Chapter 51 of 51 · Economic Controversies by Murray N. Rothbard
Index
air pollution
actionable, 404
class action rules, 416
discipline, normative law, 367
invasive interference, 399
Katz, Milton, 389
law and regulation, 404–05
plaintiffs, joinder of, 414
prosecution principles, 412
Aldridge, John W., 613
Alison, Archibald, 648
Antonino, Sant’, 150
Aquinas, Thomas
division and exchange of labor, 149
marginalists, 159
mercantile gain, 150
Aristotle
action axiom, 108
Aristotle-Mises rationalist, 196
errors of, 19
ethics, rational, 312
Grice-Hutchinson, Marjorie, 141
happiness, 617
Harwood, E.C., cynic, 18
hermeneutics, 120
human reason
Misesian and Hayekian paradigms, 191
individual advancement, 614
intellectual permissiveness, 128
Kauder, Emil, 159
Kautsky, Karl, 611
Marxist promise, 611
proto-Austrian Scholastic economics, 159
rational ethics, 312
underlying essences, belief in, 158
why we read the classical philosophers, 228, 230
Armstrong, Wallace E., 298, 305
Austrian School
Aristotelian philosophy, 157
Bresciani-Turroni, Costantino, 701
Brzozowski, Stanislaw, 810
Bukharin, Nikolai, 811
business cycle theory, 777
capital assets, structure of, 450
Cuhel, Franz, 806
Czech Austrian School, 806
dismissed as unsound, 49
eclipse of, 230
“Economics and Knowledge” (Hayek), 193n42
empiricism, 159
Friedmanites, 898
general value theory, 143
Hilferding, Rudolf, 809
historiography, 139
hyperinflation, German, 701
language barrier, 231
neo-Austrian School, 231
praxeological method, 48, 59, 921
prehistory of, 159
psychological school, 73
Samuelson, Paul, 916
Whig thought habits, 165
Yeager, Leland B., 49
Averitt, Robert T., 672, 675, 681
axiomatic-deductive method, 17, 18, 62
Azpilcueta, Navarro, Martin de, 143, 144, 148, 153
Babbitt, Irving, 615
Baker, James, 534
Baldwin, John W., 148
Bañez, Domingo de, 145
Barnes, Jonathan, 120–23
Bastiat, Frédéric, 204, 324, 489n70
Bauer, Peter T., 38n6, 602n2, 620, 620n37, 918, 923
Baumol, William J., 306, 327–31, 482
Becker, Gary, xii
Bentham, Jeremy, 108, 119, 313, 564, 806
Bergson, Abram
Bergsonian irrationalism, 166n7
demonstrated preference, denied, 319
Lange-Taylor, 832
social welfare function, 317
socialist calculation, 831
Berkeley, George, 646
Bernardino, San
entrepreneur, 150
just price, 152
market price, 147
merchants, kinds of, 151
qualities of successful businessmen, 151
Biddle, Nicholas, 718–19
Billias, George Athan, 718
Black Panthers, 614
Blackwell, John, 653
Blaug, Mark, 161
Block, Walter, 205
Boas, Franz, 672
Bodin, Jean, 143
Bogey of Economic Maturity, The (Terborgh), 274
Böhm-Bawerk, Eugen von
Austrian School, 806
causality and teleology, 50
consumer, 159
economic laws, nature of, 158
Hilferding, Rudolf, 809
Neoclassical School, 48
theory of interest, time-preference, 156
Bosanquet, J.W., 876
Bove v. Donner-Hanna Coke Co., 395
Bradley, Joseph P., 885
Bresciani-Turroni, Costantino, 701
broken window fallacy, 203–04
Bronfenbrenner, Martin, 332
Brown, Norman O., 617
Brzozowski, Stanislaw, 810
Buchanan, James M.
defense, collective, 470
fiscal system, 464–65
price stabilization, 765
public-choice, 482n53
socialist calculation, 822, 927–31
State as a voluntary institution, 332
unanimity principle, 88, 245, 484–85, 500, 927–31
Cairnes, John E.
deduced economic laws, 47
economic theory, validity of, 26
knowledge of ultimate causes, 46, 46n15, 47, 67
mathematical method, opposition to, 47
methodology, 45
praxeologist, wavering, 104
Cajetan, Thomas, 122, 147, 150
Calculus of Consent, The (Buchanan and Tullock), 927
collective decisionmaking, 930
epistemological flaws, 931
Locke, John, 927
methodological individualism, 927
new welfare economists, 930
Pareto, Vilfredo, 930
Rousseau, Jean-Jacques, 927
social contract theory of government, 927
Tullock, Gordon, 927
unanimity, 927
value-free political theory, 931
Calhoun, John C., 484, 491, 493, 521, 530
Capital and Its Structure (Lachmann), 135
capital goods
bank money, expansion of, 236
boom-bust cycle, 797
business cycle, 792–93
depression and price, 798–99
double counting, 523
factors of production, 50
financial returns to owners, x
future goods, 265
inflationary credit expansion, 796
interest rate decline, 794–95
land, labor, and time, 264, 581, 583, 594
monetary overinvestment theory, 795
monopoly, 824
original factors, 264
owner income, 451
price controls, 799
prices and production, market proportions of, 795
privatization, 444
product, discounted marginal value, 278–79
property rights, 442
scarcity, 420
socialist cost estimation, 841
socialist planning, 819, 824, 834–35, 841, 843–44
stock market, 837
structure of production, 452
time dismissed, 266
underinvestment, 917
waystation to consumption, 523
capitalism
Affluent Society, The (Galbraith), 664
Averitt, Robert T., 672, 675, 681
bipartisan civil service, 662
Boas, Franz, 672
church and state, separation of, 659
commonwealthmen, 659
Comte, Charles, 667
consciousness I, II and III, 667–69
Dunoyer, Charles, 667
establishment, 662
expropriation, 671
feudal land monopoly, 658
free-market
economy, 660
exchange, 671
libertarian, 664
society, 657
Galbraith, John Kenneth, 664–65
Garrison, William Lloyd, 669
Gasset, Ortega y, 661
Goldwater, Barry, 679
government sectors list, 663–64
guild restrictions, 659
Hamilton, Alexander, 672
Hayek, Friedrich August von, 678
individualist ideology, 660
Industrial Revolution, 659
intellectual apologia, 656
intellectuals, role of, 666
Jefferson, Thomas, 672
Johnson, Lyndon, 666
Kirk, Russell, 676
Kolko, Gabriel, 668
labor unions, 662
Lange, Oskar, 678
Lenin, Vladimir, 678
Levellers, 659
liberal-mercantilist order, 666
Locke, John, 659
Mason, George, 672
materialism, 660
Mencken, H.L., 674
military-industrial complex, 663
Mises, Ludwig von, 678
New Deal, consequences of, 666
nihilism, 667
Nixon, Richard, 665
Nock, Albert Jay, 677
Price and Priestly, 662
radical chic, 667
Reagan, Ronald, 679
Reich, Charles, 667–68
Roosevelt, Franklin, 666
Schumpeter, Joseph, 674
spoiled child psychology, 661
state capitalism, 655, 663, 680
State, The (Oppenheimer), 675
statism, dominant principle, 658
taxation, 656
Tory statism, 662
war communism, 678
Carey, Henry C., 884
Carmichael, Gershom, 154
Carson, Rachel, 226
Charles I, King of England, 650
Chase, Salmon P., 883–84
Checkland, Sydney, 861–65
Chicago School
Clarkian view, 839
Fisher-Friedman, 906
Friedman-Stigler, 134
Friedman, Milton, 741
Friedmanism, 895
Knight, Frank, 839
monopoly and competition, 897
Morrell, Daniel J., 722
Positive Program for Laissez Faire, A (Simons), 896
property rights, value free, 369
Simons, Henry C., 892
tax system, 521
Wertfreiheit, 372
City of San Jose v. Superior Court, 416
Clews, Henry, 722
Coase, Ronald, 348, 471, 824–25
Coase-Demsetz
property rights, 246, 349, 918
resource allocation, 247
social transaction costs, 371, 371n6
value-free, 372
Colbert, Jean-Baptiste, 518
collective good
airspace, 472
Coase, Ronald, 471
coercion, 481
demonstrated preference, 476
free riders, 475
government neutrality, 477
judicial protection, 467
patents and copyrights, 473
public goods, 464–65
collectivism
Blum and Kalven, 559
individualism, 23
methodological, fallacy of, 322n59
policy controls, 94
Collor de Mello, Fernando Affonso, 435
Columbia Law Review, 397
compensation principle
anarchy, 90–91
social utility, 315
social welfare function, 317
unanimity principle, variant of, 89
value-free calculation, 245–46, 315–16
Comte, Charles, 667
Condillac, Etienne Bonnot de, 154, 155, 156, 202
consequences, unintended
Austrian paradigm, 170
Salerno, Joseph T., 202
constants, 13, 37, 75, 76, 77, 132
Constitution of Liberty, The (Hayek), 220
coordination of plans, 169, 170, 184, 185
Copleston, Frederick, 109, 109n9
Covarrubias, Diego de, y Leiva, 142, 153–54
Croce, Benedetto
Croce-Pareto debate, 298n16
empiricist postion, 52–53
Croker, John, 648
Crusoe, Robinson
Buchanan, James M., 822
fundamental axiom and postulates, 106
Kauder, Emil, 159
Lange, Oskar, 808–09
Mises, Ludwig von, 829
praxeological theory and history, 62, 78
praxeology, categories of, 117
science and values, 83
Cuomo, Mario, 510
Davanzati, Bernardo, 155
Davis, Andrew M., 718
demonstrated preference
choice, 290
compensation principle, 91, 316
consistency-constancy fallacy, 319
fallacy of indifference, 304
free market, 319
Lange, Oskar, 303
methodological objections, 290
Neumann-Morgenstern theory, 307
operational meaning, 293
Pareto, Vilfredo, 297
physical basis, direct, 310
praxeological concept, 90
preference, existence of, 297
revealed preference, 298
social utility, 92
state actions, 322
tautologous, 297
value scales, 320
welfare theory, 289
Demsetz, Harold
property rights, 248, 348, 369
social transaction costs, 372
determinism
historical, 372
man as servomechanism, 10
Marxism, 809
philosophical, 924
self-contradictory, 5
social determinism, 9
specific existence, 5
ultimate sovereign, 9
Diamond v. General Motors, 417
Doernberg, Richard L., 512
Downing, Paul B., 405
Dudley, Joseph, 653
Due, John F., 87–88,
Dunoyer, Charles, 667
Economics (Samuelson), 913–18
bloated text, 914
Coase-Demsetz analysis, 918
free-market economists, 916
GNP, validity of, 915
income differentials myth, 918
