Index

ABCT (Austrian business cycle theory), 7, 10, 13–15, 20–21, 37, 43–44, 46–47, 50–51, 53–54, 62–63, 68, 70, 76, 106, 111, 125, 132, 168, 186, 192, 195–96, 200–201, 203–4, 214, 216, 221–27, 229

Abu Dhabi, 18

Acampora, Ralph J., 151

acquisitions, 52, 70–71, 159

activist strategy, 123

Affordable Care Act, 233

aggregate demand, 43, 217

Alabama, 5, 16, 77–79, 95, 182, 200

alcohol prohibition, 112, 115

Alexander, Magnus, 113

Alwaleed, Prince, 82

Amazon, 49–50

Amazon stock, 50

American dream, 183

American economy, 36, 93, 122, 126, 160–61

American Institute for Economic Research, 151

American stock market, 165, 170

American Surety Building, 34

America’s Great Depression, 37, 111, 212–13

America’s Second Great Depression, 211

economic, 107, 166, 176

microeconomic, 103

skyscraper-curse, 103

analysts, 50, 148, 165, 167

Anderson, Benjamin, 120, 226

Anderson, William, 162–63

announcement dates, 87, 91–92

apartments, 45, 95–96, 182, 200

shortages of, 45

apoplithorismosphobia, 218

Applied Economics, 19–20

architects, 67, 71, 73

out-of-control, 78

Arkansas, 101–3

Arrison, Thomas S., 138

art prices, world-record-breaking, 78

Asian contagion, 39, 81

Asian Financial Crisis of 1997–98, 38–39, 92

Askari, Hossein, 237

asset prices, 53, 189, 197, 224, 238

assets, price of, 50–51

Austrian analysis, 168

answer, 222

extended, 14

approach, 193

Austrian business cycle theory, 10, 13–14, 43–44, 62, 68, 70, 106, 111, 125, 132, 168, 186, 192, 216, 221–24, 226, 229

Austrian camp, 194

Austrian economists, 20–21, 48–49, 54, 107, 122, 131, 134, 166, 191–93, 201, 223, 226, 229

focus, 46

predicted, 6, 109, 167

Austrian explanation, 222

Austrian macroeconomics, 14

Austrian policy approach, 222

Austrian and mainstream economists, 48

Austrian school of economics, 5, 10, 13–14, 20, 21, 120, 131, 135, 156, 166, 169, 187, 192, 226

