Index

Business cycle

Austrian, 29, 30, 43

Keynesian, 9

Marx, 13

Ricardian, 21, 28, 29

Central Bank, 27, 28

Coolidge, Calvin, 41, 42

Depression

as a period of adjustment, 28, 29, 36, 39, 40

definition of, 8

following credit expansion, 37, 38, 41

Great Depression, 40, 43

length and depth of, 25

price level during, 29

prolonged by wage and price rigidity, 39

theory of, 9, 29, 30

Entrepreneurship, 16

Federal Reserve System, 27, 41, 42

Gold standard, 21, 22, 23, 24, 25, 26, 28, 41

Great Depression See Depression

Hayek, F.A.

Monetary Theory and the Trade Cycle, and Prices and Production, 30

proponent of Austrian business cycle, 30

Hoover Herbert, 41, 42

Hume, David, 20

Industrial Revolution, 13

Inflation

causes of, 9

effects of, 22

overspending in Keynesian analysis, 9

solutions to, 29

squelched in a competitive banking industry, 26

Interest rate

allocation of resources, 38

manipulation, 31–35

natural, or real, 31–32 ,37

Keynes, John Maynard

General Theory of Employment, Interest, and Money, 9

government intervention in the economy, 10

Keynesianism, 9, 43, 44

Keynesian revolution, 44

Laissez-faire policy, 40, 41,43

Marx, Karl, 13

McCracken, Paul, 10, 11

Mises, Ludwig von, 29, 30, 31, 38, 42, 43, 44, 45

on business cycles, 29

on government intervention during economic crises, 40

on the Great Depression, 40

Theory of Money and Credit, 29

New Deal, 42

Nixon, Richard, 10

Prices

general level of, 14

relative, 25

stabilization, 9

Price theory, 14

Production

time element in, 16

Recession, 8, 9, 10, 17, 38

Ricardo, David, 20

Roosevelt, Franklin Delano, 42

Socialism, 12

Time preference, 31, 34

Unemployment, 11, 39, 42

Wages

government manipulation of, 33, 39

increasing as a result of credit inflation, 33, 42