New Directions in Austrian Economics
Index
Ackley, Gardner, Macroeconomic Theory, 203 n56
Action: in Austrian theory, 24; axiom of, 50–52; conceptualization and, 25–36; erroneous, 61–63; praxeology and, 50, 54; probability in, 31–32
Alchian, Armen A., 88, 91
Aleksandrov, A. D., et al., eds., Mathematics, 226 n25
Alertness, 68–69
Anscombe, F. J., and R. J. Aumann, “A Definition of Subjective Probability,” 225 n12
Antitrust approaches, erroneous, 98
Application of theory, 220–224
A priorism, 19–20, 49–52
Armentano, D. T., ix, 94–110; The Myths of Antitrust, 109 nn4,5
Arrow, K. J.: “Limited Knowledge and Economic Analysis,” 18 n8; on market economy, 12–15
Asset markets, 3–4; volatility of, 4–6
Aumann, R. J., see Anscombe, F. J.
Austrian differentia, 23–24
Austrian economics, vii–x, 1 et passim; future development, x, 205–227
Austrian method, 32–35
Austrian School: Chicago School and, 122–124; coordination and, 128–135; on equilibrium, 129–134; money-supply definitions, 143–156; planning in, 127, 128–134; spontaneous order and, 128–134
“Autonomy of the human mind,” 129–130
Ayer, A. J., Language, Truth, and Logic, 55 n2
Bagno, S.,The Angel and the Wheat, 226 n19
Bailey, Martin J., “Review of Capital and Its Structure,” 139 n31
Barriers to entry, 97–99; legal, 102, 108–109; monopoly and, 95, 96
Bayes, Thomas, 225 n12
Becker, Gary S.: on time preference, 161; also see Ghez, Gilbert
Bell, D. P., The Cultural Contradictions of Capitalism, 226 n26
Blanshard, Brand, Reason and Analysis, 55 nn7,8
Boettinger, H. M., “Is Management Really an Art?” 227 n32
Böhm-Bawerk, Eugen von: capital dimensions, 169; Capital and Interest, 166 n17, 201 nn11,19, 202 n31; on capital/production time, 179; capital theory, 1–2; interest theory, 158; Karl Marx and the Close of His System, 225 n3; “Positive Theory of Capital,” 166 n17; on production time, 170–171
Bond market, 162–163
Boulding, K. E., Economics as a Science, 226 n22
Buchanan, James M.: on the Chicago School, 137 n19; Cost and Choice, 92 n1; “The Justice of Natural Liberty,” 135 n1; on the London School of Economics, 81–82; “Public Goods and Natural Liberty,” 137 n222; on social cost, 78, 89; on spontaneous order, 116
Buchanan, J. M., and G. F. Thirlby: L. S. E. Essays on Cost, 92
Burns, Arthur F’., Prosperity without Inflation, 156 n11
Business cycle/s, 35–36; monetary expansion, and, 197; money supply and, ix, 152–154; Rothbard on, 197
Businessmen, economists’ dialog with, 221–223
Calbresi, G., “Transaction Costs,” 76 n33
Cambridge School, as Neo-Ricardians, 137 n19
Cantillon-effects, 139 n36
Capital: dimensions of, 169; quantity of, and investment, 179–188
Capital theory, 1–2, 35, 179–180; subjecivism in, 10–11
Capitalism, controversies concerning, 217–218
Carnap, Rudolf: Philosophy and Logical Syntax, 55 n2; “What is Probability?” 226 n15
Cartels, 106 n36
Cassel, Gustav: capital dimensions, 169–170; on the market economy, 12; The Nature and Necessity of Interest, 201 nn10,11
Catastrophe theory, 216
Certificates of deposit (CDs), money supply and, 149–150
Change, in Smithian economics, 118–119
Cherry, C., On Human Communication, 226 n18
Chicago School: Austrian School and, 122–124; Marshallian approach, 122; money-supply definition, 143; as new Ricardians, 118–124
Choice: error and, 62–63; pure logic of, 2; social cost and, 83–86
Clower, Robert W., 116; Monetary Theory, 155 n1
Coase, R. H.: on competition and market failure, 91; Pigou and, 77–87; “The Problem of Social Cost,” 77–79, 80, 86; on social cost/product, 77–92
Cohen, Morris R., A Preface to Logic, 38 n20
Communications theory, 213–215
Competition, ix, 94–110; incorrect theories of, 97–99; plans in, 7–8; pure, 96–97; social cost and, 90–92
