, Trofim Denisovich, 496n
M
Machine Age, 837
Machlup, Fritz, 517n, 570n, 790n
Maclver, Robert Morrison, 144n
Magic, 37
Maistre, Joseph, 860
Majority rule, 76, 149, 153, 193, 647n
Malinvestments, 391, 556–558, 561, 580 see also, Booms; Credit expansion; Depressions
Malthus, Thomas Robert, 664
Malthusian law of population, 20n, 129, 174–175, 663–669
Man
acting, ch. 1, pp. 11–29
common, 46, 192–193, 611, 616–617
economic, 62
inequality of, 134, 157, 173–174, 837–838
irrational, 314
member of society, 41
primitive, 33, 36–38, 145, 600
rational, 19
real, as a datum, 646–647
vegetative, 28–29 see also, Action, human
Management, 301–305, 306, 703–704, 810, 855 see also, Entrepreneur; Government; Interventionism; Ownership
Manchester School, 239, 819, 824, 827
Mandats territoriaux, French (of 1796), 425
Mangoldt, Hans Karl Emil, 289n
Marginal productivity of capital, 293
Marginal utility, 119–127, 632
Margins, doctrines of, 337
Mark, German (1923), 425
Market democracy, 271
Market economy
advantages of, 667
affected by trade cycle, 572–583
autonomy of, 752
capital, 543
case against, 829–831
catallactics or economics of, Part 4, pp. 233–684
characteristics of, 258–260, 678
competition and, 117, 308–311
consumers and, 270, 328, 390
data of, ch. 23, pp. 642–659
democracy and, 271, 678
denial of, 320
economic calculation and, 210–212
features of, ch. 15, pp. 258–323
function of, 392, 757
government and, ch. 27, pp. 712–729, 752–763
hampered, Part 6, pp. 712–857
individual and, 311–316
loan, 524, 542–545, 572
labor and, 584–630
money and, 398, 459, 543
nonmarket economy and, 206
phenomena, 2, 233, 312, 469
price, 246, 335, 388, 756
process, 216, 330, 352
production in, 488
profit and loss in, 660–662, 701
public expenditures and, 221, 734, 851
pure, 238–241
reaction to government interference, 756–761
selective process of, 308–311, 700
social cooperation and, Part 5, pp. 685–711
socialism and, 335, 672, 687, 712
stock exchanges and, 514–515
theory and data of, 642–643, 672
versus welfare principle, ch. 35, pp. 829–850
wage rates in, 619–620
war and, 821–824 see also, Capitalism; Cycle theory; Distribution; Entrepreneurs; Exchange; Interventionism; Liberalism; Monopoly, prices; Private property
Marketability, 398, 459
Marshall, Alfred, 385n
Marshall, John, 733
Marx, Karl
communism and, 644n
doctrine of, 74, 78–82, 84, 216n, 497, 605, 689–691, 861
socialistic approach to government, 260, 265, 267, 671n
terms of, 268
theory of
capitalism, 612, 690, 860
economists, 9
unionism, 765
wages and exploitation, 601–606, 612
Marxism
analysis of capitalism, 612, 690, 860
class struggle and, 671n
commercial crises of, 579
criticism of economists, 9
ideology, 5, 74, 78–79, 82, 207
polylogism and, 75
production and, 141
productivity of labor and, 675n
socialism, 260, 265, 267, 67In, 689–691