modern, 168

definition of money, 199

economists, 21, 147, 192, 213

view of entrepreneurs, 54

Austrians winning, 120

Bacon, Francis, 78

bailouts, 40, 44, 204, 213, 217–18, 222

taxpayer, 184, 203

Baker, Dean, 148–49, 167, 191

balanced budgets, 127, 218

Baltic Dry Shipping Index, 29

bankers, 16–17, 60, 73, 79, 128, 225, 228

central, 53, 162, 231

banking

central, 196, 229, 233, 235

failures, 37, 177, 216

fractional reserve, 157, 164, 194, 225

bank reserves, 63, 197, 230

injecting, 196

bankruptcies, 32, 62–63, 168, 177, 184, 186, 196, 202–4, 222, 238

banks

big, 65–66, 106

foreign central, 124

important, 37, 216–17

large Austrian, 111

Baring Crisis, 33

Barr, Jason, 19, 87–94

Basquiat, Jean-Michel, 49

behavioral-finance economists, 43

Bernanke, Ben, 37, 188–89, 216–17, 226, 231

Bitcoin, 237

Bloom, Justin L., 138

Boehlje, Michael, 103

Böhm-Bawerk,Eugen von 13–14, 21, 118, 168, 196

Bohr, Niels, 145

bonds, 51, 66, 128, 174, 201, 228, 237

boom

artificial, 99

capital-oriented, 37

consumption, 223

cycle, 171

credit-induced, 161

enormous, 83

extraordinary, 189

general, 173

giant, 197

inflationary, 133

market, 225

normal, 204

period, 10

phase, 19, 40, 51, 74, 91, 230

rampant, 134

stock-market, 159

sustained, 38

time, 153

borrowers, 14, 29, 44, 50, 196, 203, 225

Brady, Nicholas, 170

Brazil, 81

Bretton Woods, 33, 38, 66, 120, 124, 126, 128, 131–32

Brisbane, Arthur, 114

Brooks, John, 124–26

Bubble burst, 158, 186, 205

Bubble-Bust, 6, 137, 139, 141, 143

bubble conditions, 194

Bubble predictions, 6, 148

bubbles

asset, 53, 201–2

asset-price, 170

burst, 163, 165, 170, 186–87

bursting, 159, 164, 186, 188, 193, 202, 206, 208

cause, 196

colossal, 170

dotcom, 81

dot-com, 9, 38, 199

economic, 82, 113, 185

greatest financial, 154

housing price, 193

long history of, 165, 170

speculative, 43, 165, 187

stock, 149

stock price, 188

tech, 33, 39

technology, 190, 200

budget deficits, large government, 138

building

first office, 32

four-story, 31

record-height, 13

record-setting, 31

skyscraper-cursed, 103

Building Announcement Record Opening, 33

building height, 15, 31, 72, 96

local-record-breaking, 95

building systems, 71–73

bull market, 156, 158, 163, 173, 175

current, 152–53, 158

bureaucrats, 11, 143

Burj Dubai tower, 17–18, 39–40

Burj Khalifa tower, 18, 33, 40, 72, 82, 87

Burns, Arthur F., 133

Bush, Irving, 113

business cycles

and bubbles, 137

boom/bust, 229

causes, 19, 67

century’s, 40

contractions, 213

current, 170

expansions, 212

historical, 222

pattern, 123

peaks, 87

predicting, 21

skyscraper cause, 26

twentiteth-century, 40

business cycle theories, 13, 20, 40, 43–44, 120, 134, 214

economic, 54

modern mainstream, 214

political, 28–29, 43

real, 20, 43, 50, 219, 222

business cycle theorists, real, 44, 213

bust

complete, 17

dotcom, 199

economic, 57, 215

financial, 26

inevitable, 75, 163, 193

next, 84

bust phase, 40, 51, 224

busts result, 148

calculations, 16, 73–74, 118, 212

Canada, 90

Cantillon, Richard, 15, 48, 59–62, 147, 168, 196

Cantillon Effects, 5, 15, 59–63, 67, 70, 73, 85, 97, 107, 168

and business cycles, 67

in Skyscrapers, 5, 65, 67, 69, 71, 73, 75

on skyscrapers, 68

Cantillon tradition, 168

capacity, 62, 71–72, 125, 145

capital, 20, 38–40, 47–48, 52, 56, 66, 68–70, 73, 127, 160, 186, 198, 237

capital gains, 164, 191, 198, 225, 237

capital goods, 46–47, 51, 53, 56–57, 62–63, 107, 230

nonspecific, 47

capitalism, 25, 35, 86, 155, 186, 205

modern global, 40

capitalists, 14

capital theory, 134, 196

cash, 45–46, 124, 174, 198

Cato Institute, 135

caveats, significant, 20

CBO (Congressional Budget Office), 149–51

central bank

balance sheets, 230

controls, 157

policies, 156

regime, 237

central bank’s central bank supervisory powers, 157

central business districts, 69–70, 79, 96–99

ceremonies, groundbreaking, 21, 26, 30, 81–83, 87

charts, 17, 179

long-term, 209

ordinary price, 126

Cheney, David W., 138

Chicago school, 43, 187, 219

Chrysler Building, 37

Civil War, 225, 230

Clinton, Bill, 162

clusters, 33–34, 70, 88, 202

next, 36

next major, 38

next skyscraper, 34

temporal, 221

cointegration tests, 90–91

commerce, 40, 59–60, 168

commodities, 117, 227–28

basic, 181

commodity prices, 116–17, 159, 164, 182, 226, 228

higher, 181

Communism, 205

competition, 48, 54, 56, 141, 157, 165

complexities, 14, 20, 44, 46–47, 93, 106

computer chips

advanced, 53

new advanced, 52

confidence, 114, 186, 205

little, 30

confident, 123, 186, 189, 205

Conservative economists, 219

conservatives, 132

construction

companies, 78–79, 81, 182

employment, 202

industry, 202, 225

new, 195

workers, 38, 52, 78, 193

construction booms, 26, 192

commercial, 74

construction-related industries, 193, 204

consumer prices, 53, 154, 228

higher, 65

consumers, 11, 46–47, 52–53, 62, 124, 195, 218, 224, 232

consumption, 47, 50–51, 57, 160–61, 174, 179, 198, 202, 222–24

goods, 51–53

increased, 52–53

national, 88

contractions, 36, 44, 92, 102, 161, 211–12

largest, 34, 93

real economic, 148

severe, 103, 135

correct predictions, 147, 166

correlation, 10, 19, 26, 90

close, 105

Corrigan, Sean, 160, 167

corruption, 112, 125, 143

costs, 29, 32, 40, 53, 56, 70, 73, 79, 95–96, 99, 116, 182, 232, 235

commuting, 97–98

lower, 55, 69–70, 116

opportunity, 13, 68–69, 98, 227

significant economic, 166

CPI (Consumer Price Index), 53, 124, 180, 182–83, 201–2, 226, 228

credit conditions, easy, 19, 54–55, 70

credit creation, 155, 160, 162

credit markets, 34, 36, 225

crime, 96, 112

crisis, 15–16, 33, 39–40, 82, 105–6, 119–20, 126, 134, 150, 153, 155, 185, 200, 205–6, 213, 219, 222, 229

