Essentials of Economics

Index

Prepared by Vernelia A. Crawford

Note: This index includes the titles of chapters, each listed under the appropriate subject classification. With the exception of these specific page references, which are inclusive, the numbers in each instance refer to the first page of a discussion. A page number followed by a figure in parentheses indicates the number of a footnote reference.

Absolutism, 3, 50, 52, 70

Abundance, 16, 37, 42, 56, 77, 80

Acton, John, 50

Adventure, 27, 96

Advertising, 24

Africa, South, 57

Agrarian socialism, 81

Altruism, 76, 97

Amortization, 26

Anarchosyndicalism, 80

Anderson, Benjamin, 81

Aquinas, St. Thomas, 2

Arbitrage, 69

Arbitration, commercial, 67

Aristotle, 2, 13

Ashton, Thomas S., 100(3)

Association, law, 22

Austrian school, 8

Autarky, 11, 23, 42, 72

Autistic economy, 11

Backward countries, 2, 91

Bacon, Francis, 3

Bakunin, Mikhail Aleksandrovich, 80

Balance of payments, 75, 90

Balance of trade, 3, 73

Banks and banking, 40, 46

Barter, 1, 12, 29, 39, 43, 74

Bastiat, Frédéric, 5

Baudin, Louis, 9

Becker, Johann Joachim, 4

Benham, Frederic C., 94, 102(3)

Biel, Gabriel, 2

Bill of exchange, 45, 67

Black market, 7, 18, 29, 76, 88

Bodin, Jean, 41

Böhm-Bawerk, Eugen, 8, 33

Boisguillebert, Pierre de, 4

Booms, 46, 56, 57

Calculation, economic, 20, 26, 96

Calvin, John, 3

Cannan, Edwin, 94, 102(5)

Canonists, 2, 4, 13

Capital

accumulation, 61

circulating, 21, 26, 44

compensation, 31, 38

concentration, 55

confiscated, 87

depreciation, 16

fixed, 21, 26

foreign, 92

goods, 31, 61

immobilized, 15

labor and wages, 29–38

see also Money

Capitalism, 51, 60, 78

Caravans and trading posts, 64

Carey, Henry, 6

Carranza, Carlos P., 56, 82

Cash holdings, 41

Central bank, 41, 46

Central planning, 7, 70, 84

Chamberlain, Joseph, 6

Chapman, Sidney John, 94, 102(7)

Chauvinism, 7

Checks, 40

Child, Josiah, 3

Choosing, 1, 7, 16, 19, 22, 73, 93, 97

Chrematistic occupations, 2

Clark, John Bates, 8

Classical school, 4, 14, 33, 35, 44, 71

Closed shop, 52

Coinage, 40

Colbert, Jean Baptiste, 4

Collectivism, 76

Commerce, 12

Commodities

distributed, 54

exchanges, 12, 66

fungible, 65

labor, 32

value, 20, 35, 37

Communism, 2, 15, 76, 80, 92

Communist Manifesto, 63

Comparative cost, 22, 72

Competition, market, 16, 35, 68, 81

Comte, Auguste, 6

Confiscation, 87

Conrad, Joseph, 73, 100(2)

Conscription, 59

Constitution, French, 53

Consumers, 15, 19, 27, 30, 36, 94

Controlled economy, 3, 6, 84–93

Co-operative economy, 11

Copernicus, Nikolaus, 66

Cost of living, 61

Costs, 22, 72, 98

Cournot, Antoine Augustin, 8

Credit

expansion, 40, 57, 85

instruments, 68

interest, 44

money, 39–50

Crises, monopoly and unemployment, 51–62, 69

Critical school, 9

Cunow, Heinrich, 100(1)

Currency school, 56

Damaschke, Adolf Wilhelm Ferdinand, 82, 101(7)

Davies, Joseph E., 38, 80, 100(2)

