The Influence and Significance of Human Action after 75 Years
Index
INDEX
COMPILED BY ROGER E. BISSELL
absolute advantage, 3–4. See also comparative advantage
Adler, Jonathan H., 215n1
Adorno, Theodor, 73
Alchian, Armen A., 106, 106n1, 107–8, 113, 233
American System. See Hamilton anarcho-capitalism, 197n1. See also voluntary exchange
Anderson, Terry L., 213
Apple, 69
Armentano, Dominick T., 20
asceticism, 32–33
ataraxia, 28n3
Austin, Emily A., 27n1
Austrian School, 60–62, 62n4, 63–64, 66–67, 69–70, 76, 96–97, 221n2, 232. Also see under value theory
Austrian economic analysis, 62, 67, 166
Austrian economics, 19, 22, 24, 60, 63, 69, 90, 100, 153–54, 187, 221
Austrian economic theory, 60
Austrian theory of business cycle, boom-bust cycle, 154, 160, 165, 168
Austrian theory of capital and interest, 168
Austrian theory of competition, 22
modern Austrian School, 57, 61, 63–64, 69, 187
old Austrian School, 57, 60
three distinct paradigms, 100
Austrian Student Scholars Conference, 176
autarchic production, 11. See also under cooperation
Ayau, Manuel F., 5n4
Backhouse, Roger E., 40, 232–33
Baird, Chuck, 22
Barzel, Yoram, 106
Bastiat, Frédéric, 178
Bator, Francis M., 62n4
Baumol, William J., 203–4
Becker, Gary S., 64, 232–33
Bernstein, Michael A., 53
Bishop, Tho, 201
Blaug, Mark, 234, 234n6
Boettke, Peter J., 60
Böhm-Bawerk, Eugen von, 36, 41, 175, 190, 231
boom-bust cycle. See under Austrian School
Borrit, Gabor S., 23
Boudreaux, Donald J., 219
British Classical School, 35, 125, 192
Buchanan, James M., 13–14, 22, 62, 62n5, 63, 230–32
Buddhism, 32
bureaucrats, intellectuals, and technocrats; bureaucracy, 17–18, 114–15, 187, 203, 213
Burns, Jennifer, 232
Bush, George H. W. (President), 1
Bylund, Per L., 116
calculation. See economic calculation; monetary calculation. See under Mises; socialism
Cantillon, Richard, 125
Cantillon effects, 75
Cass, Oren, 1–2
Casson, Mark, 110
catallactics, 10, 16, 41, 125, 148–49, 189, 192–93, 231
as theory of indirect exchange, 192
noncatallactics, 232
Center for Study of Public Choice, 13–14
Cheung, Steven N. S., 19, 106
Chicago School, 13, 20, 220, 222, 230, 235
China, 8
Chiocca, Fernando, 78n1
Clark, Brent B., 111n2
classical liberalism, 141, 171
Classical School. See British Classical School
Clinton, William J. (President), 1, 1n2
Coase, Ronald H., 106–7, 204–6
Coase theorem, 204, 206
Cole, G. D. H., 189
command-and-control regulation, 201, 204. See also pollution
communism, 187
anticommunist circles, 221. See also Rand
“Commie,” 73, 75
Communist Manifesto, 188
comparative advantage, 1, 4, 7–9, 11. See also law of association; law of comparative advantage; opportunity cost
constructivist philosophers, 81
Cook, Michael L., 116n8
Cooke, Alan D. J., 112n5
cooperation, 12, 15, 178–80
cooperation to exercise original judgment, 114
indirect cooperation, through specialization and exchange, 11
social cooperation, vii, 12, 15, 29–30, 105, 124, 189, 193–94
Cournot, Antoine Augustin, 234
Courtois, Claude, 90
Courtois, Stéphane, 173
critical theory, 73. See also Frankfurt School
Crusoe economy, 49, 224
de facto public organizations, 115
de facto residual control, 116
de facto state control, 111n3, 114
deflation, monetary contraction, credit contraction, 153, 153n1, 154, 161–63, 163n7, 164–68. Also see depression; recession
De Grauwe, Paul, 44
depression, 154, 159–61, 166–68.
