Index

INDEX

g=GLOSSARY

Action, 12, 16-19, g

“Administered price,” 51, 137, g

Advertising, 133-135, g

Aesop’s ant and grasshopper, 61-62, 113

Aggregate, 129, 172, g

Agricultural economy, 200, 203, 208-209, g

Ancient civilizations, 202-203, g

Animal behavior, 13, 29, 30-31

Antitrust legislation, 93, 142-143, 153, 154, g

A posteriori knowledge, 11, 13, 14n, g

A priori knowledge, 11, 13-14, 16, 44, 172, 210n, 215, g

Aquinas, Thomas, 166

Aristotle, 165-166

Armchair (logical, literary) method, 13, 79

Assets, 77, g

Auctions, see Pricing auctions

Austrian School of Economics, 46-47n, 171-172, g

Autarky (self-sufficiency), 200, 203-204, g

Automation, 130, 131n, 200, 209-211, g

Automobile industry, 70, 131-132

Balance of payments, 157, g

Balance of trade, 156-157, 167, g

Balance sheet, 77, g

Banknote, 112-114, g

Banks, banking, 112-118, 219, g

Banks, runs on, 114-115, 116, 124

Barter, 103-107, g

Bastiat, Frederic, 171

Bentham, Jeremy, 168

Big business, 130-138

Boehm-Bawerk, Eugen, 38n, 48-49, 172. See also Quotations

Bond, 135, g

“Box office receipts,” 50, 74-76, 79, 136-138

Bureaucracy, 83, 192-193, g

Buyer, 45, 109-110, g. See also Auctions, Consumer sovereignty

Buyers’ market, 42-43

Capitalism, 25n, 130-131, 180-184, 187-188, 201, 209-211, g

Capitalist savings, 63-64, 65-66, 79, 88-89, 182-184, g

Cartel, 142, g

Cash holding, 106, 107-110, 124-125, g

Central bank of issue, 115, 117-118, g

Change, 14, 16, 19, 62, 71-74, 94-95, 184-185, 210

Chicago School of Economics, 173, g

Classical School of Economics, 167-169, g

Closed shop, 93, g

Coercion, force, 147n, 184-185, 188-193, 204n-205

Coin clipping or Coin debasement, 111-112, 203, g

Coins, 99n-100, 110-112

Collective bargaining, 92, 93, g

Command society, 31, 188-189, g

Communism, 25n, 26, 75n, 188-189, 214n, g

Comparative advantage, 150-151, 168, g

Competition, 76, 89-91, 92, 136-138, g

Conglomerate, 142, g

Consumer sovereignty, 50-53, 73-76, 79, 89-91, 130-132, 136-138, 143, 182-184, g

Consumers’ goods, 61-62, 63, 170, g

Consumption, 23, 61, 133n, 150, 170, g

Contract society, 31, 187-188, 209n, g

Convertible factor of production, 73, g

Cooperation, social or interpersonal, 31-34, 86-88, 147148, 198, 200-201, g

Corporation, 64, 130, 132-133, g

Corporation annual reports, 76-77

Credit expansion, 114-115, 116-118, 124, g

Crusades, 204, g

Crusoe, Robinson, 12, 15, 18, 24, 31, 86

“Cutthroat” competition, 142, 192, g

Deduction, 13, g

Depression, recession, 116-117, 211-212

Direct exchange, 103-107, g

“Distribution,” economic, 24, 26-27, 181, g

Disutility of labor, 86, g

Division of labor, 25, 86-91, 147-151, 217, g

“Dumping,” 142, 152, 154, g

Duopoly or Oligopoly, 141, g

Duty, 152, g

Dwarf and giant, intellectual, 164, 166, 171

Economic calculation, 47, 80n, 106, 107, 217, g

Economic goods, 23, 44-46, 85, g

Economic power, 70, 142. See also Purchasing power

“Economic problem,” 21, 27, 31, 33, 79, 199-200, 216, g

Economic “school” of thought, 164, 166, g

Economic “schools,” family tree, 162-163