Debt, public, 68

Deflation and inflation, 46, 56

Demand and supply, 15, 32, 37, 42, 45, 52, 57, 68, 72

Demand deposits, 40

Democracy, 16

Depression, 56, 62

Diane de Poitiers, 52

Dictatorship, economic, 16, 18, 92

Diminishing returns, 24

Discount rate, 44

Distribution, 6, 26, 61, 69, 87, 91, 94, 98

Disutility and utility, 29

Division of labor, 2, 11, 23, 39

Dumping, 75

Econometrics, 8

Economics

Austrian school, 8

calculation, 20, 26, 96

classical school, 4, 14, 22

critical school, 9, 35

currency school, 56

definition, 9

dictatorship, 16, 18, 92

dynamic, 9

Greek, 2

historical school, 6

interpretation, 1–10

“labor,” 95

laws, 4, 22, 27, 32, 34, 72

mathematical school, 8, 96

medieval, 2

monetary, 39

views, 94–99

Viennese school, 56

“welfare,” 95

Economy

autistic, 11

capitalistic, 60, 78

controlled, 6, 70, 80, 84–93

co-operative, 11

household, 11

evenly rotating, 95

market. See Market national, 71, 75

planned, 7, 69, 74, 80, 84, 91

political, 6

Egoism, sacred, 6

Egoistic rivalry, 76

Egypt, 70

Elizabeth I, 4

Embargo, 40

Engels, Frederick, 6, 61, 63

England, 2, 4, 52, 60, 78, 87, 92

Entrepreneur, role, 19–28, 30

Equilibrium, 72, 85, 90, 96

Equities, 62

Erasmus, Desiderius, 3

Estrada, Alvaro Flores, 5

Eucken, Walter, 8

Evenly rotating economy, 95

Exchange

bilateral, 12, 43

bill, 45, 67

brokers, 69

commodity, 12, 66

direct and indirect, 11, 39

foreign, 67, 75, 85, 89

medium, 39, 42, 46, 56

multilateral, 12, 43

rates, 46

relation, 12

stock, 68

trades halls, 65

utilities and disutilities, 29

Expansionism, 40, 57, 85

Exploitation, 77, 81

Expositions, 66

Expropriation, 80

Fairs, 65

Fawcett, Henry, 33

Fiduciary media, 40

Fisher, Irving, 8

Flynn, John Thomas, 101(1)

Foreign exchange, 67, 75, 85, 89

France, 2, 5, 53, 64, 71, 78, 88, 92

Franklin, Benjamin, 5

Free enterprise. See Market

Free goods, 13

French Revolution and monopoly, 53

Fuchs, Karl, 6, 100(4)

Futures, 67

García, A. Gabarró, 101(3)

Genovesi, Antonio, 3

Geography, economic, 9, 22, 64

George, Henry, 56, 82

Germany, 5, 24, 59, 71, 89, 92

Gide, Charles G., 9, 78, 94

Goethe, Johann Wolfgang von, 96

Gold standard, 50

Gournay, Vincent, 4

Government

backward countries, 2, 91

black market, 7, 18, 29, 76, 88

booms, 46, 56, 57

capitalistic, 51, 60, 78

collectivized, 76

communistic, 2, 15, 76, 80, 92

controlled economy, 3, 6, 84

debt, 68

depressions, 56, 62

dictatorship, 16, 18, 92

English, 2, 4, 52, 60, 78, 87

French, 2, 53, 64, 71, 88

German, 2, 24, 50, 71, 89

income, 90

Indian, 78

inflation, 46, 56, 86, 92

intervention, 3, 37, 40, 47, 50, 56, 75, 85, 90, 99

monopoly, 18, 51

nationalistic, 70, 89

planned, 7, 70, 84, 92

power, 86

prices, 12, 15, 49, 57, 87

rationing, 88, 95

social democrats, 80

socialistic, 6, 38, 70

subsidies, 3

tax, 61, 82, 87

totalitarian, 70, 89

Gresham, Thomas, 66

Ground rent, 56, 81

Guilds, 41, 52

Hamilton, Alexander, 5

Hanson, Earl Parker, 91

Hayek, Friedrich August von, 8, 85, 92, 101(3)

Hazlitt, Henry, 8

Heine, Heinrich, 77, 78, 95

Henry II, 52

Herkner, Heinrich, 101(2)

Hermann, F. B.W., 5

Hildebrand, Bruno, 6

Historical school, 6

History, 9, 22

Hitler, Adolf, 89

Hoarding, 44, 62

Homo economicus, 96

Human action, 1, 9

Humanism, 3

Hume, David, 5, 42

Hutcheson, Francis, 5

Import quotas, 75

Income, 78, 90

India, 78

Industrial Revolution, 5, 51, 58

Industries, essential, 85

Industry, 63

Inflation and deflation, 46, 56, 86, 92

Initiative, 2, 4, 7, 74, 91, 99

Intelligentsia, 38

Interdependence, 72

Interest, 31, 40, 62

Interest rate, 44

International trade, 63–69, 90

Intervention. See Government

Investment, 61, 68, 85, 87

Iron law of wages, 34

Italy, 65, 89

Jevons, Stanley, 8

Just value, 14

Justice, social, 36, 98

Kautsky, Karl, 80

Keynes, John Maynard, 61, 85

Knies, Karl, 6

Labor

capital, 29–38

closed shop, 52

commodity, 32

defined, 32

division, 2, 11, 23, 39

exploited, 81

force, 59

free, 53, 81

market, 32

movement, 76, 101(2)

scarcity, 58

services, 16, 21

slave, 2, 81

unemployment, 51

unions, 16, 36, 52, 59

value, 14, 34

wages, 29–38

see also Production

Laissez faire and laissez passer, 4

Land, 24, 56, 81, 83

Lassalle, Ferdinand, 34

Lavoisier, A. L., 30

Laws

economic, 4, 22, 27, 32, 34, 72

natural, 4

League of Nations, 71

Leighton, Isabel, ed., 101(1)

