The Great Austrian Economists
Index
Compiled by Richard Perry
Action
cause and effect, 81–82
and choice, 228–29
expectations as key to, 35
general theory of, 73, 129–30
praxeology, 63, 71, 81, 84, 95, 158, 163
purposive behavior, 84, 94, 99, 108–09
Anderson, Benjamin M., Jr., 154, 162n, 169, 177n
The Value of Money, 154, 169
Aquinas, Saint Thomas, 8
Aristotelian, 16
Associations
American Economic Association, 140
American Philosophical Society, 140
Center for Libertarian Studies, 240
French Free-Trade Association, 61
Austrian School
business-cycle theory, 40, 119–20, 124, 133–35, 152–53, 185–87, 209–10, 238
calculation debate, 190–91
as derisive attack, 75
discovery procedure, 65, 187–91
edifice of correct theory, 163
goods theory, 20, 51–52, 82–85
influence, v–xii
marginal utility, 10, 33, 54–55, 72, 79, 85, 87–88, 90, 94, 99, 107, 115–16, 130–31, 146, 226–28
methodology, logical, 17–18, 128
price theory, 19, 80–81, 94–99, 107
property, 40, 84, 91, 93
and Spanish Scholastics, 9
time preference, 9, 40, 54, 116, 123–24, 132–33
value
and price, 9, 34, 54–55, 76, 80–82, 88–89, 94–100, 108
paradox of, 10, 19, 33, 78, 87–88,
as subjective, 4, 33, 62–63, 72, 85–90, 96, 125–27, 130
theory, 85–90, 115–16
as uniform theory, 33, 126
Axiomatic-deductive theory, 224
Azpilcueta Navarrus, Martín de, 6, 8, 11
Baird, A.C., 169n
Balmes, Jaime, 10, 11
Bank of England, 26
Bartley W.W., III, 14n, 27, 185n, 189n
Bastiat, Frédéric, 32, 59–69, 81n, 82n, 172n, 173
background, 59–61
British Anti-Corn Law League, 61
“Broken Window Fallacy,” 173
“The Candlemaker’s Petition,” 67
capital
and entrepreneurship as captains of economic ship, 62
and wages, 62
Economic Sophisms, 61
Economic Harmonies, 61
economics
from consumer viewpoint, 62
as economic harmony, 59, 63
as the theory of exchange, 63
entrepreneur
dynamic rivalrous process, 59–60
discovery, 65
free trade
trade barriers and war, 65, 67
harm when lacking, 65
free market, plan-coordination function of, 59
French Academy of Science, 61
French Free-Trade Association, 61
influence, 68
international monetary relations, 67
intervention, government tariffs, abolished, 60
state used to plunder citizens, 62, 64–65
“The Influence of English and French Tariffs,” 61
laissez-faire, 68
law of comparative advantage, 67
Le Libre-Exchange (newspaper), 61
natural rights, 66
opportunity costs, 63
praxeology, 63
pre-Austrian, 61
property
customs duties as rights violations, 66
as function of government, 66
private, essential for freedom, 66
rent, land, 64
subjective value, 62–63
“The Tax and the Vine,” 61
“What is Seen and What is Not Seen,” 62
Batson, H.E., 226
Beltrán, Lucas, 3n
Benn, Sir Ernest, 196
Berlin Wall, xi
Biddle, Clement C., 46
Birner, Jack, 192
Black, R.D. Collison, 80
Blaug, Mark, 183n, 193
Block, Walter, 241
Blumert, Burton S., 240
Boehm, Stephan, 192n
Böhm-Bawerk, Eugen von, 13, 36, 40, 42, 76, 95, 97–99n, 101–02, 105n, 113–24, 128, 146–50n, 153–54, 160, 163, 182–83, 186, 192, 196, 198, 209, 223–24, 226
Austrian Minister of Finance, 114
background, 113–14
Capital and Interest, 42, 43, 114, 163
Vol. I History and Critique of Interest Theories, 114
Vol. II Positive Theory of Capital, 115–17
Vol. III Further Essays on Capital and Interest, 115
capital
bull’s-eye figure, 117–19
and entrepreneurship, 116
and interest theory, 116–19
and saving, 118–19
criticisms of, 120–21
entrepreneur, 116, 119
exploitation theory embraced by Karl Marx, critique of, 114–16
influence, 120–21
interest
return on investment, 116
theory, 116
time, 115–16
Karl Marx and the Close of His System, 114, 128
macrocosm, 117
marginal utility, 115–16
methodology, 115
production and time, 115–16
“The Positive Theory of Capital and Its Critics,” 121
research agenda, excluded areas, 120
time preference, 116
University of Innsbruck, 114
University of Vienna, 113–14
value, theory of, 115–16
wages, 116
Bolingbroke, Lord, 16
Bonds, government, as use of savings, 39
Bordo, Michael D., 21, 23n, 26
Boulding, Kenneth, 183
Bovadilla, Jeronimo Castillo de, 5
Boyers, W. Hayden, 82
Bretton Woods, 173
Brewer, Anthony, 14n, 17n, 22n, 24n, 26
British Classical School, 10, 36
British Anti-Corn Law League, 61
British Navigation Acts of, 1581, 1651, and 1660, 55
Brown, J. Douglas, 140
Bruno, Leoni, 11
Buchanan, James M., 107, 111, 199, 231
Burns, Arthur E, 177n
Business cycle, viii, 41, 119–20, 124, 133–35, 152–53, 186–87, 209–10, 238
Cabanis, Pierre Jean Georges, 45n
Caldwell, Bruce J., 73n, 100, 121, 183n, 189n, 190n, 192–93
The Collected Works of F.A. Hayek, 190n
Camacho, Francisco Gómez, 5n
Cannan, Edwin, 196