regression diagram and Hitler, 917
sex discrimination, 916
sympathy for the reader, 913
Economics in One Lesson (Hazlitt), 203
Edgeworth-Pigou, 313, 556, 566
Elizabeth I, Queen of England, 649–50
Engels, Friedrich, 608, 610, 611
Ensign v. Walls, 395
Epstein, Richard
conceptual realism, 392
liability doctrine, 259, 389, 391
tort law, 410
tort liability, 380, 387, 387n39, 388n40, 416n102
equilibrium
Böhm-Bawerkian, 265
business cycle, 272
common error, 332
conditions of, 51
entrepreneur, 270, 285, 287, 453n6
general equilibrium
changeless certainty, 451
entrepreneurship, 453n6
Hansen, Alvin H., 275
Hayek-Kirzner entrepreneur, 178
Human Action (Mises), 697
Mises, Ludwig von, 490n72
neoclassical economic theory, 132
Never-Never Land, 178, 270, 452
objective social costs, 257
Pareto-Barone equations, 842
perfect knowledge and certainty, 287
Samuelson, Paul, 696
socialist impossibility, 853
Theory of Economic Development (Schumpeter), 286
Theory of Money and Credit, The (Mises), 844
Walras, Léon, 303
Walrasian Box, 261
Walrasian devotion, 838
Walrasian general equilibrium 262n2, 268, 286, 697, 816, 832, 835
Walrasian system, 343
Walrasian, Schumpeter, 262, 262n2
general paradigm, 261
Hahn, Frank.H., 698
Hansen, Alvin H., 275
Hayek-Kirzner, 191
Hayek, Friedrich August von, 821
Hayekians concept, 184
heuristic principles, 105n4
Human Action (Mises), 697
innovation-inflation-depression cycle, 273
interest income, 265
labor market, 640
Lachmannians, 180
Lange model, 832
magnitudes of, 303
market, equilibrating, 286
Marshallian supply-curve analysis, 529
mathematical, 262
metaphor, 13
micro, 838
Mises, Ludwig von, 490n72
never-never land, 452n4
price, 172n14
profits and interest, evanescent, 271
purchasing power parity theory, 692
Robbins, Lionel, 267
Schumpeter, Joseph A., 262, 262n2
stationary equilibrium, collapse of, 267n8, 271
subjectivist Austrian critique, 822
Theory of Economic Development (Schumpeter), 286
Time, Uncertainty, and Disequilibrium (Rizzo), 257
wealth and income shifts, 688
Escobar, Antonio de, 153
Espinas, Alfred, 804
Essays in European Economic Thought (Sommer), 26
exchange rates
Cassel, Gustav, 692
Chicago School, 741
disequilibrium, balance-of-payments, 751
dollar, definition of, 745
fixed exchange rates, 747, 750
fixity of definition, 743
fixity of units, 743
fluctuating exchange rate, 742, 749–50, 909
free market money, 743
Friedman, Milton, 741
gold standard, criticism of, 744
gold, Friedmanite position, 744
Gresham’s law, 763
Heilperin, Michael, 750–51
laissez-faire, 711
market, idea of, 744
monetarism, 883
monetary crises, 742
monetary denationalizing process, 439
Mundell, Robert A., 749
oecumene, 214
parallel standards, 213
purchasing-power parity theory, 144, 691
regional currency areas, 749
Smithsonian Agreement, 741
two-tier gold market, 752
Federal Reserve System
acceptance paper, 723
Bretton Woods, 771
central banking function, 784
fiat dollar, 887
Fisher, Irving, 905
Friedman, Milton, 908
inflate at will, 787
Johannsen, Oscar B., 716
libertarian prescription, 800
myths, 715
price and money supply, manipulate of, 682
value and ethical judgement, 21, 318
Warburg, Paul M., 724
Ferguson, Adam
Carlyle, Alexander, 200
Catholic Jacobite Rising, 200
Hayek, Friedrich August von, 199
Hegel, G.W.F., 200
Whig theory of history, 200
Fetter, Frank A., 290, 593, 647
Fetter, Frank W., 647, 864, 870, 873
Feyerabend, Paul, 126
fiat paper.See money-fiat money
Fielding, Henry, 646
Fisher, Irving
business cycle, 903–04
circular reasoning, 294
commodity dollar, 761
consumption tax, 518, 520, 523–27
demonstrated preference, 290
Federal Reserve System, 905
fiat money, 881
Friedman, Milton, 906
progressive spendings tax, 557
Purchasing Power of Money, The, 706, 729
forecasting
econometric, errors of, 133, 922
empirical testing, 132
entrepreneurs
consumer demand, 452
guided by, 450
Kirznerian man, 178–79
Lachmannian man, 179
Friedman, Milton, 132
Jewkes, John, 39
key element, 838
Lowe, Adolph, 924
scientific prediction, 38n6
subjective estimates, 258
success rate of, 37–38
supply and demand, 148
verger anecdote, 282
Frankfurt, Harry, 130n14
free banking
Bailey, Samuel, 877
Bankers’ Magazine, 878
Banking School, 866–67, 870, 874, 877n28
Banks and Politics in America (Hammond), 885
banks unregulated, 705
Barrett, Don C., 885
bimetallism, 883
Birmingham School, 873
Bosanquet, J.W., 876
Bradley, Joseph P., 885
Bullion Report, 873
Carey, Henry C., 884
central banking disillusionment, 879
Chase, Salmon P., 883
clearing systems, 886
Cooke, Jay, 884
Currency Principle, 879
Currency School, 866, 869, 870, 874
demand liabilities, 879, 882n5
Development of British Monetary Orthodoxy (Fetter), 870
Einaudi, Luigi, 889
English subjectivists, 881
ex-Misesians, 881
FDIC, abolition of, 772
Federal Reserve System, abolishment, 891
Fetter, Frank W., 864, 870, 873
fractional reserve banking, 212
Free Banking in Britain (White), 859, 865–66
free v central banking, 866
free-banking advocates, 872
Friedman, Milton, 883
Fullarton, John, 876
fundamental reform, 771
Gilbart, James William, 874, 875, 876, 877n28, 878
gold standard, 771
gold standard, devotion to, 876
Greenback Era, The (Unger), 885
Greenbacks and the Resumption of Specie Payments (Barrett), 885
Greenfield and Yeager, constructivist plan, 887
Gresham’s Law, 883
Hammond, Bray, 885
History and Principles of Banking, The (Gilbart), 875
History of the Public Revenues of the British (Perceval), 873
Hume, David, 875
Humean-Ricardian devotion, 875
inflationary bank credit, 876n26
Manchester School, 869
McCulloch, J. Huston, 886
metallic currency, Humean-Ricardian devotion to, 875
modern Misesians, 881
Money, Class and Party (Sharkey), 885
neo-Friedmanites, 881
note redemption, 864n12
O’Leary, Paul M., 885
Observations on the Report of the Bullion Committee (Sinclair), 873
On the Regulation of Currencies (Fullarton), 876
optimal currency area, 862n6
Oresme, Nicole, 883
parallel standards theory, 890n12
Parnell, Henry Brooke, 872n23
Peel, Robert, 875
Perceval, Spencer, 873
Positive Program for Laissez Faire, A (Simons), 896
Principles of Political Economy (Scrope), 874
Quarterly Journal of Economics, 885
Rationale of Central Banking, The (Smith), 866
regression theorem, 890
reserve requirements, 704
Ricardo, David, 879
Robbins, John W., 885
Scottish banking, 861
Scottish free banking, myth of, 859
Scrope, George Poulett, 872–74
Sharkey, Robert P., 885
Simons, Henry C., 896
Sinclair, John, 872–73
Smith, Vera C., 866
snare and delusion, 865
Sovereignty and an Empty Purse (Hammond), 885
specie payment suspension, 862
specie, concerns for, 862
Strong, William, 885
thesis influence, free banking, 860
Timberlake-Greenfield-Yeager scheme, 890
Timberlake, Richard, 882–92
Tooke, Thomas, 880
traditionalists, 881
Trotter, Archibald, 864
Unger, Irwin, 885
Weinstein, Allen, 885
White, L.H. See White, Lawrence H.
White’s syllogism, 860
Wilson, James, 877n28
Free Banking in Britain (White), 859
free market
1970s, resurgence of, 163
Baumol’s thesis, 328
Becker, Gary, xii
Bergson, Abram, 831
black market, 437
Boulding, Kenneth E., 354
capital goods, x
capitalism, future of, 671, 678, 680
central planning, 825
Chicago School, 243, 744, 896–98
collective services, 466, 474n40
credit expansion, 796
defense protection-insurance, 467
Demsetz, Harold, 348–49
depression, 795
desocialize, 433
distribution, problem of, 321
dollar, weight or definition of, 768
economic calculation, Mises, 823
economics of intervention, 235
equality of income, 97–98
ethical principles, 100
exchange economy, 199
exchange rates, 213
external diseconomy, 330n74
Fisher, Irving, 904–05
free banking, 879
free-market capitalism, 655
Friedman, Milton, 742, 895–99, 910
government counterfeiting, 439, 783
government interference, 216, 581
Gray, Alexander, 180n25
Hayekian Man, 177
Henry of Langenstein, 141
Human Action (Mises), xiii, 233, 239
hyperinflation, 435
India, 655
Industrial Revolution, 660, 676
intervention, logic of, 235
Keynesian paradigm, collapse of, 775
Kolko, Gabriel, 668
laissez-faire, 101, 237, 672–73
land reform, 365
libertarian, 664
Lowe, Adolph, 920
marginal productivity, 628
marginal utility, 560
Marxism, retreat from, 801, 856
Lange, Oskar, 813
Mill, John Stuart, 360
Mises, Ludwig von, xiii, 95, 194, 233, 251
Molinari, Gustave de, 474n41
monetarist approach, 906
monetary metal, 214–17, 742–45, 752–53, 765–66
money, 709–11
central commodity, 908
private gain, 714
money, fiat, 711
natural to man, 657
neutral tax myth, 449, 490, 490n72, 494, 501
New Economic Policy of Lenin, 679
Nock, Albert Jay, 677
oecumene, 192, 201, 214, 216, 217
Oppenheimer, Franz, 675
Paul, Ron, 514
pecuniary external economies, 331
Positive Program for Laissez Faire, A (Simons), 896
Postal Service, 758
praxeological conclusion, 92
price, 83
price controls, 741
Friedmanite view, 742–44
private property, 209, 348–51, 359, 373, 434, 580
privatizing government operations
collective good, 475
desocialization, 440
equal tax, 513
Greenfield and Yeager, 890n14
privatize or abolish, 889
Rothbard Plan, 445
State dissolution, 669
productivity, 420
protection-insurance, 467
