Economic: Controversies
Lange-Bergson orthodox line, 830
Lange-Bergson orthodox line, 830
Lange-Lerner thesis, 815–16, 818, 820–21, 829
fallacies of, 832, 833
general equilibrium, 832, 833
Mises, Ludwig von, rebuttal, 834
Lange-Lerner-Taylor, 829, 831
Lange-Meek movement, 813
market socialism, 815, 850
Marshall, Alfred, 806, 810
Marxism and praxeology, 802
Meek, Ronald, 812–13
Mises-Hayek, 812
Mises, Ludwig von, protagonist, 801
Misesian praxeology, 812
monetary malinvestment, 812
Pareto-Barone-Lange, 833
Political Economy, 802
praxeology
behavior, principles of, 805
criterion of practice, 805
Marxism, 802, 805, 807
methodological rationality, 804
Misesian methodology, 805
Misesian praxeology, 812
ordinal preference, 806
praxeological principle, 805
utility, maximization of, 808
private ownership, 801
production, means of, 810
rankings and choice, 303
Robbins, Lionel, 807
Slutsky, Eugen, 804
Smith, Adam, 811
socialist calculation, 238, 678, 830, 832, 852
computer, magical, 852
GIGO, 852
Stalinist Model, 851
Weber, Max, 807, 808
Langenstein, Henry of, 141, 147
Lausanne School, 49, 261n1, 806, 810
Lavoie, Don, 126, 135, 165, 183n29, 218, 221–22
Law of the Excluded Middle, 9
Lehrer, Tom, 136
Lenin, Vladimir
division of labor, abolition of, 610
Lachmannian paradigm, 175, 175n18
laissez-faire, 857
moral incentive, 828
New Economic Policy, 679
privatization, Soviet, 437n2
socialist calculation, 678, 855
vanguard, 630
Lerner, Abba P., 777, 778, 815
See also Lange-Lerner
Lessius, Leonardus, 153
Lewis, Oscar, 621
liberalism
English classical, 790
in Action, 677
left-liberalism, 509
Mises’s utilitarian, 101, 110n11, 110–11
New Deal, 666
political doctrine of, 96–97
state monopoly, 667
see also laissez-faire
libertarian
actions permissible, 382
basic axiom, 383
business cycle, Austrian analysis of, 799
causality, proof of, 405
Chicago School, 897, 916
colonial America, 657, 658
commodity dollar, 763n11, 909
desocialization, 446
elites, 631, 632
Equal Liberty, Law of, 626
Federal Reserve System, 908
First Amendment, 375n15
free society, 631
Friedman, Milton, 895
goal and task, 631, 669
gold, 207n65
government statistics, 427, 429
guilt, test of, 385, 386
intellectual sloth, 912
just and equal, absurdity of, 562
just property, theory of, 392
legal principles, 407, 408
legal theory, 377
liability theory, 379
Man, Economy, and State (Rothbard), xv
Mencken, H.L., 632, 674
Modeste, Victor, 868
monetary inflation, 207
money and banking, 800
neo-Lockian view, 374n12
Nock, Albert Jay, 460, 633, 677
Paterson, Isabel, 673
political theory, 373
principles, 384, 417
privatizing government, 209, 441
property, 392, 418, 442
public sector problem, 664
radical fringe, 220
radical perspective, 669
risk burden, 383, 383n28
Saint Augustine, 676
single tax moral theory, 583
Spencer, Herbert, 626
Spooner, Lysander, 386
theorists, 667
tort, 390, 406, 410n85, 416n102
trade, 673
unanimity rule, 928
wages, free market, xiii
welfare, 902
Locke, John, 157, 352, 356, 659, 927
Lombard, Peter, 149
Lottini, Gian Francesco, 155
Lowe, Adolph
demand curve, 925
free-market economy flaw, 920
Gurwitsch, Aron, 925–26
ideas of, xv
Kaysen, Carl, 924, 926
Knight, Frank H., 926
Machlup, Fritz, 924
Mises’s view, 926
New School, ix
Phenomenology of the Social World (Schütz), 926
political economics, science of, 919
predictability, erroneous view, 922–24
Schütz, Alfred, 926
socialist central planning, 921
Lugo, Juan de, 153
Macfie, Alec L., 305
Machlup, Fritz
Aha! principle, 126
apriorism, extreme, 103
business cycle, 205
heuristic principles, 105n4
Knight, Frank H., 926
Lowe’s position, 924
positivist position, 104
praxeology, 103
profit maximization, 107
Walrasian general equilibrium, 262n2
Magnus, Albertus, 147, 149
Malinowski, Branislaw, 619
Maltsev, Yuri, 436, 437n2
Man, Economy, and State (Rothbard), ix, xii, xiv, xv
Manchester School, 89, 246, 662, 869
Mao, Tse-Tung, 607, 609, 610n14, 612, 828
Marcuse, Herbert, 128, 617
market process
Austrian economics, 170
Blum and Kalven, 563
Center for the Study of, 218
equilibrium, 180
hermeneuticians, 136
Lange, Oskar, 852
Lavoie, Don, 183n29
Market Process, 135, 218
mathematical economists, 817
Mises theory, 824
property rights, 349, 359
socialist calculation, 831
voluntary, 825
Marschak, Jacob, 311
Marshall, Alfred, 158, 171, 806, 810
Marx, Karl
business cycle, 790
capitalism
eradication of, 608
future of, 671
versus Statism, 655
collectivism, 124
communist ideal, 607, 608
division of labor, 607
German Historical School, 125
individualism, eradication of, 608
Left Hegelian, 200
Mencken, H.L., 124
New Communist Man, 611
Samuelson, Paul, 918
Mason, George, 672
mathematical method
Cairnes, J.E., opposition to, 47
illegitimate transfer from physics, 12
Jevons-Walras, interdependent phenomena, 158
orthodox economists, unfortunate influence of, 696
Say, Jean-Baptiste, 44
Theory of Political Economy (Jevons), 27, 44
Walrasian general equilibrium, 262n2
pernicious influence, 304
McCloskey, Donald, 134, 136
McCulloch, J. Huston, 886
Meek, Ronald, 812, 813
Menger, Carl
Austrian School, 48, 160, 180, 806
economic laws and mathematical equations, 158–59
economic theory, validity of, 26
Kauder, Emil, 50, 157, 158
Lange, Oskar, 811
Streissler, Erich, 204
Yeager, Leland B., 49
Mencken, H.L., 123, 124, 503, 533, 632, 674
Mercantilism
Alison, Archibald, 648
Berkeley, George, 646
Blackwell, John, 653
Cary, John, 645
Charles I, King of England, 650
civilization, decline of contemporary, 662
classical economists, 645
Colman, John, 653
compulsory employment, 646
Croker, John, 648
debtors’ relief, 652
Dudley, Joseph, 653
Elizabeth I, Queen of England, 649–50
English Navigation Acts, 642
Fetter, Frank A., 647
Fielding, Henry, 646
Goodyear, Stephen, 651
guilds, 662
historical perspective, 641
inflationism, 717
inflationists, 645
James I, King of England, 650
Keynesians, pre-Keynesian, 644
labor exploitation, 646
laissez-faire liberalism, 653