Cantillion, Richard, 10, 13–28, 36, 46, 59, 68, 79
background, 13–15
costs, 21
entrepreneur, 15, 18–19
Essai sur la Nature du Commerce en Général, 13, 15–16
economy, analysis of, 15
entrepreneur, 15
first treaty on economics, 13
government as inefficient/corrupt, 16
mercantilism, critique of, 17
monetary economy, analysis of, 16
founding father of modem economics, 14
influence, 14
interest
theory, 24
usury laws, 24
market prices, 19–20
mercantilist
mistakenly labeled as, 22, 25
thinking, breaking out of, 14
as short run policy, 24
methodology
logical–deductive theorizing, 17
ceteris paribus assumption, 18
money
bimetallism, 25
government failure to micromanage, 25
national banks, warning against, 25
theory, 23–24
“Observations on the Trade and Luxury of Both Nations,” 16
opportunity costs, 20–21
physiocrats, 14, 21
population theory, 21
production determined by demand, 18
spatial economics, 23
value, 20
wages, 23
Capital
as capitalization, 40, 132–33
and entrepreneurship, 36–42, 52–54, 62, 116, 134–35
and interest theory, 36–42, 52–54, 116–19, 133–34
malinvestment of, 135, 186–87
and saving, 36–42, 51, 118–19, 133
time, 131–32
and wages, 62, 116
Cassel, Gustav, 115
Chafuen, Alejandro, 2, 11, 79n
Charles V, Emperor/King of Spain, 9
Chase, Stuart, 171n
Chicago School, v
Clark, John B., 119, 121, 127–28, 140n
Classical School, 14, 76–79
Clintonianism, 239
Clower, R.W., 202
Coats, A.W., 80n
Cobden, Richard, 61
Command society, 8
Commons, John R., 139
Competition
dynamic, 5, 188
as free entry, 233–34
labor, 131
and profit and loss, 77
Comte, Charles, 59, 68
Condillac, Abbé Etienne Bonnot de, 45n
Conrad, Johannes, 124
Cortney, Philip, 177n
Costs
opportunity, 21
of production theory, 5, 85
subjectivism of, 106–07
Coudroy, Felix, 60
Covarrubias y Leiva, Diego de, 4, 5
Crane, Stephen, 169n
Craver, Earlene, 144n, 154, 184n, 193
Credit expansion, 7, 124, 135, 152–53, 186–87, 209–10
Croome, H.M., 186n
Crusoe economics, 33–34, 99
Čuhel, Franz, 149, 150n
Currency School, 146, 148, 153
Cycle theory, See Business cycle
Davanzaty, Bernardo, 6
Davidson, Audrey, 13n
Davidson, Eugene, 162, 164
De Gaulle, Charles, 164
Decker, Matthew, 16
Dempsey, Father Bernard W., 8
Dewey, John, 171n
Dietz, Gottfried, 207
DiLorenzo, Thomas J., 59–69
Dingwall, James, 48n, 100
Director, Aaron, 184
Dolan, Edwin, 1n, 12, 79n, 151n, 184
Dorfman, Joseph, 128, 240
Doren, Mark van, 169n
Eatwell, John, 103, 112, 122
Ebeling, Richard, 206
Ebenstein, Alan, 196n
Earned Income Tax Credit, 178
Economics
as allocation of scarce resources, 33
consumer viewpoint, 62
discovery procedure, 188
edifice, systematic, 224–25
and ethics, 226, 238
goods, 20, 51–52, 82–85
harmony, 59, 63
ideas, search for true, 225
macrocosm, 117
marginal utility, 10, 33, 54–55, 72, 79, 85, 87–88, 90, 94, 99, 107, 115–16, 130–31, 146, 226–28
political activism and, 225–26
price theory, 19, 80–81, 88–90, 94–99, 107
scope of, 108–09
socialist calculation debate, 189
spontaneous order, 188–89
time, 110
theory of exchange, 63
universality and immutability of laws, 80
wants
ranking of, 84, 86
satisfaction of, 83, 94–95
welfare, 226–31
Edgeworth, F.Y., 36n
Edwards, James Rolph, 151n
Egger, John B., 195–204
Einaudi, Luigi, 164
Ekelund, Robert, 13n
Elgar, Edward, 222
Entrepreneur
bull’s-eye, 117–19
and competition, 233–34
discovery process, ix, 65, 236
foresight, 52–53, 91
knowledge, 30–31, 90–93
as risk bearer, 15
as rivalry, 5, 59–60
theory, 36–42, 90–93, 135–36
uncertainty, 18–19, 37, 53, 90, 93, 107, 135, 235–36
Equilibrium, vii–ix
Erhard, Ludwig, 164, 207
Exchange, 34
Exploitation theory, socialist, 133
Ferdinand I, King of Austria, 9
Ferguson, Adam, 188
Fetter, Frank A., 43, 46, 123–41, 163 action, 129–30
American Economic Association, 140
American Economic Review, 140
American Philosophical Society, 140
background, 124–25
business cycle, 124, 133–35
capital
capitalization of, 132–33
and entrepreneurship, 134–35
and interest theory, 133–34
malinvestment of, 135
and saving, 133
Encyclopedia of the Social Sciences, 140
entrepreneur
theory, 135–36
uncertainty, 135
influence, 139–41
interest, 132–33
Journal of Political Economy, 140
marginal utility, 130
methodology, 123, 128–29
money, theory of, 133–34
Principles of Economics, 123
The Quarterly Journal of Economics, 126, 140
rent, 123, 130–33
time, 131–32
time preference, 132–33
value, subjective, 125–27, 130
wages, 127–32, 136–37
wants, 129
welfare
intervention, 138
economists as enlightened advisors, 138
Fischer, Louis, 169
Fisher, Irving, 46, 146, 148
Foundation for Economic Education(FEE), 201
Foxwell, Herbert, 196
