Index

deficit financing, 114 freedom and purpose of life, 19 Corporations executive salaries of, 308 profit motives of, 352 Cravens, M. E. determining prices, 380 Creativity, 302, 371 D Declaration of Independence, 9, 320 Deficit financing local, 121 national, 114, 132 Democracy, de Tocqueville's views of, 24 de Tocqueville, Alexis views of democracy, 24 Dollar shortage, 414 Dykes, KW. alternative to competition, 60 E Economic progress, 177, 232 Education child's views of, 266 engineering, 285 federal aid for, 264 USSR, 299 value judgments in, 255 Eisenhower, Dwight exports and imports, 404 foreign aid, 422 preferential treatment, 427 Emancipation by machines, 190 Engineering education, 285 England. See Great Britain Ethics, personal,. 357 Exchange control, 411; see also, Trade Executive salaries, 308 Exports and imports, 404, 419, 433 F Federal aid education and, 264 effects on, 96, 342 myth of, 84 Ferrero, Romulo A.

inflation in underdeveloped coun tries, 172 443 444 INDEX Fire fighting, 218, 223 Foreign aid, 422, 423 Foundation for Economic Education understanding freedom, 336 France export devices of, 433 fiat money in, 164 Free market benefits, 200 capital depleted in, 133 competition in, 60 free will and, 45 labor, 367 prices, 412 Freedom market place, 45 mass production and, 190 purpose of life and, 19 Quaker exercise of, 40 trade, 52 understanding, 336 Freeman, Gaylord A., Jr. business goals, 352 G German inflation, 149, 163 Government aid, 84, 96, 264, 342, 422 Canadian, 385, 414, 427 creativity discouraged by, 302 de Tocqueville's views of, 24 English, 40, 391, 395 French, 164, 433 function of, 223 German, 149, 163 Indiana, 84, 85 intervention, 432 local, 121 Mexican, 180, 432 money, source of, 385 Peruvian, 172 planning vs. competition, 60 Ruritanian, 433 socialistic. See Socialism spending, 84, 96; see also, Taxation USSR, 31, 299, 398, 417 Welfare State, 131, 180, 251, 432 Great Britain bank of, 391, 395 Quakers in, 40 Greaves, Percy L., Jr.

free market labor, 367 Grieco, Rose child's diary, 266 Grotius, Hugo, 38 Guaranty Survey, Th, economic growth, 232 Guild system, 195 H Harper, F. A. fire fighting, 218 Hazlitt, Henry Keynesianism, 78 Heiple, Rae C., II campaign promises, 302 Hoiles, R. C. protectionism vs. competition, 251 Housing, 207 Human rights, 315, 321 Hutton, E. F. self-improvement, 188 I Imports and exports, 404, 419, 433 Income executive, 308 taxed. See Taxation Indiana government, 84, 85 Inflation appraised, 162 deficit financing and, 114, 121, 132 defined, 155 German, 149, 162 labor unions and, 145, 153 Mexican, 180 monetary manipUlation and, 430 Peruvian, 172 price controls and, 132, 148, 433 production and consumption, 134 results of, 108 socialism and, 184 underdeveloped countries and, 172 wages and, 169 International Monetary Fund, 413 Interventionism. See Government J J efferson, Thomas, 320, 329 Jenkins, H. P. B.

federal aid for education, 264 taxation and Welfare State, 131 Juvenile delinquency, 277 K Keynes, John Maynard, 78 King, Mackenzie, 385 L Labor division of, 408 executive salaries for, 308 free market, 367 INDEX 445 Labor (continued) laws, 239 mass production and, 190 protection of, 251 relations, 173 supply and demand, 169 unions. See Unions, labor views of, 188 Laws economic, 47, 79 labor, 239 natural, 46, 326 trade, 425 Leadership, 35, 239 LeFevre, Robert federal aid, 96 Libertarianism, 337 Liberty. See Freedom Locke, John, 329 London Times, The, 239 M McBain, Hughston inflation appraised, 162 Majority rule, 329 Mass production, 190 Mexico, Welfare State of, 180, 432 Money Canadian, 385,· 414 control, 167, 411 convertibility, defined, 412 deficits in, 114, 121, 132 English, 391, 395 executive, 308 fiat, 162, 164 increased, 149, 395 shortage, 414 source of, 385 specialists with, 50 see also, Inflation; Taxation Monopoly money control through, 167 price-fixing, 424 unions and, 247 Moreell, Ben engineering education, 285 N National defense, 437 Nationalization, Mexican, 432 o Opitz, Edmund A.

