Index

Compiled by Roger E. Bissell

abstraction, abstract models, 14, 22, 24–25, 27, 29, 66, 110, 112, 117, 138–40

adaptation, 67, 88, 90

advertising, 83

aggregate of money expenditure, 104–5, 111, 120

algebraic equations, algebraic technique, 109

animistic thought, 140

anti-capitalism, 45

anti-semitism, 45

Aristophanes, 130, 130n4

Atlantic Community, 129

Austen, Jane, 98

Austria, 45

Austrian School (of economics), 10

Austrian business cycle theory, 137

banks, 124, 129, 133

Bank of England, 125

Barone, Enrico, 74n1

Bartley III, W. W., 140

Beckerman, Wilfred, 114n6

behaviorism, 139

Borkenau, Franz, 47n2

Bretton Woods agreement, 121

Britain, 35, 119, 121, 124–5. See also England

British capital, 46

British economists, 121

British Fascist system, 40

British Imperialism, 49

British Labour Party, 101

British monetary policy, 124

British penny, 124

broad visions, 29

Bronowski, Jacob, 133, 133n6

Brüning, Heinrich, 122

Burckhardt, Jacob, 50

business cycle. See under Austrian School

businessman, 65, 77

buyers, 81–82

Cassidy, John, 7–8, 12

Central Europe, 42

central planning, 61, 67

the “man on the spot,” 67

Central Planning Board, 51, 73

Clark, J. M., 77, 77n1

class, class-ism, 45

intellectual class, 15–16, 18, 18n1, 20–21

working class, 9, 13–14

coercion, 9, 12, 51, 101, 117, 128

collectivism, collectivist, 11, 41, 45–47, 47n3, 50, 52–53, 55–56, 58, 126

collectivist ethics, 52–53

collectivist state, collectivist system, 41, 53, 58

“moral basis of collectivism,” 41

philosophy of collectivism, 46

“selfish” interests, 55

“useful habits,” 53

commodity, 63, 70, 80n3, 81–82, 84, 86, 88, 90, 92

communication, 64, 67, 70, 117. See also telecommunication

community, 21, 40, 45, 47, 53, 55

competition, 10, 51, 61, 77–78, 80, 82–93, 107

competing currencies, 11, 130, 132–3, 135n9, 140

“competitive equilibrium,” 79–80, 82

“competitive solution,” 138

imperfect competition, 83, 91–93

modern theory of competition, 79

“orderly competition,” 89

“perfect competition,” 11, 77–78, 80–81, 83–89, 93

suppressed competition, 85, 93

unrealistic “perfections,” 80

complex phenomena, 91, 105. See also social sciences

essentially complex phenomena, structures of essential complexity, 104, 107, 115, 118

“phenomena of organized complexity,” 108

“phenomena of unorganized complexity,” 108

concentration camp, 57

conservative, 15–16, 20, 28, 122

constitutionalism, 12

constructive urge, 29

“constructivist rationalism,” 140

consumer, 11, 74–74, 82, 87, 90, 92–93, 98–100

consumers’ goods, consumption goods, 74–75, 82

consumption, 96

contract, 11, 70, 85, 129, 133

costs, 11, 65–66, 70, 82, 87–89, 92–93, 122

current cost, 92n6

marginal cost, 86–87, 93

user cost, 92n6

cranks, 26, 120

cryptocurrencies, 11

cultural needs, 97

currency, 131–33

government-issued currency, 11, 128–30, 132–33, 135n9. See also under government

international currency, 133

national currency, 131

Czechs, 50

data, 60, 68, 79–80, 87, 93–94, 104–5, 107, 110, 115

debt, 129, 133

decentralization, 51, 67. See also under knowledge

deflation, 132. See also inflation

de Lugo, Johannes, 110n5

demagogue, 44

demand, 11, 41, 46, 69, 82, 84, 87, 89, 92, 97–98, 104–7, 109, 111, 120, 123, 130, 132, 134, 139