Free market, plan-coordination function of, 59
Free trade
harm inflicted on citizens when lacking, 65
trade barriers and war, 65, 67
French Academy of Science, 61
Friedman, Milton, v, 46, 178, 184
Frisch, Ragnar, 117
Galiani, Abbé Ferdinando, 6
Garrett, Garet, 177n
Garrison, Roger, 113–22, 167n, 193
“Austrian Capital Theory: The Early Controversies,” 121
George, Henry, 104, 124, 128
Progress and Poverty, 104, 124
Gilbert, Milton, 151
Goodwin, Craufurd D.W., 80
Gossen, Hermann Heinrich, 95n
Gournay, Jacques Claude Marie Vincent, 30
Grant, James, 209
The Trouble with Prosperity, 209n
Grattan, Clinton Hartley, 169n
Gray, Alexander, 50–51, 57
Gray, John, 193
Great Depression, ix
see also Rothbard; Business Cycle
Greaves, Bettina Bien, 171n
Gregory, T.E., 183, 195
Gresham’s Law, 49
Grice-Hutchinson, Marjorie, 2, 11
Groenewegen, Peter D., 43
Grünberg, Karl, 144, 154
Gutteridge, H.C., 195
Haberler, Gottfried von, 159, 184
Hahn, L. Albert, 177n
Hayek, F.A., 1n, 14n, 17–20, 23, 26n–27, 38, 66, 72–74n, 82n, 91n, 98n, 100, 102n, 106, 111, 118–23, 139, 152, 154–56, 159, 165, 172, 177n, 181–94, 196–98, 201–03, 207, 209, 212n, 220, 223n, 239
background, 181–85
business cycle, v–xii
credit expansion, 186–87
theory, 185–87
Capitalism and the Historians, 197
The Constitution of Liberty, 165, 187n
Counter-Revolution of Science, 165
Denationalization of Money: An Analysis of the Theory and Practice of Concurrent Currencies, 183, 187n
economics
discovery procedure, 188
spontaneous order, 188–89
calculation debate, 189
The Fatal Conceit, 185
Hayek on Hayek, 193
Hayekian triangles, 185
Individualism and Economic Order, 193
influence, 189–92
malinvestments, 186–87
Monetary Theory and the Trade Cycle, 186, 193
Nobel Memorial Prize in Economics, xi, 181, 184, 203
Prices and Production, 185, 186, 193
The Pure Theory of Capital, 183, 186, 193
The Road to Serfdom, 139, 172, 185, 193
time, 186
Hayekian, 31, 65
Hayekian triangles, 185
Hazlitt, Henry, 63, 68, 69, 162, 167–79, 197, 201, 211
The Anatomy of Criticism: A Trialogue, 170, 179
attacking the New Deal, 170
background, 167–68
Bretton Woods agreement, 173
business cycle, 169
The Conquest of Poverty, 178, 179
The Critics of Keynesian Economics, 177n,
Earned Income Tax Credit, 178
Economics in One Lesson, 63, 172, 179
as editorialist and book reviewer, 171
The Failure of the “New Economics”: An Analysis of the Keynesian Fallacies, 176, 179, 201
The Foundations of Morality, 179
The Free Man’s Library, 176
identified with free market causes, 173
From Bretton Woods to World Inflation: A Study of the Causes and Consequences, 173n
The Great Idea, 176n, 179
The Illusions of Point Four, 175
influence, 178–79
Instead of Dictatorship, 170
labor union privileges, 175
magazines and newspapers involved with
American Mercury, 172
The Freeman, 178
Human Events, 178
Los Angeles Times, 178
Man vs. The Welfare State, 178–79
The Nation, 168
National Review, 178
Newsweek, 174
New York Evening Mail, 168
New York Evening Post, 168
New York Sun, 168
New York Times, 171
The Review of Austrian Economics, 178
Times Book Review, 168
Wall Street Journal, 168
National Industrial Recovery Administration, 171
A New Constitution Now, 170, 179
postwar issues, 174–76
Thinking as a Science, 168, 179
The Way to Will Power, 168
Will Dollars Save the World?, 175
The Wisdom of Henry Hazlitt, 179
The Wisdom of the Stoics: Selections from Seneca, Epictetus, and Marcus Aurelius, 177n
Hearn, William E., 81n
Hébert, Robert F., 13n, 15n, 21n, 23n, 26n, 27
Heinz, Grete, 14n
Helfferich, Karl, 146
Hennings, Klaus, 113n, 116n, 117n, 118n, 120n, 121
Henry III, King, 3
Henry IV, King, 3
Henry of Navarre, See Henry IV,
Herbener, Jeffrey M., 123–41, 223, 228
“Introduction” in The Meaning of Ludwig von Mises, ed., 223n
“The Pareto Rule and Welfare Economics,” 228n
Herford, C.H., 101n, 103n, 104n, 111
Hicks, Sir John, 181, 183, 196
Higgs, Henry, 13n, 18n, 27
Historian, revisionist, 239
Historical School
“Austrian” as derisive attack on Menger, 75
examination of history, 157 German, 144
Methodenstreit (methodological debate), 63
Hobbes, Thomas, 231
Holcombe, Randall G. (Introduction), v–xii
Homesteading, 229
Hone, Joseph, 27
Hoover, Herbert, viii–ix, 239
Hoppe, Hans-Hermann, 84n, 162n, 217n, 223–41
“Book Review of Man, Economy, and Liberty,” 228n
The Economics and Ethics of Private Property, 228n
Natural Elites, Intellectuals, and the State, 219n
Hoselitz, Bert F., 37, 48n, 100n
Howard, Stanley E., 140
Howey, Richard S., 80n
Hoxie, Robert F., 126, 129, 141
Huncke, George, 98, 114, 121
Huszar, George B. de, 82n
Hutchison, T.W., 189n, 193
