Index

Absolutism, 161, 402. Abstinence, 349,353. Acquisition costs, 200. Agreements, collective, 378, 379. Agriculture, 288, 316. Agricultural enterprise, 257. Agricultural products, 53, 173, 284, 356, 460. Agricultural rent, 334 fr. Appraisal of productive means, law of, 1:36. Attribution, 116-117; common, 119; specific, 119, 121; rules of, 129, 143. Auction, 185. Austrian postal savings bank, 246. Austrian school, 9, 123. Balance of payments, international, 448 fr. Balance of trade, 454. Balances, favorable and unfavorable, 453. Bank check, 242, 246; payment by, 240. Bank loans, 247. Bank notes, 242; "unprotected," 243, 244. Bank of England, 286. Banks, promotion by, 361-362. Barter, 5. Bentham, 29. BernouilIi, 29. Bill of exchange, 242. Bimetalists, 291. Business rentals, market of, 341. Bohm-Bawerk, 26, 123, 142. Bonuses, 3815. Brassage charge, 268. Bullionist theory, 271, 272. INDEX assets, 294; productive, 296, 297; acquisitive, 296; loan" 297; mone tary, 297; formation of, 298 fr.; saving of, 300 ; Bupply of loan, 346; liquid, 347; niarket,348, 353.

Capital city, 438. Capital goods, 63, 131, 135, 396. Capital market, 303 if. Capitalistic era, 391 fi. Capitalistic supremacy, 405. Capitalization, 136; ot land, 139. Casual nexus, 115. Checks, 260, 2.42, 246, 248. Class consciousness, 387. Class egoism, 161. Classes, 157. Classical doctrine, 405, 410, 433. Classical doetrine of equalization, 450. Classical individualism, 461. Classical school, 6, 1, 10, 18, 20, 235, 448, 456, 457. Classical masters, 399. Classical theory, 9, 53, 153, 175, 217, 318, 339, 400, 408, 408, 420. Classicists, 449, 45l. Clearing bank, centralized, 246, 247. Clearing method, 248. Coinage, 266; right of, 267; free, 270, 273. Coining, 267. Coins, 272. Collective agreements, 378,,379. Colonies, 440. Combinations, law of, 379. Combine, 225. . Commercial drafting, 244. Commercial paPer, 242, 45, 280; dis count of, 239. Commodities, 39, 40. Capital, 130 ff'." 537 ; theory of, 56-57, Competitive, 174, 204; influence on 62 if.; renewal of, 132; produc-prices, 207; doctrine of, 208; in tivity of, 132; computation of, modern industry, 209; of rich, 135 fr.; circulating, 136; fixed, 209; cost price ()f, 237; free, 39'5, 138; specific, 140; combination of, Competitive conflict, 320.

210; money form of, 292 ft.; con-Competitive price, 204. cept of, 292, 293, 295; loan form Competitive struggle, 307. of money, 293; investments, 294; Compulsion, 155. 465 466 INDEX Concept of use, 22. Constitutional law, 392. Consumption, 43, 45; demand index of, 189 fr.; loans for, 352. COIlsumption goods, 130, 131. Contract, forms of, 149; personal, 379; work, 385. eo-operativeorga.nizations" 326. Copyrights, 211, 222. Cornets, 404. Cost·means, price of, 203. "Cost·productive·means," 48, 119. Cost products, 119, 205; demand monopoly of, 219. Credit, 237 if.; 245, 249; economy, ,260 ; system, 261; instruments, 2,!2, 266; transactions, 238, 239, 240; economic importance of, 241 ; abuse of, 280, 281. Creditor countries, 454. Credits, 259. Crises, financial, 347. Cuhel, 21. Currency, debasement of, 267. Damages, 252. Debits, 259. Debtor countries,. 454. Degenerate needs, 26, 28. Demand, 21, 50; law of" 143.

Demand index, 181. Demand monopoly, 375. Depositors, 247. Diminishing returns, law of, 110, 343. Discount, 139. Discount policy, 454. Disorganized market, prices in, 1951f. Division of labot:, 5, 158, 169, 170,175, 250, 299, 309 if. ; international, 12,438 ; stratification in, 310. Doctrine of freedom, 400,405. Domestic economy, 305, 396. Domestic management, 160. Draft, 259. Dumping, 214, 215, 221. Economic activity, .social, 19. Economic constitution, 393. Economic contracts, 149 if.; negotiation of, 162. Economic equilibrium,. 52. Economic goods, distinguishing char. acteristics of, 44.. Economic history,. 28,7. Economic leaderships, 156,·323. Economic management, duty of, 45. Economic theory, problem of, 3; sphere of, 4; method of, 5; task of, 8. Economy, unity of, 49 if.; goals of, 159. Elements of cost, 200. Emigration, 434. Emigrant labor, 433. Engels, 407. English legislation, 409.