aggregate demand, 119

demand curve, 80n3

equality between demand and supply of labor, 106, 120

democracy, 13, 15, 24, 35, 41–42, 127, 140

democratic statesman, 40

Demsetz, Harold, 11

determinism, 24

dictatorship, dictator, totalitarian dictator, 40, 44

Diogenes, 130n4

distribution, 106–7, 112, 120, 123, 140

problem of distribution, 9, 95

division of labor, 7, 72–73

duty, 46, 54–56

Eastern Europe, 21

economics, economic science, 7, 11, 40, 111. See also under power

econometrics, 110

economic accounting, 73

economic activity, economic process, economic life, 61, 65, 78, 112

economic calculus, 59–60, 68, 79

economic considerations, 65

economic decision-making, economic decisions, 7, 64–65

economic freedom, 12. See also free market

economic interests, 18

economic order, economic organization, 59–60, 64, 139

economic phenomena, 74, 110

economic planning, economic plans, 61, 64, 138

economic policy, 60–61, 104, 138

economic problem of society, 59–60, 65, 67, 85, 88, 91, 95

economic relationships, 83n5

economic system, 14, 18, 61, 67–69, 85, 93, 106, 111

economic theory, economic picture, 60, 66, 120

economic units, 83n5

economic vs political aims, 51

“macro-economic” theory, 111

mathematical economics, 59–60, 76, 109–10

economists, 9, 11–12, 17, 34, 58, 64–66, 71, 74–75, 77–78, 85, 103, 110–11, 114n6, 119, 121–2, 124, 127–8, 137, 140

lost generation of economists, 124

efficiency, 54, 57, 61–62, 65, 71, 93, 117

elite, 15, 46

employment, 104–5, 109, 111–12, 119–20, 122–4

“full employment policies,” 104, 119, 122–4

unemployment, 104, 106–7, 111–12, 120, 123, 127, 131

Engels, Friedrich, 50, 50n7

engineering, 26

engineering mentality, 138. See also subjectivist method

England, 14, 46, 54. See also Britain

England’s capital resources, 46

English “Fascist” system, 40

English intellectuals, English thinkers, 14, 139

English proletarian, 46

English Whig, 134

environment, 66, 68, 79, 97, 99, 118

environment vs. heredity, 24

equalitarianism, 46

equality, material equality, 25

Europe, 57, 120

European Economic Community, 129

European Monetary Unit, 129

evolution, 24

excess capacity, 89

expediency, 53, 56, 128

expert, 15–20, 26, 28, 57, 62, 113–14

exploitation, 46

Fabians, 48

factors of production, 74–75

family, 140

fascism, 11, 40, 43

financial policy, 104

balanced budgets, 126

financial respectability,

financial righteousness, 124, 132

fixed exchange rates, 135n9

France, 14, 134

frauds, 26

free market, free market capitalism, free enterprise, free trade, 7–8, 12, 36, 139–40. See also economic freedom

absence of restraints on prices and resources, 81

common market, free trade area, 135

free entry into the market, 81, 92

free market prices, 8

freedom, individual freedom, 7, 33–36, 49, 51, 133, 135, 139

freedom of action, 44

freedom of opportunity, 36

suppression of freedom, 138

free society, liberal society, 10, 31–32, 32n4, 35–36, 54, 139. See also under society

Galbraith, John Kenneth, 9, 95–101, 139

the general interest, 73

Gentiles, 29n3

Germany, 14, 21, 35, 39, 43, 45–46, 55, 122, 125

Gestapo, 57

Prussian-dominated Reich, 54

Prussian state, 54

“typical Prussian,” 54

gold standard, 119, 125–27, 133, 137. See also under internationalism

goods and services, 66, 82, 91–92, 104, 106

“differentiating” (improving goods or services), 83

Gordon, Thomas, 134n7

government, 9, 12, 20, 40–41, 43, 92, 95, 103, 109, 125–32, 134–35, 135n9, 136

governmental monopoly, 11, 128–29, 135n9

governmental price fixing, 106

government control of the money supply, 11, 125. See also under currency

Gresham’s Law, 130, 131n5

Haberler, Gottfried, 114n6

Halévy, Elie, 49, 49n6

Hanse towns, 55

Hayek, Friedrich, 7–12, 39n, 103n, 119n, 122n2, 123n3, 137–40

Heine, Heinrich, 39

Heydrich, Reinhard, 39

Hicks, Sir John, 120, 120n1

Himmler, Heinrich, 39

“historical approach,” 24

Hitler, Adolph, 120

homogeneous commodity, homogeneous product, 10, 81, 86, 91

humanitarianism, humanism, 47, 57

ideas, 7, 10, 13–17, 19–20, 22–24, 26

idées mères, 27

imperialism, 48–49. See also under Britain

individual action, 78

individualism, individualist, 46–47, 49–50

individualist community, individualist civilization, individualist society, 41, 53–54