Hülsmann, Jörg Guido, 13n, 20n, 27, 93n
“Cantillon as a Proto-Austrian: Further Evidence,” 20, 27
“Knowledge, Judgment, and the Use of Property,” 93n
Hume, David, 24, 41, 76, 153
Hutt, William H., x, 177n, 195–204, 205
articles on competition and monopoly, 198
background, 195–96
“The Factory System of the Early Nineteenth Century,” 197
The Economics of the Color Bar, 198
Economists and the Public, 198
intervention, 198–200
full employment measures, 200
The Keynesian Episode: A Reassessment, 202, 205n
Keynesianism-Retrospect and Prospect, 200
labor policies, 197–98
observation on Keynes, 201–03
Plan for Reconstruction, 200
Politically Impossible. . . ?, 199
A Rehabilitation of Say’s Law, 202
The Strike-Threat System, 197
The Theory of Collective Bargaining, 197
The Theory of Idle Resources, 200
Individual
liberty, 218–20, 224, 228–29
not mechanistic aggregates, 150
mechanistic view unscientific, 224
Inflation, 6, 149, 152, 210–11
Interest
as property right, 40
and quantity of money relationship, 41
return on investment, 38, 53, 116
risk premium, 53–54
and state, 53
as supply and demand relationship, 41
theory, 24, 38–41, 43, 116, 132–33
time, 38–40, 53–54, 115–16, 132
as usury, 39–40,
See also Capital
Intervention, 8, 16, 60, 62, 64–65, 144, 155–57, 198–200, 214–16, 227–31
International relations, 67, 213, 216–17
Jaffé, William, 80n, 100
James, William, 168
Jefferson, Thomas, 45
Jenks, Jeremiah W., 124
Jesuits (Society of Jesus), 1, 8
Jevons, William Stanley, vii, 13, 17, 72n, 80n, 101–05n, 108, 111, 115, 126, 127n, 149, 196
Journals and Newspapers
American Economic Association Publications, 125n, 141
American Economic Review, 124, 127n, 138n–41, 187n
American Mercury, 172
Annals of the American Academy of Political and Social Science, 125n
Atlantic Economic Journal, 22n, 28
Austrian Economics Newsletter, 174n, 177n
Critical Review, 183n, 193
Economic Inquiry, 100
Economic Journal, 27, 104, 107, 155, 183, 198n, 199n
Economica, 23n, 187n, 198n, 208n
Encyclopedia of the Social Sciences, 140
The Free Market, 167n
The Freeman, 114n, 122, 178
History of Political Economy, 100, 144, 184n
Human Events, 171n, 178
Journal des Economistes, 61
Journal des Economistes et Etudes Humaines, 99n
Journal of Economic Literature, 193
Journal of Economic Perspectives, 117
Journal of Libertarian Studies, 17n, 27, 28, 61, 217n
Journal of Monetary Economics, 21n
Journal of Political Economy, 21n, 28, 127n, 128n, 140, 209n, 210, 221
Journal of Political Economics, 138n
Le Libre-Exchange (newspaper), 61
Los Angeles Times, 178
The Nation, 168
National Review, 178
New Individualist Review, 225
The New Republic, 174n
New York Evening Mail, 168
New York Evening Post, 168
New York Sun, 168
New York Times, 171
Newsweek, 174
Quarterly Journal of Economics, 27, 126, 119, 121, 126n, 139–41
Reader’s Digest, 172
Reason, 168n, 174n
The Review of Austrian Economics, 93n, 178, 191n, 192n, 193, 194, 215n
South African Journal of Economics, 198n
Southern Economic Journal, 192
Times Book Review, 168
Wall Street Journal, 168
Wiener Tagblatt (newspaper), 74
Wiener Zeitung (official newspaper), 73
Yale Review, 119
Kahane, J., 73n
Kaldor, N., 186n
Kauder, Emil, 80, 100
Kelley, David, 47n, 57
Kelley, John L., 167n
Kemmerer, E.W., 140
Keynes, John Maynard, viii, 46, 121, 181, 195
The General Theory, vii, 117, 168, 176, 183, 198, 200
observations of
Hayek, F. A., 183
Hazlitt, Henry, 176–77
Hurt, W.H., 201–03
Röpke, Wilhelm, 211–12
Treatise on Money, 155, 183
Kirzner, Israel M., x–xi, 101–12, 119n, 122, 184, 191, 193
Classics in Austrian Economics: A Sampling in the History of a Tradition, ed., 102, 111
Essays on Capital and Interest: An Austrian Perspective, 119n
Market Theory and the Price System, 103, 111
Klein, Peter G., 72n, 100, 181–94, 220n
The Fortunes of Liberalism. Vol. 4. The Collected Works of F.A. Hayek, ed., 72n, 100, 193, 220n
Knapp, George Friedrich, 144
Knies, Karl, 113n, 114n
Knight, Frank, 119, 121, 177n, 184, 192n
Knowles, Lillian, 195
Kresge, Stephen, 14n, 27, 185n, 189n
Labor, policies, 197–98
Laissez-faire, 31–32, 56, 66, 68, 80
Lachmann, Ludwig M., 184, 202
Lange, Oskar, 156, 190
Lavoie, Don, 191, 193
Law, John, 14, 17, 26
Law of diminishing returns, 35–36
Law of markets, See Say’s Law
Lawrence, Joseph Stagg, 177n
Leijonhufvud, Axel, 202
Lerner, Abba P., 156, 183, 190
Lessines, Giles, 8
Libertarian, 2–3
Liggio, Leonard P., 14n, 27
Lindahl, Erik, 117
Link, Edith Murr, 144n
Locke, John, 236
London School of Economics (LSE), 107, 183, 195
Long, Breckinridge, 172
Luebe, Kurt, 224
Lugo, Cardinal Juan de, 5, 8
Luhnow, Harold, 162