English system,. clearing house set tlements on, 249. Enterprise, the, 322 fr.; inst'itution of, 323; capitalistic, 327 ; large scale, 223, 224, 328,329,·356, 357, 380. Entrepreneur, 112, 150, 199, 271, 323 ff.; income, 333, 353 if. Equasion of supply and demand,· 256, ,2'57. Equilibrium of supply and demand, 254. Evolution of' social institutions, 166. Exchange, theory of, 10. Exchange contract, 149. Exchange value, 144:. Exchange value of money in international trade, 444 if. Exchange yield. value, 231.' Expenditures, 190; marginal, 191. Factors of production, 'Ill, 112. Fatigue, 37. Financial crises, 347. Fines, 252. Fixed improvements, 295. Foerster, Wilhelm, 388. Free trade, 456; theory of, 441,,448, 449, 457. Free trade school, 256, 458. "Fullerton's Law," 245. General price level, 228, 263, 279. Gifts, 252. Gold, ma.rket prices of, 269; value of, 270; la.w of changes on value of, 279 if.

Goldschmidt, 267. Gold standard, 266, 447. Goods, 40; productive, 40. Gossen, 17, 29. Gossen's law of satiable wants, 3,.25 fr., 423, ,431, 433. Ground rents, 177. Habit, ~3; mass, 245. Hoursof labor, 377. Immigration,·227. Inclination to save, 350.

467 Income, original, 253, 254; derived, 253, 424; money' computation of, 304 fr.; theory' of, 333; distribu tion of, 333,398; wage, 333; en trepreneur, 333, 353 if. Indebtedness, 351. Index numbers, 290; method of, 29I. Individualism, 165. Individualistic theory, 37-38, 154. Inequality, social, 397. Instruments of the economist, 5. Insurance contract, 149. Intensive production, 122. Interest, 177, 252; definition, 135; rate of, 137, 350; productive, 345 ff.; competitive, 350 ff. Intermediate goods, 187. International balance of payments, 448 if. International exchange, rate of, 447. International formation of prices, 441. International money ecouomy, 270. International trade, 432; exchange value of money in, 444 if.; theory of, 449. Investment market, 303. Jevons, 29. Joint costs, 214. Knapp's nominalistic theory, 278. Ka,rtell, 174, 211, 214, 221, 223, 329, 376, 404. ' Labor, economic inlportance of, 42; unskilled, 50; burden of, 57-58, 60; effect of abundance of, 59; increas ing, 60; scarcity of, 60; renewal o~, 13q; organization of, 3U1 ; articulation, 312,813, 314; wage of, 367; acquisitive, 360 ;stratifi cation of, 370; organized, 372; un organized, 373, 375, 378; hour! of, 377; marginal productivity of, 378; value of, 380 ff.

Labor, international condition of, 460. Labor market, 173, 356, 371, 372 if. Labor organizations, 413; attitude toward profit sharing, 387. Labor theory, 18, 53, 55, 56ff., 61, 112, 144, 41I. Land, theoretical concept of, 130; the ory of, 334; ownerShip of, 339. ,Language, 8. Large. scale enterprise, 223, 224, 328, 329, 356, 357, 380. Large scale industries, 391, 413. Large scale production, 321. Lasalle, 159, 349, 400. Law, I58, 392,398 ; constitutional, 392. Law of change of price, 191 ff. Law of changes in value of gold, 279 :fi. Law of cost price, 205; effect of, 206. Law of marginal utility, 230. Law of p'ersonal exchange value, 229. Law of population, 370. Law of supply,192. Law of stock, 192. Leadership, types of, 326. Legal tender, 267. Lewis, 18. Liberal school, 415. List, 'Friederich, 429~ 441, 457, 458, 459, 460. Loan capital, supply of, 346; loans, 238; for consumption, 352.

