How to Think about the Economy
Index
Index
action axiom, 25. See also under economics; human action and interaction; value
barter economy, 72-76, 83
Bastiat, Frédéric, 16
boom, 106, 110-19
boom-bust cycle, 105-19. See also boom; bust; monetary intervention
business cycle. See boom-bust cycle
bust, 81, 114-19
capital, 57-62, 65-66, 81, 84, 86-87, 89, 96, 98-99, 107-11, 113-14, 116-17, 119
capital goods, 57-59, 89, 116, 119
competition, 45-47, 87-90, 97, 116
consumer, 42, 44-49, 52, 54, 56-58, 60-66, 95-100, 107-10, 112-15, 117, 119, 121-2, 128-9
consumer good, 56-57, 116
“creative destruction,” 46, 92-93. See also entrepreneurship; production
demand, 35-36, 61, 78-80, 90, 111-16, 118, 122, 128, 132. See also supply
division of labor, 73, 85-87. See also specialization
economic calculation, 22, 83-101, 110
economic laws, 131-2
economic literacy, 11, 20, 132
economic outcomes, 19, 26-27, 37, 83, 105, 132
economics, 15, 18-20, 22, 24-29
economic theory, 19, 21-26, 37
economizing, 16, 18, 24, 26, 51-53, 55, 68-69, 84, 94, 96, 108, 112
economy, the, 15-17, 19, 41-44, 47, 53, 91, 126
economy of scale, 85, 88-89
Edison, Thomas, 95
entrepreneur, 60-66, 89, 92, 94-100
exchange, 28-36, 70-77, 79, 83-84
fiat currency, 80-81. See also boom-bust cycle; money; price inflation
Ford, Henry, 64, 92, 95
free market, 27-28, 79
free-market model, 15, 27-28
free-market production, 129
Gutenberg, Johannes, 95
human action and interaction, 15, 22-24, 26, 29, 34-35, 38, 131
input and output, 17-18, 47
interdependence, 86, 88, 90. See also under specialization
manager, 101
market economy, 45, 79, 84, 91-92, 130-2
market process, 44, 48, 62, 90-92, 99-101, 105-6, 131-2
medium of exchange, 33, 70-71, 74, 77. See also money
Menger, Carl, 72-74. See also seen; unseen
Mises, Ludwig von, 20, 23, 29,90-91, 101
monetary intervention, 105-19
money, 34, 69-72, 74-78, 83-84, 96. See also fiat currency; paper money; price
money economy, 34, 72, 74, 76-77
paper money, 79-80. See also fiat money
price, 25-26, 32-37, 45, 52, 69, 74, 81, 105, 131. See also boom-bust cycle; money
price inflation, 81. See also under price
production, 17-18, 42-43, 45, 47-49, 52, 56-57, 61, 84 , 87, 89-90, 122
rate of return on capital investments, 96, 107-110
resources, 15, 17-18, 51-57, 65, 68, 83-84, 86-87, 94-95, 97-100, 109-111, 113, 129
regulatory intervention, 121-9
scarcity, 18, 36, 51-52, 68, 83-85, 87, 98-99, 109, 117, 129
Schumpeter, Joseph A., 92
seen, the, 122-3, 127-8
Smith, Adam, 18, 85-86
specialization, 68, 75, 84-90, 93. See also division of labor
supply, 34-35, 37, 43-44, 75, 79, 87-88, 90, 111, 128. See also demand
unseen, the, 122-6, 128-9
unrealized, the, 126-9
value, 18-9, 25, 35, 54, 67-69, 73, 76, 87, 105
determines cost, not vice versa, 54
personal satisfaction, 19
subjective, 25
wealth, 18-19, 128. See also Smith, Adam
