Human Action: A Treatise on Economics
Page 126
Education
economics and, ch. 38, pp. 863–876
evaluated, 311
for special work, 620
Egalitarianism, 173
Ego, 11, 23–26, 44
Ehrlich, Paul, 700
Einfühlung, 50
Einstein, Albert, 39, 102n
Elasticity of demand, 55, 349
Elections, 647n see also, Voting
Ellis, Howard, 406n
Ely, Richard T., 357n, 523n, 724n
Empathy, 50, 87
Empiricism, 32, 69
Employer-employee relations, see, Labor, relations
Ends and means of action, 70, 92–94, 201–202, 208, 476
Engels, Friedrich, 74, 165, 198n, 236n, 267, 588n, 602n, 670
Engineering, social, 112, 113, 783 see also, Interventionism; Socialism
England, see, Great Britain
Engliš, Karel, 25n
Enlightenment, Age of, 240
Entrepreneurs
activities of, 227, 230, 249, 253–257, 324, 707
booms and, 550
calculation and, 331, 345
capitalists and, 502
description of, 254, 288
freedom restricted, 9, 269
goodwill and, 378
gross market rate of interest and, 536–538
in a changing economy, 333, 531
investment and, 582
labor market and, 591
mentality of, 333, 582
monopoly and, 358
operation of, 300, 325, 341, 704
prices and, 333
profit and loss of, 286–297, 375, 514, 531, 739n
technology and, 345
term of, 61–62
training of, 311 see also, Consumers; Market economy
Environment and inheritance, 46
Envy, 90
Epicureanism, 15, 147
Epistemological problems, 1, 4; ch. 2, pp. 30–71 see also, Knowledge
Equality under law, 838 see also, Inequality
Equations
differential, 8, 351, 707–711
of exchange, 354, 396, 410
Equilibrium
prices and, 248, 326, 375, 411, 706
speculation and, 251, 253
want-satisfaction and, 482
Error, fight against, 184–187
Ersatz, 925–826
Espinas, Alfred, 3n
Ethics, 15, 95, 147, 719–725
Ethnologists, 84
Euclidian geometry, 211
Eudaemonism, 15, 21
Europe
banks and banking of, 442
civilization of, 85
conservation and, 653
Western poverty and, 832
Evenly rotating economy
consumption and, 482
interestand, 523, 531, 535
land and, 63 9n
monopoly and, 411, 413
prices and, 326, 351, 375, 633, 707
production and, 676n, 620
state of rest and, 245–251 see also, Imaginary construction
Evolution, 33, 170, 192, 267, 485
Exchange
action and, 97–98
autistic, 195–196
bilateral, 794–796
direct versus indirect, 203, 402
equation of, 354, 396, 410
foreign, see, Foreign exchange
indirect, 66, 203; ch. 17, pp. 395–475
interpersonal, 195–196, 202, 245, 322, 535
media of, 40, 209, 395, 399, 459–463, 774
ratios, 233, 324, 427, 449–455
theory of, 33n, 410
within society, ch. 10, pp. 195–200 see also, Market economy; Money; Trade
Exorcism, 37, 68
Expansion, credit, see, Credit expansion
Expenditures, public, see, Spending, public
Experience, 18, 25, 39–49, 65, 69
Experiments, 31–32, 58–59
Exploitation doctrine, 298, 601–606, 766
Export and import
money and, 448, 475, 785 see also, Exchange; Free trade; Tariff; Trade
External costs and economies, 650–656
External drain, money and, 437, 456, 459, 473, 569, 791
F
Fabianism, British, 755
Fact-finding board, 812
Factory system, 615 see also, Industry; Technology
Fairchild, Fred Rogers, 812n
Fascism, 813
Federal Reserve Act of 1913, 566
Ferguson, Adam, 198n
Fetter, Frank Albert, 262n, 271n, 486, 631n
Feudalism, 817, 835
Feuerbach, Ludwig, 15
Fiats, 394, 426, 432n, 568 see also, Legal tender; Money, paper
Fichte, Johann, 717
Fiduciary media, 430–441, 457, 473, 548, 551, 559, 568 see also, Banks and banking; Credit expansion; Inflation; Money
Final causes, 26