Localization of industry, 314 ff.; un economic, 459. Lockouts, '385. Lombard business, 249, 303. Marginal productivity of labor, 378. Marginal· products, 55. Marginal' utility, 120, 126, 140, 305; doctrine of, 9, 18, 125; numerical expression of, 126; of capital, 138. Margins of use, 52. Marx, Karl, 258, 313, 407, 41,5. Market, 171 fi'.; definition of, 172; produce, 173; labor, 173, 356, 371; closed, 185; capital, 303 tr., 348, 353; investment, 303. Market experts, 196. Market indiceiJ, 173, 179. Mass-comnwdities; 186. Mathematical economists, 51. Mathematical method, 13. Mathematics, 6. Medium of exchange, 164. Menger, 27, 29, 47, 117, 118, 145, 163, 164. Merchantilists, 257. Middle ages, 209, 314, 318, 319, 340~ 383. Middle class, 158. Migration, 439. Mill, John .stuart, 36, 118. Mines, 336. Mining, Ill. Minting, process of, 269; government prerogative of" 269.

468 INDEX Modern empires, 402. Modern industry, 317, 403. Modern theory, II. Monetary exchange, law of, 171. Money, 162 if., 170, 238; origin of, 162; advantage of, 169; personal exchange value of, 230; lawful, 244; .value of, 250, 262ft., 287, 290; development of, 258 ff.; pa per, 262, 267, 271; as measure of value, 262; concept of, 262; the ory of value of, 265,; bullion, value of, 264 ft'.; depreciation of, 280 if. ; appreciation of, 284 if. ; domestic, 447. Money ca,pitalists, 301. Money economy, 20, 150, 251. Money income, 251. Monopolist, 212, 307; not bound by law of single price, 213. Monopolistic control of the market, 404. Monopoloid institutions, 220ff. Monopoly, 173, 220 if.; national, 174; accidental, 174 ; actual, 174; tax, 174, 222; of supply, 211 ff.; pure, 211; pri va,te, 211, 222; of demand, 211, 218, 375; public, 222; state, 222; copyright, 22Z; patent, 222; of urban land, 343.

Morals, 158. Motor stimuli, 19. National economy, 154; foundations for domestic policy of, 408 fl. National economy, development of, 456 ir. National wealth, 334. National controls, 15,5. Natural economy, 232, 394. Needs, economic, 21 if.; anticipation of future, 24; scales of,. 33; under valuation of future, 39;; marginal, 52; social nature of, 158. Need-values, 33, 124, 143. 'Negotiable paper, international market for, 453. Note, "unprotected," 259. Organized labor, 372. Overproduction, 282; general, 285 ; partial, 285. Panic of demand, 195. Panic of supply, 195. Partnerships, 325, 358 fr. Patents, 211. Payment, concept of, 250. Persoual contract, freedom of, 379. Personal services; 41-42, 369. Philanthropy, 399. Physical needs, 27, 30~ Piece work, 38:5, 386. Pools, 223, 367, 404. Population, law of, 370; surplus, 320. Possessions, 333. Postal service, 216. Pre-capitalistic era, 39,5.

Precious metals, 265, 269 ; use value of, 272. . Price, 13, 18; competitive, 204; theory of, 235 fr.; la.w of, 236. Price formation, 178ff. Price level, general, 228, 263, 279. Price payments, 252. Price. structure, 264. Prices, 177 fr.; theory of, 177; level of, 177; law of formation of, 177, 183, 184; fortuitious, 148; strati fication of, 186 fr.; traditional, 193; international formation of, 441. Primitive races, 112. Private economy, constitution of, 389 fr. Private inheritance, law of, 392; right of, 399. Private property, 388, 394; institution of, 390. Produced productive commodities, 47. Producers costs, 198; computation of, 201-202. Production, 45 if.; task of, 45; geneal ogy of, 47; stratification of, 48. planned, 55; contrast of inten sive and extensive, 121. Productive relationships, '48, 61. Products, theory of, 53 if. ; price of, 220 ti. Profits, 353 fr., 358 fr. ; promoters', 359-360.

Profit-sharing, 387. Proletarian clas-s, 157. Promoters, 359, 364; profits of, 3,59360. Proudhon, 407. Protective duty, state's, 410. Protective legislation, 414. Protective tariffs, 456.. Psychological economic theory, 3 11. Psychological school, 4, 6. Public economy, nature of, 420; struc ture of, 420.

INDEX 469 Public opinion, 9. Purposeful desire, 18. Railroad, state controlled, 223. Railroads, 211. Railways, state control of, 410. Realty market, 176. Rent, 5; ground, 141, 334 ft.; capital, 141; agricultural, 334 ft'. "Renewal costs," 131. Reserve, 224. _ Ricardo, 53, 54, 56, 114, 336, 337, 338, 339:, 456, 457. Ricardo's theory of rent, 121 Risk, 324. Rodbertus, 405. Satiety, 54. Scarcity commodities, 183. Scattered market, 196. Schumpeter; 21. Schumpeter's history of dogma, 17, 142. Securities, 176. Self-determination, right of, 156. Self-development, impulse of, 32. Self-preservation, 32, 155. Silver, price of, 270. Simple economy, structure of, 49. Simple economy, theory of, 9 if., 17 if., 20, 32" 34, 42, 129, 142, 151, 165, 189, 200, 234, 296, 304, 305, 306, 1345, 377. Simple needs, 31. Small change, nominal value of 274. Smith, Adam, 57, 154, 291, :no, 311, 312, 433, 449. Skilled workers, 320, 370, 378.