Machlup, Fritz, 154, 159, 184
Machovec, Frank M., 110n, 111
Macy, Jon Albert, 169
Madison, James, 45
Malthus, Reverend Thomas R., 22
Mangoldt, Hans von, 93n
Mantoux, Etienne, 177n
Marget, Arthur, 197, 201,
Theory of Prices, 202
Marginal utility, 10, 33, 54–55, 72, 79, 85, 87–88, 90, 94, 99, 107, 115–16, 130–31, 226–28
Marginalist Revolution, 126
Mariana, Juan de, 1–12
Austrian School, 9
background, 1–2
central control, lack of knowledge, 8
credit expansion as robbery, 7
De monetae mutatione (On the alteration of money), 3
De rege et regis institutione (On the King and the royal institution), 2
Discurso de las enfermedades de la Compañia
(A discourse on the sicknesses of the Jesuit order), 8, 11
influence, 9
inflation, prevention of, 7
Jesuit, 2
laws, too many cause loss of respect for, 9
libertarian, 2
money
debasement, 4, 7
quantity theory of, 6
scarcity, 4
natural law as superior to might of state, 3
price
controls, 4
equilibrium, 5
property, private, King not owner, 3
summary, 9–11
taxation
inflation as, 6
consent of people needed, 3
state and, 4
tyrannicide, defender of, 2
tyrant, 3
value
and price, 4
subjective, 4
Market self-regulation, 51
Marmontel, Jean François, 30
Marshall, Alfred, 43, 46, 105, 106, 148n, 195, 196
Marshall Plan, 213
Marx, Karl, 50n, 62, 114, 127
Das Kapital, 62
Marxian, 154, 169
Marxism, 128, 144
Mayer, Hans, 102n, 111, 154
McCloughry, Roy, 102
McCormick, Brian J., 183n
McDonald, Alice, 121
Mencken, H.L., 170, 240
Menger, Carl, 2, 6, 10–13, 26n, 34, 46, 48, 54, 57, 68, 71–102, 105, 113–16, 123, 126–27n, 139, 144, 146, 149, 160, 184, 189, 191–92, 195–96, 223–26, 237
action
cause and effect, 81–82
general theory, 73
man as beginning and end, 81
praxeology, 71, 81, 84, 95
purposive behavior, 84, 94, 99
background, 71–76
Classical School
calculable action only, 77
destruction of mercantilists, 72
distribution, 79
Crusoe economics, 99
economics
theory of goods, 82–85
imputed price, 88–90
universality and immutability of economic law, 80
economizing involves ranking wants, 84, 86
want satisfaction, 83, 94–95
entrepreneur
foresight, 91
knowledge, 90, 93
theory, 90–93
uncertainty, 90, 93
Geld (Money), 76
Historical School
“Austrian” as derisive attack on Menger, 75
Methodenstreit (methodological debate), 75
influence, 98–100
Irrthumer des Historismus in der deutschen Nationalökonomie (The errors of historicism in German economics), 75
laissez-faire, 80
marginal utility, 72, 79, 85, 87–88, 90, 94, 99
Principles of Economics, vii, 6, 13, 15, 71–100, 113, 115, 144
production and distribution theory
as pseudo-explanation, 85
price, 98
time, 90
property, 84
Scholastics, 79
University of Vienna, 73
Untersuchungen uber die Methode der Sozialwissenschaften und der politischen Okonomie insbesondere (Investigations into the method of the social sciences with special reference to economics), 75
value
and price, 76, 80–82, 88–89, 94–100
paradox, 78, 87–88
subjective, 72, 86, 96
theory, vii, 85–90
Wiener Tagblatt (newspaper), 74
Wiener Zeitung (official newspaper), 73
Zur Theorie des Kapitals, 76
Mercado, Tomás de, 8
Mercantilism, 14, 17, 24
Methodology, 17–18, 47–48, 123, 128–29, 149–51, 158, 224
Milgate, Murray, 103, 112, 122
Mill, John Stuart, 43, 46, 128, 177n, 199
Mises, Ludwig von, v–xii, 26n, 38, 41, 46, 50, 57, 62, 68–75n, 81–84, 93n, 95, 98n, 102, 105–11, 114, 119–25, 128n–29n, 137n, 139, 143–65, 171, 172n, 177, 181–83, 186, 189–92, 196, 198, 200–02, 205–09, 216n, 219, 223–28, 234–39
action
edifice of correct economic theory, 163
real action of individuals not mechanistic aggregates, 150
praxeology, 158, 163
background, 143–146
Bureaucracy, 139, 162
business cycle, 152–153
Currency School, 146, 148
Die Gemeinwirtschaft (Socialism), 156, 182
Die Wirtschaftsrechnung in sozialistischen Gemeinwesen (“Economic Calculation in the Socialist Commonwealth”), 155
Economic Journal, 155
German Historical School, 144
Grundprobleme der Nationalökonomie (Epistemological problems of economics), 158, 164
Historical School, 157
Human Action: A Treatise on Economics, x, 62, 137n, 156, 162–63, 177n, 223, 224
influence, 159–65
intervention
economic calculation, impossibility of, 155
ineffective and counterproductive, 144, 157
unstable, 157
Kritik des Interventionismus, 157
laissez-faire, 157
Liberalism, 216
Liberalismus (The free and prosperous commonwealth), 120, 226
methodology, 149–51, 158
migration, vi
money
Austrian circle, 146–47
balance-of-payments deficits, 147
as commodity, 151
inflation favors government, 149
marginal utility of, 146
not government created, 151
optimal money supply, 149
