Index

(Prepared by Richard Perry)

Akerman, G., 29, 165

Amonn, Alfred, 167

Austrian School of economics, vii-xvi, xxiv

Bauer, Otto, ix

Böhm-Bawerk, Eugen von, viii, xi, xii, xviin, 1, 3–4, 16n, 165, 167

Business cycle, xix, xxiii

contraction, 137–48

course of, 158–60

crises recurrence, 151–57

expansion, 148–50

intervention, 151–57

problems, 135–36, 151–57

turning points, 137–51

see also Interest

Capital

complimentary parts, 97

concept of, 161–64

constraint of production structure, 53, 60

consumption, 74, 129–33, 141

defined, 6

direct exchange, 109–10

not force of production, 2

form of money assets, 94–109

forms of

fixed, 27, 34–35

free, 27–35, 62

complementary good, 31, 34

consumer good frees capital, 95

specific and restricted form, 30

transfer between entrepreneurs, 63

intermediate products, 27

goods

boom, 127–29

consumer goods used in specific ways, 27

durable, 14–26

immobilization, 120–21, 131

interest, 52–61, 109–20, 124, 126

investment, 15–17, 23, 53

liquid, 27, 63

malinvestment, 121, 124–25, 132–33

money, 2, 94–109

as use of originary means of production, 2

present or future, 53, 67, 110

produced means of production, 2

readjustments, 85

reproductive consumption, 68

Strigl’s theory of, xx-xxiii

supply, 61–65

time bridging, 97

transfer, 63

as veil of money, 20

wages and, 66

see also Investments; Money; Production

Capitalism as “capitalist way, ” 2

Clark, John Bates, 10, 165

Consumption

capital, 74, 129–33, 141

consumer, 99

reproductive, 68

Cost

equivalencies, 52, 63

formation, 79–90

interest, 60

law of, 43–46

Credit, 109–20

contraction, 117–18

creation of, 114–17

devaluation of money, 127

effect of, 120–33, 148–50

ripple, 125

see also Business cycle

Čuhel, Franz, vii, xii

Depression, Great, viii, xix, xxi,

Disequilibrium, 149

Durable goods

See Goods, durable

Durable factors of production

See Production, durable factors of

Englis, Karel, xii

Entrepreneurs

as middlemen, 46–47, 56

calculation and, 47, 78, 87

competition among, 44, 57

discovery process, 46

in a changing economy, 85–90

investment and, 103

labor market and, 44

operation of, 43, 51, 54–62, 110

prices and, 64

profit and loss of, 44–45, 53, 55

technology and, 87

see also Market economy

Eucken, Walter, xii, xv

Evenly rotating economy

economic processes, 27–38, 89–90

supply curves of, 40–43

Expectations

role of, xxii-xxiii

Fisher, Irving, xviin, 165

Funds

derived from consumer goods, 20, 23, 25

renewal, 11–13, 17–26, 29, 34–35, 62

subsistence, 7–13, 18–21, 24, 26, 28, 34, 62

Gallaway, Lowell, xxin

Garrison, Roger, ixn

Genechten, R. van, 165

Goods

complementary, 46, 70–71

consumers’, 99–106

durable, 14–26

money accepted as, 97–100

substitutes, 39

see also Capital, goods

Haberler, Gottfried von, vii, ix, xv, 166

Hahn, Albert, 166

Halm, Georg, 165

Hayek, F.A., vii, viiin, x, xi, xii, xiii, xv, xvin, xviin, xxivn, xxv-xxvi, 167

Hicks, John R., 52n, 166

Historical School, xv

Hoarding, xxii-xxv

Hoppe, Hans-Hermann, viii, xxvii

Horizontal connectivity, 37–90

Hülsmann, Jörg Guido, xviin

Interest

credit expansion and trade cycle, 148–60

determines length of roundabout methods, 59, 110–14

durable goods, 61

investment, 111–20

malinvestment and, 59

rate

equilibrium, 114

height of, 35

natural, 114

present and future, 113

savings and, 65

uniform, 58, 111

wages and, 69–71

reallocate production methods, 60

see also Production

Intermediary products, 4, 14

Intervention of central bank, 151–57

Investments

capital, 109–20

choosing, 53

and consumer goods demand, 100

immobilization, 120–21

loss, 33

marginal product, 73

period, 67–68

reluctance toward, 146–48

uncertainty, 64

see also Capital, goods; Entrepreneurs; Interest, rate; Malinvestments; Production