Massachusetts Land Bank, 653
mercantilist policy, 649
modern, 709
neomercantilism, 682
new mercantilism, 654
paper money inflation, 652
Petyt, William, 646
Potter, William, 644, 653
Quarterly Review, 647–48
Robinson, William, 648
Schrötter, F.W. von, 645
Smith, Adam, 642–43
social harmony, 618
socialism, 678
Southey, Robert, 648
Statute of Artificers, 649
Stoughton, William, 653
Temple, William, 647
trade legislation, 643n1
unions, 662
wage controls, 650
Winthrop, John Jr., 651, 653
Winthrop, Wait, 653
Woodbridge, John, 653
Mercado, Tomás de, 144
methodological individualism
Buchanan and Tullock, 931
Calculus of Consent, The (Buchanan and Tullock), 927
Counter-Revolution of Science, The (Hayek), 14n19
government, 700
Human Action (Mises), 233
misesian praxeology versus competing paradigms, 170
praxeology, 72
Weber, Max, 54
Methodology of Positive Economics, The (Friedman), 131
Michels, Robert, 628–29
Middleton, Richard of, 141, 149
Mill, John Stuart, 45, 47, 104n2, 360, 497n79, 523, 749
Mises, Ludwig von
action axiom, 108, 233
antieconomics, doctrine of, 286
apriorism, extreme, 103
aprioristic derivation, 68
Austrian doctrine, 237
Austrian revival, 217
Austrian School, 777
Bebel’s Utopia, 611
Böhm-Bawerk, Eugen von, 231
broken window fallacy, 203
business and money cycles, 235, 738
capitalist-entrepreneurs, 836
central banking, disillusionment, 879
Cernuschi, Henri, 868
consequences, unintended, 196–98, 201, 203, 235
constancy and consistency, 295
constants, critique of, 76
credit expansion, 705
criticisms refuted, 27
cycle theory, 205
demonstrated preference, 290
dilemma, citizen and scientist, 96
division of labor, 604
econometrics, failure of, 75
economic collapse, 905
economic methodology, 57
economic theorist, work of, 115
entrepreneur, the, 270, 281–88, 834
entrepreneurial function of capitalism, 836
Epistemological Problems of Economics, 26
equilibrium, final, 183–85, 285, 844
equilibrium, Walrasian general, 697
exchange, division of labor, 192–93
fractional reserve banking, 211
free-market capitalism, 678
Friedmanites, 898
fundamental axiom, 17, 108
Gedankenexperimenten, 181
Gilbert, J.C., critic, 695
gold reserve, 772
gold standard, 703, 704, 886
gold standard, price of, 769
Gresham’s Law, 883
Grundprobleme der Nationalökonomie, 25
Harwood, Dr. E.C., critic, 18
Hayek and Kirzner, fallacies of, 845
Hayek-Robbins problem of practicality, 832
hermeneutics, 135
Human Action, 118, 190
ideal communist, 610
imaginary constructions, 181
individual action, 54
individual consciousness, 17, 42
inflation, runaway, 700
interventionism, 201, 235
Kantian epistemology, 65
Kirzner and Hayek, fallacies of, 845
Kirznerian schema, 178
Knightian distinction, 173n16
knowledge and appraisal, 204
Kuhn, Thomas S., 225
Lachmannian view, 180
laissez-faire liberalism, 96, 201, 926
Lange-Bergson Orthodox Line, 830
Lange-Lerner, refutation of, 818, 832
Lange, Oskar, 238, 804–08
Lausanne model, 51
logical positivism, absurdity of, 132
macroeconomics, Austrian form, 204
marginal utility, theory of, 692
“Meaning of Ludwig von Mises, The” (Rothbard), xiii
means of production, price system of, 846
means to an end, 61
mentor, xiii
methodological individualism, 233
Mises-Cassel theory of exchange rates, 144
Mises-Hayek business-cycle, 131
Mises-Hayek, monetary malinvestment, theory of, 812
Mises-Lange calculation, 810
Misesian
creed, 135
economics, advances in, 169
forecast, 174–76
Hayekian paradigm, 191
message, distortion of, 187
monetary theory, 212
Modeste, Victor, 868
money and business cycles, 235
money proper, theory of, 704
money supply, 236, 686, 688
Angel Gabriel model, 688
concept essentials, 728
credit and claim transactions, 733
demand deposits, 729
expansion of, 793
guidelines, 728
inflation and credit expansion, 737
purchasing power, 699
substitutes, 706
uncertainty, necessity of, 698
uniform purchasing power, 689
money, less is more, 208, 698
money, price of, 687
Nature and Significance of Economic Science, The (Robbins), 130
objective exchange-value, 686
oecumene, 214
One Big Firm, 824
ontological facts, 158, 921
paradigm, Austrian, 232, 239
Pareto-Barone equations, rebuttal of, 842
Patinkin, Don, critic, 695
Phenomenology of the Social World (Schütz), 926
praxeological
axiom, 33, 36
consequences, 98
economic theory, shortcomings of, 101
Gedankenexperiment, 36
judgement, 94–97, 100
law is, 73
laws of historical development, 116
tradition, 42
praxeologist, defined, 103
praxeology, 18, 26, 31, 48, 59
praxeology, genesis of the term, 804
private owners and investors, 838
purchasing-power-parity theory, 691
regression theorem, xiv, 207, 693–95, 758
repetition, habitual, 196
Rizzo, Mario J., 259
Rockwell, Llewellyn H., Jr., 222
Romanticism and primitivism, critique of, 616
Rothbard, devoted student, xiii
Samuelson’s failure, 917
scale of values, 94
Schumpeter’s theory, 286
Schütz, Alfred, economic methodology, 57, 70
socialism, inadequacy of, 678, 829
socialism, incentive problem, 827
socialist calculation
appraising entrepreneur, 846
Barone, Enrico, 815–16, 830
Bergson, Abram, 830, 831, 853
Buchanan, James M., 822
Bukharin, Nikolai, 828
calculation, Mises, 829, 842
capital allocation, 836
capital structure, 838
cardinal fallacy, 818
central planning, collapse of, 238
Che Guevara, 828
Clark, John Banes, 838
Coase, Ronald, 824–25
Collectivist Economic Planning (Hayek), 849
Crusoe economics, 829
entrepreneur, 846
forecasting and decisionmaking,
entrepreneurial, 838
general equilibrium, 833
Gray, Alexander, 828
Great Depression, The (Robbins), 849
Halm, Georg, 840–41
Hayek-Kirzner entrepreneur, 847
Hayek-Kirzner, 191, 845
Hayek-Robbins practicality problem, 832
Hayek, Friedrich August von, 815, 816, 817, 821, 830, 845
Human Action (Mises), 190, 816, 835, 837
incentive problem, 827
Kirzner, Israel, 847
Kirzner’s error, 191n39
Knight, Frank H., 838–40
knowledge, 186–87, 845
knowledge, Mises’s position, 846