Competitive conditions, monopoly vs., 95
Competitive process, monopoly and, 101
Concept, priority of, 51
Conceptualization: action and, 25–36; plans and, 25–36
Consumption, investment relationship, 182
Controversies, dealing with, 217
Coordination of economic activities, 111–142; Austrian school and, 128–135, 169; knowledge and, 119–120; Lachmann on, 119–120; in macroeconomics, 169
Cost/s: calculating, 89–92; private vs. social, 77, 80; social, viii, 77–93; subjective theory of, 82–83
Credit expansion, 192–198; money supply and, 152–155
Credit instruments, money supply and, 149
Croce, Benedetto: “On the Economic Principle,” 74 n5; on error, 59–61, 61–63, 65
Cropsey, Joseph, “The Invisible Hand,” 135 n1
De Breu, Gerard, Theory of Value, 38 n18
Demand deposits: as money, 144–146; not money, 151
De Morgan, Augustus, An Essay on Probability, 225 n11
Demsetz, Harold, on competition and market failure, 91
Dernburg, Thomas F., and Duncan McDougal, Macroeconomics, 203 n55
Determinism, 15–18
Distributional effects, 139 n36
Doctrinal differences, viii, 19–39, 118, 122–124
Dolan, Edward G., The Foundations of Modern Austrian Economics, 139 n35, 141 n60, 155 n1, 165 n5
Drucker, P. F., Management, 227 n31
Econometrics: critique of, 44–46; history and, 52–53, 54; praxeology and, 40–56; role in economic theory, 52–53
Economic activities, coordination of, 111–142, 169
Economic man, entrepreneur as, 211
Economists, dialog with others, 214–215, 221–223
Education, in subjectivism, 223–224;
Efficiency/Inefficiency, 57–58, 75 n18; Leibenstein on, 63–64, 70–71
Egger, John B., viii, 19–39
Energy problem, market force and, 136 n16
Engineers, dialog with economists, 214–215
Entrepreneurial function, businessmen’s views on, 222; in free market system, 210–212
Entrepreneurship, 24–27, 35; monopoly and, 100–101
Entropy, 215
Equilibria, 5; Austrian approach, 21–23, 129–134; dynamic, Hayekian, 21–23; neoclassical approach, 22–23; static, 20–23
Error, 57–76; choice and, 62–63; in decision making, viii, 57–76; economic, 59–61, 61–63; economics without, 64–67; in exercise of judgment, 62; ignorance and, 67–69, 69–71; impossibility of, 65–67; normative applications of, 73–74; technical, 59–61, 61–63; theory of, 57–58
Evidence, 48–49
Exchange, intertemporal, 175–178
Exchange economy, interest in, ix, 157–166
Expectations: of speculators, 131–132; subjectivism and, 1, 3–6
Falsifiability, meaning and, 42–44
Federal savings bonds, money supply and, 150
Ferguson, C. E., The Neoclassical Theory of Production and Distribution, 37 n1
Fetter, Frank A., Capital, Interest, and Rent, 164 n4
Fisher, Irving: price-level concepts, 9–10; The Purchasing Power of Money, 10, 144; The Theory of Interest, 166 n13; on time preference, 161
Fisher effect, 192
Free market system, 218; entrepreneurial function in, 210–212
Friedman, Milton, 55 n12; on methodology, 40, 41; The Methodology of Positive Economics, 54 n1, 55 nn6,12,16; monetary theory, 10; “A Monetary Theory of National Income,” 139 n5; The Optimum Quantity of Money and Other Essays, 202 n45; A Program for Monetary Stability, 140 n38; “A Theoretical Framework for Monetary Analysis,” 139 n35
Friedman, Milton, and Anna J. Schwartz, “Money and the Business Cycle,” 139 n34
Future markets, 11, 13
Garrison, Roger W., ix, 166–204; on mathematics, 38 n27; “Reflections on Misesian Time Preference,” 166 nn15,16
Georgescu-Roegen, N., The Entropy Law and the Economic Process, 226 n21
Ghez, Gilbert, and Gary S. Becker, The Allocation of Time and Goods over the Life Cycle, 166 n13
Greaves, Percy L., Mises Made Easier, 164 n1, 165 n4
Haberler, Gottfried, see Streissler, Erich, et al.