individualist ethics, individualist virtues, 52, 54

industry, 62, 65, 86, 92, 123

industrial investment, 123

industrial society, 117

modern industrial systems, 119

inflation, 103, 106, 111–12, 119–23, 126–27, 131. See also deflation

German inflation after First World War, 131n5

“stabilization crisis,” 124

information. See knowledge. See under internet; knowledge; statistics

institution, 10, 17, 30, 41, 72, 125, 127, 136

intellectual, 9–10, 13–28, 28n3, 29, 29n3, 30–34, 36–37, 43, 74, 101, 114, 124

intellectual fashions and catchwords, 24

intermediaries, 15, 70

internationalism, internationalist, 46–48

international banking system, 134

international community. See community

international currency. See under currency

international division of labor. See under division of labor

international gold standard, 125, 127, 137. See also gold standard

“international liquidity,” 126

International monetary authority. See under money international monetary order. See under money

international treaties, 135

internet, 8

“the information age,” 8

interventionism, 10

intolerance, suppression of dissent, 55

invisible hand, 7

Italy, 40, 43, 57

Jew, 29n3, 45

Johnson, Dr. Samuel, 82

Keynes, Lord John Maynard, 96–97, 101, 119–21, 124, 126–27

Killinger, Baron Manfred von, 39

Knight, F. H., 58n11 knowledge, information, 7, 16, 15–21, 25, 27, 29, 33, 59–67, 69–73, 75–76, 79, 81–84, 88, 90–91, 93, 98, 105–6, 109, 114–18, 130

dispersed knowledge, dispersed information, decentralized information, 8, 60–61, 69–70, 75, 109, 117

imperfect knowledge, 44, 76, 111

the “knowledge problem,” 7–8

limitations of numerical knowledge, inherent, 109

perfect knowledge and foresight, 10, 71, 81, 84, 91

Kulak, 45

labor, 68, 106–7, 111, 120. See also division of labor

Lange, Oscar, 51n9, 73, 138

law (political), 129. See also copyright; rule of law

common law, 139

legislated law, formal law, 52, 139

law (scientific), 44, 115–16

the Left, 14, 20

legal tender. See under money

Lerner, Abba P., 73

Ley, Robert, 39

liberalism, 37, 47

Gladstonian Liberalism, 49

old-fashioned liberal, true liberal, true liberalism, traditional liberalism, 29, 33, 35–36

philosophy of liberalism, 30

liberal radicalism, 10, 36

liberal society. See free society

Lippincott, B. E., 51n9

Lord Acton, 33, 34n5, 39, 39n1

Louis XIV (king of France), 134

Machlup, F., 77, 77n1

manager, 65

market, 10, 66, 70, 73, 74n1, 80n3, 81–86, 89–90, 93, 105, 107, 109, 117. See also free market