laissez-faire, Polish, 857
Lange-Bergson Orthodox Line, 830
Lange-Lerner pricing criterion, 821
Lange-Lerner pseudo economy, 829
Lange-Lerner thesis, 815, 851
Lange-Lerner-Taylor, 829, 831
Lange-Lerner, refutation of, 818, 832
Lange, Oskar, 815, 850–51
Lange, Oskar, last word, 852
Lange’s retreat, 801
Lenin, Vladimir, 828
Lerner, Abba, 815
Mao Tse-tung, 828
marginal cost, 821
market socialism, 834–35
market, absence of, 824
mathematical approach, 817
money prices, 189
monopoly, One Big Firm, 824
New Socialist Man, 828
“On the Economic Theory of Socialism” (Lange), 850n33
One Big Firm, 824
Orthodox Line, 830, 832, 845
Pareto-Barone equations, 842, 845, 849
Pareto, Vilfredo, 816, 830
price and production, 846
price system, 678, 815, 819, 841
rational economic calculation, 842
Robbins, Lionel, 831, 849
Roberts, Paul Craig, 822
Salerno, Joseph T., 190, 846, 847
Schumpeter’s assertion, 817, 831, 838–40
socialism, existence of, 853
Socialist calculation debate, mythology of, 830
stock market, 837
Taylor, Fred M., 829
Theory of Money and Credit, 189, 844–45
Thirlby, G.E., 822
trial-and-error, 835
Walrasian general equilibrium, 816, 833, 835
Wiles, Peter, 820, 855
socialist central planning, irrationality of, 237
socialist impossibility, 843
socialist taunt, 856
stagflation, 793
state capitalism, 680
statist urge, 98
Stigler, George, critic, 337
stock market, free market indicator, 837
subjectivism, 171
taxation, 449
fellowship, sense of, 566
hegemonic organization, 461
loopholes, 509
Mises-Robbins contention, 562
state coercion, 459, 461
Theory and History (Mises), 74, 203
Theory of Money and Credit (Mises), 189
thought experiments, 181
time preference, universality of, 95
Tooke, Thomas, 880
trial-and-error, 835
unanimity principle, 93
utilitarian liberal, as, 99–100
valuation and monetary appraisement, 841
value judgement, 100
Vaughn, Karen I., criticisms
Kirzner, Israel, 220
Mises, 219
Whiggish folklore, 221
Walrasian general equilibrium, 697, 816, 853
War Communism, 678, 820
Wertfreiheit, 110
laissez-faire liberalism, 110–11
Whig habits of thought, 165
Wicksteedian concept, 685, 686
Willis, H. Parker, 905
Wu, C.Y., 690
Mises, Richard von, 27, 308, 308n39
Probability, Statistics, and Truth (R. Mises), 27
Misesian man
economic theory, 174
emphatically knowing, 173
estimator, 174
forecaster, as, 174
goals, consciously selects, 192
qualitative knowledge, 179
reason, 177
uncertainty, moderate, 174
Model-Building, 11
Molina, Luís de, 145, 146, 148, 153
Monboddo, James Burnett, 202
monetary value, x, 444, 536
money
Austrian theory
Anderson and Ellis, 695
Angel Gabriel model, 688, 700
Austrian circle, 692
Böhm-Bawerk, Eugen von, 696
Bresciani-Turroni, Costantino, 701
business cycle, 699, 704
cash balances, 697
Cassel, Gustav, 691, 692
Cuhel, Franz, 686
demand-to-hold, 686
Fisher, Irving, 706
generated inflation, 700
Gilbert, J.C., 695
gold standard, 703
Hahn, F.H., 698
Havenstein, Rudolf, 702
Hayek, Friedrich August von, 704
Heilperin, Michael, 704
Heller, Walter, 703
Human Action (Mises), 695, 697
hyperinflation, 701
inflation, generated, 700
international prices, theory of, 690
M1 to M4, 705
Menger, Carl, 694
methodological individualism, 700
Mises regression theorem, 694
Mises, Ludwig von, 685
monetary overinvestment, 704
money supply, 688
mutual determination, 695
objective exchange-value, 686
ordinal marginal utility, 686, 695
Patinkin, Don, 695, 696, 698
Phillips, C.A., 704
price-level, 687
Purchasing Power of Money, The (Fisher), 706
regression theorem, 694
Ricardian analysis, 691
Ricardo, David, 690
Rueff, Jacques, 704
Samuelson, Paul, 696
Senior, William Nassau, 690
Stigler, George J., 696
Theory of Money and Credit (Mises), 685, 691, 695, 704, 706
unitary price level, 687, 689, 692
Walras, Léon, 696
Walrasian general equilibrium, 697
Wicksteedian concept, 685
Wu, C.Y., 690–92
Yeager, Leland B., 705
commodity based currency
Bretton Woods, 770–71
Buchanan, James M., 765
Coinage Act of 1792, 764n12
critique, 761
dollar definition, 766, 768
Fisher, Irving, 761
gold or silver, 765
gold silver ratio, 764n12
Gold Standard League, 768
gold standard, 236, 703, 908
gold standard, classical, 771
gold standards, pseudo, 770
Graham, Benjamin, 761
Gresham’s law, 763
Hayek, F.A., 761–62
Hazlitt, Henry, 769
Heilperin, Michael, 770
libertarian solution, 909
media of exchange, 709
Mises, Ludwig von, 770
monetary policy, 212
money supply, 750
National Committee for Monetary Policy, 768
Nixon, Richard, 769
Paterson, Isabel, 763n11
Paul, Ron, 772
price level, constant, 762, 767
Rueff-Hazlitt, 770n14
Rueff, Jacques, 770
single commodity, 765
Spahr, Walter E., 768
weight unit, 800
crankism, 205, 207
credit expansion, 737
fiat money
arbitrary dollars, 767
Banking School, 875
Birmingham School, 873
Cantor, Paul, 207n65
denationalization of money, 757
essential meaning of, 756
Friedman, Milton, 711, 908
Friedmanite plan, philosophical absurdity of, 909
gold, shift away from, 788, 907
Greenback period, 747
Hayek plan, 758
Hayek, F.A., 757
inflation, 738, 751, 755
inflationary record of, 757
international periods, 748
Legal Tender Cases, 885
Mises, Ludwig Von, 758
multicurrency, 761
regression theorem, 208, 758–60
Timberlake, Richard, 882
free-market money, 711
inflation of
accelerated prices, 31
Angel Gabriel model, 688
Austrian analysis, 700
bank credit, 793, 861
bank money, expansion of, 793
Bretton Woods, 752
budget, deliberately unbalanced, 558
business cycle, 775
chronic, 756
cluster of error, 797
consumer demand, inflation restraint, 779
Cooke, Jay, 722
counterfeiter, legalized, 210, 712, 799
currency, collapse, 703
cyclical, 738
demand deposits, 784
dynamic of, 750
equilibrium, 751
error, cluster of, 797
Free Banking in Britain (White), 866
free banking, 772
Friedman, Milton, 906
Gabriel, Angel model, 688
gold standard, 703
greenback inflation, 884
inflation-cum-recession, 681
inflationary fiat paper, 755
inflationary recession, 776, 788