Hadar, J., and W. R. Russell, “Rules for Ordering Uncertain Prospects,” 38 n32
Hahn, F. H.: on market economy, 12–13; On the Notion of Equilibrium in Economics, 18 n9
Harcourt, G. C., Some Cambridge Controversies on the Theory of Capital, 202 n36
Harcourt, G. C., and N. F. Laing, eds., Capital and Growth, 202 n36
Hayek, Friedrich A. von: capital dimensions, 169; on capital/production time, 179–181; on competition and market failure, 91; The Counter Revolution of Science, 1, 81, 137 n18, 138 n25; on economic planning, 125–127; “Economics and Knowledge,” 21, 37 nn9,10, 38 n29, 57, 74 n1, 75 n23, 133, 141 n58, 226 n16; on equilibrium, 21–23; on expectations, 133; “The Facts of the Social Sciences,” 39 nn37,39; Full Employment at Any Price? 3, 202 n43; Individualism and the Economic Order, 37 nn2,6,9,10, 138 n26, 203 n53, 226 n16; on information, viii; interest theory, 158; Keynes controversies, 114–116; market economy and, 12; on mathematics, 38 n29; “The Meaning of Competition,” 138 n26; Monetary Theory and the Trade Cycle, 129 n32, 200 n2, 202 nn48,49; in The Morgan Guaranty Survey, 140 nn42,43,46, 225 n5; “The New Confusion about Planning,” 225 n5; Nobel award, 19; in planning controversy, 208; “Price Expectations,” 133; price-level concepts, 9; The Price Theory of Capital, 201 n13; on prices and price changes, 124; Prices and Production, 9, 179, 200 n2, 201 nn5, 7, 8, 24, 25, 202 nn38,43,44,52; Profits, Interest and Investment, 202 nn42,52,53; The Pure Theory of Capital, 37 n7, 138 n27, 139 n33, 201 nn22,26, 202 n35; “Reflections on the Pure Theory of Money of Mr. J. M. Keynes,” 136 n8; “The Ricardo Effect,” 202–203 n53; The Road to Serfdom, 140 n46, 208; on scientific thought, 36; on spontaneous order, 118; on structure of production, 171–174; subjectivism, 81; “Three Elucidations of the Ricardo Effect,” 203 n53; “Time Preference and Productivity: A Reconsideration,” 165 n6; “The Use of Knowledge in Society,” 37 n9; at Windsor Castle symposium, x
Hayekian triangles, 171–174, 185
Hicks, John R.: Capital and Time, 202 n37; Critical Essays on Monetary Theory, 18 n6; on market economy, 17; monetary theory, 10; “A Suggestion for Simplifying the Theory of Money,” 10; A Theory of Economic History, 18 n11; “The Yield on Consols,” 135 n5
Historians: “covering laws,” 16–18; econometrics and, 52–53, 54
Hollis, Martin, and Edward Nell, Rational Economic Man, 55 nn11,17
Ignorance: error and, 67–71
Indifference, Law of, 69
Inefficiency, see Efficiency/Inefficiency
Inferential systems, 212–213
Inflation, 123–124, 152–155
Information: in the economic process, viii, 57–76; in economics, 19; imperfect, 35; investment in, 8; Lachmann on, 119–120; also see Knowledge
Information theory, 213–215
Institute for Humane Studies, x; seminars, 19
Interest: in Austrian macroeconomics, 170; “originary” (Mises), 164 n2; in a pure exchange economy, ix, 157–166; in a socialist economy, 164; time allocation and, 164; time preference and, 157, 166