critics, 223–24, 226

currencies, 60, 124, 135, 143, 199, 228, 230

depreciating, 232–33

curse, 18, 20, 26, 30–31, 35–36, 93–94, 105, 107

cycles, 19–20, 34, 40, 44, 74–75, 88, 91–92, 119, 133, 153, 177, 199–200

first skyscraper, 39

next, 75

next skyscraper, 38

skyscrapers and business, 14–15, 19, 26, 97, 195

dairies, 56–57

dampen inflationary price pressures, 208

dates

completion, 19, 84, 87–88, 90, 103

ground-breaking, 92

opening, 92

debt

amount of, 232

consumer, 53

credit card, 53

rising, 202

student, 78

total, 202

debt burden, 46, 232

debt-cycle theories, 43

Deden, Anthony, 154

deficit spending, 44, 143, 231

deflation, 32, 116, 157, 184, 218, 234–35, 238

delusions, 143, 170

demand deposits, 199, 230, 237

demographic crisis, 144

deregulation, financial, 157

design, 15, 48–49, 67

designers, 71–72

Detroit Marriott, 102

DiLorenzo, Thomas, 234

dirty little secret, 181–82

distortions, 14–15, 48, 84–85, 107, 154–55, 160, 166, 221, 225

Dodd-Frank, 233

dot-coms, 39, 200

dot-com tech bubble, 186

Dow Jones, 116, 125–26, 137, 151–52, 169, 173

Dow Jones Commodity Index, 181

downturns

economic, 18, 29, 38, 71, 219

predicting important, 30

Dubai, 17–18, 39

East Asia, 38–39

Easy-credit policies, 225

ECB (European Central Banks), 231

Econometrics, 222

Econometrics Society, 145

econometric techniques, new, 94

economic activity, 13, 19, 28, 32, 38, 44, 211

economic boom, 10, 26, 44, 112, 163, 187

longest, 162

unsustainable, 91

economic conditions, 83, 87, 141, 166

economic crises

important, 229

major, 6, 13, 18, 21, 26, 35, 91–93, 105–6, 109

regarding, 107

severe, 88, 105, 111

economic crisis

next, 21, 72

ordinary, 213

significant, 26, 83

economic depression, 17–18, 121, 126, 132, 135, 211–12

next, 120

economic expansions, 30, 60, 102–3, 121–22, 212

current, 163

global, 29

long, 121

economic growth, 51–52, 59, 65, 75, 106, 131, 163, 202, 215, 230, 238

extended, 111

normal, 159, 211

plucked, 215

rapid, 141

significant, 38

economic indicators, 27, 29–30

coincidental, 28

economic policies, 28, 113, 123, 133, 147–48, 156, 204, 211–12

new, 124

economic problems, 39, 71, 74, 141, 229, 236

economics

fascist-style, 120

mainstream, 16, 43, 47–48, 60

mundane, 14

economic slump, 36, 93, 144

severe, 156–57

economics profession, 9, 121, 166

economics teachers, 22

economic theory, 15, 20, 43, 60, 97, 106, 125, 147, 196, 211, 213

Economist magazine, 167

economists, new, 6, 121, 123–25, 127, 129, 134

economy

agricultural, 34, 102

real, 14, 20, 48, 62

service, 34, 50

world, 18, 86, 118

Egyptian pyramids, 31

elevators, 31–32, 71–72, 79

Elias, David, 151, 167

Empire State Building, 37, 74

employment, 44, 98, 121, 202, 234

Engelhardt, Lucas, 89, 94–99, 103

entrepreneurs

creative, 157

estimate, 68

formula, 74

rational, 224

entrepreneurship, 168

Equitable Life Assurance Building in New York City, 32

equity, 178–79, 184, 198, 203

cash out, 198

extract, 177–79, 195

extracting, 184, 204

eras, 125, 230

antebellum, 230

free-banking, 232

modern, 196