innovation-inflation-depression cycle, 273
interventionism, full-scale crisis of, 235
Keynesian dream, 215
Keynesian model, 162
land bank, inflationary, 653
Marxian class struggle, 652
mercantilism, 644
metallic worldwide money, 217
Misesian prescription, 237
monetary inflation method, 700
monetary, 181, 207
price determination, 780
prices falling, 778
privatization, 761
Reconstruction period, 721
Robinson, William, 648
simple inflation, 737
Spanish Scholastics, 143
taxation, form of, 713
metallic money
advocates, nineteenth century, 867
bimetallism, 213
Currency School approach, 872
international, 213–15
oecumene, 217
see also commodity based currency
new money, entrepreneurs, 269
obtaining money, 710
paper
Cobbett, William, 872n23
Colwell, Stephen, 720
commodity money, 236
costless, 750
counterfeiting, abolishment of, 210, 439
debtors’ relief, 652
Fisher, Irving, 905
“Hyperinflation and Hyperreality” (Cantor), 207n65
hyperinflation, 701
inflation, 652, 713
land bank, inflationary, 653
Massachusetts Land Bank, 717
monetary crisis, 752
money supply, 790
Potter, William, 644
price level, 905
Regression Theorem, 208
system break down, 695
Theory of Money and Credit, 303n27
war, result of, 755
supply, of
bank credit, inflationary, 269
bank money, expansion of, 236
Biddle, Nicholas, 719
business cycle, 699, 792, 797
cash surrender value, 735
central bank, 714
commodity standard, 700
credit and claim transaction, 733
credit expansion, 737, 791
credit instruments, 734
Currency School, 867
definition of, 705, 727
demand deposit, 736
deposits, 731, 736, 784, 790
dollar, privatization of, 761
economic theory, 40
exchange rates, fixed, 750
Federal Reserve System, 682, 783
Fisher, Irving, 729
fox in the henhouse, 757
fractional reserve banking, 783
gold standard, classical, 746
inflating of, 209
M2 and M3, 734
metallic worldwide money, 217
Mises, Ludwig von, 733
Misesian prescription, 237
monetary statistics anomaly, 736
money and the state, 711
praxeology and forecasting, 116, 174
price determination, 780
price inflation, accelerated, 31
price shift, 688
Purchasing Power of Money, The (Fisher), 706, 729
savings deposits, 731, 784, 790
socialist planning, 435
State control, 782, 787
Theory of Money and Credit, 706, 728
war, effects of, 755
money-crankism, 205, 207
Montanan, Geminiano, 155
Morrell, Daniel J., 722
Müller, Adam, 613
Mundell, Robert A., 749
Nature and Significance (Robbins), 131
Neoclassical Man, 178
Neumann-Morgenstern, 307, 309–11
New School for Social Research, 919
New School, ix, xv, 919, 925, 926
Nixon, Richard
annual income guaranty, 900
Big Business Socialism, 665–66
Bretton Woods, end of, 752
fiat dollar, 769
Friedman, Milton, 895
money supply, 912
Smithsonian Agreement, 741
VAT, 588–90
Nock, Albert Jay, 460, 633, 677
O’Driscoll, Gerald, 165, 166, 218
O’Leary, Paul M., 885
Occam’s Razor, 63, 170, 273, 293, 325
Olivi, Pierre de Jean, 152
omniscience, 14, 116
Oppenheimer, Franz, 460, 675, 677
Oresme, Nicole, 883
Painlevé, Paul, 26–27
Pareto-Barone, 833, 842, 845, 849
Pareto, Vilfredo
Board of Supermen, the socialist calculation, 831, 833n8
Croce, Benedetto, 51–53
Lange-Bergson Orthodox Line, 830
Lausanne School, 49, 261n1, 806
new welfare economists, 930
Pareto Optimum, 243, 245
Pareto-Barone-Lange, equations, 833
Pareto-Barone, equations, 842, 845, 849
Pareto-Robbins unanimity rule, 314
positivist, 297
Walrasian general equilibrium, 816
Paterson, Isabel, 763n11
Patinkin, Don, 695, 696
Paul, Ron, 514, 764n12, 772
Pease, Edward R., 575
Peel, Robert, 875–78
Penrose, Edith Tilton, 16, 57
Perceval, Spencer, 873
Person, Benjamin, 246
Petyt, William, 646
Philbrook, Clarence, 318
Phillips, C.A., 704
Phillips, R.P., 70
Philosophy and the Mirror of Nature (Rorty), 127
Pigou, Arthur Cecil, 313, 556, 562, 564
Plato, xv
Polanyi, Karl, 614, 854
Pope Innocent V, 149
Popper, Karl, 41n8, 123, 136, 193n42
positivism
Bridgman, Percy W., 293n6
Carnap, Rudolf, 293n6
empirical testing, 32, 132, 325
empiricist epistemology of, 161
epistemological error, 291
hermeneutics, 136
intellectual fashion of, 49
Lowe, Adolph, 921
mathematics and philosophy, 30
methodology of, 70
Mises praxeology, 26
Robbins, Lionel, 324n62
summary of, 30
tautology, 291
Wittgenstein, Ludwig, 293n6
Posner, Richard, 372
Potter, William, 644, 653
praxeology
action axiom, 114n4, 325
action exists, 73
action, expectations of, 90
Austrian paradigm, correct, 168
Austrian School methodology, 59
behaviorism, 297, 298n17
categories of, 117
causal laws, 26
cause is known, 304
competing paradigms, 170
demonstrated preference, 91
economic theory, and, 117
epistemological error, 291
Espinas, Alfred, 804
ethical judgment, 81
extreme apriorism, 33
forecasting, 116
fundamental axiom, 17, 60, 62, 106
a priori element in economics, 107
existence of human action, 107
Harwood, E.C., critic, 18
historical events, applicability to, 113
Knightian risk distinction, 173n16
Kotarbinski, Tadeusz, 802
laissez-faire, 97
Lange, Oskar, 802
criterion of practice, 805
Marxism, 807, 810
Meek, Ronald, critic, 812
methodological rationality, 804
praxeological principle, 805
rational activities, categories of, 804
Robbins, Lionel, 807
subjective utility, critique of, 805
logic of (human) action, 171, 292
means to attain ends, 4
methodological individualism, 54, 72
methodological status, 82
moral precepts, 100
motivated action, 35
non-Misesian Austrians, 171
O’Sullivan, Patrick J., 181n26
Occam’s Razor, 293
philosophical psychology, 73
Political Economy (Lange), 802
positivist methodology, 45n13
praxeological law, 114
praxeological method, discussion of, 29
psychology, and, 296, 297n13
rational activity, logic of, 804
relationship to other disciplines, 71
relationship to values and ethics, 81
Say, Jean-Baptiste, 42
Schütz, Alfred, 57
Slutsky, Eugen, 804
social utilities, 90
socialism, effect of, 98
subjectivism, 171
universal law, 234
utility and cost, subjective nature of, 89