Interest rate: with expansion of credit, 194–195; intertemporal exchange and, 175–176; monetary disturbances and, 192; in Rothbard diagram, 177; structure of production and, 185
Intertemporal exchange, 175–178; Austrian and Keynesian models, 178–179
Intertemporal markets, 13–15
Investment, 179–188; Austrian and Keynesian models, 187; consumption relationship, 182; in information, 8
Irrationality, error and, 58–59
Jevons, W. Stanley: capital dimensions, 169–170; capital theory, 179; on mathematics in economics, 27–28; on production time, 170; The Theory of Political Economy, 38 nn22,24, 75 n22, 201 nn9,15,19, 29
Keynes, John Maynard: economic legacy, 112–116; The General Theory of Employment, Interest, and Money, 112, 113, 114, 115; Hayek’s criticisms of, 114–116; monetary theory, 10; “The Pure Theory of Money. A Reply to Dr. Hayek,” 136 n10; A Treatise on Money, 18 n5, 114–116; A Treatise on Probability, 213
Keynes, Milo, ed., Essays of John Maynard Keynes, 136 n11
Kirzner, Israel M., viii, 57–76; on the Chicago School, 121; Competition and Entrepreneurship, 37 n2, 75 nn18,21, 81, 82, 89, 109 n3, 110 nn16–22, 32–34, 37–39, 138 n29, 140 n45, 225 n7; on competition and market failure, 91; The Economic Point of View, 74 n6; on the entrepreneurial function, 211; “Hayek, Knowledge and Market Processes,” 75 n23, 141 nn47–50, 55; “Ludwig von Mises and the Theory of Capital and Interest,” 164 n2; “Mises and the Theory of Capital,” 165 n4; monopoly theory, 100–101, 104–108; on plans, 37–38 n12; on spontaneous ordering forces, 128–129
Klein, Benjamin, “Review of Competition and Entrepreneurship,” 139 n3
Knight, F. H.: on error, 62; on Pigou, 79; “Some Fallacies,” 79, 80
Knowledge: coordination and, 119–120; imperfect, 61–63, 68–69; Lachmann on, 119–120; limited, 12; perfect, 69; time and, 6–8; also see Information
Koch Industries, x
Kolmogorov, A. N., see Aleksandrov, A.D., et al.
Koopmans, Tjalling C.: Three Essays on the State of Economic Science, 18 n7; on market economy, 12
Kuznets, S., 219; “National Income,” 226 n27
Labor, original means of production, 169, 171
Lachmann, Ludwig M., viii, 1–18, 225 n4; “On Austrian Capital Theory,” 141 n60, 165 n5; Capital and Its Structure, 10–11, 37 n2; on error, 61–62; on knowledge, 119–120; on macroeconomics, 220; “From Mises to Shackle,” 138 n25, 141 nn52–54, 142 nn62,63; on Neo-Ricardians, 137 n19; “Reflections on Hayekian Capital Theory,” 141 nn51,52; on spontaneous ordering forces, 128–134
Laing, N. F., see Harcourt, G. C.
Lakatos, Imre, “Falsification and the Methodology of Scientific Research Programs,” 55 nn13,15
Lakatos, Imre, and Alan Musgrave, eds., Criticism and the Growth of Knowledge, 55 n13
Land, original means of production, 169, 171
Laplace, Pierre Simon de, Théorie analytique des probabilités, 225 n11
Lausanne School, 121
Lavrent’ev, M. A., see Aleksandrov, A. D., et al.