regression theorem, 207, 759, 890
Reich, Charles, 667
Ricardian distribution, 180n25
Rothbard, Murray, x
Samuelson, Paul, 916
schools, 665
Scitovsky, Tibor, 331
service, equality of, 498
Simons, Henry C., 869
slavery, 352
Smith, Adam, 605
social utility, 333
socialism, irrationality of, 825
socialist planning, 845
Soviet, privatization, 437n2, 440
Spanish Scholastics, 141
State intervention, 201, 333, 419
State, The (Oppenheimer), 675
statistics, no need of, 337, 338n3, 427
stock market, 837
amount vs. the form, 529
consumption, 517
equal price and service, 560
Fisher analysis, 524
marginal utility, 560
savings, 521–22
Say, Jean-Baptiste, 530
subsidies, 508
supply-siders, 530
uniform, 511
theorem of maximum social utility, 325–26
unanimity rule and demonstrated preference, 323
VAT (value added tax), 591
Vaughn, Karen I., 220
Viet Nam, 681
voluntary exchange, 90, 244, 320, 672
unanimity of benefit, 320
wages, 635
War Communism, system of, 679
Wealth of Nations, The (Smith), 196
welfare economics, 319
free rider
all-voluntarilyforcing- themselves, 482n53
collective wants, 330
Goldin, Kenneth D., 469
Man vs. the State (Spencer), 479n48
neighborhood effects, 247
public-choice, 482n53
Spencer reductio, 478
taxation of, 475–79
transaction costs, 480
Tullock, Gordon, 475n44
free will
cause, as, 13
consciousness, proof of, 10
determinism, 5–9
fundamental axiom, 10
human actions governed by, 18
human possession alone, 3
Lowe, Adolph, 924
man’s volition, 4n2
prediction, impossibility of, 41
quantitative constants, precludes, 13, 17
Russell, Bertrand, 10
self evident, 10
validity of, 4
valuations, individual, 17
Friedman, Milton
assumptions, 104
Austrian economics, 897
business cycle, 903
charity, 902n10
Chicago School, 896
chicagoite egalitarianism, 898–99
commodity money, libertarian solution, 909
currency exchange rates, 741
education, 910
egalitarian, 899
Establishment’s Court Libertarian, 895
Fisher-Friedman, 906
Fisher, Irving, 904–05
free banking, 881
freedom is slavery, 908
Friedman impact, 911
Friedman plan, 903
Friedman-Stigler, Chicago School, 134
Friedman-Stigler, pamphlet, 899
Friedman’s crucial errors, 909
gold standard, 907–08
Human Action (Mises), 910
impact of, 911
libertarian failure, 912
logical positivism, doctrine of, 132, 161
Methodology of Positive Economics, The, 131
Mints-Friedman-Simons, 558
Mises, Ludwig von, 898
monetarist approach, 906
monetary and fiscal policy, 907
Monetary History of the United States, A, 906
monetary theory, Chicagoite, 904
money, 906
monopoly and competition, 897
negative income tax, 500
neighborhood effects argument, 910
positivist extreme, 45n13
price stabilization, 907
progressive income taxation, 558
rent controls, 899
Roosevelt, Franklin, 909
Simons, Henry C., 896
Simonsian collectivist laissez faire, 897
Strong, Benjamin, 905–06
TANSTAAFL, 541
tax withholding, 516
taxation and money, 910
Telser, Lester, 897
Theobald, Robert, 900
Theory of Money and Credit, The (Mises), 898
welfare rights, 903
welfare supply function, 900
welfare, libertarian approach, 902
withholding tax, 899
Fromm, Erich, 617
Fuchs, Victor, 916
Fullarton, John, 876
fundamental axiom
a priori, 68
axiom of action, 106
concrete law deduced from, 20
human action, existence of, 107
individual consciousness, 17
individual liberty, 659
nature of, 65
praxeology rests upon, 60
psychic profit, maximizing, 107
utility maximized, 109
Gadamer, Hans-Georg
collectivism, 124
hermeneutics, 120–22, 127, 183n29
Lavoie, Don, 135
Galbraith, John Kenneth
Affluent Society, The, 72, 425, 664
coercion, 426
government, fiscal impact of, 422
Hayek critique, 73
military-industrial complex, 665
overnment services, 425
public v private sector, 423
rathole, 424
Galiani, Ferdinando, 154, 155, 156
García, Francisco, 143, 145, 151
General Theory (Keynes), 131
Genovesi, Antonio, 154
Georgists.See taxation-single tax
German Historical School, 125, 339, 340n7, 341n10
Ghent, Henry of, 141
Gilbart, James William, 874, 875, 876, 877n28, 878
Gilbert, J.C., 695
gold.See money-commodity based currency
Goldin, Kenneth, 467–69, 472n35, 474
Goldwater, Barry, 679
Goodyear, Stephen, 651
Gorbachev, Mikhail Sergeyevich, 435
Gordon, David
fractional reserve banking, 211
Hayek, F.A. 192, 202
Misesian paradigm, 169
Philosophical Origins of Austrian Economics, The, 161
regression theorem, 190n38
Graham, Benjamin, 761
Gray, Alexander, 180n25, 608, 609n10, 611, 828
Great Depression
business cycle theory, 232
Federal Reserve System, price manipulation, 682, 771
government intervention, 681
Great Depression, The (Robbins), 849
Hansen, Alvin H., explanation of, 273
Keynesian Revolution, 777
Mises prediction of, 231
socialism and interventionism, 8
Green, Arnold W., 56
Gresham’s Law, 115, 213, 763, 764n12, 883
Grice-Hutchinson, Marjorie
Kauder, Emil, 155
Roover, Raymond de, 145
School of Salamanca, The, 141
subjective-value-and-utility view, 141
Gross National Product, 37, 254, 255, 338, 427
Grotius, Hugo, 153
Gurwitsch, Aron, 925–26
Haavelmo, Trygve, 320n57, 329, 329n72
Haberler, Gottfried, 205
Hahn, F.H., 698
Halm, Georg, 840–41
Hamilton, Robert, 486
Hamowy, Ronald, 220
Haney, Lewis, 139
Hansen, Alvin H.
equilibrium, 275
Keynes-Hansen mature-economy, 558
Keynesian leaders, 777
private investment, 274–75
secular stagnation, 273
Walrasian Box, 261
Harwood, E.C., 18
Havenstein, Rudolf, 702
Hayek, Friedrich August von (F.A.)
assumptions and premises, falsity of, 132
Austria and Lausanne, contrasts between, 50
Austrian revival, 163
Chicago School libertarian, 916
Collectivist Economic Planning, 849
commodity dollar, 762
consequences, unintended, 199
constructivism, 212
denationalization of money, 757
deviousness, 193n42
economic calculation, 815, 831
fallacies of, 845
Ferguson influence, 200
formulations, unfortunate, 848
Hayek I, 177, 195n44, 205, 206, 206n63
Hayek-Kirzner entrepreneur, 178, 847
Walrasian automaton, 847
Hayek-Robbins practicality problem, 832
Hayekian Man, 177–78
Hayekian/Lachmannian viewpoint, 217
human action-not-human design, 199
human blindness and irrationality, 195, 195n44
human reason, denigration of, 192
individual act, meaning of, 55
intellectual trickle-down, 195n44
knowledge, problem of, 187
Lachmann, Ludwig M., 135
Lachmannian Man, 179
Lange-Lerner, critique of, 821
Lange-Taylor trial and-error method, 832
market as discovery procedure, 847
Mises-Hayek business-cycle theory, 131, 163
Mises, harsh disagreement with, 193, 193n42, 194
Misesian message, distortion of, 187
monetary malinvestment, 812
monetary overinvestment, 704
Monetary policy, 212
“Non Sequitur of the ‘Dependence Effect, The,” 73
paradigm of, 169
personality inadequacies, 219–20
praxeological axioms, 67
Schumpeter, critique of, 817, 832
socialist calculation problem, 190, 815, 845
formulations, unfortunate, 848
knowledge, lack of, 845
theoretical solution, 830
subjectively determined actions, 55
Utopian, hopelessly, 760
Vaughn, Karen I., 217–3
Walrasian general equilibrium, 816
Hayek-Kirzner, 178, 179, 188, 191, 847
Hayek-Kirznerian man, 179
Hazlitt, Henry, 203–05, 769, 770n14
Heath, Spencer, 474
Hébert, Robert, 204, 281–83, 286
Hegel, Georg Wilhelm Friedrich, 123, 200
Heidegger, Martin, 120, 122, 124, 125, 135–36, 183n29
Heilbroner, Robert, xv
Heilperin, Michael, 704, 750–51, 770
Heisenberg uncertainty principle, 32
Herder, Johann Christian, 202
Herlihy, David, 148
hermeneutics
collectivism, 124
critics of, 129
deconstructionism, 120
dictionary definition, 120
economic imperialism, intellectual, 119
Gadamer, Hans-Georg, 120
Gordon, David, 121
Hegel, G.W.F., 123
Heidegger, Martin, 120
hermeneutical economist, 130, 134
incomprehensibility, 121
Lavoie, Don, 135
Marxism, 125
McCloskey, Donald, 134
Mencken, H.L., 123
Popper, Karl, 123
Schleiermacher, Friedrich, 123
Society for Interpretive Economics, 135
Veblen, Thorstein, 123
Hicks, John R.
business cycle, 777
compensation principle, 315
continuity assumption, 300n21
fallacy of indifference, 304–05
Hicks and Allen, 299, 333, 806
indifference curve, 333
inflation, 777–78
Kaldor-Hicks, 315
marginal utility, 299
measurable utility, 300n21
taxation, 464
High, Jack, 126
Hilferding, Rudolf, 809
Holman v. Athens Empire Laundry Co., 404
Holmberg, Allan, 621
Holmes, Oliver Wendell, Jr., 391–92
homestead principle, 352, 362–66, 442
homesteading
ad coelum rule, 402
desocialized property, 442–59
just property, 392–93
libertarian theory, 418
property rights titles, 373
property, 362
size of area, 401
Human Action (Mises)
calculation question, 847
entrepreneur, 285
Kirzner, Israel, embrace of, 190
Lange-Lerner, refutation of, 818, 834
mathematical method, sterility of, 816
Mises summation, 239
praxeology, 808
regression theorem, 695
Salerno, Joseph T., view of, 190
socialist calculation, 854
speculation, play at, 837, 840n17
Vaughn, Karen I., dismissal of, 190
Walrasian general equilibrium, 697
human history
causal laws, 26
cause resultant, 105
collective good, 475
free market, 475
heterogeneous, 74–75
praxeologist view, 75
Procrustean distortion, 39
social rationalism, 202
statist intervention, 100
Whig theory of history, 200
Hume, David, 194, 772, 875, 881
Hutchison, Terence W.