new, 111–13, 116, 125, 139, 177, 182, 190, 195

standard, 197

Europe, 36, 77, 81, 93, 138–39, 156, 228

European Central Banks (ECB), 231

evidence

anecdotal, 101, 180

empirical, 16, 61, 94, 221–22

macro, 180

secondary, 94

statistical, 19, 126

expansion, 36, 38, 40, 44, 63, 70, 91, 102, 119, 128, 150, 211

expansionary monetary policy, 37, 54, 160, 224–25

exports, agricultural, 32, 103

factories, 14, 40, 52–53, 160

factors, psychological, 50, 68, 91, 113, 187, 189–90

Fannie Mae, 51, 183, 185, 194, 198, 206

farmers, 34, 46, 56, 61

farms, 14, 56

FDR, 216, 231

fear, 25, 78, 117, 154, 169, 186–87, 205–6

Federal Reserve, adopted, 35

Federal Reserve Act, 34, 112, 230

Federal Reserve Bank, 155, 169–70, 187, 192

Federal Reserve District Bank presidents, rotating, 236

Federal Reserve intervention, 197

Federal Reserve’s policies, 120

Federal Reserve System’s Influence, 233

Fed-induced bubble, 173

Fed’s Open Market Committee (FOMC), 79, 236

fiat monies, 155

financial analysts, 148–49

financial crisis, 9–11, 39, 59, 204, 209, 214, 216, 218–19, 224, 231, 233

financing, 82, 87, 139, 158, 165, 198

easy, 75–76

Fisher, Irving, 9, 43, 111, 115–20, 153, 226

Fisk, James, 32

Fleckenstein, William A., 153

FOMC (Fed’s Open Market Committee), 79, 236

Forbes, Myron, 113

forecasters, 147, 149–50, 166, 194

forecasting, 32, 93, 106, 147, 149, 167

economic, 117, 147

forecasts, 18, 21, 86–87, 90, 146–47, 150, 167

economic, 146

Freddie Mac, 51, 185, 198, 203

free market, 76, 163, 169, 180, 194, 230

Friedman, Milton, 37, 133, 215–17

Friedmanite economists, 134

Gallaway, Lowell, 21

Gandhi, Mahatma, 223

gasoline, 47, 181, 227

gasoline shortages, 38, 126

GDP (Gross Domestic Product), 19, 28, 87–89, 137, 144, 146, 151, 161, 175, 232

Glaeser, Edward, 27

Glassman, James, 150–52, 167, 169

global economic crisis, worst, 204

global economy, 29, 212

weak, 103

GNP, 121

real, 34, 36, 92–93

gold

classical, 118, 124, 230

hoarding, 237

new, 60

people want, 132

post-WWII Bretton Woods, 230

price of, 32, 227

pseudo, 227–28

reserve, 237–38

traditional, 119

gold banks, 237

gold bonds, 237

Gold Commission, 135

monetarist-packed US, 135

gold dollars, 236, 238

gold exchange, 230

gold standard, 237, 239

goods

consumer, 238

finished producer, 182

import, 238

imported, 62

intermediate, 182

luxury, 79

price of, 181, 202

Gould, Jay, 32

government

arrogance, 163

bureaucracy, 186

bureaucrats, 142

centralization, 205

failure, 185–86, 201, 203

giant, 204

federal, 50, 127, 175, 198, 217, 230, 238

meddling, 214

policies, 21, 142

regulations, 67, 236

shrinking, 213

size of, 123, 205, 214

small, 143

spending, 47, 132, 175, 230–32

government bonds, 45, 66, 196, 231, 239

government intervention, 27, 36, 75, 158, 187, 230, 235, 238

significant, 219

Gramm, Phil, 66

Grant, James, 25, 117, 153–54, 167, 171, 214

Great Depression, 6, 36–38, 81, 86, 102, 111, 113, 115, 117–19, 123, 126, 211–13, 215, 217, 222

Greenspan, Alan, 6, 9, 55, 149, 162, 169–70, 178–82, 184, 188–89, 192, 197–98, 208–9, 216