Leibenstein, H.: “Allocative Efficiency vs. X-Efficiency,” 75 nn12,14, 76 n25; “Aspects of the X-Efficiency Theory of the Firm,” 75 n12; “Competition and X-Efficiency: Reply,” 75 nn12,13; “Entrepreneurship and Development,” 75 nn12,24; on error, 64–66; on inefficiency, 63–64, 70–71
Leijonhufvud, Axel: “Effective Demand Failures,” 136 n15, 137 n16, 141 n59; in Keynesian controversy, 112–116; On Keynesian Economics and the Economics of Keynes, 112, 136 nn6,12
Leontief, Wassily, “For a National Economic Planning Board,” 140 n44
Lerner, Abba P., 131
Life insurance policies, cash surrender values, 150–151
Lin, Lin, “Are Time Deposits Money?” 155 n5
Liquidity, money supply and, 149
Literature, 224
Littlechild, S. C, viii, 77–93
London Economic Club, 10
London School of Economics, on social cost, 78, 81, 89
Lutz, Frederick A.: “On Neutral Money,” 140 n36; also see Streissler, Erich, et al.
McDougal, Duncan M., see Dernburg, Thomas F.
McGregor, D., The Human Side of Enterprise, 227 n31
Machlup, Fritz: “Equilibrium and Disequilibrium,” 37 n5; also see Streissler, Erich, et al.
McKinley, Gordon W., “Effects of Federal Reserve Policy,” 156 n11
Macroeconomic relationships, ix, 166–204
Macroeconomics: aggregates and Austrian economics, 8–11; Austrian, 167–204; controversies concerning, 207, 219–220; further study in, 198–200; microeconomics and, 219–220; subjectivism and, 8–11
Malinvestment, 196–198
Man, in economics, 36–37
Management, 83; subjectivity and, 223
Management theory, 222
Mansfield, Edwin, Microeconomics, 109 n1
Marginalism, 205–210; varieties of, 206
Marginalist revolution, vii, 205
Market economy, 2–3; critics and defenders, 11–15; general equilibrium model, 14–15; in Keynesian economics, 116; planning in, 126; spontaneous order in, ix, 111–142
Market process, effectiveness in coordination, 2–3
Market system, 218; entrepreneurial function in, 210–212; interventions in, 207, 211
Market theory, information and communications in, 213–215
Market value, social cost and, 89
Marshall, Alfred, 71–73; Principles of Economics, 76 n28, 138 n30
Marxism, controversies concerning, 207, 217–218
Maslow, A. H., Eupsychian Management, 227 n31
Mason, D. H., x
Mathematical economics, controversy over, 207
Mathematics: analysis without symbolic, 35; as an analytical tool, 27–31; argument via, 215–216; plan consistency and, 33–34; uncertainty and, 31–32
Maximization, 46–48
Meaning: falsifiability as the criterion of, 42–44; probability and, 43–44
Menger, Carl, 117; capital theory, 1, 2; on market evolution, 17; monetary theory, 34; Principles of Economics, 39 n36; Problems of Economics and Sociology, 18 n12
Methodological divergences, viii, 40–56
Methodology, 32–35; positivism and, 40–54
Microeconomics, 219–220
Misallocation of resources, in monopoly, 95, 96