process analysis of individual action, 148
reserves and free banking, 152
theory, 146–55
Nation, Statt, und Wirtschaft (Nation, state, and economy), 153, 206
National Bureau of Economic Research, 161
Nationalökonomie (Economics), 160
Nationalökonomisch Gesellschaft (Economic Society), 155
New York University Graduate School of Business, 162
Notes and Recollections, 160
Omnipotent Government: The Rise of the Total State and Total War, 159, 216n
On the Manipulation of Money and Credit, 165
Peel’s Act of 1844, 152
Privatseminar, 159, 182, 196
“Profit and Loss” (in Planning for Freedom), 163, 219n
scholar and creator, 155–65
Socialism, 156, 163, 171, 182
Theories des Geldes and der Umlaufsmittel (The theory of money and credit), 148
Theory and History, 164
The Theory of Money and Credit, 120, 152, 154–55, 163, 185, 196, 226
The Ultimate Foundation of Economic Science: An Essay on Method, 164
University of Geneva, professor of International Economic Relations at the Graduate Institute of International Studies, 159
University of Vienna, 143, 159
Vienna Chamber of Commerce, 145
William Volker Fund, 162n
Mises, Margit von, 145n, 155n, 163n–65, 171, 172, 190n,
My Years with Ludwig von Mises, 145n, 155n, 163n–65, 172, 190n
Mississippi System, 14, 17
Modigliani, Franco, 177n9
Molina, Luis de, 5, 8
Molinari, Gustave de, 232
Money
Austrian circle, 146–47
bimetallism, 25, 42, 49
counterfeiting autonomy, 237
debasement, 4, 7
as demand deposit, 7–8
inflation favors government, 149
and marginal utility, 146
not created by government, 151
optimal supply of, 50, 149
and process analysis, 16, 148
quantity theory of, 6, 49
regression theorem, 235
reserves, 7, 8, 49, 152
scarcity of, 4,
theory, 7–8, 42, 48–50, 133–34, 146–55
Monopoly, 233–37
Mont Pèlerin Society, 163n, 164, 201n, 203, 207
Morgenstern, Oskar, 159, 184
Moss, Laurence, 2, 11
Müller-Armack, Alfred, 164
Murphy, Antoin E., 15n, 16n, 27
Myrdal, Gunnar, 181
National banks, 25
National Bureau of Economic Research, viii
National Industrial Recovery Administration, 171
Natural law, 3
Natural rights, 66
Nash, George H., 167n, 205
Neumann, Franz, 161
New Deal, 170
Newman, Peter, 103, 112, 122
Newspapers, See Journals and Newspapers
Nobel Memorial Prize in Economics (Hayek), 181, 184, 203
Nock, Francis J., 75n, 100
Ohlin, Bertil, 182
O’Driscoll, Gerald P., Jr., 194
O’Mahony, David, 27
Opportunity costs, 20–21, 34, 40, 63, 107
Overbeek, Johannes, 208
Palmer, R.R., 45n, 57
Palyi, Melchior, 177n
Paradox of value, 10
Pareto, 110, 195, 233
rule, 137
strictures, 229–30
Patinkin, Don, 151
Peel’s Act of 1844, 152
Pennington, James, 7
Perry, Arthur Latham, 81n
Philip II, King of Spain, 4
Philippovich, Eugene von, 144, 154
Physiocracy, 14, 21, 32, 35, 37–39
Pigou, Arthur Cecil, 148
Plant, Arnold, 183, 196
Popescu, Oreste, 5n
Popper, Karl, 159, 165, 189, 190
Population theory and Cantillion, 21
Prendergast, Renee, 19n, 27
Pre-Austrian, 61
Prinsep, C.R., 46
Price
fixing, 4
theory, 4, 19–20
Private property, See Property
Production
as demand, 18
and distribution theory, 35–36, 38, 85, 90, 98
as pseudo-explanation, 85
theory of pricing, 4
time, 35, 110, 115–16, 186
Property, 40, 84, 91, 93
Quantity theory of money, See Money
Quesnay, Françiois, 59, 68
Rand, Ayn, 177
Raico, Ralph, 164n
Reaganomics, 237
Reisman, George, 50n, 57, 72, 112, 164n
Rent, 64, 123, 130–33
Ricardo, David, 46, 54, 76, 117, 127, 146, 148, 153
Ricardian, 32, 123, 128
Ricardian Currency School, 152
Ripley, William Z., 139n
Ritenour, Shawn, 205–21
Robbins, Lionel, 101–05, 109–12, 182, 183, 191, 228
Robertson, Dennis Holme, 148, 183, 189n
Rockwell, Llewellyn H, Jr., 76n, 167n, 240–41
Man, Economy, and Liberty: Essays in Honor of Murray N Rothbard, ed., 202
Roll, Eric, 46n, 57
Roosevelt, Franklin D., 239
Roover, Raymond de, 5, 8
Röpke, Wilhelm, 164, 177n, 182, 205–21
Against the Tide, 202
background, 205–07
business cycle
credit expansion, 209
malinvestment, 209–10
Civitas Humana, 202
Crises and Cycles, 209
democracy, problems of, 217
The Economics of the Free Society, 209, 212
economists as planners, 212, 218
on Fascism, 207–08
A Humane Economy, 202
individual liberty, 218–20
inflation, 210–11
influence, 207, 220
Institute of International Studies in Geneva, 206
International Economic Disintegration, 216n
International Order and Economic Integration, 215n
international relations, 213, 216–17
Keynes
critique of, 211–12
inflation and repressed inflation, 210–11
mechanistic system, 212
monopoly as government intervention, 214–16
political theory, 216–17
redistribution of wealth, 211–13
The Social Crisis of Our Time, 218