Grimes, William W., 138

growth, deflation and economic, 218

Haberler, Gottfried, 223

Harding, Warren G., 213–14

Hayek, Friedrich, 14, 62, 120, 122, 131, 134–35, 168, 196, 223, 226

Hayekian Analysis, 222

Hazlitt, Henry, 131–32

height, record-breaking, 92

heights, new, 36, 71

Helmut, Jahn, 67

Herbener, Jeffrey, 213, 222

Higgs, Robert, 166

higher prices, 62, 65, 152, 159, 184, 190, 226–27

high prices, 227–28

historians, economic, 34, 36, 65

history textbooks, 35, 213

Holcombe, Randall G., 15–16, 200

Holman Jenkins, 169

home construction, 177, 180, 188, 193, 195

home mortgages, 79, 161, 185, 198–99

homeowners, 177, 179, 182, 185, 195, 198, 203–4

home prices, 181, 183–84, 188–89, 200

Hong Kong, 38, 90

Hoover, Herbert, 112–13, 115, 213

housing, investment in, 179, 199

housing boom, 16, 178, 189

housing bubble, 193, 200

current, 194

destructive, 10

massive, 15

housing construction, 175, 177, 191, 193, 195

housing market, 178, 184, 187–89, 194–95, 199, 202, 204–6, 209

housing market bubble, 16

housing prices, 16, 96, 180–81, 183, 185, 187–88, 190, 200, 228

Howden, David, 35, 237

Hülsmann, Guido, 155–56, 167,

Huxtable, Ada Louise, 25, 67

hydraulic version, 223

hyperinflation, 156, 232, 239

implications, 117, 138, 148, 189

income distribution, 61, 127, 229

increased demand, 62, 97–98

Index of Leading Economic Indicators, 29

indicators, 27–29, 32, 40, 83, 106, 126, 142, 145, 157, 181, 195

coincidental, 28

inequality, 61, 66

artificial, 230, 239

economic, 65, 128–29, 229

inflation

accelerating, 134

fight, 150

galloping, 132

high, 212

higher, 150

little, 226

low, 155

measured, 182

modern, 197

rising, 162

inflationary, 128, 228

innovation, 67, 71, 73, 139

interest

lower rates of, 68–70, 73

market rate of, 14, 44, 160, 196–97

natural rate of, 44, 196–97

interest income, 46, 51, 57, 66

interest rate manipulation, 66

interest rate policy, 49, 135, 201, 232–33

zero, 216–17, 227

interest rate setting policies, 106

internet, 149, 162, 165

intervention, 10, 44, 93, 168, 196

money market, 155

interventionist, 213

interventions, wild, 9

Inverted yield curve, 29

investments

bad, 74, 185, 193, 196

channel, 139

diminished, 217

good, 183

largest, 51

longer-term, 46

misguided, 106

new, 161, 190

shorter-term, 46

investors

bond, 66

desensitizing, 168

pointed, 194

potential, 164

reassured, 115

stabilized economy desensitizes, 192

tricked, 190

Israel, Karl Friedrich, 235

Japanese bubble, 137–38, 140, 142, 159

Japanese economy, 139–40, 143, 213

Japanese stock markets, 30, 140, 177

Jeddah Tower in Saudi Arabia, 21, 82–84

Jordan, Jerry, 167, 169

Journal of Applied Economics, 19–20, 87, 89–90, 93

academic journal, 19

Kadlec, Charles W., 151, 167

Kane, Edward, 74

Kaza, Greg, 36, 101–3, 167, 169

Kennedy, Robert, 32

Keynes, John Maynard, 217

Keynesian and Friedmanite economists, 134

Keynesian approaches, 16

Keynesian business cycle theories, 50

Keynesian camp, 191

Keynesian economics, 120–23, 213

Keynesian economists, 189, 192

Keynesian economists and mainstream economists, 218

Keynesian/Hayekian, 167

Keynesian ideology, 213, 226

Keynesianism, 213

Keynesianization, 121

Keynesian policy prescriptions, 228

Keynesians, 43, 59, 133, 141, 164, 187, 190, 192, 203, 217, 219

Keynesian school of economics, 217

Keynesian theories, 20, 44, 123

Kingdom Tower, 72, 82

Klein, Peter, 14, 235

Koch, Charles, 135

Kodama, Fumio, 139

Koons, Jeff, 49

Koppett, Leonard, 28

Krichene, Noureddine, 237

Krugman, Paul, 144, 191–92, 217–19, 223

Kyoung Sun Moon, 72

labor, 11, 36, 47–48, 51–52, 56, 62, 65, 98, 186, 193, 201

laissez-faire, 204, 222

land, price of, 52, 68, 79

land prices, 15, 26, 68–70, 96–97, 99

land values, 68–69, 74–75

Lao Tzu, 145

Lastrapes, William D., 234

Lawrence, Andrew, 13, 17, 19, 26, 31, 34–36, 39–40, 90, 105

laws, rent-control, 45

Lehrman, Lewis, 135

lenders, 29, 198, 203, 235

lending standards, 56, 189

lower, 46

Lereah, David, 181

Liebowitz, Stan J., 165

Lindley Clark, 146

loanable funds, 45, 196, 225

loans

bank, 51, 63

commercial, 66

consumer, 66, 195

home equity, 194

home-equity, 174

interest-free, 66

mortgage, 203

short-term, 79, 236

variable-rate, 184, 204

location, 46, 68–69, 94–96, 98, 201

long-term interest rates, 17, 29, 208

lower interest rates, 46, 52, 68, 70, 79, 96, 189, 196, 217, 223

low interest rates, 19, 44–45, 49–50, 52–55, 67, 69–70, 73, 75–76, 79, 85–86, 88, 91, 95, 97, 138, 178–79, 182, 185, 194–95, 221, 224–25, 227, 231