See also Great Depression
de Soto, Hernando, 108
de Soto, Huerta. See Huerta de Soto
De Vroey, Michel, 39, 45, 47, 49–50
Demsetz, Harold, 106–7
Descartes, René, 78
Dew, Nicholas, 112
Dickinson, H. D., 132–33
DiLorenzo, Thomas J., 20–22, 24
Dingler, Hugo, 81
Director, Aaron, 107, 214
division of labor (market), vii–viii, 3, 12, 16, 30, 49, 85, 93, 105, 134, 176–80, 182–84, 189, 226
Domar, Evsey D., 181
Dow Chemical, 115n7
Duarte, Pedro Garcia, 39
Easterly, William, 181
Ebeling, Richard, 167
econometrics. See under mathematical economics
economic analysis, 5, 9, 38, 41, 46, 49, 52, 57, 60–61, 63–64, 69, 149, 191, 224–25. See also under Austrian School
macroeconomic analysis, 42
microeconomic analysis, 171
economic calculation, vii, 10, 15, 36, 42, 49, 59, 85, 93, 105, 116, 123, 128–29, 132, 176, 181, 183, 185, 189–95, 199–200, 203, 206, 216, 225, 231. See also monetary calculation
economic progress, requirements, 178
capital accumulation, 180–82
“dynamic efficiency,” 184
expansion of division of labor, 178–80. See also division of labor
technological improvement, 182
wise entrepreneurial judgment, 182–84
economics, vii–viii, 13–18, 20, 23, 31, 36, 39–41, 45–46, 49, 52, 54, 58, 60, 62, 68, 75–78, 82, 86, 90, 93–94, 96–98, 100–101, 105–6, 106n1, 108, 123–25, 129, 137–38, 143, 149–50, 168, 171–74, 176–77, 185, 192–96, 200, 211, 220–21, 221n2, 222– 24, 227–29, 229n4, 231–35. See also mathematical economics. See also under Austrian School; Keynes; Mises
bourgeois economics, 75
economics of property rights, 106, 106n1, 108–9, 116. See also rights
monetary economics, 89, 91, 221
neoclassical economics, rational expectations, 43–45, 51–52, 61–62, 62n4, 93, 191, 221, 234. See also neoclassical synthesis project
socialist-type economics, 228
welfare economics, 205
economic theory, vii, 2, 5, 19, 36–37, 40, 52, 60, 65, 100, 110, 164, 168, 190–93, 196, 205–6, 222, 229, 231–32. See also under Austrian School; Keynes; Mises
macroeconomic theory, 61
microeconomic theory, 43, 61, 68
Ehrlich, Paul, 199, 210
Emmett, Ross B., 231
empiricism, 74, 77–78, 83, 86–87
Engels, Friedrich, 75, 188
engineer versus gambler, 138–39, 141–42, 145
entrepreneur, entrepreneurship, vii, 16–18, 37, 40, 43, 46, 49, 65–69, 100, 105–6, 109–10, 111n3, 112–13, 129, 131–32, 134, 141, 143, 145–50, 154–62, 165–66, 182–85, 187, 194–95, 201–2, 214,
entrepreneurial arbitrage, 155n2
entrepreneurial discovery, innovation, 16, 20, 65–66, 68–69
entrepreneurial judgment, 100, 106, 109–11, 113, 116, 183
entrepreneur-promoter, capitalist-entrepreneur, 106, 110, 111n4, 112, 143, 146
“entrepreneurial state,” 114 manager-entrepreneur, 111n4 pure entrepreneur, 140, 143, 145–46, 146n4, 147, 149–50. See also Kirzner