American Austrians, 176n21
apriorism, 103
economic action, rational, 108
empirical testing, 105
free exchange, 324
profit maximization, 107
Hutt, William H., 169, 185, 186
indifference
defenses of, 306
fallacy of, 304–05
Hicks-Allen curve analysis, 333
taxes, 515–16
tort, 371
utility theory, 299
von Neumann-Morgenstern theory, 307
individualism
collectivism, 23
inflation
acceptance paper, 723
Austrian business cycle theory, 777, 792
Austrian prescription, 799
bank credit, 789
bank war, Andrew Jackson, 2nd Bank of the United States, 718
Beard-Beale Reconstruction concept, 721
Biddle, Nicholas, 718–19
Billias, George Athan, 718
boom-bust cycle, 797
case studies, 717
Colwell, Stephen, 719–22
commodity money, 781
Cooke, Jay, 722
Davis, Andrew M., 718
error cluster, 797
Federal Reserve Notes, 787
General Theory of Employment, Interest, and Money (Keynes), 775, 777
Hansen, Alvin, 777
Hayek, Friedrich A., 777
Hicks, John R., 777
inflationary boom distortion, 795
inflationary credit expansion, 796
Jackson, Andrew, 718
Kaldor, Nicholas, 777
Kelley, William D. (“Pig Iron”), 721
Keynesian Revolution, 777
Keynesian underspending, 775
laissez-faire denounced, 720
Lerner, Abba P., 777
Marx, Karl, 790
Massachusetts Land Bank of 1740, 717
Mises, Ludwig von, 777
monetary history, 787
money supply, 780
bank demand deposits, 784
central bank, 784
checkbook money, 784
Federal Reserve Notes, 787
organized increases, 783
rate of inflation, 784
recession, classic, 798
recession, simultaneous, 776
Ricardo, David, 790
Robbins, Lionel, 777
stagflation, 776, 777, 788, 793, 797
Stevens, Thaddeus, 721
Sumner, Charles, 721
Warburg, Paul, 723
Wharton, Joseph, 722
James I, King of England, 650
Jefferson, Thomas
gold reserve, 772
laissez-faire, 672
radical, 669
Jevons-Walras mathematical method, 158
Jevons, W. Stanley, 26, 157–58, 290
Johannsen, Oscar B., 716
Jouvenel, Bertrand de, 500, 571
just price
Aquinas, Thomas, 147
Baldwin, John W., 148
Covarrubias, Diego de, y Leiva, 142
free bargaining, 149
Herlihy, David, 148
labor and costs, 141
market price, 146
religious grounds, 139
Roman law, 149
Saravía, de la Calle, Luis, 142
Scotus, John Duns, 146
supply and demand, 148
Kaldor-Hicks compensation principle, 315
Kaldor, Nicholas, 777
Katz, Milton, 389
Kauder, Emil
Aristotelian Scholastic roots, 140, 158
entelechy, 159
“Genesis of the Marginal Utility Theory” (Kauder), 156n34
labor theory of value, 157
philosophia perennis, 50
revisionist viewpoint, 155
Kautsky, Karl, 611
Kelley, William D. (“Pig Iron”), 721
Kennedy, Charles, 296, 302, 306
Kerlin v. Southern Telephone and Telegraph Co., 393
Keynes, John Maynard
Böhm-Bawerk, Eugen von, 811
business cycle, 790
Chicago School, 907
consumption, economics of, 808
Council of Economic Advisors, 798
inflation, pre-Keynesian policy of, 644
Keynes-Hansen mature-economy, 558
macroeconomics, and other monstrosities, xiv
mathematical symbolism, 62
Menger, Carl, 811
mercantilist theory, 653
monetary malinvestment, 812
private investment, 274
world economic government, 215
Keynesian
broken window fallacy, 204
consumption function, 13
depressions cured, 32
equilibrium, static, 918
Friedmanites and monetarists, 895
General Theory (Keynes), 777
geometry, 131
gold standard, 892
government, absolute control, 898
Hansen, Alvin H., 273
Hicks, John R., 777
inflation and recession, simultaneous, 776
intervention and recessions, 162, 799
Keynesianism fashionable, 777
Lerner, Abba P., 777
liberals, 656
macroeconomic function of government, 775
money supply, 798
multiplier, 656
neoclassical paradigm, dominant, 162
neoclassical synthesis, 133
Nicholas Kaldor paradigm collapse, 775
policies, 681
post-Keynesian, 237
Potter, William, 644
pre-Keynesian, 644
proto-Keynesian, 903
recessions and intervention, 162
Robbins, Lionel, 777
Samuelson’s brand, 915
static equilibrium, 918
underspending, 775
world economic government, 215
Kirk, Russell, 676
Kirzner, Israel, xii, 178, 189, 221, 847
Kluckhohn, Clyde, 621
Knight, Frank
equilibrium, 838
Machlup, Fritz, 926
marginal productivity, 277
Mises, Ludwig von, 285
Rolph, Earl, 277
Samuelson, Paul, 916
Smith, Adam, 603
socialism, 840
time preference, 277
Kolko, Gabriel, 668
Kotarbinski, Tadeusz, 802–05
Kraus, Oskar, 158
Kuhn, Thomas, 131, 165, 225–27, 232, 724
labor, division of
Aldridge, John W., 613
Anti-Dühring (Engels), 610
Babbitt, Irving, 615
Bebel, August, 609
Bebel’s Utopia, 611
Black Panthers, 614
Brown, Norman O., 617
Che Guevara, 607
collectives, 612
commune, 609
communist ideal, 607
contradiction, 608
cooperative, 604
differences, 608
dilettante, 610
diversity
causal connection, 605
equality, Leftist version, 625
feelings, 615
free economy, 627
freedom and economic growth, 605
freedom, effects of, 602
inate human characteristic, 604
individual, 628
individual, hatred of, 614
Marxist differences, 608
mutual reinforcement, 603
egalitarianism, 629
Engels, Friedrich, 608, 610, 611
Envy (Schoeck), 633
equality of condition, 627
equality, ideal of, 626
equality, leftist version, 625
equally free, 626
eradication of, 607
free society, 601
freedom, corollary of, 628
Fromm, Erich, 617
German Ideology, The (Marx), 608
Gray, Alexander, 608, 609n10, 611
Great Transformation, The (Polanyi), 614
Holmberg, Allan, 621
individual choice, 602
individual, uniqueness of, 601
Industrial Revolution, 605
inequality, concept of, 627, 628
intellectual labor v physical labor, 609
intellectual labor, 609n12
“Iron Law of Oligarchy, The” (Michels), 628–30
Kautsky, Karl, 611
Kluckhohn, Clyde, 621
“Law of Equal Liberty” (Spencer), 626
Lenin, Vladimir, 610
Lewis, Oscar, 621
libertarian view, 632
liberty, specific equality of, 627
Malinowski, Branislaw, 619
Mao, Tse-Tung, 607
Marcuse, Herbert, 617
marginal productivity, 628
Marx, Karl, 607
Marxism, 606
Mencken, H.L., 632
Michels, Robert, 628
Mises, Ludwig von, 604, 610, 616
Müller, Adam, 613
natural aristocracy, 632
New Communist Man, 611
New Left Marxist, 607
noble savage, 614
Nock, Albert Jay, 633
participatory democracy, 629
Polanyi, Karl, 614
Reichel-Dolmatoff, 622
Romantic movement, 615
Romanticism and primitivism, critique of, 613–16, 624
Rousseau, Jean-Jacques, 614
Siegel, Bernard, 619
Silberman, Charles, 616
specialization, 603, 612, 612n20, 613
Spencer, Herbert, 626
survival, vital to, 606
Tax, Sol, 621
Technological Society, The (Ellul), 614
totalitarian, 602
Trotsky, Leon, 611
unfairness, 628
Utopian socialists, 610
Watson-Samora, 622
wealth, seizure of, 633
Williams, Roger, 626
Wolf, Eric, 623
Woodstock Nation, 615n28
labor price, unions
employer property, 640
equilibrium, 640
marginal productivity, 639
monopoly, 635
nonunionism, 636
private states, unions as, 640
production, misallocation of, 637
restrictionist wage rates, 637
strike, 638
strikebreaker, 638
supply of labor, restriction of, 637
trade union activity, consequence of, 639
union obstructionism, 639
unionism and unemployment, 636
unionism industrial and craft, 637
unions, 635
wage rate, minimum, 636
Lachmann, Ludwig M.
Hayekian Man, 178
Kirzner, Israel M., 285
Lachmannian man, 174–76, 175n17–18
Lavoie, Don, 183n29
Mises’s cycle theory, 205
verstehende social science, 50
weasel-worded disclaimer, 175n18
Whig thought habits, 165
Lachmannian Man
entrepreneur, 179
ignorance, uncertainty and nihilism, 174, 177, 180
nonsense paradigm, 175, 175n17
laissez-faire
Austrian doctrine, 237
civilization in decline, biginning, 662
Colwell, Stephen, critic, 720
compulsory employment, 647
division of labor, 201
Founding Fathers, Jeffersonian wing, 673
free exchange, analysis of, 324
free will, 8
French optimist school, 323, 324n62
German Historical School, 339, 339n5
government policy, 799
idealogy of, 201
Jefferson, Thomas, advocate of, 672
justice, guilt and innocence, determination of, 385
Lange, Oskar, critic, 812
Manchester School, 869
Mises, proponent of, 92, 96–97
money, government monopoly, 711
natural system of liberty, 667
objective ethics, 101
praxeology and, 97
private property, 351
Quis custodes custodiet, 118
results of, 111
Roover, Raymond de, 147
Smith, Adam, 667
statism, 658
Vaughn, Karen I., critic, 221
welfare economics, 333
White, Lawrence H., 867
Lange-Lerner
calculation dispute, 851
entrepreneurial forecasting, 838
fallacies, 832
Lange-Lerner-Taylor solution, 829, 831
market economy, pseudo, 820
market, 315
planning boards, 316
pricing, 821
thesis vindication, 315
Lange, Oskar
Austrian praxeological view, 806
Bastiat’s exchange of services, 806
Benthamite utilitarianism, 806
Böhm-Bawerk, Eugen von, 809
Brewster, Ben, 813
Brzozowski, Stanislaw, 810
cardinality, assumption of, 303n26
consumption-oriented economics, 811
Crusoe economics, 808–09
Cuhel, Franz, 806
economic principle, 803
economic rationality, principle of, 803, 810
Espinas, Alfred, 804
exchange economy, 808
Hicks and Allen, 806
Hilferding, Rudolf, 809
Hobson, John A., 811
Human Action (Mises), 808
knowledge, sociology of, 811
Kotarbinski, Tadeusz, 802–05
Lange-Bergson orthodox line, 830
Lange-Lerner thesis, 815–16, 818, 820–21, 829
Mises, Ludwig von, rebuttal, 834
Lange-Meek movement, 813
Marxism and praxeology, 802
Meek, Ronald, 812–13
Mises-Hayek, 812
Mises, Ludwig von, protagonist, 801
Misesian praxeology, 812
monetary malinvestment, 812
Pareto-Barone-Lange, 833
Political Economy, 802
praxeology
behavior, principles of, 805
criterion of practice, 805
methodological rationality, 804
Misesian methodology, 805
Misesian praxeology, 812
ordinal preference, 806
praxeological principle, 805
utility, maximization of, 808
private ownership, 801
production, means of, 810
rankings and choice, 303
Robbins, Lionel, 807
Slutsky, Eugen, 804
Smith, Adam, 811
socialist calculation, 238, 678, 830, 832, 852
computer, magical, 852
GIGO, 852
Stalinist Model, 851
Langenstein, Henry of, 141, 147
Lausanne School, 49, 261n1, 806, 810
Lavoie, Don, 126, 135, 165, 183n29, 218, 221–22
Law of the Excluded Middle, 9
Lehrer, Tom, 136
Lenin, Vladimir
division of labor, abolition of, 610
Lachmannian paradigm, 175, 175n18
laissez-faire, 857
moral incentive, 828
New Economic Policy, 679
privatization, Soviet, 437n2
socialist calculation, 678, 855
vanguard, 630
Lerner, Abba P., 777, 778, 815
See also Lange-Lerner
Lessius, Leonardus, 153
Lewis, Oscar, 621
liberalism
English classical, 790
in Action, 677
left-liberalism, 509
Mises’s utilitarian, 101, 110n11, 110–11
New Deal, 666
political doctrine of, 96–97
state monopoly, 667
see also laissez-faire
libertarian
actions permissible, 382
basic axiom, 383
business cycle, Austrian analysis of, 799
causality, proof of, 405
desocialization, 446
Equal Liberty, Law of, 626
Federal Reserve System, 908
First Amendment, 375n15
free society, 631
Friedman, Milton, 895
gold, 207n65
government statistics, 427, 429
intellectual sloth, 912
just and equal, absurdity of, 562
just property, theory of, 392
legal theory, 377
liability theory, 379
Man, Economy, and State (Rothbard), xv
Modeste, Victor, 868