value judgments, and public policy, 92
value preferences, 93
Progress and Poverty (George), 575
progressive income tax
arguments against, 554–55
coercive transfer, 545
Due, John F., 87
progressive inheritance tax, 569
welfare economics, 313
property rights
air pollution, 418
allocation of, 248
axioms, 359
Blum and Kalven, 557
Coase-Demsetz analysis, 246, 371–72, 918
desocialization, 445
free banks, 861
free-market, 209, 217
government as guardian, 351
homesteading, 373, 399n61
inviolate, 211
justice, theory of, 348, 360–61
Klaus plan, 442
land reform, 365
libertarian theory, 406
libertarian values, 669
monetary policy, 212
parasitic repression, 512
privatization, 444
property titles, allocation of, 349
Rothbard Plan for desocialization, 445
self-ownership, 373
slavery, 352
theory of, 169
tort, 369
property title
advocate, 244
allocation, 355
Coase-Demsetz, 349
contractual exchange, 374
discipline, normative law, 367
exchange, 359–60, 434
homesteading principle, 392
justice, 248, 352, 364, 366, 373
laissez-faire, 351
prices, 237
theft justified, 348
tort, 369
unanimity principle, 245, 484
utilitarian approval, 350, 361
Prosser, Dean
apprehension, 376n17
homestead, 394
invasion, 397
natural forces, 404
nuisance invasion, 396, 413
vicarious liability, 390–91
zone, effective possession of, 402–03
public sector
Affluent Society, The (Galbraith), 664
antiproductive, 422
Galbraith, John Kenneth, 423–26
government productivity, 421
government services, 425
military-industrial complex, 665
national product, 419
private sector productivity, 420
privatizing government, 669
rathole, 424
starvation, 423
Pufendorf, Samuel, 153
Quesnay, François, 154
Rappard, Dean, 110
Rappard, William E., 99
Reagan, Ronald
loopholes, 509
stockholder-owners, 541
tax credits, 546
tax reforms, 539
Treasury plan of 1984, 503–05
recession. See inflation
Reder, Melvin W., 319–20, 331n75
Regan, Donald, 503, 505, 534, 549
regression theorem
“Austrian Theory of Money, The” (Rothbard), xiv
fiat money, 208, 760
Gordon, David, 190n38
Hayek’s failure, 758
Human Action (Mises), 695
marginal utility theory, 693
Misesian doctrine, 207
monetary theory, 890
money as nonmonetary commodity, 759
money-regression, 303
Reich, Charles, 667–68
Reichenbach, Hans, 28, 136
Reid, Thomas, 202
revealed preference, 91, 294–96
Review of Austrian Economics, 170, 222
Ricardo, David
Currency Principle, 879
cycle theory, 790
economic science, 139–40, 154, 180n25
Gray, Alexander, 180n25
Jefferson, Thomas, 672
Raguet, Condy, 865
reserve bank notes, 870
Say, Jean-Baptiste, 488
Smith-Ricardo doctrine, 581
Wu, C.Y., 690
Rizzo, Mario J.
Austrian paradigm, 166, 166n7
efficiency, concept of, 253–54
equilibrium, 257
ethics, 260
gross national product, 255
with O’Driscoll, creative gropings, 218
Robbins, John W., 885
Robbins, Lionel
An Essay on the Nature and Significance of Economic Science, 26, 130, 131
business cycle theory, 205
calculation problem, 831
Great Depression, The, 849
Hayek-Robbins practicality problem, 832
“Interpersonal Comparisons of Utility”)Robbins), 313n46
Keynesian, 777
Lange, Oskar, 807, 850, 852
Mises-Robbins utility of money, 562
ordinalism, defense of, 302–03
Pareto-Barone equations, 845
Schumpeterian equilibrium, 267
Theory of Economic Policy in English Classical Political Economy, The, 324n62
unanimity rule, 314
welfare economics, 313
Roberts, Paul Craig, 443, 822
Robinson, William, 648
Rockwell, Llewellyn H., Jr, 222
Rolph, Earl
Knight-Rolph, 278
noncoordination of factors, doctrine of, 278, 279, 279n2
product, 277
Roosevelt, Franklin, 666, 909
Rorty, Richard, 127–28
Rothbard, Murray
“Austrian Theory of Money, The,” xiv
Becker, Gary, xii
best essays, xiv
Classical Economics, xiii
Economic Thought Before Adam Smith, xiii
economics for fun, xii
empowering moments, xi
financial returns to owners, x
Heilbroner, Robert, xv
“Hermeneutical Invasion of Philosophy and Economics, The,” xiv
Human Action (Mises), conversion to libertarianism, xiii
independent currencies, 748
inheritance, 360
Lowe, Adolph, xv
Man, Economy, and State, ix, xiv
“Mantle of Science, The,” xiv
“Meaning of Ludwig von Mises, The,” xiii
Mises, Ludwig von, as mentor, xiii
modern Misesians, 881
modes of reasoning, xi
Panic of 1819, The: Reactions and Policies, 865
Plan for desocialization, 445
Plato, xv
preposterous formulations, xi
regression theorem, xiv
technicalities of geometry, xi
Rothenberg, Jeorme, 317, 319
Rousseau, Jean-Jacques, 9, 614, 927
Rueff, Jacques, 704, 753, 770, 770n14
Russell, Bertrand, 10
Saint Bonaventure, 149
Salerno, Joseph T.
business cycle, 205
consequences, unintended, 201
free bankers, 881
Hayek-Kirzner entrepreneur, 847
Human Action (Mises), 190
knowledge and appraisal, 188, 846
language, 203
market coordination, 185
Mises vs. Hayek, 169
Misesian Man, 179
Misesian message, distorted, 187
price system, 185
socialist calculation, 190
Theory and History (Mises), 203
Samuelson, Paul
Austrian concern, attack on, 696
Austrian School, 916
Bauer, Peter T., 918
business cycle, 917
Chicago School libertarians, 916
Coase-Demsetz analysis, 918
collective good, 470–71
Economics, 913–18
free exchange, 324
Fuchs, Victor, 916
Hayek, Friedrich A., 916
Knight, Frank, 916
middle-of-the-roadism, 915
neoclassical paradigm, 161
revealed preference, 91, 294
Road to Serfdom, The (Hayek), 916
sex discrimination, 916
social welfare function, 317
static equilibrium, 918
wasteful social losses, x
Saravía, de la Calle, Luis, 141
Say, Jean-Baptiste
axiom derivation, 66
Classical School, 59
economics, laws of, 44
free-market approach, 530
mathematics, value of, 44, 63
positivists 42
praxeological method, 43
Say’s Law, 446
taxation, 485–89, 530
Treatise on Political Economy, A, 42
Scaccia, Sigismundo, 153
Schoeck, Helmut, 3n1, 620n37, 621–23, 633
Scholastic doctrine, 153–55
School of Salamanca, The, 141
Schrötter, F.W. von, 645
Schuller, George J., 113, 114n4, 118
Schumpeter, Joseph A.