ethical systems, 27–28. See also under Kant
divine command ethics, 27
Epicureanism, 27, 27n1, 28–30
natural law ethics, 27
objective/duty ethics versus subjective/preference ethics, 27–33
rights-based ethical systems, 215n1
Stoicism, 27, 30
exchange, 2–3, 6, 8–11, 75, 84–85, 105–6, 116, 125, 127, 178–79, 211, 226–27, 229. See also catallactics
autistic exchange, 224–25, 227
direct exchange, 85, 190
exchange rate, objective exchange ratios, 84, 91, 134, 190
indirect exchange, 85, 129, 192
interpersonal exchange, 224– 25, 227, 229
medium of exchange, 84–85, 192
monetary exchange, 91
voluntary exchange, freedom of exchange, 3, 15, 84, 184–85, 193, 203–4. See also anarcho-capitalism
externalities, 19, 107, 200–202, 204–6, 215. See also pollution
Fama, Eugene F., 111n4
fascism, 111n3, 116
Ferguson, C. E., 61
Fetter, Frank A., 58
Ford, Henry, 18
Foss, Kirsten, 109, 111
Foss, Nicolai J., 100, 106, 109–14, 116
free trade, free markets, voluntary trade, 1, 1n3, 2, 4, 8–10, 15–17, 22, 30–31, 33, 62, 74, 76, 114n6, 165–66, 171, 184, 193, 202, 204, 206, 211–12, 215n1, 227, 229. See also classical liberalism. See also NAFTA. See also under exchange
“voluntary export restraint,” 1
French Liberal School, 178
Friedman, Milton, 14, 43, 64, 74–76, 230, 232
Galbraith, John Kenneth, 228–29
Galí, Jordi, 50
Garrison, Roger, 63
GDP, vii, 2
General Dynamics, 115
Germany, 73–75, 77n1
Erlangen-Konstanz-Marburg School, 78
Frankfurt School, 73–74, 78
Freiburg School of economics, German ordoliberals, 90
German Historical School, 96
German rationalist philosophers, 78, 82
Goldberg, Nicholas, 201
Gordon, David, 77n1
Gordon, John Steele, 23
Gould, David M., 177
government, 1, 10, 15–17, 20–21, 23, 62, 97, 107, 114–15, 115n7, 158, 160, 164, 173, 195, 206–8, 213–14, 222. See also interventionism. See also under prices; public policy
“era of big government [is] over,” 1
government bonds, 23
government credit expansion, 163
government decision-making, 62
government-fixed exchange rate, 75
government-mandated monopoly, government-made cartels, 21, 211
government-owned natural resources, 213
government planners, 194, 215, 228
government privileges, subsidies, 114, 114n6, 116, 200, 202–3, 214
government spending, 58, 203
Gramsci, Antonio, 73
Great Depression (1930s), 2, 47
Great Recession (2008), 16, 47, 51
Greaves, Percy L., 167
Green New Deal, 201
Grossman, Sanford, 108
Grünberg, Carl, 96
Habermas, Jürgen, 73–74
Hamilton, Alexander, 23
Handwerk (handwork), 79. See also Mundwerk
Hansmann, Henry, 113, 116
Hardin, Garrett, 199
Harrington, Joseph, 208
Harris, Seymour E., 163, 228
Harrod, R. F., 181
Hart, Oliver, 108, 110
Hayek, Friedrich von, 2–3, 16, 19, 58–60, 62, 75–76, 89–90, 100, 107, 128, 128n2, 130, 132–33, 155, 164, 230–31.