monetary inflation, 207
money and banking, 800
neo-Lockian view, 374n12
Nock, Albert Jay, 460, 633, 677
Paterson, Isabel, 673
political theory, 373
privatizing government, 209, 441
public sector problem, 664
radical fringe, 220
radical perspective, 669
Saint Augustine, 676
single tax moral theory, 583
Spencer, Herbert, 626
Spooner, Lysander, 386
theorists, 667
tort, 390, 406, 410n85, 416n102
trade, 673
unanimity rule, 928
wages, free market, xiii
welfare, 902
Locke, John, 157, 352, 356, 659, 927
Lombard, Peter, 149
Lottini, Gian Francesco, 155
Lowe, Adolph
demand curve, 925
free-market economy flaw, 920
Gurwitsch, Aron, 925–26
ideas of, xv
Knight, Frank H., 926
Machlup, Fritz, 924
Mises’s view, 926
New School, ix
Phenomenology of the Social World (Schütz), 926
political economics, science of, 919
predictability, erroneous view, 922–24
Schütz, Alfred, 926
socialist central planning, 921
Lugo, Juan de, 153
Macfie, Alec L., 305
Machlup, Fritz
Aha! principle, 126
apriorism, extreme, 103
business cycle, 205
heuristic principles, 105n4
Knight, Frank H., 926
Lowe’s position, 924
positivist position, 104
praxeology, 103
profit maximization, 107
Walrasian general equilibrium, 262n2
Malinowski, Branislaw, 619
Man, Economy, and State (Rothbard), ix, xii, xiv, xv
Manchester School, 89, 246, 662, 869
Mao, Tse-Tung, 607, 609, 610n14, 612, 828
market process
Austrian economics, 170
Blum and Kalven, 563
Center for the Study of, 218
equilibrium, 180
hermeneuticians, 136
Lange, Oskar, 852
Lavoie, Don, 183n29
mathematical economists, 817
Mises theory, 824
socialist calculation, 831
voluntary, 825
Marschak, Jacob, 311
Marshall, Alfred, 158, 171, 806, 810
Marx, Karl
business cycle, 790
capitalism
eradication of, 608
future of, 671
versus Statism, 655
collectivism, 124
division of labor, 607
German Historical School, 125
individualism, eradication of, 608
Left Hegelian, 200
Mencken, H.L., 124
New Communist Man, 611
Samuelson, Paul, 918
Mason, George, 672
mathematical method
Cairnes, J.E., opposition to, 47
illegitimate transfer from physics, 12
Jevons-Walras, interdependent phenomena, 158
orthodox economists, unfortunate influence of, 696
Say, Jean-Baptiste, 44
Theory of Political Economy (Jevons), 27, 44
Walrasian general equilibrium, 262n2
pernicious influence, 304
McCulloch, J. Huston, 886
Menger, Carl
Austrian School, 48, 160, 180, 806
economic laws and mathematical equations, 158–59
economic theory, validity of, 26
Lange, Oskar, 811
Streissler, Erich, 204
Yeager, Leland B., 49
Mencken, H.L., 123, 124, 503, 533, 632, 674
Mercantilism
Alison, Archibald, 648
Berkeley, George, 646
Blackwell, John, 653
Cary, John, 645
Charles I, King of England, 650
civilization, decline of contemporary, 662
classical economists, 645
Colman, John, 653
compulsory employment, 646
Croker, John, 648
debtors’ relief, 652
Dudley, Joseph, 653
Elizabeth I, Queen of England, 649–50
English Navigation Acts, 642
Fetter, Frank A., 647
Fielding, Henry, 646
Goodyear, Stephen, 651
guilds, 662
historical perspective, 641
inflationism, 717
inflationists, 645
James I, King of England, 650
Keynesians, pre-Keynesian, 644
labor exploitation, 646
laissez-faire liberalism, 653
Massachusetts Land Bank, 653
mercantilist policy, 649
modern, 709
neomercantilism, 682
new mercantilism, 654
paper money inflation, 652
Petyt, William, 646
Quarterly Review, 647–48
Robinson, William, 648
Schrötter, F.W. von, 645
Smith, Adam, 642–43
social harmony, 618
socialism, 678
Southey, Robert, 648
Statute of Artificers, 649
Stoughton, William, 653
Temple, William, 647
trade legislation, 643n1
unions, 662
wage controls, 650
Winthrop, Wait, 653
Woodbridge, John, 653
Mercado, Tomás de, 144
methodological individualism
Buchanan and Tullock, 931
Calculus of Consent, The (Buchanan and Tullock), 927
Counter-Revolution of Science, The (Hayek), 14n19
government, 700
Human Action (Mises), 233
misesian praxeology versus competing paradigms, 170
praxeology, 72
Weber, Max, 54
Methodology of Positive Economics, The (Friedman), 131
Michels, Robert, 628–29
Middleton, Richard of, 141, 149
Mill, John Stuart, 45, 47, 104n2, 360, 497n79, 523, 749
Mises, Ludwig von
antieconomics, doctrine of, 286
apriorism, extreme, 103
aprioristic derivation, 68
Austrian doctrine, 237
Austrian revival, 217
Austrian School, 777
Bebel’s Utopia, 611
Böhm-Bawerk, Eugen von, 231
broken window fallacy, 203
business and money cycles, 235, 738
capitalist-entrepreneurs, 836
central banking, disillusionment, 879
Cernuschi, Henri, 868
consequences, unintended, 196–98, 201, 203, 235
constancy and consistency, 295
constants, critique of, 76
credit expansion, 705
criticisms refuted, 27
cycle theory, 205
demonstrated preference, 290
dilemma, citizen and scientist, 96
division of labor, 604
econometrics, failure of, 75
economic collapse, 905
economic methodology, 57
economic theorist, work of, 115
entrepreneur, the, 270, 281–88, 834
entrepreneurial function of capitalism, 836
Epistemological Problems of Economics, 26
equilibrium, final, 183–85, 285, 844
equilibrium, Walrasian general, 697
exchange, division of labor, 192–93
fractional reserve banking, 211
free-market capitalism, 678
Friedmanites, 898
Gedankenexperimenten, 181
Gilbert, J.C., critic, 695
gold reserve, 772
gold standard, price of, 769
Gresham’s Law, 883
Grundprobleme der Nationalökonomie, 25
Harwood, Dr. E.C., critic, 18
Hayek and Kirzner, fallacies of, 845
Hayek-Robbins problem of practicality, 832
hermeneutics, 135
ideal communist, 610
imaginary constructions, 181
individual action, 54
individual consciousness, 17, 42
inflation, runaway, 700
Kantian epistemology, 65
Kirzner and Hayek, fallacies of, 845
Kirznerian schema, 178
Knightian distinction, 173n16
knowledge and appraisal, 204
Kuhn, Thomas S., 225
Lachmannian view, 180
laissez-faire liberalism, 96, 201, 926
Lange-Bergson Orthodox Line, 830
Lange-Lerner, refutation of, 818, 832
Lausanne model, 51
logical positivism, absurdity of, 132
macroeconomics, Austrian form, 204
marginal utility, theory of, 692
“Meaning of Ludwig von Mises, The” (Rothbard), xiii
means of production, price system of, 846
means to an end, 61
mentor, xiii
methodological individualism, 233
Mises-Cassel theory of exchange rates, 144
Mises-Hayek business-cycle, 131
Mises-Hayek, monetary malinvestment, theory of, 812
Mises-Lange calculation, 810
Misesian
creed, 135
economics, advances in, 169
forecast, 174–76
Hayekian paradigm, 191
message, distortion of, 187
monetary theory, 212
Modeste, Victor, 868
money and business cycles, 235
money proper, theory of, 704
Angel Gabriel model, 688
concept essentials, 728
credit and claim transactions, 733
demand deposits, 729
expansion of, 793
guidelines, 728
inflation and credit expansion, 737
purchasing power, 699
substitutes, 706
uncertainty, necessity of, 698
uniform purchasing power, 689
money, price of, 687
Nature and Significance of Economic Science, The (Robbins), 130
objective exchange-value, 686
oecumene, 214
One Big Firm, 824
Pareto-Barone equations, rebuttal of, 842
Patinkin, Don, critic, 695
Phenomenology of the Social World (Schütz), 926
praxeological
consequences, 98
economic theory, shortcomings of, 101
Gedankenexperiment, 36
law is, 73
laws of historical development, 116
tradition, 42
praxeologist, defined, 103
praxeology, 18, 26, 31, 48, 59
praxeology, genesis of the term, 804
private owners and investors, 838
purchasing-power-parity theory, 691
regression theorem, xiv, 207, 693–95, 758
repetition, habitual, 196
Rizzo, Mario J., 259
Rockwell, Llewellyn H., Jr., 222
Romanticism and primitivism, critique of, 616
Rothbard, devoted student, xiii
Samuelson’s failure, 917
scale of values, 94
Schumpeter’s theory, 286
Schütz, Alfred, economic methodology, 57, 70
socialism, inadequacy of, 678, 829
socialism, incentive problem, 827
socialist calculation
appraising entrepreneur, 846
Buchanan, James M., 822
Bukharin, Nikolai, 828
capital allocation, 836
capital structure, 838
cardinal fallacy, 818
central planning, collapse of, 238
Che Guevara, 828
Clark, John Banes, 838
Coase, Ronald, 824–25
Collectivist Economic Planning (Hayek), 849
Crusoe economics, 829
entrepreneur, 846
forecasting and decisionmaking,
entrepreneurial, 838
general equilibrium, 833
Gray, Alexander, 828
Great Depression, The (Robbins), 849
Halm, Georg, 840–41
Hayek-Kirzner entrepreneur, 847
Hayek-Robbins practicality problem, 832
Hayek, Friedrich August von, 815, 816, 817, 821, 830, 845
Human Action (Mises), 190, 816, 835, 837
incentive problem, 827
Kirzner, Israel, 847
Kirzner’s error, 191n39
Knight, Frank H., 838–40
knowledge, Mises’s position, 846
laissez-faire, Polish, 857
Lange-Bergson Orthodox Line, 830
Lange-Lerner pricing criterion, 821
Lange-Lerner pseudo economy, 829
Lange-Lerner, refutation of, 818, 832
Lange, Oskar, last word, 852
Lange’s retreat, 801
Lenin, Vladimir, 828
Lerner, Abba, 815
Mao Tse-tung, 828
marginal cost, 821
market socialism, 834–35
market, absence of, 824
mathematical approach, 817
money prices, 189
monopoly, One Big Firm, 824
New Socialist Man, 828
“On the Economic Theory of Socialism” (Lange), 850n33
One Big Firm, 824
Pareto-Barone equations, 842, 845, 849
price and production, 846
price system, 678, 815, 819, 841
rational economic calculation, 842
Roberts, Paul Craig, 822
Salerno, Joseph T., 190, 846, 847
Schumpeter’s assertion, 817, 831, 838–40
socialism, existence of, 853
Socialist calculation debate, mythology of, 830
stock market, 837
Taylor, Fred M., 829
Theory of Money and Credit, 189, 844–45
Thirlby, G.E., 822
trial-and-error, 835
Walrasian general equilibrium, 816, 833, 835
socialist central planning, irrationality of, 237
socialist impossibility, 843
socialist taunt, 856
stagflation, 793
state capitalism, 680
statist urge, 98
Stigler, George, critic, 337
stock market, free market indicator, 837
subjectivism, 171
taxation, 449
fellowship, sense of, 566
hegemonic organization, 461
loopholes, 509
Mises-Robbins contention, 562
Theory and History (Mises), 74, 203
Theory of Money and Credit (Mises), 189
thought experiments, 181
time preference, universality of, 95
Tooke, Thomas, 880
trial-and-error, 835
unanimity principle, 93
utilitarian liberal, as, 99–100
valuation and monetary appraisement, 841
value judgement, 100
Vaughn, Karen I., criticisms
Kirzner, Israel, 220
Mises, 219
Whiggish folklore, 221
Walrasian general equilibrium, 697, 816, 853
Wertfreiheit, 110
laissez-faire liberalism, 110–11
Whig habits of thought, 165
Wicksteedian concept, 685, 686
Willis, H. Parker, 905
Wu, C.Y., 690
Mises, Richard von, 27, 308, 308n39
Probability, Statistics, and Truth (R. Mises), 27
Misesian man
economic theory, 174
emphatically knowing, 173
estimator, 174
forecaster, as, 174
goals, consciously selects, 192
qualitative knowledge, 179
reason, 177
uncertainty, moderate, 174
Model-Building, 11
Molina, Luís de, 145, 146, 148, 153
Monboddo, James Burnett, 202
money
Austrian theory
Anderson and Ellis, 695
Austrian circle, 692