a priorism, extreme, 288
anticapitalist intellectuals, 422
Böhm-Bawerkian insight, 267
business cycle, 271
Business Cycles, 272
capital, 266n6, 838–39
Chicago School, 839
circular flow, 261
depression, 287
entrepreneur, 270
entrepreneurship, theory of, 286
factors of production, 264, 264n3, 266, 817
general equilibrium, 262
Hansen thesis, critique of, 274
imputation, 832
inflationary bank credit, 269
innovation-inflation-depression cycle, 273, 288
innovation, 271
Kauder, Emil, 155, 156n34
land and labor, 266
Lange solution, 832
marginal concept, 140
mathematics, causality and purpose, 51n25
Orthodox Line, 832
Renaissance, laical science of, 19n27
resources, 269
Scholastic roots, 140
Schumpeterian equilibrium, 267, 269
secular stagnation, 273
Smith and Ricardo, intellectual mistakes of, 154
taxes, 326n69, 420, 462, 674
Theory of Economic Development, 272
time-preference, 264–65, 268, 287
Turgot, Anne-Robert-Jacques, 155–56
Walras, Léon, 262
Wealth of Nations (Smith), 154
Schütz, Alfred
interpretive understanding, 34
Phenomenology of the Social World, 926
praxeological economic theory and economic history, 78
social sciences, phenomenological method, 55–56, 70
Verstehen, 34
scientism
condemnation of, 3
fundamental axiom, 17
individual consciousness and will, denial of, 10, 23
mechanical analogies, false, 10
methodology of physics, 17
organismic analogies, false, 14
Russell, Bertrand, 10
Scitovsky, Tibor, 331
Scrope, George Poulett, 872–74
Senior, William Nassau
economic theory, validity of, 23
methodology, 45
praxeology, 47, 48, 59, 68, 104n2
prices, theory of international, 690
Shackle, George, 135, 176n20, 285
Sharkey, Robert P., 885
Siegel, Bernard, 619
Silberman, Charles, 616
Simons, Henry C.
Blum and Kalven, 557, 565
Chicago School, 881
Mints-Friedman-Simons, 558
Positive Program for Laissez Faire, A, 896–97
progressive taxation, 85
ridiculous assertion, 556
value judgment, 87, 97, 100
Sinclair, John, 872–73
Slutsky, Eugen, 804
Smith, Adam
division of labor, 603, 197n46
economic thought, 139
freedom and free markets, 605
fundamental assumptions, challenging of, 230
Hutcheson, Francis, 154
income taxation, 496
labor theory of value, 157
laissez faire, 659, 667, 672
mercantilism, 641, 643
productive process, 811
proto-Austrian Scholastic economics, 159
Schumpeterian view, 140
Supply-sider heirs to, 522
unintended consequences, 197n46
Wealth of Nations, 154
Smith, Barry, 169
Smith, Vera C., 866, 868
Rationale of Central Banking, The, 866
social engineering, 11, 340, 926
social rationalism, 201, 202
socialist calculation
Barone, Enrico, 816
Buchanan, James M., 822
forecasting and decisionmaking, 838
incentive problem, 830
Knight, Frank, 839
knowledge, 186
Lange-Bergson Orthodox Line, 830
Lange, Oskar, 830, 852
Mises vs. Hayek, 169, 186, 190, 827
Salerno, Joseph T., 190
Socialism (Mises), 839
Socialist calculation debate, mythology of, 830
Theory of Money and Credit, The (Mises), 844
Soto, Domingo de, 144
Southey, Robert, 648
Spahr, Walter E., 768–69
Spanish Scholastics, 141, 143, 144, 146, 151, 153, 160
Spencer, Herbert
Autobiography, 477
coercion, 482
equal freedom formula, 478
equal liberty, 672
immoral state, 483
laissez-faire, 667
Law of Equal Liberty, 626
Man vs. the State, 479n48
Social Statics, 477
virtual unanimity, 485
Spooner, Lysander, 386
State power
action of, 54, 92
anarchist, 465
apparatchik, 88
Baumol, William J., 327–31
Buchanan and Tullock, 927
Calculus of Consent, The (Buchanan and Tullock), 927, 929
cartel privileges, 878
coercion, 92, 381n26, 459, 463, 825, 920
collective good, 470n30
collective wants, 330
common good, pretense of, 714
crime monopoly, 460
decentralization, Eastern Europe, 680
defense monoploy, 475
demands of, 128
demonstrated preference, 322
divine right of kings, 927
free riders, 476
free-banking, 878
gold standard, 908
Hayekian doctrine, 199
hegemonic bond, 460–61
industry is looted, 488, 493
inflation, 717, 800
Jouvenel, Bertrand de, 500
Laissez-Faire and the General-Welfare State (Fine), 340n7
Man vs. the State (Spencer), 479n48
mercantilism, 641, 709
Modeste, Victor, 868
monetarization of metal, 782, 886
money and business cycles, 235
money and control, 711, 908
money, counterfeit, 909
money, denationalization of, 757
monopolistic privilege, 641, 783, 834
Nock, Albert Jay, 677
“Nozick and the Immaculate Conception of the State” (Rothbard), 383n28
parasitism, 677
peasantry versus, 365
political philosophy, 931
privatize or abolish, 440
property rights, 444, 584, 594
public sector, fallacy of, 419
Quis custodes custodiet, 118
regression theorem, 208
right to withdraw, 478
role of, 321
Say, Jean-Baptiste, 485
seizure of wealth, 633
self-conscious ideological movement, 658
society’s diligent protector, 713
Spencer, Herbert, 477
State capitalism, defined, 656
State, The (Oppenheimer), 675
statism, rollback of, 666
status quo of, 501
taxation, 588
ability-to-pay principle, 565
benefit principle, 495
consumption tax, 519, 530
Fisherine tax, 518
free riders, 477
heart and soul, 500
hope for a free America, 588
income proportional, 496, 520
organic immorality, 483
poll tax, 499
power, source of, 552
privatized, 441n6
progressive, 568
property tax, 588
recipients, 521
services, 462
tort law, 409
unanimity rule, 322
union violence, 640
violence by, 462
voluntary institution, 326–28, 332
welfare economics, 327, 476
Stevens, Thaddeus, 721
Stigler, George J.