Mises, Ludwig von: on acting man, 81; on action, 51; a priorism, 19–20; on capital dimensions, 169; on capital/production time, 179; “A Critique of Böhm-Bawerk’s Reasoning,” 164 n3, 165 n4, 166 nn12,14; Epistemological Problems of Economics, 37 n3; on erroneous actions, 61–63; on error, 58–63; “evenly rotating economy,” 173, 176; Human Action, 24–27, 37 nn2,3,11, 38 n31, 56 nn19,20, 74 n8, 109nn6–14, 110 n15, 138 n27, 156 n12, 164 nn1,3, 166 n16, 200 n1, 201 nn12,21,27, 202 nn31,32,33,47,51; on inflation with credit expansion, 152–155; interest theory, ix, 157–166; market economy and, 12; on mistakes and error, 58–59, 60–61; on monetary/capital questions, 123; monetary theory, 10, 34; “Money, Inflation, and the Trade Cycle,” 200 n1; on money supply, 143–144; on monopoly price, 103–104; monopoly theory, 99–100, 104–108; Probability Statistics and Truth, 38 n30; on rationality, 61–63, 65; on socialist economy, 207–208; Theory and History, 74 n3; The Theory of Money and Credit, 39 n36, 143–144, 156 nn9,10, 165 n4, 200 n1; on time deposits, 148–149; time preference concept, ix, 157–166
Mistakes, 58–59
Monetary disturbances, in Austrian macroeconomics, 188–198
Monetary policy, 36
Monetary theory, 10–11, 34–35; Chicago School, 123–124, 189; quantity, 10–11; subjectivism in, 9–11
Money: evolution of, 34–38; neutral, 189–194; quantity theory of, 10–11
Money supply, ix, 143–156; in Austrian macroeconomics, 188–198; Austrian definitions of, 143–156; Chicago definition of, 144; components of, 151–152; Fisher quantity theory, 10
Monopoly: competitive process and, 101; entrepreneurship and, 100–101; government intervention and, 100, 102, 108–109; Kirzner definition of, 101; neoclassical definition of, 94–95; price and, 101–104, 106–108; Rothbard’s definition of, 102, 108; sources of, 100; in unhampered markets, 100
Monopoly theory, ix, 94–110; Austrian, critical review of, 104–108; contemporary, 95–97; Kirzner’s, 100–101, 104–108; Misesian, 99–100, 104–108; neoclassical, 94–95, 96–97; Rothbard’s, 102–104, 104–109
Moss, Laurence S., ix, 157–166; ed., The Economics of Ludwig von Mises, 164n2
Motivation, lack of, 63–64
Mueller, Willard F., A Primer on Monopoly and Competition, 109 n2
Nagel, E., “The Meaning of Probability,” 225 n12
Nagel, E., et al., eds., Logic, Methodology, and Philosophy of Science, 227 n28
National income, 219–220
Nell, Edward, see Hollis, Martin
Neoclassical orthodoxy, 19
Neoclassical synthesis, 206
Neo-Ricardians, 137 n19
Newman, James R., The World of Mathematics, 38 n23, 225 n12
Newsweek, 225 nn2,9
O’Driscoll, Gerald P., Jr., ix, 111–142, 225 n8; Economics as a Coordination Problem, 137 n24, 138 n29, 140 n37, 201 n6; “Friedrich Hayek and the Economics of Choice,” 139 n32; “Hayek and Keynes: A Retrospective Assessment,” 136 n13; The Ricardian Non-Equivalence Theorem, 138 n24
O’Driscoll, Gerald P., Jr., and Sudha R. Shenoy, “Inflation, Recession, and Stagflation,” 139 n35
Opportunities, entrepreneurial, 69–71
Opportunity cost, 35
Order, spontaneous, 111–142
Pareto, Vilfredo, market economy and, 12
Patinkin, Don, 186
Money, Interest, and Prices, 201 n4, 202 nn40,50
Physiocrats, 117
Pierce, J. R., Symbols, Signals, and Noise, 226 nn18,20
Pigou, A. C.: Coase and, 77–87; The Economics of Welfare, 78, 79, 80; monetary theory, 10; on social cost/product, 77–93; “The Value of Money,” 18 n4; Wealth and Welfare, 78, 79
Planning, economic, 36, 124–128, 207–208
Plans: as the Austrian differentia, 23, 24–37; of competing firms, 7–8; consistencies and market, 23n; modification of, 24–25; preferences and, 24–37
Popper, Karl: on falsifiability, 55 n5; The Logic of Scientific Discovery, 39 n33, 55 n2; Logik der Forschung, 55 n2; on scientific method, 33