Böhm-Bawerk, Eugen von, 696
Bresciani-Turroni, Costantino, 701
cash balances, 697
Cuhel, Franz, 686
demand-to-hold, 686
Fisher, Irving, 706
generated inflation, 700
Gilbert, J.C., 695
gold standard, 703
Hahn, F.H., 698
Havenstein, Rudolf, 702
Hayek, Friedrich August von, 704
Heilperin, Michael, 704
Heller, Walter, 703
Human Action (Mises), 695, 697
hyperinflation, 701
inflation, generated, 700
international prices, theory of, 690
M1 to M4, 705
Menger, Carl, 694
methodological individualism, 700
Mises regression theorem, 694
Mises, Ludwig von, 685
monetary overinvestment, 704
money supply, 688
mutual determination, 695
objective exchange-value, 686
ordinal marginal utility, 686, 695
Phillips, C.A., 704
price-level, 687
Purchasing Power of Money, The (Fisher), 706
regression theorem, 694
Ricardian analysis, 691
Ricardo, David, 690
Rueff, Jacques, 704
Samuelson, Paul, 696
Senior, William Nassau, 690
Stigler, George J., 696
Theory of Money and Credit (Mises), 685, 691, 695, 704, 706
unitary price level, 687, 689, 692
Walras, Léon, 696
Walrasian general equilibrium, 697
Wicksteedian concept, 685
Wu, C.Y., 690–92
Yeager, Leland B., 705
commodity based currency
Bretton Woods, 770–71
Buchanan, James M., 765
Coinage Act of 1792, 764n12
critique, 761
Fisher, Irving, 761
gold or silver, 765
gold silver ratio, 764n12
Gold Standard League, 768
gold standard, classical, 771
gold standards, pseudo, 770
Graham, Benjamin, 761
Gresham’s law, 763
Hayek, F.A., 761–62
Hazlitt, Henry, 769
Heilperin, Michael, 770
libertarian solution, 909
media of exchange, 709
Mises, Ludwig von, 770
monetary policy, 212
money supply, 750
National Committee for Monetary Policy, 768
Nixon, Richard, 769
Paterson, Isabel, 763n11
Paul, Ron, 772
price level, constant, 762, 767
Rueff-Hazlitt, 770n14
Rueff, Jacques, 770
single commodity, 765
Spahr, Walter E., 768
weight unit, 800
credit expansion, 737
fiat money
arbitrary dollars, 767
Banking School, 875
Birmingham School, 873
Cantor, Paul, 207n65
denationalization of money, 757
essential meaning of, 756
Friedmanite plan, philosophical absurdity of, 909
gold, shift away from, 788, 907
Greenback period, 747
Hayek plan, 758
Hayek, F.A., 757
inflationary record of, 757
international periods, 748
Legal Tender Cases, 885
Mises, Ludwig Von, 758
multicurrency, 761
regression theorem, 208, 758–60
Timberlake, Richard, 882
free-market money, 711
inflation of
accelerated prices, 31
Angel Gabriel model, 688
Austrian analysis, 700
bank money, expansion of, 793
Bretton Woods, 752
budget, deliberately unbalanced, 558
business cycle, 775
chronic, 756
cluster of error, 797
consumer demand, inflation restraint, 779
Cooke, Jay, 722
counterfeiter, legalized, 210, 712, 799
currency, collapse, 703
cyclical, 738
demand deposits, 784
dynamic of, 750
equilibrium, 751
error, cluster of, 797
Free Banking in Britain (White), 866
free banking, 772
Friedman, Milton, 906
Gabriel, Angel model, 688
gold standard, 703
greenback inflation, 884
inflation-cum-recession, 681
inflationary fiat paper, 755
inflationary recession, 776, 788
innovation-inflation-depression cycle, 273
interventionism, full-scale crisis of, 235
Keynesian dream, 215
Keynesian model, 162
land bank, inflationary, 653
Marxian class struggle, 652
mercantilism, 644
metallic worldwide money, 217
Misesian prescription, 237
monetary inflation method, 700
price determination, 780
prices falling, 778
privatization, 761
Reconstruction period, 721
Robinson, William, 648
simple inflation, 737
Spanish Scholastics, 143
taxation, form of, 713
metallic money
advocates, nineteenth century, 867
bimetallism, 213
Currency School approach, 872
international, 213–15
oecumene, 217
see also commodity based currency
new money, entrepreneurs, 269
obtaining money, 710
paper
Cobbett, William, 872n23
Colwell, Stephen, 720
commodity money, 236
costless, 750
counterfeiting, abolishment of, 210, 439
debtors’ relief, 652
Fisher, Irving, 905
“Hyperinflation and Hyperreality” (Cantor), 207n65
hyperinflation, 701
land bank, inflationary, 653
Massachusetts Land Bank, 717
monetary crisis, 752
money supply, 790
Potter, William, 644
price level, 905
Regression Theorem, 208
system break down, 695
Theory of Money and Credit, 303n27
war, result of, 755
bank credit, inflationary, 269
bank money, expansion of, 236
Biddle, Nicholas, 719
cash surrender value, 735
central bank, 714
commodity standard, 700
credit and claim transaction, 733
credit instruments, 734
Currency School, 867
demand deposit, 736
dollar, privatization of, 761
economic theory, 40
exchange rates, fixed, 750
Federal Reserve System, 682, 783
Fisher, Irving, 729
fox in the henhouse, 757
fractional reserve banking, 783
gold standard, classical, 746
inflating of, 209
M2 and M3, 734
metallic worldwide money, 217
Mises, Ludwig von, 733
Misesian prescription, 237
monetary statistics anomaly, 736
money and the state, 711
praxeology and forecasting, 116, 174
price determination, 780
price inflation, accelerated, 31
price shift, 688
Purchasing Power of Money, The (Fisher), 706, 729
savings deposits, 731, 784, 790
socialist planning, 435
Theory of Money and Credit, 706, 728
war, effects of, 755
Montanan, Geminiano, 155
Morrell, Daniel J., 722
Müller, Adam, 613
Mundell, Robert A., 749
Nature and Significance (Robbins), 131
Neoclassical Man, 178
Neumann-Morgenstern, 307, 309–11
New School for Social Research, 919
New School, ix, xv, 919, 925, 926
Nixon, Richard
annual income guaranty, 900
Big Business Socialism, 665–66
Bretton Woods, end of, 752
fiat dollar, 769
Friedman, Milton, 895
money supply, 912
Smithsonian Agreement, 741
VAT, 588–90
Nock, Albert Jay, 460, 633, 677
O’Driscoll, Gerald, 165, 166, 218
O’Leary, Paul M., 885
Occam’s Razor, 63, 170, 273, 293, 325
Olivi, Pierre de Jean, 152
Oppenheimer, Franz, 460, 675, 677
Oresme, Nicole, 883
Painlevé, Paul, 26–27
Pareto-Barone, 833, 842, 845, 849
Pareto, Vilfredo
Board of Supermen, the socialist calculation, 831, 833n8
Croce, Benedetto, 51–53
Lange-Bergson Orthodox Line, 830
Lausanne School, 49, 261n1, 806
new welfare economists, 930
Pareto-Barone-Lange, equations, 833
Pareto-Barone, equations, 842, 845, 849
Pareto-Robbins unanimity rule, 314
positivist, 297
Walrasian general equilibrium, 816
Paterson, Isabel, 763n11
Pease, Edward R., 575
Peel, Robert, 875–78
Perceval, Spencer, 873
Person, Benjamin, 246
Petyt, William, 646
Philbrook, Clarence, 318
Phillips, C.A., 704
Phillips, R.P., 70
Philosophy and the Mirror of Nature (Rorty), 127
Pigou, Arthur Cecil, 313, 556, 562, 564
Plato, xv
Pope Innocent V, 149
Popper, Karl, 41n8, 123, 136, 193n42
positivism
Bridgman, Percy W., 293n6
Carnap, Rudolf, 293n6
empirical testing, 32, 132, 325
empiricist epistemology of, 161
epistemological error, 291
hermeneutics, 136
intellectual fashion of, 49
Lowe, Adolph, 921
mathematics and philosophy, 30
methodology of, 70
Mises praxeology, 26
Robbins, Lionel, 324n62
summary of, 30
tautology, 291
Wittgenstein, Ludwig, 293n6
Posner, Richard, 372
praxeology
action exists, 73
action, expectations of, 90
Austrian paradigm, correct, 168
Austrian School methodology, 59
categories of, 117
causal laws, 26
cause is known, 304
competing paradigms, 170
demonstrated preference, 91
economic theory, and, 117
epistemological error, 291
Espinas, Alfred, 804
ethical judgment, 81
extreme apriorism, 33
forecasting, 116
fundamental axiom, 17, 60, 62, 106
a priori element in economics, 107
existence of human action, 107
Harwood, E.C., critic, 18
historical events, applicability to, 113
Knightian risk distinction, 173n16
Kotarbinski, Tadeusz, 802
laissez-faire, 97
Lange, Oskar, 802
criterion of practice, 805
Meek, Ronald, critic, 812
methodological rationality, 804
praxeological principle, 805
rational activities, categories of, 804
Robbins, Lionel, 807
subjective utility, critique of, 805
logic of (human) action, 171, 292
means to attain ends, 4
methodological individualism, 54, 72
methodological status, 82
moral precepts, 100
motivated action, 35
non-Misesian Austrians, 171
O’Sullivan, Patrick J., 181n26
Occam’s Razor, 293
philosophical psychology, 73
Political Economy (Lange), 802
positivist methodology, 45n13
praxeological law, 114
praxeological method, discussion of, 29
rational activity, logic of, 804
relationship to other disciplines, 71
relationship to values and ethics, 81
Say, Jean-Baptiste, 42
Schütz, Alfred, 57
Slutsky, Eugen, 804
social utilities, 90
socialism, effect of, 98
subjectivism, 171
universal law, 234
utility and cost, subjective nature of, 89
value judgments, and public policy, 92
value preferences, 93
Progress and Poverty (George), 575
progressive income tax
arguments against, 554–55
coercive transfer, 545
Due, John F., 87
progressive inheritance tax, 569
welfare economics, 313
property rights
air pollution, 418
allocation of, 248
axioms, 359
Blum and Kalven, 557
Coase-Demsetz analysis, 246, 371–72, 918
desocialization, 445
free banks, 861
government as guardian, 351
inviolate, 211
justice, theory of, 348, 360–61
Klaus plan, 442
land reform, 365
libertarian theory, 406
libertarian values, 669
monetary policy, 212
parasitic repression, 512
privatization, 444
property titles, allocation of, 349
Rothbard Plan for desocialization, 445
self-ownership, 373
slavery, 352
theory of, 169
tort, 369
property title
advocate, 244
allocation, 355
Coase-Demsetz, 349
contractual exchange, 374
discipline, normative law, 367
homesteading principle, 392
justice, 248, 352, 364, 366, 373
laissez-faire, 351
prices, 237
theft justified, 348
tort, 369
utilitarian approval, 350, 361
Prosser, Dean
apprehension, 376n17
homestead, 394
invasion, 397
natural forces, 404
vicarious liability, 390–91
zone, effective possession of, 402–03
public sector
Affluent Society, The (Galbraith), 664
antiproductive, 422
Galbraith, John Kenneth, 423–26
government productivity, 421
government services, 425
military-industrial complex, 665
national product, 419
private sector productivity, 420
privatizing government, 669
rathole, 424
starvation, 423
Pufendorf, Samuel, 153
Quesnay, François, 154
Rappard, Dean, 110
Rappard, William E., 99
Reagan, Ronald
loopholes, 509
stockholder-owners, 541
tax credits, 546
tax reforms, 539
Treasury plan of 1984, 503–05
recession.See inflation
Reder, Melvin W., 319–20, 331n75
Regan, Donald, 503, 505, 534, 549
regression theorem
“Austrian Theory of Money, The” (Rothbard), xiv
Gordon, David, 190n38
Hayek’s failure, 758
Human Action (Mises), 695
marginal utility theory, 693
Misesian doctrine, 207
monetary theory, 890
money as nonmonetary commodity, 759
money-regression, 303
Reich, Charles, 667–68
Reid, Thomas, 202
revealed preference, 91, 294–96
Review of Austrian Economics, 170, 222
Ricardo, David
Currency Principle, 879
cycle theory, 790
economic science, 139–40, 154, 180n25
Gray, Alexander, 180n25
Jefferson, Thomas, 672
Raguet, Condy, 865
reserve bank notes, 870
Say, Jean-Baptiste, 488
Smith-Ricardo doctrine, 581
Wu, C.Y., 690
Rizzo, Mario J.