Declaration of Independence, 320 Ownership, 212, 280, 315 p Parity, 418 Pencil story, 371 Pension funds, 174 Personal ethics, 357 Peru, inflation in, 172 Peterson, William H. world commerce, 404 Petro, Sylvester labor unions, 239 Pettengill, Samuel B. inflation, 148 Poirot, Paul L., 426n Preferential treatment, 426 Pressure groups, 142, 145, 158, 170 Prices control of, 424, 433 determination of, 380 effects on, 162 inflationary, 132, 148, 433 market, 412 supports of, 418 Production and consumption control of, 101 growth of, 232 inflationary, 134 mass, 190 pencil, 371 protectionism and, 405 specialization in, 408 trade, 404 Profit motive, 352 Property rights, 212, 280, 315 Protectionism, 251, 405, 435 Q Quakers, 40 R Read, Leonard E. free market benefits, 200 labor unions and inflation, 153 leadership, 35 pencil story, 371 socialistic disaster, 67 understanding freedom, 336 Reciprocal Trade Program, 404, 409 Religion human rights and, 321 personal ethics in, 357 purpose of, 19 Quaker, 40 Rent control, 214 Restrictions, tariff, 419, 435; see also, Government Ricardo's Law of Comparative Cost, 407 446 INDEX Rights, human and property, 315, 321 Root, E. Merrill social fallacies, 277 Rothbard, Murray N.

human and property rights, 315 Ruritania, 433 Russia. See Union of Soviet Social ist Republics S Savings, limited, 132; see also, Taxation Say's Law, 79 Schacht, Hjalmar, 411, 415 Self-improvement, 38, 160, 188 Sennholz, Hans F. executive salaries, 308 inflation, 132 regulatory taxation, 100 slums and mansions, 207 Sherman Antitrust Act, 425 Slums, 207 Smi th, Adam, 377, 404 Social fallacies, 277 Social Security, 144 Socialism advance toward, 140 disaster in, 67 foreign aid and, 423 inflation and, 184 leveling of, 200 Specialization, 50, 408 Standard of living, 200 Subsidies farm, 142 housing, 207 trade and, 422, 428 Sullivan, Lawrence local debts, 121 Supply and demand Keynesianism and, 78 labor, 169 see also, Production and con sumption T Tariff effects on, 404 foreign, 398 restrictions, 419, 435 Taxation deficits by, 114 effects of, 110, 132 executive salaries and, 310 federal aid and, 84, 85 hidden, 148 Indiana's views of, 84, 85 labor unions and, 145, 153 property, 212 regulation of, 100 Welfare State and, 131 Tillich, Paul, 19 Tolstoy, Leo, 160 Trade Canadian, 427 defined, 407 foreign, 398, 404, 422 free will and, 52 laws, 425 protectionism and, 405, 435 Quaker practice of, 41 regulated, 101 subsidies and, 422, 428 USSR, 398, 417 wages and, 406 war influenced by, 437 world, 404 Tripp, Vollie federal aid, 342 Tyranny, 239 U Underdeveloped countries, 172, 177 Union of Soviet Socialist Republics de TocQueville's views of, 31 education in, 299 trade in, 398, 417 Unions, labor corruption of, 239 inflation and, 145, 153 monopoly and, 247 pressure groups, 145, 158 V Value judgments in education, 255 Velasco, Gustavo R.

economic progress, 177 w Wages inflationary, 169 trade affected by, 406 see also, Labor Walker, Frederick Quakers, 40 War and protective trade, 437 Webb·Pomerene Act, 425 Welfare State, 131, 180, 251, 432 White, Andrew Dickson, 38, 164 Winder, George source of money, 385 vVitzeman, Louis, 224