16. Index

INDEX

A priori propositions, 15

Abbott, Lawrence, 85–87

Abortion rights, 108

Abrams, M.H., 99

Action axiom, 14–15, 30

Acton, Lord, 100

Adams, Brooks, 50

Adams, Henry, 49

Advertising, 86

Alienation, of property and of will, 90–91

American Revolution, 56, 59

Anarchism, 80, 100

communist, 102

individualist, 12–13, 124

market, 93–94

Aquinas, Thomas, 67

Aristotle

Nicomachean Ethics, 15

on exchange, 116

Arms budget, 96

Art, modern, 107

Articles of Confederation, 59–60

Austrian School of economics, 115

business cycle theory, 36, 42–44

structure of production, theory of 18,

value theory, 31

Baby-rights, 111

Backhouse, Roger, 121

Baconian methodology, 41

Bacon’s Rebellion, 56

Bank of England, 46

Bank, Keynesian World, 40

Banking

central, 38

deposit, 38

fractional reserve, 38

investment, 52–53

Beardian class-struggle thesis, 52

Becker, Carl, 56

Berlin, Isaiah, 64, 93

Bernardelli, Harro, 11

Black, Jr., Charles L., 73–75

Blackmail, 93

Block, Walter, 122

Boétie, Etiénne de la, 59

Böhm-Bawerk, Eugen von, 18

Boulding, Kenneth E., 110

Bourne, Randolph, 94

Britain, 53, 104

Brown, Norman O., 102

Browning, Robert, 124

Buchanan, James, 32–33, 75–79

Buchanan, Patrick, 108

Buckley, Jr., William F., 94–95

Buridan, Jean, 116

Burke, Edmund, 100

Burnham, James, 95

Burns, Arthur, 10, 10n, 41

Calhoun, John C., 75

Cantillon, Richard, 116

Capital goods, 43–44

Capitalism, 32

Caplan, Bryan 19

Cartel, One Big, 16

Catholic Church, 61, 114

Cato’s Letters, 58

Chamberlin, Edward, 17

Charity, 25

Chauncy, Charles, 57

Chicago School, 39, 45

Children, 93, 101

Choice, 110

Christianity. See Catholic Church; Protestantism; Pietism, postmillenial; Puritanism

Churchill, Winston, 123

Circle Bastiat, 123

Clark, John Maurice, 10

Coase, Ronald, 16, 123n

Coase theorem, 123

Coercion, 22–25, 32

Cohen, G.A., 91

Cold War, 95

Columbia University, 9

economics department, 10–11

Commons, John R., 62

Communism, 95

Competition, perfect, 78, 86

Competitive price, 17

Competition, “quality,” 86, 87

Conant, Charles, 50

Consent of the governed, 58 Conservatism, 94

Constitution, 75.