anti-trust, 897
Friedman-Stigler, 134, 899
government interventionism, 343, 344
intellectual imperialism, 260
Politics of Political Economists, The, 337
Samuelson, Paul, 696
U.S. Steel, 897
Stoughton, William, 653
Streissler, Erich, 204
strict causality, 387–88, 405, 417–18
strict liability
air pollution, 393, 404–05
burden of proof, 383–85, 405, 413
burden of risk, 382–83
causal liability, 378
Epstein, Richard, 259
libertarian legal theory, 377
proof of harm, 398
self-defense, right of, 380
strict causality, 387
vicarious liability, 389
Strong, Benjamin, 905–06
Strong, William, 885
Sturgis v. Bridgman, 394
subjectivism, 170–72, 297
Sumner, Charles, 721
Sumner, William Graham, 211
Sweezy, Alan, 291, 293, 294
Tawney, Richard Henry, 140, 582, 568
taxation, 447–592
ability to pay, 564
amount vs. the form, 529
arbitrary values, 22
ballot power, 555
Baumol’s contention, 482
benefits, 495–96, 496n77–78, 497n79 558–61
Blum and Kalven, critique of, 551–73
fallacious assumptions, 557
objection 1, administrative complications, 555
objection 2, ballot power, 555
objection 3, destruction of capital structure, 555
Blum, Walter, 494
bonds tax unconstitutional, 542
Calhoun, John C., 491
Cannan, Edwin, 494
capital diverted, 488
capital gains, 538
class conflict, 493
class struggle, establishes, 491, 530
coerced consent, 483, 485n59
coerced exchange, 323
coercion by the majority, 484
coercion, 92, 459, 462, 463, 481, 487
collective good, 475
compulsory levy, 323, 465
confiscatory, 99
consumption tax
ability-to-pay principle, 519
amount v form, 529
ceteris paribus assumption, 515
Chicago School, 521
coercion, 522
Colbert, Jean-Baptiste, 518
consumption-savings process, 523
consumption-savings proportions, 526, 526n11
Fisher analysis, 524–25
Fisher, Irving, 518, 523
Fisherine tax, 518
Friedman, Milton, 515
income tax v excise tax, 515
indifference curves, 515
Laffer-curve, 530
Marshallian curve, 529
price factor, 527
progressivity, 520
proportionality, 520
sales tax, 527
savings, 521
Say, J.B., policy recommendation, 531
Say, Jean-Baptiste, 530
Tax Reform Act of 1986, 529
time preference, rate of, 522
VAT, value added tax, 518
withholding tax, 515
crippling American economy, 235
criteria for, 490
defense, 466–70
degressive tax, 551
depressive income taxation, 552–53, 554n2, 572–73
deprives the producer, 487
disbursement, unequal, 492
dog tax, 499n81
double tax, 538
egalitarian measures, 98, 565
entitlements, 903
equal sacrifice, 561
equal, 498, 573
equality, 625
expropriation of the property, 439
Fisher, Irving, 523, 903
flat tax
Baker, James, 534
Burckhardt, Jacob, 548
capital gains, 538
charities, 542
corporations, 540
Dole, Robert, 534
double taxation, 538
entrepreneurial losers, 542
fair or unfair, 543
Friedman, Milton, 541
imputed rent, 538
income tax, 540
intellectual special interests, 548
interest payments, 538
losers, 541–42
Mencken, H.L., 533
natural resources, 540
neutrality, 545, 548
Reagan administration, 539
Regan, Donald, 534
revenue-neutrality, 548
Say, Jean-Baptiste, 545
simplicity argument, 547
special interests, 533
subsidies, 539, 541
TANSTAAC, 541
TANSTAAFL, 541
victims, 542
form of, 438
free market incompatibility, 501
free riders, 475, 477, 480
Friedman plan, 903
fundamental problems, 551
general sales tax, 529
general welfare, 565
Girouard, Percy, 499
government counterfeit money, 439
Hamilton, Robert, 486
Hans-Hermann Hoppe, 169, 205, 881
harmlessness, myth of, 486, 486n63
historical perspective, 513
Hobson’s proposal, 565
hut tax, 499, 499n81
impost, 487
imprimatur of economics, 500
incomes or assets, 507
inflation of money, insidious taxation, 713, 783
inheritance, 569
Jouvenel, Bertrand de, 500
Kalven, Harry, Jr., 494
Keynes-Hansen mature-economy approach, 558
laissez-faire, 351
land value, 597
loopholes, 509
lower, 438
McCulloch’s objection, 571
Mints-Friedman-Simons approach, 558
Mises, Ludwig von, 490n72
modes of, judging, 517
national wealth, 489
neutral, 438, 449, 490n72, 491, 501, 563
oppressive system, 438
Peck’s plan, 565
poll tax, 498
privatization of government activities, 438, 440
production, cripples, 487
productive capital, 488
progessive, 85, 496, 520–21
benefit principle, 560
Bentham, Jeremy, 564
Blum and Kalven, critique of, 551–73
Blum-Kalven-Tawney, 568
constitutionality of, 554n2
cost principle, 560
depressive taxation, 552, 554, 572–73
equal sacrifice, 561
fallacious assumptions, 557, 568
general welfare, 565
income distribution, 567
inheritance, 569
Lutz and Crotty, 565
minimum-sacrifice doctrine, 564
objection 1, administrative complications, 555
objection 2, ballot power, 555
objection 3, destruction of capital structure, 555
proportionate sacrifice, 562
Tawney-Lasswell contention, 566
utility of money, 562
proportional, 494, 496, 544
Rappard, William E., 99
rational criteria, 466
reform
Bradley-Gephardt, 503
capital gains, 506
corporate income tax, 506
deductibility, 510
Doernberg, Richard L., 512
egalitarianism, 504
equal slavery, 510
fairness, 507, 510
flat tax, 503
government services, or repression, 513
head tax, 513
home value, 504
homeowner, 504
imputed rent, 504
Kemp-Kasten, 503
loopholes, 509
Mencken, H.L., 503
Paul, Ron, 514
Reagan I, II, 503
resource allocation, 511
revenue-neutral, 509, 513
simplicity argument, 505
special interests, 508
subsidies, 508
Tax Reform Act of 1986, 529
robbery aspect of progressive taxing, 553
ruling class, 487, 493
Saint Augustine, on intellectual dishonesty, 676
Say, Jean-Baptiste, 485n59, 485n60, 485–89
Schumpeter, Joseph, 674
Seligman argument, 565
Simons, Henry C., 85, 565
single tax
Fetter, Frank A., 593
George, Henry, 575
Georgist fallacies, 593
land capital, 593
land question, 575
land, fixity, 596
land, government ownership, 580
locational chaos, 580
Pease, Edward R., 575
Progress and Poverty (George), 575
rent, nature of, 593
social division of labor, 582
time factor, 577
Smith, Adam, 22, 496, 496n78
Spencer, Herbert, 477, 479n48
State power, extension of, 500
State, nature of the, 485
transaction costs, 480
unanimity principle, 484, 485
utility curve, 562
VAT (value added tax), 589