Lucas, Robert, 37

Mackay, Charles, 143

macroeconomics, 16, 233–34

mainstream economists, 20–21, 48–49, 53, 61, 65, 106–7, 115, 126–27, 144, 180–81, 187, 196, 218, 223–26, 238

mainstream theories, 20, 44, 47, 54, 171

malinvestments, 40, 53–55, 63, 67, 86, 107, 134, 163–64, 168, 221, 231

Manhattan, 33, 49, 87, 228

Manhattan Life Insurance Building, 34, 93

manufacturing, 34, 37, 40, 138, 193

Margolis, Stephen, 165

market boom, current stock, 158

market crash, great stock, 115

market economy, 10–11, 14, 117, 122, 238

free, 120, 139, 143, 226

market failures, 216

market forces, 168, 236

markets

bond, 228

financial, 157

market value, 47, 116, 183

Marx, Karl, 86

Marxist theories, 43

Masonic Temple, 34

Mayer, Christopher, 152, 167, 180, 194

Mayer, Laurence, 170

McCarthy, Jonathan, 187–8

McCloskey, Deirdre, 146–47

McCulley, Paul, 192

McDonough, William, 170

medieval cathedrals, 31

Meissner, Larry, 138

meltdown, 138, 140, 150, 209

financial market, 204

Menger, Carl, 13, 168, 196

Menger’s explanation, 14

mergers, 70–71, 159

Metropolitan Life Insurance Company Tower set, 34

microeconomics, 91, 94, 200

Middle East, 17, 82

milk, 5, 55–57

Mill, John Stuart, 13

Minsky, Hyman, 43

Mises, Ludwig von, 9, 14, 62, 89, 111, 118–20, 122, 131–32, 134–35, 147–48, 163, 168, 196, 223, 226

Mises’s theory, extended, 14

Mizrach, Bruce, 19, 87–90, 94

models, 17, 20, 91, 93, 97, 99, 146, 187, 215

monetarists, 59, 167, 215

monetary inflation, 6, 116, 137, 181, 184, 195–96, 201, 229

monetary policy, 9, 21, 49, 52, 61, 106, 111, 118, 122, 124, 128, 131–33, 135, 143, 156, 167, 187, 189, 192–93, 209, 212, 215–17, 222, 226–27, 231, 234–35

monetary pumping, 157, 160, 193, 198–99, 201, 204

monetary stimulus, 44, 144

money

easy, 40, 185

new, 48, 59, 61–62, 125, 163–64, 193, 195, 199

money and banking, 124, 230, 234, 236

money supply, 15, 44, 48, 59–61, 63, 65–66, 131, 158, 168, 181, 185–86, 196, 199, 203–4, 212, 216, 228, 230, 239