Hayekian knowledge problem, 130–31, 133. See also under socialism
“man-on-the-ground,” 130
Hayek-Keynes debate, 58
Hazlitt, Henry, 230
Henderson, David R., 232
Henderson, James, 17–19
Herbener, Jeffrey, 133
Hicks, J. R., 39, 61n3, 229–30
Higgs, Robert, 116
High, Jack C., 20
Hill, P. J., 213
Hitler, Adolph, 220–21
Holcombe, Randall G., 58n1, 65–69
Hoppe, Hans-Hermann, 78n2, 93, 98, 100, 127–28, 128n1
Horkheimer, Max, 73
Horwitz, Steven, 153n1, 163n7
Hoxie, Robert Franklin, 173–74
Hueckel, Glenn, 209
Huerta de Soto, Jesús, 153n1, 184
Hülsmann, Jörg Guido, 35, 92, 98–101, 143n2, 171, 221
human action, 15, 17, 28, 36–38, 40, 42, 45, 48, 51–53, 61, 64–67, 69, 79, 83, 86, 91–96, 99, 111, 124–25, 129, 138–40, 142–43, 145, 150, 172, 174–75, 179, 190–94, 222–23, 228
Human Action, vii, 4, 10, 13–17, 19, 22, 24, 29, 32, 39–40, 53, 57, 58, 60–64, 66, 69–70, 76–77, 77n1, 80, 89–92, 97, 100–101, 105, 107–9, 111, 123– 25, 129, 135, 137, 148, 150, 153–54, 163–65, 167–68, 171– 76, 181–82, 185, 187, 189–91, 194, 197, 199–200, 207, 210, 214–16, 219, 219n1, 220–21, 221n3, 222–23, 227–32, 235
Hume, David, 74, 125
Hunt, Richard A., 112
Ikeda, Sanford, 116
Iliopoulos, Constantine, 116n8
Industrial Revolution, 64–66
inflation, monetary inflation, monetary expansion, credit expansion, 10, 41, 43–44, 50, 99, 154, 158, 158n5, 159–65, 167–68, 177, 185, 195–96. See also deflation
inflation-adjusted prices, 210
inflationary boom, 159. See also under Austrian School
inflationary redistributions of wealth, 196
price inflation, 191
intellectual revolutions in economics, 234
Formalist Revolution (1950s), 234
Keynesian Revolution (1930s), 39, 232, 234
interest rate (market), 51, 91, 155, 158, 161, 165–66, 191, 208. See also time preference
“gross market rate of interest,” 155
societal rate of interest, “originary interest rate,” 155, 155n2, 156–60, 163, 167, 207
International Energy Agency, 98
interventionism, government intervention, 115, 141, 171, 188–90, 193–96. See also progressivism
invisible hand theorem, 15
Israel, 2
Janich, Peter, 81
Japan, 2
Jensen, Michael C., 111n4
Jevons, William Stanley, 124
Jewkes, John, 108
Jobs, Steve, 18
Johnson, Alvin, 173–74
Johnson, Gary, 201
Kant, Immanuel, 74, 77n1
Kantian epistemology, 77n1, 87, 127
Kantian ethics, 27
Keynes, John Maynard, 5–8, 41, 44–45, 50–51, 58–59, 61n3, 229, 232. See also Hayek-Keynes debate. See also under intellectual revolutions in economics
Keynesian economics, 44, 61, 163, 228–29, 232
Keynesian macroeconomics, short-run disequilibrium, 39, 41–44, 46, 58–59, 61, 61n3
return to pre-Keynesian formulations, 46, 48
Kirzner, Israel M., 19, 57–58, 61, 63, 67–68, 100, 110, 112, 147–50
Klein, Lawrence R., 39, 42
Klein, Peter G., 100, 106, 108, 110–11, 111n2, 112, 114, 116, 148–49
Knight, Frank H., 110–11, 111n2, 230–31
Kydland, Finn, 47, 50
Lachmann, Ludwig M., 63, 100, 111n4, 229, 229n4
Lange, Oskar, 59, 111, 133
La Porta, Rafael, 108
Last, Jonathan V., 199
law (of economic behavior), praxeological laws, vii, 36, 81–82, 93–94, 96, 98, 100–101, 124, 172, 174–76, 185, 222
law of association, 4–6, 8–11, 178