efficiency, concept of, 253–54
equilibrium, 257
ethics, 260
gross national product, 255
with O’Driscoll, creative gropings, 218
Robbins, John W., 885
Robbins, Lionel
An Essay on the Nature and Significance of Economic Science, 26, 130, 131
business cycle theory, 205
calculation problem, 831
Great Depression, The, 849
Hayek-Robbins practicality problem, 832
“Interpersonal Comparisons of Utility”)Robbins), 313n46
Keynesian, 777
Mises-Robbins utility of money, 562
ordinalism, defense of, 302–03
Pareto-Barone equations, 845
Schumpeterian equilibrium, 267
Theory of Economic Policy in English Classical Political Economy, The, 324n62
unanimity rule, 314
welfare economics, 313
Robinson, William, 648
Rockwell, Llewellyn H., Jr, 222
Rolph, Earl
Knight-Rolph, 278
noncoordination of factors, doctrine of, 278, 279, 279n2
product, 277
Rorty, Richard, 127–28
Rothbard, Murray
“Austrian Theory of Money, The,” xiv
Becker, Gary, xii
best essays, xiv
Classical Economics, xiii
Economic Thought Before Adam Smith, xiii
economics for fun, xii
empowering moments, xi
financial returns to owners, x
Heilbroner, Robert, xv
“Hermeneutical Invasion of Philosophy and Economics, The,” xiv
Human Action (Mises), conversion to libertarianism, xiii
independent currencies, 748
inheritance, 360
Lowe, Adolph, xv
Man, Economy, and State, ix, xiv
“Mantle of Science, The,” xiv
“Meaning of Ludwig von Mises, The,” xiii
Mises, Ludwig von, as mentor, xiii
modern Misesians, 881
modes of reasoning, xi
Panic of 1819, The: Reactions and Policies, 865
Plan for desocialization, 445
Plato, xv
preposterous formulations, xi
regression theorem, xiv
technicalities of geometry, xi
Rousseau, Jean-Jacques, 9, 614, 927
Rueff, Jacques, 704, 753, 770, 770n14
Russell, Bertrand, 10
Saint Bonaventure, 149
Salerno, Joseph T.
business cycle, 205
consequences, unintended, 201
free bankers, 881
Hayek-Kirzner entrepreneur, 847
Human Action (Mises), 190
knowledge and appraisal, 188, 846
language, 203
market coordination, 185
Mises vs. Hayek, 169
Misesian Man, 179
Misesian message, distorted, 187
price system, 185
socialist calculation, 190
Theory and History (Mises), 203
Samuelson, Paul
Austrian concern, attack on, 696
Austrian School, 916
Bauer, Peter T., 918
business cycle, 917
Chicago School libertarians, 916
Coase-Demsetz analysis, 918
collective good, 470–71
Economics, 913–18
free exchange, 324
Fuchs, Victor, 916
Hayek, Friedrich A., 916
Knight, Frank, 916
middle-of-the-roadism, 915
neoclassical paradigm, 161
Road to Serfdom, The (Hayek), 916
sex discrimination, 916
social welfare function, 317
static equilibrium, 918
wasteful social losses, x
Saravía, de la Calle, Luis, 141
Say, Jean-Baptiste
axiom derivation, 66
Classical School, 59
economics, laws of, 44
free-market approach, 530
positivists 42
praxeological method, 43
Say’s Law, 446
Treatise on Political Economy, A, 42
Scaccia, Sigismundo, 153
Schoeck, Helmut, 3n1, 620n37, 621–23, 633
Scholastic doctrine, 153–55
School of Salamanca, The, 141
Schrötter, F.W. von, 645
Schuller, George J., 113, 114n4, 118
Schumpeter, Joseph A.
a priorism, extreme, 288
anticapitalist intellectuals, 422
Böhm-Bawerkian insight, 267
business cycle, 271
Business Cycles, 272
Chicago School, 839
circular flow, 261
depression, 287
entrepreneur, 270
entrepreneurship, theory of, 286
factors of production, 264, 264n3, 266, 817
general equilibrium, 262
Hansen thesis, critique of, 274
imputation, 832
inflationary bank credit, 269
innovation-inflation-depression cycle, 273, 288
innovation, 271
land and labor, 266
Lange solution, 832
marginal concept, 140
mathematics, causality and purpose, 51n25
Orthodox Line, 832
Renaissance, laical science of, 19n27
resources, 269
Scholastic roots, 140
Schumpeterian equilibrium, 267, 269
secular stagnation, 273
Smith and Ricardo, intellectual mistakes of, 154
Theory of Economic Development, 272
time-preference, 264–65, 268, 287
Turgot, Anne-Robert-Jacques, 155–56
Walras, Léon, 262
Wealth of Nations (Smith), 154
Schütz, Alfred
interpretive understanding, 34
Phenomenology of the Social World, 926
praxeological economic theory and economic history, 78
social sciences, phenomenological method, 55–56, 70
Verstehen, 34
scientism
condemnation of, 3
fundamental axiom, 17
individual consciousness and will, denial of, 10, 23
mechanical analogies, false, 10
methodology of physics, 17
organismic analogies, false, 14
Russell, Bertrand, 10
Scitovsky, Tibor, 331
Scrope, George Poulett, 872–74
Senior, William Nassau
economic theory, validity of, 23
methodology, 45
praxeology, 47, 48, 59, 68, 104n2
prices, theory of international, 690
Shackle, George, 135, 176n20, 285
Sharkey, Robert P., 885
Siegel, Bernard, 619
Silberman, Charles, 616
Simons, Henry C.
Chicago School, 881
Mints-Friedman-Simons, 558
Positive Program for Laissez Faire, A, 896–97
progressive taxation, 85
ridiculous assertion, 556
Sinclair, John, 872–73
Slutsky, Eugen, 804
Smith, Adam
division of labor, 603, 197n46
economic thought, 139
freedom and free markets, 605
fundamental assumptions, challenging of, 230
Hutcheson, Francis, 154
income taxation, 496
labor theory of value, 157
productive process, 811
proto-Austrian Scholastic economics, 159
Schumpeterian view, 140
Supply-sider heirs to, 522
unintended consequences, 197n46
Wealth of Nations, 154
Smith, Barry, 169
Rationale of Central Banking, The, 866
social engineering, 11, 340, 926
socialist calculation
Barone, Enrico, 816
Buchanan, James M., 822
forecasting and decisionmaking, 838
incentive problem, 830
Knight, Frank, 839
knowledge, 186
Lange-Bergson Orthodox Line, 830
Mises vs. Hayek, 169, 186, 190, 827
Salerno, Joseph T., 190
Socialism (Mises), 839
Socialist calculation debate, mythology of, 830
Theory of Money and Credit, The (Mises), 844
Soto, Domingo de, 144
Southey, Robert, 648
Spahr, Walter E., 768–69
Spanish Scholastics, 141, 143, 144, 146, 151, 153, 160
Spencer, Herbert
Autobiography, 477
coercion, 482
equal freedom formula, 478
equal liberty, 672
immoral state, 483
laissez-faire, 667
Law of Equal Liberty, 626
Man vs. the State, 479n48
Social Statics, 477
virtual unanimity, 485
Spooner, Lysander, 386
State power
anarchist, 465
apparatchik, 88
Baumol, William J., 327–31
Buchanan and Tullock, 927
Calculus of Consent, The (Buchanan and Tullock), 927, 929
cartel privileges, 878
coercion, 92, 381n26, 459, 463, 825, 920
collective good, 470n30
collective wants, 330
common good, pretense of, 714
crime monopoly, 460
decentralization, Eastern Europe, 680
defense monoploy, 475
demands of, 128
demonstrated preference, 322
divine right of kings, 927
free riders, 476
free-banking, 878
gold standard, 908
Hayekian doctrine, 199
hegemonic bond, 460–61
Jouvenel, Bertrand de, 500
Laissez-Faire and the General-Welfare State (Fine), 340n7
Man vs. the State (Spencer), 479n48
Modeste, Victor, 868
monetarization of metal, 782, 886
money and business cycles, 235
money, counterfeit, 909
money, denationalization of, 757
monopolistic privilege, 641, 783, 834
Nock, Albert Jay, 677
“Nozick and the Immaculate Conception of the State” (Rothbard), 383n28
parasitism, 677
peasantry versus, 365
political philosophy, 931
privatize or abolish, 440
property rights, 444, 584, 594
public sector, fallacy of, 419
Quis custodes custodiet, 118
regression theorem, 208
right to withdraw, 478
role of, 321
Say, Jean-Baptiste, 485
seizure of wealth, 633
self-conscious ideological movement, 658
society’s diligent protector, 713
Spencer, Herbert, 477
State capitalism, defined, 656
State, The (Oppenheimer), 675
statism, rollback of, 666
status quo of, 501
taxation, 588
ability-to-pay principle, 565
benefit principle, 495
Fisherine tax, 518
free riders, 477
heart and soul, 500
hope for a free America, 588
organic immorality, 483
poll tax, 499
power, source of, 552
privatized, 441n6
progressive, 568
property tax, 588
recipients, 521
services, 462
tort law, 409
unanimity rule, 322
union violence, 640
violence by, 462
voluntary institution, 326–28, 332
Stevens, Thaddeus, 721
Stigler, George J.