Nixon administration, 590
Parkinson’s law, 592
profit reduction, 591
regressive, 590
unemployment,, 592
vertical mergers, 591
wage reduction, 591
voluntary, actual and alleged, 459, 461, 463, 530
zero-sum game, 531
Taylor, Fred M., 829, 831–33
Telser, Lester, 897
Temple, William, 647
Terborgh, George, 274, 275
term misnomers, transplanted from physics
dynamics, 13
elasticity, 13
equilibrium, 13
friction, 13
static, 13
velocity of circulation, 13
agio, 451n3
Böhm-Bawerkian concept, 264
Clarkian view, 839
Clemence and Doody, 267n8
consumers, 268
economic growth, 793
equilibrium, 183, 268
Fisher analysis, 524
free-market expressions, 522
future goods, 265
Galiani, Ferdinando, 156
high-time-preference, 95–98
individual’s rate of, 522
interest rate, 263, 528
Knight, Frank, 277, 839
Lottini, Gian Francesco, 155
Mises, Ludwig von, 95
monetary malinvestment theory, 795
praxeological law, 95
praxeology and economic theory, 117
savings, Austrian theory of, 287
Scholastics, 150n23
Schumpeter, Joseph A., 264
Smith, Adam, 522
Theory and History (Mises), 74, 176, 203
Theory of Money and Credit (Mises), 189
Theory of Political Economy (Jevons), 26
Thirlby, G.E., 822
Timberlake, Richard, 882–92
time preference
universality of, 95
Walrasian schema, 268
Toohey, John J., 69, 70, 109, 109n9
Tooke, Thomas, 211, 867n15, 880
tort law
but-for tests, 387n39
costs, 260
criminal law, 409–10
defamation, 375
Epstein’s liability doctrine, 259
equilibrium, 257
invasion, 411
libertarian principles, 417
privity rule, 408
risk, assumption of, 383n28
threat level, 376
Treatise on Political Economy, A (Say), 42
Trotter, Archibald, 864
Trotsky, Leon, 611
Tugwell, Rex, 11
Turgot, Robert Jacques, 154, 155, 156, 157
unanimity principle
approximate unanimity, 485
Buchanan-Tullock, 500
compensation principle, 246
judgments, value-free value, 88–89
majority coercion, 484
Mises, Ludwig von, 93
new welfare economists, 930
property titles, 245
State coercion, 92, 484
unanimity rule
Buchanan-Tullock, 927
Calculus of Consent, The (Buchanan and Tullock), 927
compensation principle, 315
demonstrated preference, 323
free market, 320
free rider, 331
social utility, 333
State action, 321–22, 326, 927
welfare economics, 313–14, 318, 319
Unger, Irwin, 885
unions. See labor price, unions
utilitarianism, 347, 361, 365
utility theory
cost-benefit principle, 560
demonstrated preference, 289
diminishing marginal utility, law of, 73, 107, 301, 686
Galiani, Ferdinando, 156
individual valuations, 289
Kauder, Emil, 155
Kennedy, Charles, 296
Lange, Oskar, 805–06
objective cost-of-production theory, 157
ordinal marginal utility, 299, 333
price, 693
subjective, 803
Theory of Money and Credit (Mises), 189, 844
total utility, 299
value judgments
arbitrary, 84, 87
consequences, chain of, 95
economics, apart from, 241–43
ethic utilitarian, 96
ethical system, 924
flat unsupported declarations, impermissible, 86
Mises, Ludwig von, 92–111
political, 247
praxeological conclusion, 92
praxeology, 81, 92
public policy, 84
science and, 20
scientific process, 228
self-evidently correct, fallacy of, 21
socialist calculation, 191, 848
State apparatus, 88
value-free economics, 250
Vaughn, Karen I.
bias, 164–66, 217–20
calculation debate, 190
Economics of Time and Ignorance, The (Rizzo), 166n7
fundamental flaws, 221
Hayek, neglect of, 220
Lavoiean market process, 183n29, 218n72
New Methodologists, 167
O’Driscoll-Rizzo, 166n7
Rockwell, Llewellyn H., Jr., 222
Veatch, Henry, 128
Veblen, Thorstein, 123–25, 920
vicarious liability, 389–91, 405
Velikovsky, Immanuel, 226
Verstehen, 34, 45, 174, 175
Vio, Thomas de, 147
Vitoria, Francisco de, 148
Walras, Léon, 49, 261, 262, 303, 325
Walrasian
automaton, 847
“Breaking Out of the Walrasian Box” (Rothbard), 389n15
business cycle theory, 288
economic growth cycles, 272
entrepreneurship, theory of, 286
equations, 131
equilibrium, 263, 268–70, 287, 343, 816, 832, 851
formalism, 161
Human Action (Mises), 697
micro-equilibrium, 838
microeconomics, 133, 261n1
mutual determination, 695
neoclassical approach, 193n42
noncausal direction, 693
Schumpeter, Joseph, 261–63, 262n2
social sciences, mathematization of, 261
socialist impossibility, 853
Walrasian box, 269–75, 287
Walsh, Vivian C., 298n17, 306
Warburg, Paul, 723, 724
Wealth of Nations (Smith), 154, 196, 197n46
Weber, Max
ends and means, 807
ethical judgments, 312
marginal utility, 807
methodological individualism, 54
science and values, 20
verstehende social science, 50
Weinstein, Allen, 885
welfare economics
death of, 318
demonstrated preference, 323
distribution, problem of, 321
economics and ethics, 312
Hicks-Allen indifference curve analysis, 333
individual valuation, 289, 320
Misesian economics, 169
ordinal marginal utility, theory of, 333
reconstruction, 319
social decision-making process, 317
State, role of, 321, 327
unanimity rule, 313–14, 319, 323, 328
Wertfreiheit, 20, 23, 110, 372
Wharton, Joseph, 722
Whig theory, 131, 164, 200, 217, 225, 227
White, Harry Dexter, 215
White, Lawrence H.
Banking School, 866–67, 870
Checkland, Sydney, 861
Currency School, 866, 869, 870
Development of British Monetary Orthodoxy (Fetter), 870
Free Banking in Britain, 859, 866
free banking, 859, 881
free-banking advocates, 872
Gilbart, James William, 874, 875, 876, 877n28, 878
gold standard, devotion to, 876
Humean-Ricardian devotion, 875
inflationary bank credit, 876n26
Manchester School, 869
optimal currency area, 862n6
Parnell, Henry Brooke, 872n23
Peel Acts, 877–78
Rationale of Central Banking, The (Smith), 866
Scottish banking, 861
Scrope, George Poulett, 872–74
Sinclair, John, 872
Smith, Vera C., 866
snare and delusion, 865
specie payment suspension, 862
specie, concerns for, 862
thesis influence, free banking, 860
White’s syllogism, 860
see also free banking
Wicksell, Knut, 279n2, 325, 469n28, 484, 485
Wieser, Friedrich von, 48, 50, 159, 806
Wiles, Peter, 820, 855,
Williams, Roger, 626, 626n48
Wilson, James, 877n28
Winthrop, John Jr., 651, 653
Winthrop, Wait, 653
Wolf, Eric, 623
Woodbridge, John, 653
Wu, C.Y., 690–92
Yamada, Terry James, 400
Yeager, Leland B., 49, 705, 748, 887, 890, 892