Consumer goods, 43–44

Consumption, 22

Contracts, 89–90

expectations theory of, 89

freedom of, 89

promise theory of, 89

Corruption, 81

Cost curves, 77

Counterfeiting, 38

Courts, 108

Credit expansion, 19, 37–38, 40, 42–45,

48, 54

Crédit Mobilier, 80–81

Creditors, 52

Dante Alighieri, 69

Debtors, 52

Deconstructionism, 35

Decretists, 66

Defense, provision of, 12

Demand

artificial, 32

curves, 17–18

deposits, 38

law of, 10

speculative, to hold money, 19–20

Democracy, 111–12

Democratic Party, 62

Demonstrated preference, 28 Depression, 44, 48. See also Great Depression

Development, industrial, 85

Dewey, John, 62–63

Disarmament, 96

Discounted Marginal Value Product

(DMVP), 24

Dissent, 73

Division of labor, 98–99

Dorfman, Joseph, 12, 52

Downs, Anthony, 79–80

Economic

calculation, 15–16, 31

regions, 84

Economics

capital theory, 18

deductive, 14, 30, 117

Keynesian, 18–21, 40, 83, 85

mathematics in, 15, 118

neoclassical, 15

price theory, 114, 119

rent theory, 18, 119

role of statistics in, 10

role of theory in, 9

subjectivist, 31, 115–16, 117

theory of value, 115, 117

utility theory, 11, 114

Walrasian, 35

welfare, 27, 111

Economy, plantation, 85

Efficiency, 29

Elasticity of demand, 17

Elitism, 74

Ely, Richard T., 62

Emanationism, 99

Entrepreneurs, 35, 82, 118

Equality, 71, 78, 97–98

of income, 23, 85

of opportunity, 23

Ethics

as distinct from political philosophy,

92–93

in economics, 26–27

objective, 64, 87, 107

unrealistic, 23

Exchange rates, floating, 40

Exchange, 116, 119–20

Exploitation, 120

Exports, 82–84

Externalities, positive, 28–29

Fact-value dichotomy, 64

Federal Reserve System, 39, 41, 45

creation of, 51–52

Feminism, 102

Ferguson, Thomas, 55

Fetter, Frank, 18

Feudal land tenure, 92

Fichte, Johann Gottlieb, 92n

Finney, Charles, 61

Firms, 16

First Bank of the United States, 51

Fisher, Irving, 21, 45

Fleming, Tom, 13n

Flynn, John T., 94

Fogel, Robert, 80–81

Foot, Philippa, 65

Force, 22–25, 32

Foreign policy, 94–96, 101

Foundation for Economic Education (FEE), 11

France, 104

Franklin, Benjamin, 61

Fraud, 38

Friedman, Milton, 11, 40, 45, 110

Galbraith, John Kenneth, 32

Garrett, Garet, 94

Georgism, 92

Germany, 103

Gold, 37

Gold exchange standard, 50, 54

Goods, 86

Gordon, Thomas, 57–58

Government “investment,” 22, 80–81

Government intervention, 22–25

triangular, 22

binary, 22, 24

Great Awakening, 61

Great Depression, 42–48

Gulf War, 105

Hamowy, Ronald, 123

Harper, F.A. “Baldy” 11

Hayek, Friedrich A., 30, 31, 36, 39, 68–71,

93

Hegel, G.W.F., 120

Hegelian mysticism, 33

Henry of Ghent, 66

Herbener, Jeffrey, 123

Historicism, 64

History

American, 55–63

economic, 41–55

Hitler, Adolph, 103–05

Hösle, Vittorio, 92n

Hoarding, 20–21,46

Hobbes, Thomas, 65, 114

Hobson, J.A.,49

Holism, 71

Holmes, Oliver Wendell, 89 Homesteading, 91

Hook, Sidney, 106

Hoover, Herbert, 42, 46–48

Hoppe, Hans-Hermann, 122

Huguccio, 66

Hülsmann, Jörg Guido, 123

Hume, David, 59, 64

Hurley, Susan, 24n

Hutchinson, Anne, 57

Hyperinflation, 40

Imperialism, 49–50

Income, distribution, 70

“level,” 23

Inflation, 19, 37–38, 40, 42–45, 48, 54. See

also Hyperinflation

Initiatives, 112

Innovations, 44

Institutionalist, school of economic theory,

9

Intellectuals

court, 58

revolutionary, 59

liberal, 71

Interest

money rate of, 43

“natural” rate of, 43

purchasing power component of, 2

pure time preference theory of, 18, 20

Investment, 82, 85

Isolationism, 95–96

Jackson, Andrew, 12

Jefferson, Thomas, 60

Jekyll Island (Georgia), 52

Johnson, Paul, 47–48

Judicial review, 74

Justice, 103

in taxation, 24, 118

provision of, 12

Kaffirs (South Africa), 99

Kantian philosophy, 15

Kauder, Emil, 114

Kendall, Willmoore, 57n, 71–73

Keynes, John Maynard, 18–20, 42, 48

Khrushchev, Nikita, 95

Klein, Peter G., 122

Knight, Frank, 18, 97

Knowledge, 31

Kramnick, Isaac, 100

Labor, theory of value, 119

Labor unions, 19, 92

Lachmann, Ludwig, 31

Laissez-faire, economics, 12

Lange, Oskar, 31

Lee, Richard Henry, 61

Left-libertarianism, 106 Leisler’s Rebellion, 56

Lenin, V.I., 49

Levellers, 57

Libertarian Party, 109

Liquidity preference, 20–21, 46

Loberal Left, 71–73

Locke, John, 57, 65, 67, 114–15

Lodge, Henry Cabot, 50

Logical positivism, 30

Lucas, Robert, 19

Luck, 24–25

Ludwig von Mises Institute, 122

Machiavelli, Niccolo, 65, 68, 113–14

Mahan, Alfred T., 50

Majority rule, 71–73

Marx, Karl, 49, 94, 98, 119–20

Marxism, 98, 119

theosophical background to, 120

Mathematics, 11n. See also Economics,

mathematics in

Mavrodes, George, 90