Final state of rest, 246
Finance, public, see, Spending, public
Fisher, Irving, 205, 221, 439–440, 486, 540
Flaubert, Gustave, 268n
Flexible standard, 781–783, 784–786
Flight
capital, 515
into real goods, 424, 466–467, 547
Foch, Ferdinand, 509
Forecasting
business, 649, 866–868
economic, 105, 117
quantitative, 207
Foreign exchange
balance of payments and, 449–455
control and bilateral exchange agreements, 794–796
equalization accounts, 459, 781
external drain and, 437, 456, 459, 473, 569, 791
free trade and, 452–453
parity theory of, 452
prices and, 516
speculation and, 454 see also, Money; Trade
Foreign investments, 493–495, 497–99
Foreign trade, 322, 452–453, 662
Fourier, Charles, 71n
France
banks and, 443
foreign exchange and, 516
Revolution of, 284n, 425, 819
Franklin, Benjamin, 78n
Free banking, 440, 441–445
Free enterprise, 83, 230 see also, Freedom; Laissez faire; Market economy
Free trade
arguments about, 743
British, 81–84
foreign exchange and, 452–453 see also, Money; Trade
Freewill, 46, 105, 193, 644 see also, Choosing; Valuation
Freedom
economics and, 875–876
foes of, 268
preferred, 280
restricted, 9
significance of, 279–285
French Banking Inquiry, 443
French Revolution
consequence of, 425, 819
Constituent Assembly of, 284n
Freud, Sigmund, 35
Frontier, passing of the, 652–653
Fullarton, Principle of, 441
Functional integration, 252–256
Futures
market, 256–257, 324
uncertainty of, 105, 117, 207, 649, 868
G
Galileo, Galilei, 41, 186
Gambling, 106, 108, 112, 115–116
Games, 116
Garbo, Greta, 619
Geist, 72, 74, 79
Genius, 90, 138–140, 241n, 264, 311, 657
Geometrical theorems, 38, 211
German Historical School, 81, 202n, 755, 756
German Reichsbank, 549
Germany
calculation in, 698–699
cartels and, 363
conflict with Britain, 812
demand for Swedish products, 793n
Mark of 1923, 425
Nazism and, 76, 187, 268n, 698–699, 796–799
pattern of socialism, 471, 687, 713–714, 752–753, 759
Sozialpolitik, 363–364, 829
Volkwirtschaft and, 319–323, 296, 513, 518, 6
33
Gesell, Silvio, 787
Gestaltpsychologie, 45–46, 145
Giddings, Franklin Henry, 144n
Goal, aim for, 476, 494
Godwin, William, 71n
Goethe, Johann Wolfgang, 231
Gold
iron and, 121
points, 450
standard, 411–412, 418, 425, 456–459, 468–473, 571, 776–777, 780–781 see also, Money
Goodwill, 376–380
Goods
capital, 263, 292, 293, 487–490, 493, 499–502, 505, 510
consumer, 93–94, 128, 330, 487
induced changes, 416–419
orders of, 93–94
perishable, 486
prices of, 330–336
producers, 93–94
quality of, 222
real, flight into, 424, 466–467, 547
Gordon, Mania, 644n
Gossen, Hermann Heinrich, 124, 331, 697
Government
autocratic, 647, 686
bonds, 226, 461, 841
bureaucratic management, 305
coercion and, 71, 149, 189, 283, 718
currency and, 774–777, 784
functions, delimitation of 715–719
interference, see, Interventionism
liberalism and, 149, 283, 321
majority rule and, 76, 149, 153, 189, 193, 647n
market and, ch. 27, pp. 712–729; 752–763
ownership, 259, 650
price determination, see, Prices, determination of
socialistic approach to, 260, 265, 267, 563, 671n, 689–691
spending, see, Spending, public
subsidies of, 365, 600, 654–655, 737, 738
world, 682, 817 see also, Capitalism; Collectivism; Depressions; Foreign exchange; Money; Socialism; Taxation; Totalitarianism
Grading, valuations, 97, 126, 201, 331
Great Britain
bank laws of, 439
businessmen of, 633
capitalism in, 617
Chinese history and, 836