social theory, 218–20
welfare, 213–14
Welfare, Freedom, and Inflation, 220
Rosenberg, Wilhelm, 161
Rothbard, Murray N., x–xi, 1n, 2n, 3n, 4n, 5n, 8, 11, 13n, 14, 15n, 17, 26n, 27, 29–44, 46, 49, 51n, 52, 53n, 55n, 57, 63, 64, 66, 68, 69, 79n, 89n, 103n, 112, 130n–33, 143–65, 167n, 170, 171n, 176–77, 184, 192n, 194, 200, 215, 223–41
action
choice, 228–29
individuals, 224
mechanistic view unscientific, 224
America’s Great Depression, 239, 241
Austrian School, vin
background, 240
Center for Libertarian Studies, 240
Classical Economics, 239, 241
Conceived in Liberty, 239, 241
Economic Thought Before Adam Smith, 239, 241
economics
and ethics, 226, 238
ideas, search for true, 225
political activism and, 225–26
as systematic edifice, 224–25
welfare, 226–31
entrepreneur
as discovery, 236
uncertainty, 235–36
Ethics of Liberty, 226
For A New Liberty, 238, 241
historian, revisionist, 239
homesteading, 229
individualism, 224, 228–29
influence, 239–41
Journal of Libertarian Studies, 240
Libertarian Party, 240
liberty, 238
The Logic of Action, 241
Making Economic Sense, 241
Man, Economy, and State, 225, 241
marginal utility
comparison of unscientific, 228
law of diminishing, 227
law of increasing total, 227
ordinal only, 227
methodology
aprioristic, 224
axiomatic-deductive, 224
money, 237–39
counterfeiting autonomy, 237
fiat, 238
regression theorem, 237
Monopoly
antitrust, 234
cartel
calculation problem, 237
size limitation of, 237
competition and, 233
control, lack of, 234
term
as non-operational, 234
as empty and illusory, 236
Pareto strictures, 229–30
Power and Market, 225, 241
The Review of Austrian Economics, 240
self-ownership, 228
State
citizen as tenants, 231
impossibility of justification, 231
and liberty, 239
limited state as self-contradictory, 232
physical coercion, 230
power, monopoly decisionmaking, 230
property rights diminished, 232
protection
distortion of, 232
private firms, 233
social utility, no action increases, 230
taxation, 232
theory of, 229–33
What Has Govenment Done to Our Money?, 237, 241
Rousseau, Jean Jacques, 60
Rudolf, Crown Prince of Austria, 75, 160, 226
Rueff, Jacques, 164, 177n
Russell, Bertrand, 169n, 171n
Russell, Dean, 60n, 62n, 64n, 67n, 69
Ryan, Christopher, 2, 11
Saint-Peravy, Guerineau de, 35, 37
Salas, Juan de, 5
Salerno, Joseph T., 14n, 27, 71–100, 167n, 191–94, 223–24
“Comment on the French Liberal School,” 14n, 28
“The Influence of Cantillon’s Essai on the Methodology of J.B. Say,” 14n, 27
“Ludwig von Mises as Social Rationalist,” 191n
“Mises and Hayek Dehomogenized,” 192n, 194
“The Neglect of the French Liberal School in Anglo-American Economics: A Critique of Received Explanations,” 79, 82
Samuelson, Paul, x–xi, 117, 184
Foundations, 184
San Bernardino de Siena, 5
Santayana, George, 171n
Saravia de la Calle, Louis, 4, 7, 8
Say, Jean-Baptiste, 10, 14, 45–58, 59, 68, 79, 177n, 233
background, 45–47
British Navigation Acts of, 1581, 1651 and 1660, repeal of, 55
capital
and entrepreneurship, 52–54
and interest theory, 52–54
and saving, 51
Chair of Political Economy
Conservatoire des Arts et Métiers, 45
Collège de France, 45
Cours Complet d’Économie Politique Pratique, 45
editor of La Décade Philosophique, 45
entrepreneur, 52–54
influence, 46, 57
interest
return on investment, 53
risk premium, 53–54
and state, 53
time, 53–54
laissez-faire, 56
law of markets, 50–52
Letters to Mr. Malthus, 45
market self-regulation, 51
methodology, 47–48
money
any nominal supply as optimal, 50
bimetallism, 49
coins marked as mass of gold or silver, 48
as integral part of rise of modern civilization, 50
quantity theory, 49
reserves, 49
theory, 48–50
Say’s Law (of markets)
essential to defense of free markets, 50
declining prices beneficial to society, 52
money ultimately used for purchase of some kind, 51
price of goods and production, 52
rising prices attract additional investment, 51
under/overproduction as maladjustment by some violent means, 51
taxation
absurdity of enriching nation, 56
as unproductive consumption, 56
state and
interference as superfluous, 55
engenders internal abuse and tyranny, 56
time preference, 54
A Treatise on Political Economy: or the Production, Distribution and Consumption of Wealth, 45, 46
utility theory, 54–55
value
ability to create, 54
expectations, 54
labor theory of, 54
mutually beneficial, 55
theory, 54–55
zero-sum game, 55
Say’s Law (of markets), 38, 50–52, 202
Schäffle, Albert, 113n
Schmoller, Gustav, 75, 139
Schneider, Louis, 75n, 100
Scholastics, 1, 39, 79
See also Spanish Scholastics
School of Salamanca, 1