Jevons, William Stanley, viii, xviiin, 3, 165

Keynes, John Maynard, xvi-xvii, 165

Kirzner, Israel M., viin, xviin

Knight, Frank, 166

Koopmans, J.G., xxivn, 167

Labor

disutility of, 42

marginal, 65

mobility, 42

as originary means of production, 1, 65

quality of, 40

share, 66, 68

theory of, 65

unemployment, 72–75

wage fund as complementary good, 70

wages for, 42, 66–69

produce means of production, 3

pushed back in time, 71

Lachmann, Ludwig, xii, xviin, xxiiin

Lampe, Adolf, 165

Land

diminishing returns, 48–49

as originary means of production, 1

pension fund, 75–76

quality of, 40

Law of returns, 46–52

Liefmann, Robert, xii

Lewin, Peter, ix

Lutz, Friedrich, xii

Machlup, Fritz, vii, ix, x, xii, xv, xxivn, 167

Mahr, Alexander, xii

Malinvestments, 15, 31–32, 59, 62, 121, 124–25, 132–33

see also Credit, creation

Marginal productivity, 46–52, 79–90

Market economy

function of, 109

process, 37

see also Business cycle

Marshall, Alfred, 166

Mayer, Hans, vii, xii, 165

Menger, Carl, xi, xii, xxii, 31

Mises, Ludwig von, vii, ix, xii, xiii, xv, xviin, xviiin, xx, xxi, xxii, xxiiin, xxivn, xxvi-xxvii, 166–67

Money

capital assets as form of, 94–109

cash reserves, 145

change in quantity, effects of, 91–94

devaluation, 127

features of, 91–133

holdings, 92

market, 147–48

non-neutrality of, 91–94, 118–20, 140

prices, 91–94

relation with property, 93–94

representative of goods, 97–100

ripple effect (new), 93–94

supply of, 92–93

see also Credit

Morgenstern, Oskar, vii, viiin, x, xv, 166–67

Nazis (National Socialist German Workers’ Party), xv-xvi

Neurath, Otto, ix

Originary factors of production, 6

capital as produced from, 2

Policy limitations, 89–90

Prices

changeability of, 63, 91–94

competitive, 38

equilibrium, 39

formation of, 38–39

horizontal connectivity of, 37–90

level of, 91–94, 101

market and, 37–38

original factors of production, 65–76

production and, 91–94

relationships, 77–78, 91–94

role in Strigl’s theory, xx-xxi

substitution, 76

sum of individual demands, 92

system, 91–94

vertical connectivity of, 37–90

Production

adjustments, 35

Böhm-Bawerk’s views, 1, 4

capital employment as process of, 95–96

capital as produced means of, 2

coordination of, 52–61

credit expansion

See Credit, creation

disruption of, 11, 25, 29, 33, 35

durable factors of, 14–26, 61

efficiencies, 1

factors

substitution, 40

supply of, 39–43

increased, 1, 3

innovation, 1

interest rate allocates, 60, 109–20

interruption by lack of subsistence fund, 7

investment, 15–17, 23

justified, 15

law of returns, 46–52

marginal productivity, 46–52, 79–90

means of, 1–2

momentary, 3, 17, 33

money, 91–133

pricing, general, 39

process, 95–96

roundabout methods of, 2–14

capital constraint, 53, 67, 109

choosing, 3, 7, 16

credit expansion and, 115–17, 120–33

increasing returns, 4–5, 26

correct choice, 4–5, 7, 12, 16, 26, 32, 35, 55, 58, 60, 122–23

interest and, 59, 96, 114

length, 4–14, 71–72

limits, 87–88

reallocate, 30

shorten, 8, 33

structure, 21–22, 26, 85, 92–94, 102–08, 111–14

synchronizing, 10, 14, 22–25

technology, 86–87

see also Capital; Savings; Wealth

Property, 93–94, 109, 114

Redistribution of property, 93–94

Reisman, George, xviiin

Renewal funds

See Funds, renewal

Robbins, Lionel, 166–67

Robertson, D.H., 166

Röpke, Wilhelm, xii,

Roscher, Wilhelm, xxivn, 3, 28n

Rosenstein-Rodan, Paul, vii, xii

Rothbard, Murray N, xiiin, xviin, xxin, xxivn

Salerno, Joseph T., xi

Savings

growth, 61, 65

investments, 98, 100

Sax, Emil, xii

Say’s Law, xix

Scarcity, 1

Schams, Ewald, xii

Schlesinger, Karl, xii

Schönfeld-Illy, Leon, vii, xii

Schumpeter, Joseph, ix, xii, xiii, 165

Sechrest, Larry, xxvi

Selgin, George, xxviin

Skousen, Mark, viii, xviin

Smith, Barry, vii

Spann, Othmar, x-xi

Static economy

See Evenly rotating economy

Steindl, Joseph, ix, xvi

Strigl, Richard Ritter von

biography and influences, vii-xvi

method of, xx-xxii

theory of capital, xvii-xix

Subsistence fund

See Funds, subsistence

Taussig, Frank W., 165

Thünen, Heinrich von, 66n

Time, sacrifice of permits greater output, 4–6

Unemployment, 72–75

Vedder, Richard, xxin

Vertical connectivity, 37–91

Wages

capital and, 66

entrepreneur and, 44–45

equilibrium, 45

fund, 68–69, 72

increasing production and, 72

rates, market effect of, 69–70

subsistence and, 68

specific time period and, 69

Walras, Leon, xii

Wealth

changes in, 109

of economy, 16

see also Money; Savings

Weiss, Franz, xii

Wicksell, Knut, xii, xviin, 57n, 165–67

Wicksteed, Philip, 52n

Wieser, Friedrich von, xi, xiii, xxivn, 30