Lewis, William Arthur, 57, 79, 85, 88, 90, 91, 100(3)

Lexis, Wilhelm, 100(2)

Lhoste-Lachaume, Pierre, 9

Liberalism, 4, 6, 8

Liberty, economic, 53; see also Market

Lincoln, Abraham, 95

Lippmann, Walter, 80

List, Frederic, 6

Loans, 2, 40, 44, 62

Locke, John, 42

Losses and profits, 19, 27, 31, 38, 62

Louis XIV, 4, 37, 54

Louis XV., 4

Luther, Martin, 3

Lutz, Harley Leist, 94, 102(4)

MacDonald, Ramsay, 101 (2)

Malinvestment, 58

Malthus, Robert, 5, 81

Management shared, 38

Marginal utility, 23

Market

barter, 1, 12, 29, 39, 43, 74

black, 7, 18, 29, 76, 88

capital, 46

competition, 16, 35, 68, 81

data, 20, 26, 96

enemy, 76

entrepreneur, 19, 30

features, 11–18

foreign-exchange, 67, 75, 85, 89

free, 3, 16, 76

labor, 32

loan, 44

mechanism, 15, 18, 46, 69

medieval, 65

money, 44, 46, 68

monopoly, 53

prospects, 20, 22

quotations, 69

“weaknesses,” 28, 85, 91

world, 35, 63, 72, 74, 76, 90

Marshall, Alfred, 8, 94, 102(6)

Marshall Plan, 72

Mart, 65

Marx, Karl, 6, 34, 54, 61, 63

McCulloch, J.R., 33

Mathematical school, 8, 76, 96

Mechanization, 59

Menger, Carl, 8, 23

Mercantilism, 3, 62, 70, 73

Merchandise, 12; see also Commodities

Mexico, 37, 42, 78

Migration

barriers, 61

free, 59

Mill, James, 5

Mill, John Stuart, 5, 33, 43

Mirabeau, Honoré Gabriel Victor, 4

Mises, Ludwig von, 9, 12, 83, 101(7)

Money

banks and banking, 40, 46

barter, 1, 29, 39, 43

changers, 67

cheap, 57

coinage, 40

commodity, 39

credit, 39–50, 57, 68, 85

currency school, 56

devaluation, 60

distribution, 87

easy, 57

fiat, 41

function, 46

gold standard, 50

history, 40

idle, 85

income, 78, 87

interest rate, 44, 45

invention, 12

legal tender, 41

market, 44, 46, 68

metallic, 40, 50

neutrality, 42

paper, 48, 60

price, 12, 15, 44, 49, 57, 87

purchasing power, 42, 47, 56, 62

qualitative theory, 42

quantity theory, 41, 46

renting, 44

savings, 61, 68

sound, 50

speculation, 20, 27

stable, 49

substitutes, 40

supply and demand, 45

token, 43

value, 42

wealth, 3, 71, 80, 87

Monopoly, 18

Monopoly, crises, and unemployment, 51–62

Morality, 14, 99

Mortgages, 62, 68

Mun, Thomas, 3

Mussolini, Benito, 89

National economy, 71, 75

National interest, 74

Nationalism and socialism, 3, 6, 23, 61, 69, 70–83, 89

Natural resources, 72

Necker, Jacques, 34

Neomercantilism, 7

Newbigin, Marion Isabel, 100(1)

New Deal, 85

Nobility, monopolies, 52

Olivares, Damián de, 4

Oresmius, Nicholas, 2

Ortiz, José Alonso, 5

Ortiz, Luis, 4

Overproduction, 55

Owen, Robert, 76

Pantaleoni, Maffeo, 8, 76

Paraguay, 2

Pareto, Vilfredo, 8

Patent, 22

Payment, instruments, 68

Penal Codes, 100(1)