“imperfect” or “monopolistic” markets, 11, 80, 90

market equilibrium, 110

“perfect” market, 90–91

Marx, Karl, 50, 50n7

materialist fallacies, 64

means-end structure, 69

measurement, 105, 109

methodological differences, 74

Ministry of Propaganda, 57

misallocation of resources, 111

Molina, Luis, 110n5

money, 11, 66, 124, 127–35, 135n9, 136–37. See also currency; Gresham’s Law

cheap money, 127

legal tender, 129–30

monetary authority, international, 125, 127, 134

monetary authority, national, 131

monetary expansion, 111, 122, 137

monetary nationalism, 135, 137

monetary order, international, 121, 127

monetary policy, national, 122, 124, 132, 135, 137

monetary socialism, 135

monetary theory, 137

money expenditure, 92, 100, 104, 119, 126

money supply, quantity of money, 107, 111–12, 125–27, 137

paper money, 120

stable money, safer money, 127–28,

monopoly, 62

government monopoly, entrenched monopoly, 11, 89, 93, 128–9, 135n9

natural monopoly, monopoly by superior efficiency, 90, 93

moral ideals, 25, 41

Morgenstern, O., 81n4

mutual compensation of random changes, 66

nationalization, 125

National Socialism, 49, 55

nations, national civilizations, 20, 46, 49–50, 130n4

nationalism, nationalist, 45–46, 48–49, 135, 137

natural sciences, 26, 113. See also physical sciences; social sciences

Newton, Sir Isaac, 110

Niebuhr, Reinhold, 48, 48n4

Nietzsche, Friedrich, 47n3

“nirvana fallacy,” 11

Nobel Prize, 11, 103n, 140

Nobel Memorial Prize Lecture, 103, 103n, 123, 140

non-contractual legal obligations, 129

organization, 17, 24, 41–43, 60, 82

disorganization, 112

orthodoxy, 20, 34, 121

Pareto, Vilfredo, 74n1, 110, 110n4

particularism, 45, 47. See also collectivism

personal happiness, 55

Petty, Sir William, 110

philosophy, philosopher, 23, 50, 55, 114, 130n4. See also under collectivism; liberalism

philosophy of history, 114

philosophy of science, 112

philosophy of social policy, 30

physical sciences, 103–5, 107, 113–15, 117–18. See also natural sciences; social sciences

planned society, planned economy, planned and directed economic system, 14, 29, 43, 51, 138–39

planner, central planner, 8, 48, 61, 64, 67

plutocracy, 45

political philosophy, 11

politics, 10, 13–14, 127

politicians, 8–10, 36, 122, 127–28, 130

Popper, Sir Karl, 108n3, 114

popular vote, 13. See also democracy

power, 50–51, 51n10, 52, 54, 57–58, 95, 113, 117–18,

desire for power, taste for power, 50, 57

economic power, 51

“political necessity,” 128

political power, 11, 13, 15, 17, 19, 22, 28, 31, 36–37, 39, 42, 49–52, 57–58, 127–31

power as arch-evil, 50, 54, 57

power as goal in itself, 50

power consciously wielded by human beings, “conscious direction,” “conscious human control,” 51n10, 71, 114

power of the unconscious, 24

“practical,” 31

end justifies means as denial of all morals (in individualist ethics), 52

end justifies means as supreme moral rule (in collectivist ethics), 52–53

mere “reasonable freedom of trade” or “relaxation of controls,” 36

practical compromises, 36

practical difficulties, practical problem, 29, 74n1, 75–76, 103, 112

practical experience, 65

practical knowledge, 64

practical lesson, 92

practical man, 19–20, 120

practical proposals, 20

practical or short-run considerations, practical affairs, practical issues, 18, 22–23, 29

prediction, 113, 115–16

mere pattern predictions, 108, 111, 116–17, 140

precise predictions, 107–8, 110, 115–16, 140

price, 10, 63, 69–71, 81–82, 86–89, 92–93, 106, 109–11, 119, 128–29, 131-32, 137. See also under free market

pretium mathematicum, mathematical price, 110

price cutting, price reduction, 11, 88

price fixing (monopolistic or governmental), 87, 106

prices and wages, 106–9

price stability, uniform price, long-term equilibrium price, 80, 89, 120, 137

price system, price mechanism, 68–73, 86, 120

private enterprise, 136. See also free market

private property, property, 7–8, 12, 18

producers, 66, 70, 82, 85–88, 90, 97–99

production, 64–65, 74–75, 88, 95, 101, 106, 137. See also under wants

cost of production, 88

“the problem of production,” 8

“production creates the wants,” 98–99

profit, profitability, 11, 65, 69, 71, 92

progressive, 16

proletarian, 46

protectionism, 17

psychoanalysis, 140

psychology, 114

public interest, 18n1

public opinion, 13, 20, 28, 35–36, 120

pure logic of choice, 68, 79

quantitative indices, 69. Also see values

racialism, 45

radicalism, radical, 10, 22, 32, 36

reactionary, 20

relativity, 24

religion, 140

reputation or goodwill, 16, 32, 83, 114, 132

resources, 9, 46, 60–61, 66–69, 71–72, 74n1, 81, 85, 88–89, 91–92, 101, 106, 109, 111–12

rights of the individual, 56

Royal Society, 110

Russell, Bertrand, 50, 50n8

Schumpeter, Joseph, 18, 21–22n2, 74, 74n1, 75

sellers, 80n3, 81–83

Shaw, George Bernard, 49

Simons, Henry, 32n4

Smith, Adam, 34, 73

Snow, C. P., 98

social development, 30

socialism, socialist, 7–14, 17, 20–22, 26 –29, 29n3, 30–32, 32n4, 35–36, 42–43, 46–51, 95, 101