anti-trust, 897
government interventionism, 343, 344
intellectual imperialism, 260
Politics of Political Economists, The, 337
Samuelson, Paul, 696
U.S. Steel, 897
Stoughton, William, 653
Streissler, Erich, 204
strict causality, 387–88, 405, 417–18
strict liability
burden of proof, 383–85, 405, 413
burden of risk, 382–83
causal liability, 378
Epstein, Richard, 259
libertarian legal theory, 377
proof of harm, 398
self-defense, right of, 380
strict causality, 387
vicarious liability, 389
Strong, Benjamin, 905–06
Strong, William, 885
Sturgis v. Bridgman, 394
Sumner, Charles, 721
Sumner, William Graham, 211
Tawney, Richard Henry, 140, 582, 568
taxation, 447–592
ability to pay, 564
amount vs. the form, 529
arbitrary values, 22
ballot power, 555
Baumol’s contention, 482
benefits, 495–96, 496n77–78, 497n79 558–61
Blum and Kalven, critique of, 551–73
fallacious assumptions, 557
objection 1, administrative complications, 555
objection 2, ballot power, 555
objection 3, destruction of capital structure, 555
Blum, Walter, 494
bonds tax unconstitutional, 542
Calhoun, John C., 491
Cannan, Edwin, 494
capital diverted, 488
capital gains, 538
class conflict, 493
class struggle, establishes, 491, 530
coerced exchange, 323
coercion by the majority, 484
coercion, 92, 459, 462, 463, 481, 487
collective good, 475
confiscatory, 99
consumption tax
ability-to-pay principle, 519
amount v form, 529
ceteris paribus assumption, 515
Chicago School, 521
coercion, 522
Colbert, Jean-Baptiste, 518
consumption-savings process, 523
consumption-savings proportions, 526, 526n11
Fisher analysis, 524–25
Fisherine tax, 518
Friedman, Milton, 515
income tax v excise tax, 515
indifference curves, 515
Laffer-curve, 530
Marshallian curve, 529
price factor, 527
progressivity, 520
proportionality, 520
sales tax, 527
savings, 521
Say, J.B., policy recommendation, 531
Say, Jean-Baptiste, 530
Tax Reform Act of 1986, 529
time preference, rate of, 522
VAT, value added tax, 518
withholding tax, 515
crippling American economy, 235
criteria for, 490
defense, 466–70
degressive tax, 551
depressive income taxation, 552–53, 554n2, 572–73
deprives the producer, 487
disbursement, unequal, 492
dog tax, 499n81
double tax, 538
entitlements, 903
equal sacrifice, 561
equality, 625
expropriation of the property, 439
flat tax
Baker, James, 534
Burckhardt, Jacob, 548
capital gains, 538
charities, 542
corporations, 540
Dole, Robert, 534
double taxation, 538
entrepreneurial losers, 542
fair or unfair, 543
Friedman, Milton, 541
imputed rent, 538
income tax, 540
intellectual special interests, 548
interest payments, 538
losers, 541–42
Mencken, H.L., 533
natural resources, 540
Reagan administration, 539
Regan, Donald, 534
revenue-neutrality, 548
Say, Jean-Baptiste, 545
simplicity argument, 547
special interests, 533
TANSTAAC, 541
TANSTAAFL, 541
victims, 542
form of, 438
free market incompatibility, 501
Friedman plan, 903
fundamental problems, 551
general sales tax, 529
general welfare, 565
Girouard, Percy, 499
government counterfeit money, 439
Hamilton, Robert, 486
Hans-Hermann Hoppe, 169, 205, 881
harmlessness, myth of, 486, 486n63
historical perspective, 513
Hobson’s proposal, 565
impost, 487
imprimatur of economics, 500
incomes or assets, 507
inflation of money, insidious taxation, 713, 783
inheritance, 569
Jouvenel, Bertrand de, 500
Kalven, Harry, Jr., 494
Keynes-Hansen mature-economy approach, 558
laissez-faire, 351
land value, 597
loopholes, 509
lower, 438
McCulloch’s objection, 571
Mints-Friedman-Simons approach, 558
Mises, Ludwig von, 490n72
modes of, judging, 517
national wealth, 489
neutral, 438, 449, 490n72, 491, 501, 563
oppressive system, 438
Peck’s plan, 565
poll tax, 498
privatization of government activities, 438, 440
production, cripples, 487
productive capital, 488
benefit principle, 560
Bentham, Jeremy, 564
Blum and Kalven, critique of, 551–73
Blum-Kalven-Tawney, 568
constitutionality of, 554n2
cost principle, 560
depressive taxation, 552, 554, 572–73
equal sacrifice, 561
fallacious assumptions, 557, 568
general welfare, 565
income distribution, 567
inheritance, 569
Lutz and Crotty, 565
minimum-sacrifice doctrine, 564
objection 1, administrative complications, 555
objection 2, ballot power, 555
objection 3, destruction of capital structure, 555
proportionate sacrifice, 562
Tawney-Lasswell contention, 566
utility of money, 562
Rappard, William E., 99
rational criteria, 466
reform
Bradley-Gephardt, 503
capital gains, 506
corporate income tax, 506
deductibility, 510
Doernberg, Richard L., 512
egalitarianism, 504
equal slavery, 510
flat tax, 503
government services, or repression, 513
head tax, 513
home value, 504
homeowner, 504
imputed rent, 504
Kemp-Kasten, 503
loopholes, 509
Mencken, H.L., 503
Paul, Ron, 514
Reagan I, II, 503
resource allocation, 511
simplicity argument, 505
special interests, 508
subsidies, 508
Tax Reform Act of 1986, 529
robbery aspect of progressive taxing, 553
Saint Augustine, on intellectual dishonesty, 676
Say, Jean-Baptiste, 485n59, 485n60, 485–89
Schumpeter, Joseph, 674
Seligman argument, 565
single tax
Fetter, Frank A., 593
George, Henry, 575
Georgist fallacies, 593
land capital, 593
land question, 575
land, fixity, 596
land, government ownership, 580
locational chaos, 580
Pease, Edward R., 575
Progress and Poverty (George), 575
rent, nature of, 593
social division of labor, 582
time factor, 577
State power, extension of, 500
State, nature of the, 485
transaction costs, 480
utility curve, 562
VAT (value added tax), 589
Nixon administration, 590
Parkinson’s law, 592
profit reduction, 591
regressive, 590
unemployment,, 592
vertical mergers, 591
wage reduction, 591
voluntary, actual and alleged, 459, 461, 463, 530
zero-sum game, 531
Telser, Lester, 897
Temple, William, 647
term misnomers, transplanted from physics
dynamics, 13
elasticity, 13
equilibrium, 13
friction, 13
static, 13
velocity of circulation, 13
agio, 451n3
Böhm-Bawerkian concept, 264
Clarkian view, 839
Clemence and Doody, 267n8
consumers, 268
economic growth, 793
Fisher analysis, 524
free-market expressions, 522
future goods, 265
Galiani, Ferdinando, 156
high-time-preference, 95–98
individual’s rate of, 522
Lottini, Gian Francesco, 155
Mises, Ludwig von, 95
monetary malinvestment theory, 795
praxeological law, 95
praxeology and economic theory, 117
savings, Austrian theory of, 287
Scholastics, 150n23
Schumpeter, Joseph A., 264
Smith, Adam, 522
Theory and History (Mises), 74, 176, 203
Theory of Money and Credit (Mises), 189
Theory of Political Economy (Jevons), 26
Thirlby, G.E., 822
Timberlake, Richard, 882–92
time preference
universality of, 95
Walrasian schema, 268
Toohey, John J., 69, 70, 109, 109n9
Tooke, Thomas, 211, 867n15, 880
tort law
but-for tests, 387n39
costs, 260
criminal law, 409–10
defamation, 375
Epstein’s liability doctrine, 259
equilibrium, 257
invasion, 411
libertarian principles, 417
privity rule, 408
risk, assumption of, 383n28
threat level, 376
Treatise on Political Economy, A (Say), 42
Trotter, Archibald, 864
Trotsky, Leon, 611
Tugwell, Rex, 11
Turgot, Robert Jacques, 154, 155, 156, 157
approximate unanimity, 485
Buchanan-Tullock, 500
compensation principle, 246
judgments, value-free value, 88–89
majority coercion, 484
Mises, Ludwig von, 93
new welfare economists, 930
property titles, 245
unanimity rule
Buchanan-Tullock, 927
Calculus of Consent, The (Buchanan and Tullock), 927
compensation principle, 315
demonstrated preference, 323
free market, 320
free rider, 331
social utility, 333
State action, 321–22, 326, 927
welfare economics, 313–14, 318, 319
Unger, Irwin, 885
unions.See labor price, unions
utility theory
cost-benefit principle, 560
demonstrated preference, 289
diminishing marginal utility, law of, 73, 107, 301, 686
Galiani, Ferdinando, 156
individual valuations, 289
Kauder, Emil, 155
Kennedy, Charles, 296
Lange, Oskar, 805–06
objective cost-of-production theory, 157
ordinal marginal utility, 299, 333
price, 693
subjective, 803
Theory of Money and Credit (Mises), 189, 844
total utility, 299
value judgments
consequences, chain of, 95
economics, apart from, 241–43
ethic utilitarian, 96
ethical system, 924
flat unsupported declarations, impermissible, 86
Mises, Ludwig von, 92–111
political, 247
praxeological conclusion, 92
public policy, 84
science and, 20
scientific process, 228
self-evidently correct, fallacy of, 21
socialist calculation, 191, 848
State apparatus, 88
value-free economics, 250
Vaughn, Karen I.
calculation debate, 190
Economics of Time and Ignorance, The (Rizzo), 166n7
fundamental flaws, 221
Hayek, neglect of, 220
Lavoiean market process, 183n29, 218n72
New Methodologists, 167
O’Driscoll-Rizzo, 166n7
Rockwell, Llewellyn H., Jr., 222
Veatch, Henry, 128
Veblen, Thorstein, 123–25, 920
vicarious liability, 389–91, 405
Velikovsky, Immanuel, 226
Vio, Thomas de, 147
Vitoria, Francisco de, 148
Walras, Léon, 49, 261, 262, 303, 325
Walrasian
automaton, 847
“Breaking Out of the Walrasian Box” (Rothbard), 389n15
business cycle theory, 288
economic growth cycles, 272
entrepreneurship, theory of, 286
equations, 131
equilibrium, 263, 268–70, 287, 343, 816, 832, 851
formalism, 161
Human Action (Mises), 697
micro-equilibrium, 838
mutual determination, 695
neoclassical approach, 193n42
noncausal direction, 693
Schumpeter, Joseph, 261–63, 262n2
social sciences, mathematization of, 261
socialist impossibility, 853
Wealth of Nations (Smith), 154, 196, 197n46
Weber, Max
ends and means, 807
ethical judgments, 312
marginal utility, 807
methodological individualism, 54
science and values, 20
verstehende social science, 50
Weinstein, Allen, 885
welfare economics
death of, 318
demonstrated preference, 323
distribution, problem of, 321
economics and ethics, 312
Hicks-Allen indifference curve analysis, 333
individual valuation, 289, 320
Misesian economics, 169
ordinal marginal utility, theory of, 333
reconstruction, 319
social decision-making process, 317
unanimity rule, 313–14, 319, 323, 328
Wertfreiheit, 20, 23, 110, 372
Wharton, Joseph, 722
Whig theory, 131, 164, 200, 217, 225, 227
White, Harry Dexter, 215
White, Lawrence H.
Checkland, Sydney, 861
Currency School, 866, 869, 870
Development of British Monetary Orthodoxy (Fetter), 870
Free Banking in Britain, 859, 866
free-banking advocates, 872
Gilbart, James William, 874, 875, 876, 877n28, 878
gold standard, devotion to, 876
Humean-Ricardian devotion, 875
inflationary bank credit, 876n26
Manchester School, 869
optimal currency area, 862n6
Parnell, Henry Brooke, 872n23
Peel Acts, 877–78
Rationale of Central Banking, The (Smith), 866
Scottish banking, 861
Scrope, George Poulett, 872–74
Sinclair, John, 872
Smith, Vera C., 866
snare and delusion, 865
specie payment suspension, 862
specie, concerns for, 862
thesis influence, free banking, 860
White’s syllogism, 860
see also free banking
Wicksell, Knut, 279n2, 325, 469n28, 484, 485
Wieser, Friedrich von, 48, 50, 159, 806
Wilson, James, 877n28
Winthrop, Wait, 653
Wolf, Eric, 623
Woodbridge, John, 653
Wu, C.Y., 690–92
Yamada, Terry James, 400
Economic Controversies
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