law of comparative advantage, 2–4, 178
law of diminishing marginal value, law of marginal utility, 84, 96, 98
law of returns, 93, 98
laws of demand and supply, 175
law (of government), 200, 226. See
also government; property rights antitrust laws, 20
common law, 204
property rights law, 214
Lechner, Hans Hermann, 89, 91
Leibniz, Gottfried Wilhelm, 74
Leijonhufvud, Axel, 44, 51
Lemennicier, Bertrand, 98
Lerner, Abba P., 59, 111–12
Lerner, Daniel A., 112
Levi, Edward H., 214
libertarianism, 77n1, 90, 93, 196–197, 197n1, 201, 221
Austro-libertarianism, 77n1
Libertarian Party, 201
Liberty Fund, 1
Locke, John, 74, 78
logical positivism. See Popper
Lorenzen, Paul, 81–82
Lucas, Robert E., Jr., 44–47, 49, 233
Machlup, Fritz, 58
macroeconomic modeling, 39, 41–42, 52–53. See also under Solow
IS-LM model, 39–40, 50, 61
New Keynesian DSGE models, 45, 50–51
real business cycle (RBC) model, 47–51
vector autoregressive (VAR) models, 50
macroeconomics, 39–40, 42, 47, 58–59, 61, 61n3, 232. See also under economic analysis
Maltsev, Yuri, 16
Manne, Henry G., 106–8
Marcuse, Herbert, 74
Marginalist Revolution, marginal utility revolution, 35, 124–25
marginalist theory, 35, 230
market failure, 18–19, 62, 200
markets, market economy, 10–11, 16, 20, 41–42, 44, 62, 66, 69, 90, 93, 100, 105, 109, 112, 114, 116, 134, 142, 148, 153, 158, 180, 187, 189–90, 193–96, 203– 4, 206–8, 211–12, 215, 215n1, 224, 228, See also division of labor; interest rate
market socialism. See under socialism
Marx, Karl, 187, 189, 229 Marxism, 75, 97, 188–89
mathematical-econometric modeling, 38, 40–41, 53, 150, 172, 177, 191, 220, 222, 228, 232, 234
mathematical economics, 14, 17, 19, 41, 61–62, 132–33, 144, 144n3, 234, 234n6. See also nonmathematical economics
Mayhew, Robert, 221n3
McCaffrey, Matthew, 106, 110, 116
Medema, Steven G., 232–33
Mellers, Barbara A., 112n5
Mencken, H. L., 24
Menger, Carl, 36, 58, 93, 95–97, 106, 124, 171–72, 175, 190, 233
Mengerian causal-realist method, 35, 41
methodological dualism, 123–25, 127, 135, 138
microeconomic modeling, 39–42, 44–45, 58
microeconomics, 14–15, 17–18, 42–45, 52, 61, 68, 171, 232. See also under economic analysis
microeconomics revolution, 220
Microsoft, 69
Mill, James, 4
Mill, John Stuart, 125
Mises Institute, viii, 63, 98, 173
Mises, Ludwig von, vii–viii, 2–4, 10, 12, 15–17, 19, 22–24, 27–28, 28n2, 29–33, 35–37, 39–43, 45–46, 49, 53, 57–59, 59n2, 60–70, 75–77, 77–78n1, 78, 79–82, 89–93, 95–101, 105–11, 111n3, 112–14, 114n6, 115–16, 123–33, 135, 137–39, 139–40n1, 140–42, 144, 144n3, 145–46, 146n4, 147–50, 153, 153n1, 154–55, 155n2, 157–68, 171–85, 187–96, 199–204, 206–7, 210–16, 219–21, 221n3, 222–29, 229n4, 230–35. See also Human Action
Misesian analysis of socialism, 15, 105, 128, 128n2, 130–33, 135, 176, 190, 193, 203
Misesian calculation, 10, 15, 36, 42, 49, 59, 85, 93, 105–6, 116, 123, 128–30, 133–35, 158, 176, 181, 183, 185, 189–95, 199– 200, 202–3, 206, 212, 215–16, 225, 231. See also under socialism
Misesian economics, viii, 36–38, 51–52, 78n1, 96, 108–9, 130, 134, 148, 163–65, 233