Economic thought, history of, 161-173

Economics, 11-13, 14, 17-18, 147n, 165, 173, 210n, 215-216, g

Economize, 48, 124, g

Elastic currency, “needs of business,” 117-118

Elasticity of demand, 141, g

Embargo, 152, 154, g

Empirical knowledge, 13, g

Employee, 87, 89-91, g

Employer, 88, 89-91, g

Employment, 86-88, 89-91

Enclosures, 208-209

Entrepreneur, 71-78, 80n, 88, 89, 130-132, 181-184, 207-209, 219, 220, g

Entrepreneurial profit, 70, 73-76, 135, 137, g

Equity, 77, g

Exchange, 25, 147, 217, g

Export, 153, g

Factors of production, 63, 72-73, 169, 182-184, g

Federal Reserve Notes, 100-101,113,115n, 123-124

Federal Reserve System, 116-120, g

“Felt uneasiness,” 17, 79, g

Feudalism, 203-204, g

Forage, 61, 62-63, 198, 200, g

Foreign exchange, 152, 153, g

Fortune’s lists of corporations, 132-133

Fractional reserve banking, 114-118, g

Free goods, 45, 48, 85 g

Free market, 24, 52-53, 180-184, 187-188, 205, 211, 220, g

Free port, 153, g

Free trade, 151, g

Gambling, 68, 71, g

“Gate,” see “Box office receipts”

Goal, end, 19, g

Gold, 106, 110, 111-114, 117-118, 119-120, g

Golden Rule, 220

Government, see “Interventionist,” “Limited,” Totalitarian”

Government control or regulation, 189-193, g

Government intervention, 51n, 176-180, 189-193, 204n-205, g

business and, 95-96, 136, 142-143

labor and, 82-83, 92-94

money and, 111-113,116-120,123-125

monopoly and, 138, 139-143

trade and, 152-157

unemployment and, 95-96 See also Interventionist government

Government, role of, 26, 83, 110, 185-186, 191n, 219-220, g

Greaves, Percy L., Jr., 38n, 68 Gresham’s law, 100n, 124, g

“Half-baked cake,” 73, 78, 182, 218-219

Hampered market economy, 186-187, 189-193, g

Hazlitt, Henry, 47

History, 12, 13, 201n, g

History, economic, 198-212

History of economic thought, 161-173

Human action, 17-19, 30-31, 46, 70-72, 216, g

“Human rights,” 21-22, g

Hume, David, 167

Ideas, 17, 72-73, 130-131, 164-166, 201, 204-205, 206, 211

“Idle resources,” 73, g

Import, 140, 152, g

Inconvertible factor of production, 73, g

Indirect exchange, 103-112, g

Individual, values and actions, 16-19 Induction, 13, g

“Industrial Revolution,” 201, 206-209, g

Infant industry, 152, 205, g

Inflation, 114-116, 119-120, 124,152,153, 219, g

Interest, interest rate, 114, 121-123, 135, g

Interregional trade, 147-158

“Interstate commerce,” 93-94, 142-143, 155, g

Interventionist government, 186-187, 189-193, g. See also Government intervention

Invest, investment, 64-65, 88-89, 129, 135-136, g

“Iron law of wages,” 169, g

Jevons, William Stanley, 171-172 “Just price” idea, 166, g

Keynes, John Maynard, 172-173

Kirzner, Israel, 73, 127

Knight, Frank, 173

Knowledge, 13, 164-165, 166, 204

Labor, 85-96, 217, g

Labor, working conditions, 88, 202, 203, 204, 205-206, 207-209, 210

Labor theory of value, 169, g

Labor (trade) union, 92-95, g

Laissez faire, 167-168, g

Legal tender, 110-112, 115n, 123-124, g

Liabilities, 77, g

Limited government, 185-186, 187,191n, g

Logical, literary (armchair) method, 13, 16, 79, 172 Loss, 22n, 50, 70, 73, 131-132, 135, g