Currency School and, 204, 563
deflation and, 565
economists of, 493 n
economy of, 9, 147
Fabianism of, 755
free trade and, 81–84
Labor Party of, 726
monetary problems and, 778
socialism in, 812, 855
Speenhamland system and, 600n
Greenback period, 469
Gregory, T.E., 470n
Greidanus, Tiardus, 427n
Gresham’s Law, 232, 432n, 447, 469, 754, 775–777, 780
Grillparzer, Franz, 139
Grotius, Hugo, 817
Guild socialism and corporativism, 812–813
H
Haberler, Gottfried, 552n, 789n
Haller, Karl Ludwig, 860
Hammond, John Lawrence and Barbara, 614n, 617
Haney, Lewis Henry, 63 3n
Hansen, Alvin Harvey, 72 5n
Happiness, 14–15
Harmony
conflict of interests and, ch. 24, pp. 660–684
predetermined, 240
Hayek, Friedrich August, 277n, 278n, 395n, 493n, 512n, 525n, 578n, 705n, 711n, 767n, 844n
Hazlitt, Henry, 65 5n
Heckscher, Eli Filip, 660n
Hedonism, 15, 21
Hegel, Georg Wilhelm Friedrich, 72, 74, 80, 151, 690, 717, 828
Hegemonic bonds, 196–199, 281, 497
Heraclitus, 172
Herzfeld, Marianne, 464n
Heteronomous ethics, 15, 148
Historical method of economics, 66–67
Historical School, 206, 267, 643, 697, 755
Historicism, 4–6, 267
History
categories of, 202n
Chinese and English, 836
development of, 80
duty of, 618
economic, 51, 66, 266, 327, 426, 502, 603, 863–865
human action and, 59
inflationist view of, 463–468
lessons from, 41, 679
natural and human, 58–59
of capitalism, 9, 264–270, 495, 611
of private property, 264, 679
origin of socialist idea and, 685–689
philosophy of, 28
praxeology and, 28, 30–32, 59
scope and method of, 47–51
studies, 88
theory and, 604
wages and, 606
war and, 645–646 see also, Civilization; Progress
Hitler, Adolf, 76, 84, 645, 794n
Hoarding, 78n, 399–400, 518–520
Hogben, Lancelot, 77n
Hohenzollern Electors, 320
Holistic concepts, 1, 145–153, 397
Homme moyen, 646
Homo agens, 14
Homo oeconomicus, 62–64, 241, 646
Homo sapiens, 14, 24, 33
Hot money, 461–463
Hours of work, 133, 599, 608, 740–741
Human action, see, Action, human
Human existence, ch. 8, pp. 143–176 ch. 39, pp. 877–881
Hume, David, 3, 73, 147, 204, 413–416, 662
Husserl, Edmund, 100n
Hutt, William Harold, 591n, 594n
Hypotheses, 115
I
Id, 12, 878
Ideal types, 59–62, 252–256, 194
Ideas, role of, ch. 9, pp. 177–194
Ideology
influence of, 644
Marxian connotation of, 5, 74, 78–79, 82, 207
ruling, 188
traditionalism and, 191–192
world view and, 178–187 see also, Laissez faire
Imaginary construction
autistic, 244
exchange and, 202
method of, 237–238
socialist society and, ch. 25, pp. 685–693
state of rest and, 245–251
stationary economy and, 251, 256, 292 see also, Equilibrium; Evenly rotating economy
Import and export
of money, 448, 475, 785 see also, International Monetary Fund; Trade
Impoverishment and booms, 562, 574
Impulses, 15–16
Imputation, physical, 491
Income
capital and, 260–261, 482
national, 218, 292n
prices and, 390–391
problems of, 255n
wealth and inequality of, 285–286, 731–732, 836–847
Index numbers, 221–224, 439
Indian philosophies, 28
Individualism
methodological, 41–43
versus collectivism, 152, 726
Individuals
action of, 45–17, 403, 719–725
changing features of, 46–47
market and, 311–316
monetary calculation and, 230
nature and, 1
society and, 143, 164–165, 178–179
Industrial democracy, 281, 809
Industrial Revolution, 8, 613–619
Industrialism
process of, 619
Western, 497
Industry
booms and, 557
concentration of, 341
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