Index

Kenneth 73,82 Gambling (see speculation) General Motors 42 "Gold inflation" 3 Gold price (see devaluation) Gold dollar balances and .... 122-24 loss of .. 120, 123,128-29, 131-32 requirement 21 role of. 119, 122, 127, 132-33 standard 21,56-57,76 Gray, Horace M., and Adams, W 55 Greenbacks ............••.•.. 6 Grievance procedures 38 "Growth" balanced ....•............ 68 debts and 117 ideology of 57,81 rate of 83, 84-87 vs. progress 65-70,84-87,93 Hazlitt, Henry ......•...... 144 Hoarding ...........•.....• 142 Hopkins, S. V., and Brown, E. H. P 70 Home ownership 91,97 Housing, subsidized. 51, 52, 92-93 Hume, David 135 Illiquidity 59,88,108,113 Industrial conflicts 32-33, 44-45,49, 131 Inflation (see also: monetization; debts; money supply) anticapitalism and 95 built-in 35-38, 110 burden of 5-6,48-49 "cost-push" 30-36 creeping 1-2,4-8,71-83, 85,94-95,117-18,130,132-34 criminality and 33,97 debt management 20-27 definition of 2-3, 54 employer resistance and .. 53-54 "exported" 133-34 fixed return assets and 5 freedom and 59-60, 81-82 galloping 1-2,7,20 global 133-34 hedges 36 ideology of 98-100, 110-12 income and 2-6, 48-49, 78-79,81,86-87 "legalized robbery" 2-3,5-6 "modus operandi" 10-17, 28,34,36 overexpansion and 66, 68-69,88 perpetual 57 psychology 95, 97 source of ............•. 18-27, 28-29,33-34, 141 148 INDEX (continued) speculation and 7-8,95-97 taxation and 6-7, 48 Inflationists 56-57, 61-64, 69, 78-82,84,116,118,135 Instability, built in 89 Intelligentsia, "liberal" 35 Interest rates, ..... 93,94,99-100 International Monetary Fund 127, 129, 141-42 Inventory cycles ....•... 64, 65-66 Investment cycles 65-66 Investment trusts ..•.••...95-96 Jacobsson, Per 142 Jacoby, Professor N. H 92 Kennedy administration 128 Keynes, John Maynard. 62, 71, 82 K.eynesians 64 Kriz, Miroslav A•........... 144 Labor costs 30-35,48-49 disincentives .44-45 incentives 44 legislation ..•...••••.•....38 monopoly 32-35 shortage 34 Labour Party ......•........ 82 Laissez-faire 56-61, 68 Laws, economic ....•.•..•... 56 Legal tender 18 Lester, Professor R. A 144 Lewis, John L. . 49 Liberals, self-styled .49,81-82 Lindblom, Professor C. E 144 Liquidation of debts 109 Liquidity 14-15,66, 107-8, 141-42 fictitious 113 "Listed" prices 51 Lobbies (see pressure groups) Malinvestments 36 Managed money 20-22,77 Margin requirements 96 Martin, Chajrman W.

MGChesney 24-25, 120 Marx, Karl (Marxism) 63 Military spending abroad ......•..••.•. 121, 126 Mills, F. C 67-68,70 Minimum prices ...•........ 41 Mobility ............•..•... 91 Monetary discipline 22-23 Monetary expansion 25-26, 185 Monetary velocity 136 Monetization, inflationary .12-17, 35,93,98-99,111-16, 132,139-40 Money active 136, 139 definition of ..•..•.... 135-37 idle 136-37 potential 139-41 "Money shortage" 64 Money supply 8-9, 35, 135-42 Monopolies 50-52,55,58 (see labor) Morgenthau, Secretary of Treasury 119 National income (product) ....•.... 84-5, 88-90 New Deal 95 New York Times ••••........ 66 New Zealand 134 Oligopoly 50-51 Open Market Committee 18 Ope~ Market operations 19-20, 25 Overexpansion (see inflation) Overloaning 27, 88 Over-the-counter market 96 Paper money (see managed money) Patronage 77-78,80 Patronage State 76 Patterson, R. T 70 Peel's Bank Charter Act 135 Perpetual prosperity 60-63 Petro, Professor Sylvester 145 "Philosophy" of inflation .. 56-70 Planning 81,84 Pound, Dean Roscoe 145 Power vs. freedom 64,76-82 Pressure groups (lobbies) 33-35,52,81 Price level ...•..••.30-31,47,70 149 INDEX (continued) stability 61-63 Price mechanism .. .41-42,51,55, 59,77,80-81, 93-94, 117 Price supports 51 Procurement, military 51 Productivity .. 31-32,42-47,66-67 Profit inflation 7-8,49-55 Protectionism ...•.... 51,53,126 Public debt burden of 98-109, 110-12 ceiling over .........•..... 22 economic effects of 100-3 inflation and ...•... 28-29, 100 "roll over" of 105 "wealth creation" by .••.98-99 Radcliffe Report ...•....• ~ . 141 Rationality, economic ....•.. 58 Recessions ..............•... 37 Reserve requirements for banks ........••.•.. 20-22 Reynaud, Paul 2 "Right to work" 33, 42 . Risk-bearing and profits 65 Roepke, Professor Wilhelm 97, 145 Roosevelt, President F. D 98 Rueff, Jacques 83 Samuelson, Professor Paul A., : 72 Savings bonds ........•........... 41 deposits 138 erosion of 5-6, 54-55 institutions .17,88, 106,137-40 Schlesinger, Professor James R 145 Schwartz, George (London) .. 133 Securities and Exchange Commission .. 96, 107 Sherman Act 50 Slichter, Professor S. H 82 Smith, Adam 102 Social se<;urity ...•..... 41,104-5 Spahr, Professor Walter E., and Bell, J. W 145 Speculators .7,66,95-96,130,134 Spirals, wage-price 28-38 "Stabilizers" 41 Stockpiling 51 Strikes (see industrial conflicts) Subsidies ..•.34,41,48-49,51,85 Sweden .....•............... 79 Switzerland ...•............. 79 Tax avoidance (evasion) 7 Tax burden 6-7, 49-50 Teamsters Union 33 Terborgh, George 145 Trade unions ... 32-33,39-41,46, 49-50,52-55,75 Treasury-Federal Reserve cooperation .... 23-25 Unemployment 37 technological .48 Union shop .42 United Automobile Workers 33 Velie, Professor Lester 145 Viner, Professor Jacob 71 Wage claims, justification of .45-47 Wage structure .47 Wages (see labor costs; inflation; productivity) guaranteed Al Wall Street Journal Al War finance 6 Welfare State (welfarism) 76,95, 118 White, Andrew D 145 Work rules (see featherbedding) Wright, Professor David McCord 145 Yamey, B. S.,and Bauer, Peter •••••••••••••144 150