Macro-economics, 12-13, 156, g

Madison Avenue, 134, g

Malthus, Thomas, 168

Margin, 46, 52, 53, 89, 168,173, g

Marginal unit, 45-49, 79, 173, 218, g

Marginal utility, 45-49, 123, 170, 171-173, 218, g

Marginal worker, 89, 90-91, g

Marionettes, producer/entrepreneur, 50-51, 74, 75, 182n

Market, 64, 135, g

Market economy, 31-34, 86-88, g

Market process, 31-34, g

Markets, Say’s law of, 124, 150, 170-171, g

Marshall, Alfred, 172

Marx, Karl, 169

Mass production, 91, 130-133, 201, 209-211, g

Mathematical/statistical approach, 172-173

Means, 19, 216, g

Medium (media, pi.) of exchange, 104-107, 171, 217-218, g

Menger, Carl, 47-48, 104-105, 171-172. See also Quotations

Mercantilism, 156-157, 167, 205-206, g

Micro-economics, 12-13, 33-34, 79, 150n, 171-172, 173, 199, 201, 215-216, g

Mill, James, 169

Mill, John Stuart, 27n, 169

Minorities, rights of, 27n

Mises, Ludwig von, 38n, 49, 172. See also Quotations

Mistakes, 19, 185

Mitchell, Wesley Clair, 172

Money, 100-101, 102-113, 123-125, 150, 171, 201, 217-218, g

Money and government, 110-112, 115-118

Money stock, 118n, 119-120, 123-125, g

Monopoly, monopolist, 138-141, g

Monopoly price, monopoly gain, 138, 139-141, g

More, Sir Thomas, 214

Most favored nations, 152, 154, g

Multinational corporation, 146, g

“Musical banknotes,” game of, 115, 116

Nature, forces of, 24, 184, 198-200, 204n

Neo-Classical School of Economics, 172, g

Net worth, 77, g

New York Stock Exchange, 58-61, 64, 127-130, 135-136

“Niggardly,” “niggardliness” of nature, 27, 169, 198, g

Nomadic tribes, 200, g

Non-tariff barriers, 152-155, g

Objective characteristics, 18, 49, 106, g

Oligopoly, 141, g

Open shop, 93, g

Operating statement, 77, g

Paradox of value, 45-46, 168, 178, g

Paris, provisioning (Bastiat), 29

Physiocrats, 167, g

Pickets, picketing, picket lines, 93, g

Plato, 165

Price, 43-53, 103, 164, 165-166, 168, 170, 171-172, 218, g

Price, law of, 52, 53, g

Price controls, 178-180

Pricing auctions, 37-43, 52-53, 79-85, 108-110, 121-123, 175-180

Primitive societies, 181, 198-199, 200, 202, g

Private property, 23-27, 180-184, 217, g

Producers’ goods, 62-63, g

Producers’ policy, 139-141, 152-154, 190-191, 205-206, g

Production, 72-75, 88-89, 130-132, 133, 180-184, 198201, 207-211, 218-219, g

Production for consumption/use, 75, 156, 170, 220

Production for profit, 75n, 220

Profit, 73-76, 131-132, 219-220, g

Promissory note, 112-114, 135, g

Property rights, 21-22, 24-27, 180-186, g

Protectionism, 139-141, 152-154, 190-191, 205-206, g

Psychic loss, 73 Psychic profit, 70, 73, g

Psychology, psychoanalysis, 12

Puppeteers, consumer, 50-51, 74, 182n

Purchasing power, 107-110, 123-124, 149-150, 170-171, g

Quota, 140, 152, 153, 154, g

Quotations

Aesop, 61

Anonymous, 145

Aquinas, Thomas, 166

Aristotle, 165-166

Barbon, Nicholas, 170

Bastiat, Frederic, 29

Boehm-Bawerk, Eugen, 48, 89

Buley, R. Carlyle, 66

Carney, Julia Fletcher, 148

Communist slogan, 75

Condillac, Abbé E. B. de, 170

Confucius, 86, 199

Didacus Stella, 164

Franklin, Benjamin, 47

Gossen, Hermann Heinrich, 170

Greaves, Percy L., Jr., 216, 220

Hazlitt, Henry, 135, 157