mortgages, 66, 177, 194–95, 197–98, 203–4

variable-rate, 178, 184, 203, 208

Mundra, Kusam, 19, 87–90, 94

Murdoch, Rupert, 82

Murphy, Robert, 7, 226, 231

Murray, Charles, 151–52, 167

MZM, 199

NASDAQ, 138, 150, 163–64, 173, 199

National Banking Acts, 34–35, 225

national debt, 66, 127, 144, 232, 238–39

Nazism, 120

NBER (National Bureau of Economic Research), 92, 102–3

New Deal, 37, 120, 123, 205, 213

new-era thinking, 112, 114, 117, 138–42

New Record Skyscraper, 17–18

Nixon, Richard, 124, 128, 132–35, 199, 230

Norman, Mike, 146

office space, 15, 34, 70, 73, 75, 97

Ohanian, Lee E., 213

oil, price of, 29, 82, 226–27

Okun, Arthur, 9, 121–23, 213

opening ceremonies, 26, 35, 84

panic

financial, 32, 87, 90

national, 114

nineteenth-century, 34, 225

reduced, 235

Papadakis, Maria, 138

paradigm, new, 152, 154, 160, 177–79

Park Row Building, 34, 93

Patrick, Hugh, 138

Paul, Ron, 135

Peach, Richard W., 187–88

Petronas Towers, 33, 38–39, 92

Philadelphia Stock Exchange Housing Sector Index, 17, 207, 209

Phillips Curve, 94

Pierre, Andrew J., 138

Piketty, Thomas, 66, 127

plucking model, 215–16

policies

beggar-thy-neighbor, 60

cheap-credit, 203

current, 21

easy-money, 185, 226

fiscal, 29, 123, 132, 192, 213, 216, 222

inflationary, 163

quantitative-easing, 232

stable-dollar, 117, 120

tax, 204

policy errors, 54, 213

policy recommendations, 134, 219, 222

policy responses, 204–5, 209, 217

Powell, Benjamin, 15–16

predictability, decreased, 235

predicting changes, 29

predicting stock market bubbles, 158

prediction game, 120

predictions

bad, 21

consumer price-inflation, 228

economic, 149

far-reaching, 160

forceful, 158

important, 165

making, 146

pattern, 20

qualitative, 147

skyscraper-based, 81

price controls, 38, 124, 126, 134

price indexes, 116, 118, 202

prices

inflated, 187, 204

median, 180, 193–94

overliquidated, 113

profitable, 73

securities, 154

share, 161

unsustainable, 194

price-to-earnings ratio, 50, 166

printing money, 45, 53, 59–60, 135

Producer Price Index, 182, 228

production processes, more-roundabout, 46, 52, 59

profits, 50–51, 55, 67, 70, 74, 79, 116–17, 168, 187

prosperity

false, 171

great economic, 115

perpetual, 139

present, 113

prosperity forever, 163

protectionism, 142, 213

beggar thy neighbor, 141

psychological changes, 106, 187, 203

psychological consequences, 186, 205

psychology, 43, 50, 159

social, 91, 143, 173, 217, 219

Pulitzer Building, 33, 93

purchasing power, 65, 118, 128, 235

quantitative easing (QE), 49, 144, 216–17

railroads, 25, 40

Rappoport, Peter, 35

rates

discount, 68–69, 98, 217

federal funds, 79, 197, 217, 236

higher interest, 53, 62, 73, 79, 178, 184

high interest, 69, 164

housing bubble interest, 197

long-term, 208

lower, 50, 79, 184, 197–98

market-determined, 20

market-determined interest, 45, 53, 222

natural, 50–51, 63, 68, 76, 124, 225

short-term, 197, 208

rational expectations, 7, 216, 224–25

RBCT (real business cycle theory), 20, 43, 46, 50–51, 219, 222

real estate, 16, 25, 51, 63, 69, 138, 164, 183, 193, 198, 201, 228, 230

real estate bubble, 138, 177, 193, 195

real estate cycles, 26

real estate prices, 10, 49, 177, 195, 197–98, 224

recession

inevitable, 123

inflationary, 133–34

last, 227

long, 162

painful, 162

severe, 36, 200

record

current world, 21

heights, 33

new world, 39, 78

record-breaking skyscrapers, 15, 18, 26, 31, 36, 67, 71–72, 81, 84–85, 88, 90–91, 93, 95, 105

building of, 90, 105

new, 19, 82

next, 35, 83

record heights, 17, 26, 32, 34, 71, 82, 84

recovery, economic, 123, 175, 178

redistribution, 48, 50

regulations, 11, 35, 222, 233, 239

Reisman, George, 158–59, 167

relative prices, 48, 60, 62, 67, 168

Reno, Janet, 163

Renoir, Pierre-Auguste, 49

Ricardo, David, 13

risk, 25, 44, 73, 115, 117, 153–54, 168, 170, 190, 192, 206, 238

Ritenour, Shawn, 236

Robbins, Lionel, 86

robots, 49

Rockwell, Llewellyn, 135, 167, 169

Roll, Richard, 29–30

Rosnick, David, 191

Rothbard, Murray, 37, 60, 98, 111, 131–35, 155, 163, 168, 212–13, 223

Rouanet, Louis, 61

roundabout investment projects, 196

roundabout methods, 46, 49, 69

roundaboutness, 55

roundabout production, 46, 55, 57

roundabout production processes, 46, 56, 68, 70, 106, 196, 221

roundabout results, 55

Rubin, Robert, 162

Rubinstein, Dana, 97

Salerno, Joseph, 22, 35, 37, 133, 212–13, 218, 221, 224, 229, 231–32, 234–37, 239

sales, 44, 47, 50–52, 74, 98, 188, 198, 238

Salo, Jackie, 83

Samuelson, Paul, 145

Saudi Arabia, 17, 21, 82–83

savers, 14, 44, 50, 57, 128, 228

savings

amount of, 45, 202

increased, 51

private, 154

real, 106, 160

reduced, 53, 79

stymied, 174

unused, 218

savings account, 79

savings deposits, 199

savings results, 52

scarcity, 20, 141

Schumpeter, Joseph, 43

Schwab, Charles, 113

Schwartz, Anna J., 35, 37, 216

science, economic, 146, 148, 165

Sears Tower, 33, 38

Sechrest, Larry, 211

Sennholz, Hans, 160–61, 167

services, 47, 73, 127, 129, 141, 181

Shakespeare, William, 148

Shanghai Tower, 78

Shapiro, Jesse M., 27

Shapiro, Robert, 170

Shard Building, 77

Shiller, Robert, 43, 151, 166–67, 189–90

shocks, technological, 44, 46, 54

shopping mall, largest, 17

short-term interest rates, 29, 208

Shostak, Frank, 156–57, 167, 180, 193–94

silver, 65, 237

Silver-certificate, 124

silver coins, 124, 230

silver mines, 48, 60

new, 61

Singer Building, 34

Skousen, Mark, 120

skyscraper boom, 18

skyscraper construction, 19, 31, 34, 66–68, 85, 88

techniques, 80

Skyscraper curse

dubbed, 105

entrepreneurs, 62

signal, 17, 21, 82, 84, 92

struck, 17

theory, 91

Skyscraper Index, 13, 17–21, 26–28, 30–31, 34–36, 39–41, 43, 54, 84, 86–89, 93–94, 96, 99, 102, 105–6, 229