Positivist economics, 40–56
Posner, Richard A., 88
Praxeology: action and, 50, 54; econometrics and, 40–56; logical character of, 50–52
Prediction: ceteris paribus, 44–45; as the goal of science, 42–43
Preference/s: “abstract logic of,” 24; plans and, 24–37; subjectivism and, 1
Price/s: monopoly, 99–100; monopoly and, 101–104, 106–108
Probability: in action, 31–32; degree-of-belief, 43–44; meaning and, 43–44; subjectivity and, 212–213
Prochnow, Herbert V., ed., The Federal Reserve System, 156 n11
Product differentiation, 8, 97
Product markets, 3–4
Production: period of, 2; structure of, 169–174
Production time, 170–174; investment and, 179–188
Public organisations, 89–92
Public utilities, social cost and, 77
Pure exchange economy, interest in, 157–166
Quine, W. V., Methods of Logic, 55 n19
Radford, R. A., “The Economic Organization of a P.O.W. Camp,” 165 n8
Rand, Ayn, “Introduction to Objectivist Epistemology,” 38 nn17,27
Reality, theory and, 220–224
Redistribution of wealth, market as a, 6
Referential statements, 48–49
Research, future, 205–227
Ricardians, new, 118–124
Ricardo, David, 118–124; On the Principles of Political Economy and Taxation, 138 n24; The Works and Correspondence of, 138 n24
Richmond, S. B., Operations Research for Management Decisions, 225 n14
Rizzo, Mario J., viii, 40–56
Robbins, Lionel: on the economising man, 81; An Essay on the Nature and Significance of Economic Science, 81; The Great Depression, 203 n54; on the representative firm, 71–73; “The Representative Firm,” 76 nn26,27,29,32
Robertson, Dennis, 71
Robinson, Joan, “What has become of the Keynesian Revolution?” 115
Rothbard, Murray N., ix, 143–156; America’s Great Depression, 2, 155 n5, 201 n3; a priorism, 19–20; “The Austrian Theory of Money,” 155 nn1,6; on the business cycle, 197; on capital dimensions, 169; Capital, Interest, and Rent, 164 n4; on capital/production time, 179; on cartels, 110 n36; “In Defense of ‘Extreme Apriorism’,” 56 n18; Man, Economy, and the State, 37 nn2,3, 38 n14, 110 nn23–29, 36, 165 n7, 201 nn3,14,18, 23, 28, 202 nn39,49; monopoly theory, 102–109; “Praxeology: Reply to Mr. Schuller,” 56 n21; “Toward a Reconstruction of Utility and Welfare Economics,” 85
Russell, Bertrand: on mathematics as a tool, 27; Principles of Mathematics, 38 n19
Russell, W. R., see Hadar, J.
St. George’s House, Windsor Castle, x Samuelson, P. A., Economics, 224 n2
Savage, L. J., The Foundation of Statistics, 225 n10
Savings, forced, 196
Savings banks, checking operations, 156 n7
Savings deposits, in the money supply, 146–148
Savings and loan shares, money supply and, 148
Scale economies, 97–99
Schlick, Moritz, on falsifiability, 42; Gesammelte Aufsätze, 55 n7
Schumpeter, Joseph A., 208; History of Economic Analysis, 18 n2, 139 n34; on Ricardo, 139 n34
Schwartz, Anna J., see Friedman, Milton
Sennholz, M., ed., On Freedom and Free Enterprise, 93, 225 n10
Shackle, G. L. S.: on determinism, 15–16; Epistemics and Economics, 18 nn3,10; on error, 61–62; Expectation in Economics, 38 n31; on futures, 12; on stability, 4
Shannon, Claude E., 226 n19; “A Mathematical Theory of Communication,” 226 n18
Shenfield, Arthur, x
Shenoy, Sudha R., ed., A Tiger by the Tail, 140 n39; also see O’Driscoll, Gerald P., Jr.