Misesian praxeology, 12, 32, 36–38, 43, 46, 48–49, 51–53, 76, 79, 81–83, 86, 92–93, 96, 98–101, 109, 125, 128–29, 138, 145, 149, 153, 164, 168, 177, 191–96, 222–23, 226–27, 229n4, 231–32
Misesian thymology, 37–38, 46, 48, 51–52, 110
Mises’s action axiom, 127, 128n1, 135
Mises’s psychological hedonism as Epicurean, 29
Mises’s rejection of natural ends as anti-Aristotelian, 30
Mises’s subjective teleology, 135
Mises, Ludwig von, works of Bureaucracy (1944), 115
Economic Calculation in the Socialist Commonwealth, 128n2, 132
Epistemological Problems of Economics, 28, 35–36, 39, 196, 228
Human Action, vii, 4, 10, 13–17, 19, 22, 24, 29, 32, 39–40, 53, 57, 58, 60–64, 66, 69–70, 76–77, 77n1, 80, 89–92, 97, 100–101, 105, 107–9, 111, 123–25, 129, 135, 137, 148, 150, 153–54, 163–65, 167–68, 171–76, 181–82, 185, 187, 189–91, 194, 197, 199–200, 207, 210, 214– 16, 219, 219n1, 220–21, 221n3, 222–23, 227–32, 235
Liberalism, 31, 189
Memoirs, 171
Nationalökonomie, 92, 190, 221, 228
Notes and Recollections; with, The Historical Setting of the Austrian School of Economics, 129
“Observations on the Cooperative Movement,” 114n6, 188
Socialism, 28, 30, 105
“Objectives of Economic Education, The,” 114n6, 188
Theory and History, 109
Theory of Money and Credit, The, 42, 92, 128, 189
Ultimate Foundation of Economic Science, The, 196
monetary calculation, 10, 135, 192, 194. See also economic calculation
monetary expansion. See inflation
Mont Pelerin Society, 230
Morgenstern, Oskar, 234
Morley, Felix, 108
Mundwerk (talk), 79. See also Handwerk
Murphy, Robert P., 128n1, 130n3, 135, 219
Murphy, T. Franklin, 222
Murtinu, Samuele, 114, 116
Musk, Elon, 18
NAFTA (North American Free Trade Agreement), 1, 1n3. See also free trade
Nelson, Richard R., 214
neoclassical synthesis project, 39, 41–47. See also under economics
Newman, Patrick, 116, 153n1
nonmathematical economics, literary economics, 40, 234
Nordhaus, William, 208
North, Douglass, 208
objectivism. See under Rand
Okun, Arthur, 46
opportunity cost, 4–11, 18, 21, 178, 203. See also comparative advantage
Packard, Mark D., 111n2
Patinkin, Don, 42
Paul, Ron, 15
Peikoff, Leonard, 77n1
Perry, Mark J., 210
Persuasion, 142
Phelps, Edmund S., 58
Phillips curve, 43, 50
Pigou, Arthur Cecil, 201, 205
Pigovian tax, 201, 203, 206
Plato, 178
pollution, 199, 201, 203–4, 209, 211, 214–15. See also environmentalism; externalities
Pope, Carl, 209
Popper, Karl, 78
Popperianism, logical positivism, 78, 172, 191
praxeology. See under Mises
Prescott, Edward, 47–48, 50
prices, 4, 10, 20–21, 40–43, 50, 64, 86, 91, 96, 105, 111, 134, 147, 154–55, 157–59, 158n5, 159, 161–62, 165–68, 172, 175, 177, 191–92, 194–95, 210–12, 225
barter price, 43, 46, 190
Calvo pricing, 50
equilibrium price, 112
factor price, 85, 157, 159, 161, 165–66, 176
falsification of prices, 185
inflation-adjusted prices, 210
market price, true free-market price, objective price, voluntary price, 10, 15, 42, 59, 86, 110, 112, 116, 125, 128, 131–34, 183–85, 189–90, 193, 203, 209, 211–12. See also monetary calculation
money price, 49, 85, 91, 105, 125, 130, 176, 183–85, 190
monopoly prices, 211
price comparisons, 85