Schumpeter, Joseph, 13–14, 17, 26n, 28, 36n, 43–44, 71, 99, 100–01n, 104, 112–16, 120–22, 190, 192n, 231
Schwartz, George, 201
Sechrest, Larry J., 45–58
Seldon, Arthur, 199
Selgin, George, 201
Senior, Nassau, 46
Sennholz, Hans F., 76n, 100, 114, 121
Sennholz, Mary, 201
Sereny, Gitta, 172
Shackle, George, 183
Sickle, John Van, 161
Smart, William, 105n
Smith, Adam, 10, 15, 22, 36, 46–47, 52, 54, 59, 76, 80n, 94, 127, 136
Wealth of Nations, 14, 46–47, 80n
Socialism, xi
See also Mises, Hayek
Society of Jesus, See Jesuits
Soto, Jesús Huerta de, 1–12
“New Light on the Prehistory of the Theory of Banking and the School of Salamanca,” 7, 12
Soule, George, 174
South Sea Bubble, 14, 17
South Sea Company, 26
Sowell, Thomas, 50n, 57
Spanish Scholastics
competition as dynamic concept of rivalry among entrepreneurs, 5
costs of production theory, 5
pre-Austrian, 9
See also Mariana, Juan de, 1–12; School of Salamanca; Scholastics
Spann, Othmar, 154, 182
Spatial economics, 23
Spencer, Herbert, 168
Spengler, Joseph J., 21n, 28
Spooner, Lysander, 238
Sraffa, Piero, 184
Stigler, George J., 105n, 112, 184
Stiglitz, Joseph, 188n
Streissler, Erich W., 73n, 75n, 80, 82n, 100
Streissler, Monika, 73n, 75n, 100
Strigl, Richard von, 209
Súilleabháin, Micheál Ó., 17n
Tarascio, Vincent J., 22n, 28
Taussig, Frank W., 163
Taxation
inflation as, 6,
state and, 3, 32, 55–56
state monopolies as, 4
Taylor, Fred, 190
Thompson, Dorothy, 169n
Thornton, Mark, 13–28
Time preference, 9, 40–41, 54, 116, 123–24, 132–33
Tinbergen, Jan, 117
Tooke, Thomas, 8
Tracy, Destutt de, 45n, 59, 68
Trade cycle, See Business cycle
Tucker, Benjamin, 238
Tucker, Jeffrey, 13n, 167–79
Henry Hazlitt: A Giant of Liberty, comp., 173n, 179
Turgot, A.R.J., 10, 14, 19n, 29–44, 46, 59, 68, 79
action, expectations as key, 35
background, 29–30
business cycle, 41
capital
capitalization, 40
and entrepreneurship, 36–42
and interest theory, 36–42
and saving, 36–42
government bonds unproductive use of savings, 39
Crusoe economics, 33–34
economics as allocation of scarce resources, 33
Elegy to Gournay, 30 entrepreneur
particular knowledge, 30–31
theory, 36–42
uncertainty, 37
influence, 42–43
interest
property right of lender, 40
and quantity of money, 41
return on investment, 38
supply and demand, 41
theory, 38–41, 43
time, 38–40
time, 38–40
usury, 39, 40
laissez-faire, 31–32
law of returns, 35–36
Letter to the Abbé Terray on the Duty of Iron, 32
marginal utility, 33
money
bimetallism, 42
business cycle, 41
theory, 42
Observations on a Paper by Saint-Peravy, 35
opportunity costs, 34, 40
Paper on Lending at Interest, 40
physiocrats, 32, 35, 37–39
Plan for a Paper on Taxation in General, 32
production/distribution theory, 35–36, 38
Reflections on the Formation and Distribution of Wealth, 30, 35
Royal Agricultural Society of Limoges contest, 35
single tax, 32, 35
taxation, 32
time preference, 40–41
two-person exchange, 34
University of Paris, 29
value
and price, 34
paradox, 33
subjective, 33
Value and Money, 32, 42
Tyrannicide, 2
Tyrant, 2, 3,
University of Geneva, 159
University of Salamanca, See School of Salamanca
University of Vienna, 73, 113, 114, 144, 159, 182
Usury, 39, 40
Value
and costs, 4
and price, 9, 34, 54–55, 76, 80–82, 88–89, 94–100, 108
paradox of, 10, 19, 33, 78, 87–88,
subjective, 4, 33, 62–63, 72, 85–90, 96, 125–27, 130
theory, 85–90, 115–16
as uniform theory, 33, 126
See also Costs; Labor
Vanberg, Viktor J., 194
Vaughn, Karen I., vin
Viner, Jacob, 192n
Virgil, 161
Vitoria, Francisco de, 3
Waddell, D.A.G., 28
Wages, 23, 37, 116, 127–32, 136–37
Walker, Amasa, 81n
Walras, Léon, 80n, 115, 126, 149
War of Spanish Succession, 16
Wasson, R. Gordon, 177n
Watrin, Christian, 224
Weber, Max, 160
Wells, H.G., 171n
Wenar, Leif, 185n
Wicksell, Knut, 120, 153, 182, 186
Wicksteed, Philip, 101–12, 172n, 228
background, 101–04
The Common Sense of Political Economy, 104, 108
costs, subjectivism of, 106–07
economics, scope of, 108–09
entrepreneur, 107
An Essay on the Co-ordination of the Laws of Distribution, 104
opportunity costs, 107
purposefulness of action, 108–09
“The Scope and Method of Political Economy in the Light of the ‘Marginal’ Theory of Value and Distribution,” 104
time, 110
value
marginal, 107
and price, 108
Wieser, Friedrich von, 76, 87n, 101, 105n, 113–14, 120, 123, 127n–28, 154, 182, 190, 192,
Natural Value, 113, 128
William Volker Fund, 162n, 184n, 240
Williams, John H., 177n
Wilson, Louis Round, 169n
Wilsonianism, 239
Wittgenstein, Ludwig, 182
Wright, David McCord, 177n
Yagi, Kiichiro, 73n, 74n, 81n, 82n, 83n, 85n, 100
Yeager, Leland B., vin, 10, 177n, 192n, 202, 203, 210n
Zijp, Rudy Van, 192n