original, 31, 36

theory, 18–19

skyscraper records, 38, 81

new, 10

skyscrapers

completion of, 17–18, 89, 225

cycles, 40

early, 67

first, 32, 39

height, 19, 87, 89–90, 94

highest, 83

new luxury-condo, 49

new-record, 33

new record setting, 17

new world-record-height, 26

new world-record-setting, 82

record setting, 89

record-setting, 21, 91

super, 68

tallest, 26

then-tallest, 34

world-record setting, 17

world’s tallest, 13, 26, 34, 81, 83

Smith, Adam, 13, 60

Smoot-Hawley tariff, 37

Somary, Felix, 120

speculation, 25–26, 43, 75, 117, 154, 174, 190, 198

Spiegel, Matthew, 170

stagflation, 33, 38, 81, 126, 132, 134, 197, 212–13, 222

stock market

booms, 36, 166

bubble, 112, 118, 137, 143, 148–49, 154–56, 158, 165–66, 168, 177, 190

prices, 9, 52, 115–16, 146, 148, 153, 159–60, 162, 181, 200, 224

stock market crash, 37, 116, 148, 166, 178, 212, 216

stock stocks

bank, 228

best-performing, 125

cheap, 153

common, 115, 152

home-builder, 208–9

internet, 165

overvalued, 152

selling, 174

worst-performing, 125

string

actual-economic-growth, 216–17

potential-economic-growth, 216–17

potential growth, 215

string theories, 7, 215, 217, 219

string theorist, 216

Sumner, Scott, 59

Super Bowl, 28, 173

supply-side economics, 112, 187

taller buildings, 32, 69, 73, 87, 97, 99

tallest buildings, 27, 35, 73, 77, 83, 88, 90, 102–3, 112

tall skyscrapers cause, 10

Tatsuno, Sheridan, 138

technological change, 43, 46, 50–51, 141, 159

technologies

advanced, 56, 73

clean-room, 52–53

financial, 51

house-building, 201

new, 40, 46, 50–51, 55–56, 67, 71, 122

technology

bust, 146, 148

height, 138–39, 163–65

shocks, 51, 170, 203

stock bubble, 192

stocks, 124, 191

terrorism, 27, 170, 205

Thornton, Mark, 9–11, 15–18, 60–61, 70–71, 83, 89–92, 94, 97, 112, 188, 195, 206–7, 211, 218, 235

Trump, Donald, 239

Trump Building, 37

Twin Towers, 38

Tyson, Laura D’Andrea, 140

unemployment

double-digit, 34, 93, 124

high, 212

rising, 162

unemployment rate, 51, 121, 123, 126, 175

United Arab Emirates, 17, 39

valuation measures, 166

traditional, 153

valuation measures austrian, 167

Vedder, Richard, 21

Voigt, Kevin, 18

Volcker, Paul, 135, 197

wages, 38, 50–52, 59, 65–66, 98, 121, 134, 168, 193, 213, 222, 233, 238

Wall Street, 33, 37, 49, 65, 112, 114, 125, 145–46, 150, 161, 165, 169–70

Wall Street Journal, 28, 113, 146, 149–50, 194

Wanniski, Jude, 164, 167

wealth, 49, 61, 65–66, 68, 116, 158, 165, 224, 229, 236

redistribution of, 48, 50, 61

Wicksell, Knut, 196

Willis, Carol, 26

Wilson, Woodrow, 213

Woods, Thomas, 5, 117, 214, 235

Wool, Christopher, 49

Woolworth Building, 31, 35–36, 92–93, 103, 106

world-record-breaking skyscrapers, 78, 83, 105

next, 39

world’s tallest buildings, 18, 26–27, 36, 38, 40, 68, 71, 74, 87, 90

World Trade Center, 27, 38, 77, 87, 121

World Trade Towers, 33, 92

World War I, 33, 36, 75, 93, 112, 116, 214, 225, 230

World War II, 36, 74, 120, 123, 129, 143, 199, 202, 212

Zarnowitz, Victor, 32, 169

Zysman, John, 140–42