Social conditions, 404. Social contract, 149. Social economy, 330 if. Social egoism, 161, 185, 397. Social force, typ~s of, 155. Social income, 330 if. Social institutions, origin of, 162; evolution of, 166. Social insurance, 387, 414. Social need,25. Social stratification, modern, 319. Socialist demands, 113. Socialist doctrine, 218. Socialist-theory, 9-, 175. Socialist party, 332. Socialistic state, 408. Specific luxury commodities, 187. Specific-productive-means, 119, 202. Specific products, 1191, 121; prices of, 206; demand monopoly of, 219. Speculation, 344, 345. Speculators, 269, 363 fr. Static economy, 254, 255. State as a unifying agency, 437. State economy, theory of, 11 tr., 264, 419 fr.; value in, 425; economic principle in, 4S0 «. State expenses, 421 ft'. States, 331; est"blishment of, 40; ad" ministrative functions of, 421; character of eoonomy of, 423. Stock companies, 326, 358, 36l.

Stock holders, legal position of, 362. Stratification, 158; of wealth, 178; of economic society, 306; of society, 317 fr.; of labor, 370; of wages, 371. Strikes, 385. Subjective value, concept of, 433. Subtlistence, costs of, 371. Subsistence wage, 369, 382. Sumptuary laws, 38. Supply, 50; law of, 143. Supply index, 180. Supply index of costs, 198 if. Tax policy, 432. Tax, progressive, 434. Taxation, burden of, 289; theory of, 432; incidence of, 433. Taxes, 200, 251, 252; assessment of, 434. Tariffs, 216. Technical development, 316. Technical processes, control of, 46. Technology of production, 46. Terminology, development of economic, 8; scientific, 22. Theorist, method of, 6-7; terminology of, 8, 34. Theory of attribution, 335. Theory of business enterprise, 114. Theory of excess-value, 407. Theory of free trade, 441, 448, 449, 451. Theory of income, 333. Theory of land, 334. Theory of price, 235 fr.

Theory of simple economy, 9 fr., 17 fr., 20, 32, 34,42, 129, 142, 151, 165, 189, 200, 234, 296, 304, 305, 306, 345, 377. Theory of state economy, 419 fr. Theory of taxation, 432. Theory of utility, 56..57, 144, 411, 412.

470 INDEX Theory of wages, 367 fr. Thiinen, 315, 336. Thunen's "State in Isolation," 6. Trade relations, 440. Transportation, 47, '111, 433. Trusts, 223, 225 ,fr., 404 ; steel, 226.. United States, 441. Unity, law of, 438. Unions, 376, 377, 379, 406. Unorganized labor, 376~375. Unskilled workers, 320. Urban land, rent of, 338 if..; monopoly of, 343. Use value, 229; of state economy, 427. Usury, 178, 197, Utility, 53; maximum, 33; concept of, 39; cost, 120; theory of,56-57, 144, 411, 412, computation of, 14.3. Value, 13; concept of, 143, 23',1:; com putationof utility, 144. Value cost law, 203. Value of money, in international trade, 444 if. Value in exchange, economic, 233 if. Value in exchange, personal, 228 if. Value in state law of economy, 229, 425 if. Vfl,lue in use, 18, 231. Value of labor, 280 fr. Value of money, theory of, 265; his torical chan.ges in, 287; measur ing,290 fr.

Wage, 8ubsistence,369, 382; of labor, .367. Wage income" 333. Wage system, 385. Wage yield, 380 fr. Wages, 177,291,299,322; high money, 288; theory of, 367 fr.; stratifi cation of,a71. Wages-fund, 371-372. Wages of management, 200, 354, 358. Walras, 46. War indemnity, 455. Wares, definition, 175. Wealth, 24; natural, 5l; national, 334; distribution of, 397; unearned, 398. Weber's law, 3. Will to work, 384. World economy, 12 fT., 437 fr.; devel opment of, 456 if. Workers, supply of, 371. Yield, 129 fr.; net, 137. Yield wage, 380 fi.