“educational activities” of American forces occupying Germany, 21

monetary socialism, 135

“pernicious rot,” 20

socialist calculation argument, 74n1, 138

“unsound,” half a socialist, 32

“social justice,” 139

social order, 25, 29, 118

social sciences, 72, 105, 107–8, 138. See also

natural sciences; physical sciences

“scientistic” attitude, 104, 111, 114. See also complex phenomena

society, 8, 12, 18n1, 19, 21, 26, 28–30, 33, 43, 50, 55, 59, 88, 96, 113, 117–18. See also free society; planned society. See also under collectivism; totalitarianism

affluent society, 95

individualist or commercial type, competitive society, 51, 54, 81

collectivist or military type, totalitarian society, 41, 53, 55–57, 61, 64, 67, 73

contemporary society, modern society, advanced industrial society, 15, 17, 19–20, 28, 34, 96, 117

future society, 30

Spanish schoolmen, 110

specialist, 16–17, 23–24, 26

spontaneously grown conviction vs. intellectual construction, 25

spontaneous order, spontaneously grown system, 72, 139

as self-correcting, 125

spontaneous ordering forces, 117

spontaneous processes, 24, 72, 114

standardization, 85, 90

state, 46–47, 49, 53, 93, 135. See also under collectivism; totalitarianism

static analysis, 80

statistics, 66

“law of large numbers,” 66

statistical aggregates, 66

statistical form, 66

statistical information, 67, 107–8

statistical test of theory, 109

Stigler, G. J., 83n5

Streicher, Julius, 39

structures of classification, 139

subjectivist method, 138. See also under engineering

substitutes, 69

near substitutes, close substitutes, 86, 90

substitution, marginal rates of, 59, 68. Also see values

tariffs, 135

Tavernier, Jean-Baptiste, 134

Taylor, Fred Manville, 51n9

Taylor, Harriet, 138

technical details, 29

telecommunications, 8, 70

Thornton, Mark, 8

totalitarianism, totalitarian, 8, 12, 35, 39–42, 44–45, 47, 55-58. See also dictator

“get things done,” 42

totalitarian state, society tending towards totalitarianism, 41, 56, 58

tradition, 29, 45, 50, 54, 56–57, 87, 140

Trenchard, John, 134n7

Trollope, Anthony, 98

Trotsky, Leon, 73

undercutting, 83

unemployment. See under employment

United States, 13–14, 35, 119

university, 10, 17, 27, 114

utopianism, 9–11, 29, 36, 129

specious comprehension of social order as a whole, 29

vagueness, 23

values, 43, 56, 69, 75, 109–10

hierarchy of values, system of values, 43–44

individual values, subjective values, 56, 69

moral values, 55

Veblen, Thorstein, 96

vested interest, 18n1, 114

virtues, 41, 53–54, 58

Vissering, Gerard, 131n5

von Mises, Ludwig, 12, 73

Wales, Jimmy, 8

wants, 42, 96, 98–99. See also under production

“absolute” needs vs. “acquired tastes,” 97

as dependent on the fruits of production, 98

“Dependence Effect,” 52, 96, 139

innate wants, innate needs, 9, 96

Weaver, Warren, 108, 108n2

Webb, Sidney, 48–49

Weltanschauung, “climate of opinion,” intellectual climate, 23, 31

the West, 55

“capitalist” West, 21

Western civilization, Western world, 13, 20–21, 41, 47

Western democracies, 35

Western people, Western public, 21, 55

working class. See under class

World War I, First World

War, 14, 131n5, 137

World War II, 14

Zivilcourage, 54

Hayek for the 21ST Century