Pétain, Marshal Henri Philippe, 72

Philippovich, Eugen, 94

Physiocratic school, 4

Planned economy, 7, 70, 84, 92

Planwirtschaft, 7, 84

Plato, 2

Poitiers, Diane de, 52

Political economy, 6, 53, 71

Population theory, 5, 61, 81

Ports of call, 65

Pressure groups, 61, 86

Price, Bonamy, 33

Prices, 12, 15, 49, 57, 87

Probability, 26

Production

adventure, 27

“anarchy,” 54

consumption, 16, 19, 94

creative, 30

effects, 15, 18, 74

excess, 55

factors and means, 20, 78

industrial, 63

rhythm, 26, 74

stimulating, 85

treatment, 94

war, 59

Profits, 19, 27, 31, 38, 62

Proletariat, 7, 71

Property, 80

Proportionality, law, 24

Protectionism, 3, 5, 61

Purchaser, 15, 30

Purchasing power of money, 42, 47, 56, 62

Qualitative and quantitative relations, 14, 95

Quesnay, François, 4

Raleigh, Sir Walter, 3

Rationing, 88, 95

Redeemability, 41

Rediscount, 46

Redistribution, 87

Rent, 31, 44, 56, 81, 83

Reserves, 41, 93

Restrictions, trade, 63, 90

Return, net, 22, 25

Returns, law, 24, 72

Ricardo, David, 5, 74, 81

Riedmatten, 101(1)

Risk, 26, 31, 38

Rist, Charles, 9, 101(3)

Rodbertus, Johann Karl, 56

Rome, 2, 31, 52, 70

Röpke, Wilhelm, 8

Roscher, Wilhelm, 6

Roosevelt, Franklin D., 85

Rueff, Jacques, 9

Russia, 15, 18, 38, 72, 81, 92

Savings, 61, 68, 85, 87

Say, Jean-Baptiste, 55

Scarcity, 13, 16, 24, 27, 29, 37, 42, 58, 80, 84, 91

Schmoller, Gustav, 6

Scientific socialism, 6

Seckendorff, V. L. von, 3

Securities, 68

Serra, O., 3

Serran, Gracián, 4

Services, labor, 21

Sismondi, Jean Charles, 54

Smith, Adam, 2, 5, 33, 35, 55, 71, 81

Social democrats, 80

Social justice, 35, 98

Socialism, 6, 38, 70–83

Sovereignty, consumer, 16

Spain, 41, 65

Specie, 41, 67

Speculation, 20, 27

Stable money, 49

Stakhanovism, 38

Standard of living, 2, 62, 85, 88

Stanton, Benjamin F., 102(4)

State, omnipotent, 7

Statistics, 9, 22, 26, 72, 75, 78

Stock exchange, 68

Subsidies, 3

Supply and demand, 15, 32, 37, 42, 52, 68

Syndicalism, 76

Tariffs, 3, 6

Taussig, Frank W., 33

Taxation, 61, 82, 87

Technology, 21

Temple, William, 3

Thünen, J. H. von, 5

Time factor, 25, 40, 45, 67, 98

Totalitarianism, 70, 89

Trade

balance, 3, 73

commodities, 12

free, 16, 50

Greek, 64

halls, 65

international, 63–69, 90

Phoenician, 64

posts, 64

restrictions, 63, 90

Roman, 64

routes, 64

unions, 16, 36, 52, 59

Transactions, 67

Tribunals of commercial arbitration, 67

Turgot, A. R.J., 4, 34

Turnover, 26

Ulloa, Bernardo de, 4

Unemployment, monopoly and crises, 51–62

United Nations, 71, 78

United States, 2, 5, 57, 72, 78, 85, 92

Ustariz, Jerónimo, 4

Utility and disutility, 29

Value

commodity, 20, 35, 37

defined, 13

equivalent, 17

exchange, 13, 97

just, 14

labor, 14, 34

money, 42

paradox, 23

subjective, 17

surplus, 14, 34, 56, 80, 82

use, 2, 13

Vauban, Marquis de, 4

Viennese school, 56

Volkswirtschaft, 75, 90

Wages

capital, 29–38

communist, 80

controlled, 88

differentials, 36, 38

facts, 35

fixed, 22, 36

fund theory, 33, 36

height, 37

iron law, 34

labor, 29–38

minimum, 36

nominal, 33

piecework, 22

real, 33

subsistence, 14, 34, 36

Wagner, Adolf, 6

Walras, Léon, 8, 23

Want-satisfaction, 2, 9, 11, 22, 26, 32, 63

Warehouses, 65

Warrants, 66

Wealth, 3, 71, 80, 87; see also Money

Welfare, 99

Well-being, 97

Wieser, Friedrich Freiherr von, 8

World market, 35, 63, 72, 74, 76, 90

World war, 59, 84

Xenophon, 2, 39