price controls, government-organized prices, 176, 184, 196, 211
price inflation, 191
price mechanism, price system, 105–6, 111
price or wage rigidities, 45–46
price spread, price differential, 155, 155n2, 156n3, 157–63, 165–67
price theory, 35, 222, 225, 235
private property, private ownership, 15, 31, 99, 105, 107, 114– 16, 131, 134, 180, 184–85, 193, 199–200, 213, 215, 226. See also property rights
nominal private ownership (de facto state control), 111n3. See also fascism
probability. See also engineer versus gambler
case probability, 110, 111n2, 138, 140, 144, 144n3
class probability, frequency probability, 110, 138–39, 143–44, 144n3
property rights, 106, 106n1, 107– 11, 115–16, 188, 204, 214–15, 215n1, 225. See also under economics; ethical systems
protectionism, 2, 17, 20–21, 23
public choice economics, 13–14, 20–22, 62–63, 220, 222, 232, 235
public choice revolution, 231
public policy, 5, 9–10, 22, 31, 44–45, 47, 50, 59, 90, 93–94, 154, 176–77, 187–88, 191, 195–96, 231
antitrust policy, vii
banking policy, 91
environmental policy, vii, 199, 201, 204, 215, 215n1, 216. See also pollution
fiscal policy, 43, 46, 51
monetary policy, 43, 46, 51, 89, 91, 158
social welfare function, vii, 18, 47, 177
pure speculation, 142
Quandt, Richard, 17–19
Raico, Ralph, 197n1
Rand, Ayn, 77, 77–78n1, 221, 221n3
individualism belied by collectivist tendencies, 78n1
objectivism, objectivist philosophy, 77n1
Randroids, 77, 77n1
rationalism, 74, 76–79, 81–82
“apodictic certainty,” 32, 53, 76, 80, 83, 86–87, 98–99
pure ratiocination, 53
Reagan, Ronald W. (President), 1
recession, 44, 191. See also Great Recession
regulation, 20–21, 109, 115, 184, 201, 204–6, 214. See also antitrust
relativism, 83
Ricardo, David, 3–4, 178
Richiardi, Matteo G., 51
Ritenour, Shawn, 173–76, 181
Robbins, Lionel, 3, 128, 133, 230, 232–33
Robinson Crusoe economy. See Crusoe economy
Rockefeller, John D., 18
Rockwell, Lew, viii, 63, 98
Romania, 182
Romer, David, 39
Romer, Paul M., 68
Rosen, Sherwin, 221
Rothbard, Murray N., 1, 4–8, 15, 35, 61–63, 76, 78n1, 89–90, 100, 111, 115–16, 133, 146, 153, 153n1, 154–55, 163–65, 165n8, 166–68, 176, 204, 215, 230
Rubenstein, Ariel, 53
Ruffin, Roy J., 177
Salerno, Joseph T., 38, 58, 89, 133–34, 146, 153n1, 164, 179, 187
Salin, Pascal, 98
Samuelson, Paul, 39–40, 45–46, 59n2, 60–61, 69–70, 76, 144, 144n3, 150, 172
Sappington, John, 208
Sarasvathy, Saras D., 112
Sargent, Thomas J., 17, 43–44
Say, Jean-Baptiste, 178, 233
Schopenhauer, Arthur, 32
Schuller, George J., 230
Schumpeter, Joseph A., 17, 35, 58, 67–68, 230
Schwartz, Alan, 112n5
Sennholz, Hans, 164
Shackle, G. L. S., 100
Shenoy, Sudha Raghunath, 179
Sherman Antitrust Act (1890), 20
Sierra Club, 209
Simon, Julian, 210
Simons, Henry, 230
Smith, Adam, 3, 35, 60, 125, 178, 180
Smith, Barry, 98–99
Smithsonian Institution, 23
social cost, waste, 21–22
social Darwinism, 179
socialism, 15–16, 75, 85, 128, 130, 132–33, 173, 188–90, 193–96. See also under economics; Mises
British socialism, 108
“calculation problem of socialism,” 130
conflation of Hayekian knowledge problem of socialism with Misesian calculation problem of socialism, 130, 130n3
