Human Action: A Treatise on Economics
Page 127
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 se
e 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
theory of, 5, 152, 236, 670–671, 873
Mass production, 384, 587, 616
Materialism, 17, 73, 79–84, 154, 193–194, 217
Mathematics
equation of exchange, 393, 410
gambling and, 106
geometric theorems of, 38, 211
logic and, 99
method of economics, 251, 257, 330, 347–354, 374–376, 396, 410, 697–698, 706–711
probability, 107
treatment of theory of monopoly prices, 374–376 see also, Calculation; Economics; Measurement
Maupassant, Guy de, 268n
Mauretania, 747
Maximization of profits, 128, 241–244
Maxwell, James Clark, 77
McDougall, William, 16n
Meaning, 26, 28, 42, 59, 92
Means and ends of action, 70, 92–94, 201–202, 208, 476
Measurement
of changes, 223–224
of elasticities of demand, 55, 249
of purchasing power, 221
of value, 121–122, 205
process of, 210 see also, Calculation; Economic calculation; Mathematics; Quantitative economics
Mechanicalism, 23
Media of exchange, 40, 209, 395, 398, 459–463, 774 see also, Money
Medical prognoses, 110
Meliorism, 192–194, 690–691
Memory, 34–35
Menger, Carl, 121, 123, 331, 402–404
Mensheviks, 152
Mental disability, 185–187
Mercantilism, 53, 448, 453, 660
Metals, precious, 225 see also, Gold; Silver standard
Metamorphosis, 34
Metaphors in language of economists, 114, 117, 272–273, 456–457, 725–726
Metaphysics, 17, 25, 31, 32, 145–153
Methodenstreit, 4
Meyers, Albert, 647n
Meyerson, Emile, 38n
Might, 188–191, 644 see also, Majority rule
Migration
wages and, 622
war and, 820, 821, 828
Mill, John Stuart, 107, 204, 413–416, 493n, 674n
Mind and reasoning, 12, 34, 50, 72
Minority rule, 190, 191n
Mintage, 774
Mises, Ludwig, 187n, 265n, 307n, 398n, 413n, 485n, 498n, 674n, 705n
Mitchell, Billy, 509
Mitchell, Margaret, 62 5n
Mixed economy, 259–260, 712
Moloch, 160, 719
Monetary areas (blocs), 782
Monetary calculation, ch. 13, pp. 230–232; 395n, 421–422, 488, 517
Monetary cooperation, international, 473–475
Monetary entries in economic calculation, 213–215
Monetary Fund, International, 475, 785
Monetary or circulation credit theory, 204, 430, 567–573
Monetary Union, Latin, 469
Money
bimetallism and, 468–469, 775–776
British problem of, 439, 568, 778
capital and, 517–520
certificate, 430, 432, 442
checkbook, 442
commodity, 425
credit, 425–126, 432n
de facto standard, 469
demand for, 398–402
economic calculation and, 215, 225
errors in popular doctrine of, 395–398
exchange economy and, 415
expenditure, 221
features of, 471
fiat, 394, 426, 432n, 568
flexible standard, 781, 784
force of, 413–416, 535
government interference with, 468, 570
government issue of, 409
hot, 461–463
import and export of, 448
increase in quantity of, 409
loans, 430
market, 398, 459, 543
media of exchange, 40, 209, 395, 398, 459–463, 774
mintage, 774
monometallism, 469
neutral, 203, 250, 395–396, 413–416
origin of, 402–404
paper, 409, 418, 780
prices, 202, 206, 216
purchasing power of, 221, 399, 405–413, 416–419, 464, 606
quantity theory of, 38, 55, 232, 402
relation, 408, 414, 427–429, 455–459, 544–547
sound, 776
stabilization of, 220
substitutes, 425–426, 429–431, 433, 447, 461, 469, 473
supply of, 225, 398–402, 431, 551, 571
theory of, 186, 204, 395, 469, 552, 578
trade and, 446, 455
value, 348, 406, 408, 425–427 see also, Banking School; Banks and banking; Credit; Currency; Deflation; Exchange; Fiduciary media; Gold; Gresham’s Law; Inflation; Legal tender; Silver standard
Monism, 17, 25, 712
Monometallism, 469 see also, Gold; Silver standard
Monopoly
agriculture and, 367
competition, 357, 378
connotation of, 277–278
copyrights, 382–383, 657–658, 676–677
entrepreneurs and, 358
failure, 368–370
for cereals, by Swiss government, 388
gain, 369, 375
incomplete, 359
licenses, 366, 658–659
limitedspace, 372
local versus urban, 370
margin, 361, 366–367
of demand and supply, 380–381, 591–593
patents, 360, 363, 382–383, 507–509, 657–658, 676–677
prices, 278, 354–376, 381–384, 676, 760–761
profits and, 358
requirements of, 358–368
trend toward, 363, 383–384, 677–678
Montaigne, Michel, 660, 682
Morality
precepts of, 15, 95, 146, 173, 716, 719, 755, 835
profits and, 297
restraint, 175, 664, 719, 763 see also, Social justice; Welfare principle vs. Market principle
Morgenstern, Oskar, 117n
Mussolini, Benito, 84, 645, 814n
Mysticism, 80, 166
Myth of the soil, 640–641
N
Nagel, Ernest, 643n
Napoleon, see, Bonaparte, Louis
Narcotics, 728–729
National Recovery Administration, 365, 815
Nationalism
economic, 183, 682–683, 819–821, 827–828
economic theories and, 6
German, 319
religion and, 148 see also, Interventionism; Socialism
Natural law, 146, 173–174, 716, 719, 755, 835 see also, Morality, precepts of; Science, natural
Natural resources, 135n, 383, 635, 652–653, 681
Natural sciences, 59, 173–176, 207, 634, 664n
Nature
definition of, 644n
individual and, 1
Nazism, 76, 187, 268n, 319, 698–699, 796–799
Needs, scale of, 96–97
Neo-Mercantilism, 323
Neosocialists, 702
Neumann, John, 117n
Neurath, Otto, 699n
Neurotics, 12
New Deal
agricultural policies, 236, 384
National Recovery Administration, 365, 815
plan to control business, 815
pump priming, 552
Newtonian mechanics, 4
Nietzsche, Friedrich Wilhelm, 139, 171, 645, 690
Nihilism, 4
Nominalism, 42
Nonmarket economy, 206
Nordic-Aryanism, 52
Numéraire, 250, 414
O
Objective use-value, 21, 120, 127
Offspring, limitation of, 663–669
Oligopoly, 359–360
Omniscience, 7, 69, 70