Holy Bible, 45

Lincoln, Abraham, 21, 26

Lloyd, William Forster, 170

Longfield, Mountifort, 170

Maxims

if wishes were horses, 21

castles in Spain, 21

law of the jungle, 27, 198

dog-eat-dog, 27

survival of the fittest, 27, 198

use it up, 74

a bird in the hand, 121

eat, drink and be merry, 121

necessity mother of invention, 184

wisdom better part of valor, 185

look before you leap, 185

don’t cry over spilt milk, 185

Menger, Carl, 21, 27, 47, 104-105

Mises, Ludwig von

marginal utility, 49

production “for use,” 75

“chocolate king,” 75

consumer sovereignty, 132

market democracy, 143

Swiss-Canadian trade, 145, 149

trade, domestic and foreign, 145

free trade, 151

tools increase output, 199

decline of Rome, 203 ideas and history, 206

economics defined, 216

Mun, Thomas, 167

Petro, Sylvester, 92

Plato, 165

Russell, Dean, 88

Say, Jean Baptiste, 170

Shakespeare, William, 47

Smith, Adam “invisible hand,” 73, 167

“propensity to truck,” 105

“higgling” of the market, 107n

consumption, goal of production, 156, 170

government regulation, 168

U. S. Constitution, 111, 153, 181

Walras, Antoine-Auguste, 170

Whately, Richard, 170

Wicksteed, Philip H., 216

“Rainy day” (or plain) savings, 61-63, 79, 182, g

Reformation, 206, g

Religion, faith, influence of, 202-203, 204, 206

Renaissance, 206, g

Resources, 19, 21, 23, 199 g

Restraint of trade, 93, 143, g

Ricardo, David, 151, 168, 169

“Right-to-work” laws, 93, g

“Robber barons,” 142, g

Roman Empire, 203-204

“Round-about” methods of production, 63, g

Saving, 61-62, 63-64, 218, g

Savings, 61-66, 113, 135, 136n, 209-211, 218, g

Say, Jean Baptiste, 124, 150, 170-171

Scale of values, 17-18, 44-45, 79, 216, g

Scholasticism, 166, g

Scientific action, 68, 70-71, g

Seller, 45, 109, g

Sellers’ market, 40-41

Slavery, serfdom, 23, 26-27, 181, 202-204, g

Smith, Adam, 88, 167-168, 169. See also Quotations

“Smorgasbord,” 73, 77, 182, 199, 218-219

Socialism, 188-189, g

Socrates, 165

Special privileges, 92-94, 116-118, 139,140, g

Specialization, 25, 86-91,147-150, 200, 217, g

Specie, 116, g

Speculation, 68, 71-72, g

Statistics, 12-13, 61n, 118n, 129-130, 172

Status society, 23, 202-206, g

Stock, common and preferred, 135-136, g

Stock exchange, 59, 64-65, 128, 135-136, g

Strike, 92, 93 95 g

Subjective value, 17-18, 49, 79, 147-148, 170-172, 173, 216-217, g

Subsidy, 152, 153, 190, g

Tariff, 140, 152, 153-154, g

Taxes, 82-83, 95, 176-177, 179-180, 191-192

Time preference, 61-62, 63-64, 79, 121-123, 218, g

Tool, 62-63, 88-89, 91, 199, 200, 218, g

Totalitarian government, 31, 188-189, g

Trade, 24-25, 49-51, 52, 103-108, 200, 217, g

Trade, interregional, 147-158, 202-203, 208-210

Transportation, history of, 66 Trust, 142, g

Unemployment, 94-96

Union shop, 93, g

Usefulness, utility, 18, 46, g

“Usury,” 166, g

Value, 14, 16, 17-19, g

Value theories, 165-166, 168-172, g

Wage, wage rates, 86-91, 94-96, 137, 217n, g

Wall Street, 135-136, g

Walras, Leon, 171-172

“Welfare economics,” 92-94, 190-193, g

“Wild cat” banking, 116n, g

XYZ

“Yellow-dog” contract, 93, g

Free Market Economics: A Syllabus