egalitarian socialism, 187, 196
“knowledge problem of socialism,” 130–31, 133
market socialism, 111
“socialism of the German kind.” See fascism
socialist calculation debate, socialist calculation problem, 59, 85, 132, 200– 204, 209–10, 213, 215, 215n1, 221
social welfare function, vii, 18, 47, 177
society, social interaction, social economy, vii–viii, 3, 10–12, 16–18, 30–31, 37–38, 49, 54, 84, 94, 105, 124, 130–32, 177–80, 182–85, 187, 192–94, 196–97, 202–3, 224–26, 229
Solow, Robert M., 46
Solow growth model, 47
Sombart, Werner, 90, 97
South Korea, 2
Soviet Union, 16, 59, 59n2, 187
specialization, viii, 3, 5, 8–9, 11, 106n1, 178–79
spontaneous interaction of individuals and communities in markets, 215n1
spontaneous order of markets, 15
stagflation, 47
Steele, Katie, 112n5
Stefánsson, H. Orri, 112n5
Stern, Nicholas, 207–8
Stigler, George J., 20–21, 64, 214, 230
Stiglitz, Joseph E., 189
Stringham, Edward, 215n1
Switzerland, 220
tariffs, 2, 21, 23, 96, 214
Taussig, Frank, 232
taxation, 1, 21, 23, 184, 201, 203, 206, 208
tax exemption, 214
tax-subsidy, 203. See also under Pigou
Taylor, Frederick M., 59, 111
Taylor rule equation, 50
technocrats, 187
teleology, teleological. See under Mises
Thornton, Mark, 226, 232
thymology. See under Mises
time preference, 18, 154, 160–62, 164, 176
individual time preference, 154–55
societal time preference, 156, 162, 165–66
time preference-induced growth, 154
Tinbergen, Jan, 39
Tobin, James, 46
Topan, Mihai-Vladimir, 110
Torrens, Col. Robert, 3
totalitarianism, 141–42
Townsend, David M., 111n2
Tracy, Count Destutt, 178
tradable permits, 201. See also pollution
trade, 1–4, 7–8, 11, 42, 107, 129, 178, 201, 225–26. See also
exchange; North American Free
Trade Agreement; free trade “double coincidence of wants,” 2–3, 85
Tullock, Gordon, 13–15, 62, 232
Turgot, A. R. J., 35
United Kingdom, 2
United States, 1–2, 8, 59n2, 205, 213, 228
EPA (Environmental Protection Agency), 199, 201
National Academy of Sciences, 208
National Institutes of Health, 114
National Science Foundation, 114
US Commission on Industrial Relations, 173
US Energy Information Administration, 209
US Federal Communications Commission, 107
US Geological Survey, 209
utilitarianism, 27, 77n1, 215, 215n1
utopia, 140, 179, 187–88, 196
value theory, 35–36
classical cost (objective) theory of value, 124
marginal utility (subjective) theory of value, Austrian theory of value, 35–36, 124, 130
neoclassical utility theory, 64–66
realistic value theory, 35
Van Hoesen, Shannon, 211n1
Vaughn, Karen A., 63n6
Veblen, Thorstein, 173–74
Vienna Circle, 74
Vietnam War, 73
Viner, Jacob, 230, 232
Viscusi, Kip, 208
Wagner, Richard, 13, 15, 63
Wallace, Neil, 43
Walras, Léon, 44, 124, 234
Walrasian equilibrium, 39, 42, 44–45, 132
Walrasian microeconomic theory, 43
West, Edwin G., 14
Whig theory of history, 89
White, Mark D., 215n1
Wicksell, Knut, 58, 231
Wicksteed, Philip, 58
Williamson, Oliver E., 108
World Wars, 234
World War I, 91
World War II, 2, 57, 220, 221n2, 232, 234–35
Yandle, Bruce, 214
Yeager, Leland, 133