Mayhew, Jonathan, 57

Means-ends framework, 23, 87, 88 Mencken, H.L., 121

Menger, Carl, 36

Mercantilism, 83

Merit, 70

Meyer, Frank S., 95

Michelet, Jules, 49

Mill, James, 121

Mill, John Stuart, 121

Mises, Ludwig von, 7, 11, 14–15, 36, 39,

87–88,93, 117

Human Action, 11, 11n, 14

socialist calculation argument, 15, 31,

102, 123

Mitchell, Wesley Clair, 10, 10n

Modugno, Roberta, 63, 65

Molinari, Gustave de, 13

Monetarism, 45

Money, 36–40

as a commodity, 40

optimal quantity, 37

quantity theory of, 11

regression theorem of, 36–37

substitutes, 38

See also Inflation

Monopolistic competition, 10n, 17 Monopoly, 13, 17, 77

price, 17

Morality. See Ethics

Morgan, House of, 49, 51–55

Morton Trust Company, 50

Muckraking, 81

Munich Conference (1938), 104

Nafta, 112–13

Nagel, Ernest, 9–10, 9n, 10n, 30n, 76–77

Namier, Lewis, 55

National Bureau of Economic Research,

10,41

National Review, 100

Natural law, 65–67, 69

New Deal, 47

New Individualist Review, The, 14

New York University, 11

Nietzche, Friedrich, 93

Nihilism, 107

Nock, Albert Jay, 100

Norman, Montagu, 46, 54

North, Douglass, 82–85

Nozick, Robert, 29, 70, 89, 93, 124

Olivi, Pierre de Jean, 116 Oppenheimer, Franz, 100

O’Regan, Cyril, 121

Paine, Tom, 60–61

Parental neglect, 93

Pareto optimality, 27

Paterson, Isabel, 25

Phi Beta Kappa, 11

Physics, 30

Pietism, postmillenial, 61

Pocock, John, 115

Poland, 105

Polanyi, Karl, 99

Political philosophy, 87–94

Populism, 108

Positivism, 76–80

Pound, Roscoe, 89

Praxeology, 14, 23, 25, 30, 117

Price discrimination, 78

Price level, 45–46

Primitivism, 99

Progressivism, 62

Protectionism, 84

Protestantism, 114

Public Choice School, 32

Public goods, 32

Puritanism, 56–57

Raico, Ralph, 123

Raimondo, Justin, 109

Rational expectations, 20

Rationalism, 65, 68–69

Rawls, John, 24, 70

Read, Leonard, 11

Relativism, 64, 72

Rent control, 11

Republican Party, 62

Revolution, 58,73, 101

Ricardo, David, 118–19

Risk, 80–81

Robbery, 24

Robbins, Lionel, 42

Robinson, 17

Robinson, Edgar Eugene, 47

Rockefeller, banking group, 55

Rockwell, Jr., Llewellyn H., 122, 124

Rolph, Earl, 18

Romantic Era, 99

Roosevelt, Franklin D., 51

Roosevelt, Theodore, 49

Rothbard, David, 9, 10

Rothbard, JoAnn, 124

Rothbard, Murray N.

American history, 55–63

Aristotelian Neo-Thomist, 26

early years, 9–13

economic history, 41–55

history of economic thought, 113–22

intellectual range, 7

Logic of Action, The, 26–36

Man, Economy, and State, 14—21

money, 36–41

Panic of 1819, The, 12

Papers, 9n

political philosophy, 87–94

Power and Market, 22–25

Rothbard, Rae, 9

Rufinus, 66

Salamanca, School of, 116

Salerno, Joseph T., 122

Say, Jean-Baptiste, 117, 118 Schlesinger, Jr., Arthur, 12

Scholastic philosophy, 15

Schumpeter, Joseph, 35

business cycle theory of, 44

Scientism, 30, 82

Second Bank of the United States, 51

Sedlmayr, Hans, 107

Self-ownership, 66, 88–91

Sidney, Algernon, 57

Silver, 36 Sin, 61

Slavery, 89, 120

Smith, Adam, 116–17

“invisible hand,” 117

Social democracy, 105

Social Gospel, 62

Socialism, 15–16, 119

Socialist calculation argument, 15, 31, 102, 123

Socrates, 72–73

Soviet Union, 95, 104, 106

Speculation, 70

Spooner, Lysander, 7, 13

No Treason, 13

State, 100–01

origin of, 60–61

voluntary institution, 33

welfare, 61

States’ rights, 108

Statistics, 34

Stigler, George, 11

Strauss, Leo, 64–65, 67–68

Strong, Benjamin, 45–46, 54

Structure of production, 43

Subjectivism, 31, 115–16, 117

Supreme Court, 74–75, 112

Syme, Ronald, 55

Tariffs, 84–85

Taxation

coercive, 32, 118

flat, 34

level of, 24

loopholes, 34

progressive, 24

“voluntary,” 32–33

Tawney, R.H., 65

Technology, 44

Tierney, Brian, 65–66

Time preference, 18, 43–44

Trade

free, 112

international, 82–85

Transaction costs, 34

Trenchard, John, 57–58

Trotsky, Leon, 100

Tucker, Benjamin, 7, 13

Tullock, Gordon, 33,79

Turgot, A.R.J., 116

Unanimity, 33

Uncertainty, 31

Underemployment equilibrium, Keynesian, 19

Unemployment, 18–19, 46

Union Pacific, 81

Utilitarianism, 121

Utility, 115, 117

Value paradox, 115, 117

Villey, Michel, 66

Vitoria, Francisco, 67

Voegelin, Eric, 121

Volker Fund 14, 63

Voting, 80

Vouchers, school, 110

Wage rates, 19,42, 120

Wakefield, Edward Gibbon, 49

Wants, 86

War, 94–96, 101

Revolutionary, 56, 59

Washington, George, 59

Weber, Max, 114

Wertenbaker, Thomas Jefferson, 57

Wertfrei science, 88

Whately, Richard, 121

Whig view of history, 115

William Volker Fund, 14, 63

Williams, Roger, 57

Wilson, Joan Hoff, 47

Women’s movement, 102

World War I, 53

World War II, 103–05

Yankees, 61