Skinner, A., “Economics and History—The Scottish Enlightenment,” 137 n23
Smith, Adam, 121; The Wealth of Nations, vii, 111, 118, 119, 211–212; Theory of Moral Sentiments, 125
Social cost, viii, 77–93; calculating, 89–92; choice and, 83–86; competition and, 90–92; concept of, 78–80; difficulties in approach, 87–88; market value and, 89; social product and, 83–87; subjectivist approach to, 80–83, 85–86
Social product: defined, 83–84; difficulties in approach, 87–88; social cost and, 83–87
Social value, 78–80
Socialism, controversies concerning, 208, 217–218
Socialist economy, interest in, 164
Sowell, Thomas: “Adam Smith in Theory and Practice,” 140 n40; Classical Economics Reconsidered, 137 n20, 138 nn24,28
Spadaro, Louis M., x, 205–227; “Averages and Aggregates in Economics,” 225 n10; “The Heuristic Value of Simulation,” 226 n23; The Present State of Profit Theory, 225 n6
Speculators: expectations, 131–132; in Keynesian orientation, 112–114
Spontaneous order, ix, 111—142; Austrian School and, 128–134; as essential economic principle, 116—118
Stability, market, 4
Statistical inference, misapplication, 212–213
Statistical time series, 17–18
Stigler, G. J.: on the economics of information, 63; on efficiency/inefficiency, 58, 59, 63–65, 71–73; on entrepreneurial ability, 72; on error, 58, 59, 63–65, 71; on motivation, 63–64, 65; on social cost, 88, 89; Theory of Price, 89; “The Xistence of X-Efficiency,” 74 n2, 75 nn15,16, 76 n30
Streissler, Erich, et al., Roads to Freedom, 140 n36
Structure of production, 169–174; investment and, 178–188
Subjectivism/Subjectivity: in Austrian economics, 1; education in, 223–224; future development of, 209; management and, 223; in marginalism, 205–206; probability and, 212–213; social cost and, 80–86; value and, 3
Suppes, P., see Nagel, E., et al.
Supply of money, see Money supply
Tagliacozzo, G., “Croce and the Nature of Economic Science,” 60
Tarski, A., see Nagel, E., et al.
Theil, H.: “Alternative Approaches to the Aggregation Problem,” 227 n28; Economics and Information Theory, 226 n18
Theory, economic, application of, 220–224
Thirlby, G. F.: “Economists’ Cost Rules and Equilibrium Theory,” 83; on management, 83; The Ruler, 83; also see Buchanan, J. M.
Time: in Austrian economics, 1–2; knowledge and, 6–8; role of, 35
Time allocation, 161–162; interest and, 164
Time deposits, money supply and, 148–149
Time dimension, of capital, 169–170
Time preference, 2, 35; interest and, ix, 157–166
Topology, 216
Toulmin, Stephen, Foresight and Understanding, 55 nn3,4
Trilling, L., The Liberal Imagination, 227 n33
Uncertainty, mathematics and, 31–32
University College, at Buckingham, x
Unsettled questions, 1–18
Value: classical economic concept, 3; subjectivism and, 3
Value dimension, of capital, 169–170
Value theory, 206
Venn diagrams, 27
Verstehen, 45–46, 54; history and, 53; in practical evaluation of theory, 220, 223
Wagner, Richard, 122n
Walras, Léon, 121, 138 n30; Éléments d’économie politique pure, 224 n1
Walras’s Law, 184
Waste, 57–58
Welfare economics, 77–92; social cost in, 77
Wicksell, Knut, on interest rate and monetary expansion, 192
Wicksteed, Philip H., The Common Sense of Political Economy, 39 n36
Wiener, Norbert, 226 nn17,19
Windsor Castle Symposium, vii, x, 89
Wiseman, J.: on management, 83; “The Theory of Public Utility Price—an Empty Box,” 83; “Uncertainty, Costs, and Collective Economic Planning,” 83
Yeager, Leland: “Essential Properties of the Medium of Exchange,” 155 n1; “The Keynesian Diversion,” 116, 136 n14
Young, A. A., “Pigou’s Wealth and Welfare,” 79
