Index

action axiom, 25. See also 100, 107–10, 112–15, under economics; hu- 117, 119, 121–2, 128–9 man action and interac- consumer good, 56–57, 116 tion; value “creative destruction,” 46, barter economy, 72–76, 83 92–93. See also entre-

Bastiat, Frédéric, 16 preneurship; produc- tion boom, 106, 110–19 boom-bust cycle, 105–19. demand, 35–36, 61, 78–80,

See also boom; bust; 90, 111–16, 118, 122, monetary intervention 128, 132. See also supply business cycle. See boom-division of labor, 73, bust cycle 85–87. See also special- bust, 81, 114–19 ization capital, 57–62, 65–66, economic calculation, 22,

81, 84, 86–87, 89, 96, 83–101, 110

98–99, 107–11, 113–14, economic laws, 131–2

116–17, 119 economic literacy, 11, 20, 132 capital goods, 57–59, 89, economic outcomes, 19,

116, 119 26–27, 37, 83, 105, 132 competition, 45–47, 87–90, economics, 15, 18–20, 22,

97, 116 24–29 consumer, 42, 44–49, 52, economic theory, 19,

54, 56–58, 60–66, 95– 21–26, 37

139

140 Per L. Bylund

economizing, 16, 18, 24, market process, 44, 48, 62,

26, 51–53, 55, 68–69, 90–92, 99–101, 105–6,

84, 94, 96, 108, 112 131–2 economy, the, 15–17, 19, medium of exchange, 33,

41–44, 47, 53, 91, 126 70–71, 74, 77. See also money economy of scale, 85,

88–89 Menger, Carl, 72–74. See also seen; unseen

Edison, Th omas, 95

Mises, Ludwig von, 20, 23, entrepreneur, 60–66, 89,

29, 90–91, 101

92, 94–100 monetary intervention, exchange, 28–36, 70–77,

105–19

79, 83–84 money, 34, 69–72, 74–78, fi at currency, 80–81. See 83–84, 96. See also fi at also boom-bust cycle; currency; paper money;

money; price infl ation price

Ford, Henry, 64, 92, 95 money economy, 34, 72, free market, 27–28, 79 74, 76–77 free-market model, 15, paper money, 79–80. See

27–28 also fi at money free-market production, price, 25–26, 32–37, 45, 52, 69,

129 74, 81, 105, 131. See also

Gutenberg, Johannes, 95 boom-bust cycle; money price infl ation, 81. See also human action and interac- under price

34–35, 38, 131 production, 17–18, 42–43, tion, 15, 22–24, 26, 29,

45, 47–49, 52, 56–57, input and output, 17–18, 47 61, 84, 87, 89–90, 122 interdependence, 86, 88, rate of return on capital in—

90. See also under spe— vestments, 96, 107–110 cialization resources, 15, 17–18, manager, 101 51–57, 65, 68, 83–84, market economy, 45, 79, 86–87, 94–95, 97–100,

84, 91–92, 130–2 109–11, 113, 129

Index141

regulatory intervention, unseen, the, 122–6, 128–9

121–9 unrealized, the, 126–9 scarcity, 18, 36, 51–52, 68, value, 18–9, 25, 35, 54,

83–85, 87, 98–99, 109, 67–69, 73, 76, 87, 105

117, 129 determines cost, not vice

Schumpeter, Joseph A., 92 versa, 54 seen, the, 122–3, 127–8 personal satisfaction, 19

Smith, Adam, 18, 85–86 subjective, 25 specialization, 68, 75, wealth, 18–19, 128. See also

84–90, 93. See also divi—

Smith, Adam sion of labor supply, 34–35, 37, 43–44,

75, 79, 87–88, 90, 111,

128. See also demand