Study Guide Man, Economy, and State
Index
A | B | C | D | E
F | G | H | I | J
K | L | M | N | O
P | Q | R | S | T
U | V | W | Z
A
Apriorism, 1, 9
Ability-to-pay principle, 211
Absolute advantage, 18
Acceleration principle, 147
Action, 3
Advertising, 129, 160, 164
Affluence, 164
Agio. See Interest
Algebra, 150–51
Antitrust laws, 190, 194
Arrow-Debreu, 64
Autistic exchange, 17
Average physical product (APP), 84
Awareness, 17
B
Balance of payments, 32, 144
Bank/banking
100 percent reserve, 142–43
fractional-reserve (FRB), 142
run, 165
Barriers to entry, 125
Barter, economy, 35 See also Exchange, direct
Basing-point pricing, 194
Belief, 2, 4
Bentham, Jeremy, 238
Bills of exchange, 145
Böhm-Bawerk, Eugen, 9, 62, 99, 102, 115
Boom, runaway, 165 See also Business cycle
Bribery, 196
Bureaucracy, 121, 124
Buridan’s ass, 49
Business cycle, 146, 156, 164, 165
Bust. See Business cycle
C
Calculation, economic, 28, 108, 112, 113, 116, 121, 124, 125, 162
Cannan, Edwin, 169
Capacity, paradox of excess, 128–29
Capital goods (factors of production), 4, 5, 7, 82, 85, 104
complementary, 7
Capital, structure of, 163, 164
working, 104
Capitalists, 32, 59, 70
Capitalization, 40, 46
Caplan, Bryan, 185
Cardinality, 6, 51
Cartel/cartels, 121, 124–25
as similar to mergers and corporations, 124
one big, 125
compulsory, 190, 192
Cash balance, 32, 135, 137
Catallactics, 28
Chamberlin, Edward Hastings, 129
Chaos. See Calculation, economic
Charity, poverty and, 233
Child labor laws, 190, 193
Choice, 1
Circular flow diagram, 34, 77
Clark, John Bates, 9
Clearinghouses, 144
Clemence, Richard Vernon, 79
Coinage, 149, 197
Coincidence of wants, 27, 29
Collective goods. See Public goods
Command posts, 162
Comparative advantage, 16, 18
Competition, monopoly, 128
perfect, 122, 128
Competitive price, 122 See also Monopoly/monopolies/monopolistic, price
Complementarity, 46
Condition, general, 4
Conflict, 162
Conscription, 190, 193
Conservation laws, 190, 195
Consumer/consumers’
sovereignty, 121, 123
“surplus,” 43
Consumption, function, 147 See also Government spending
Convertibility, 7
Copyrights, 129
Corporations
limited liability, 196–97
Cost/costs, 45, 56, 58
alleged distinction between production and selling, 129
of living, 113
theory of prices, 214
transaction, 129
Court of final opinion, 176
Credit expansion, 156, 164–65 See also Inflation, monetary
Crime. See Intervention
D
Deadweight loss, 131
Defense services, 175–76, 213
Demand, 16, 19, 42, 132
exchange, for money, 137, 150
law of, 116
reservation, 21, 110, 137
speculative, 139
to hold, 20
Democracy, 182, 193, 220, 224, 225
as contradictory, 223
in two senses, 222
Department of Commerce, 220, 223, 225
Development, over- and under-, 235
Diminishing marginal utility, law of, 6, 47
Discounting, 84
Distribution, 61
production and, 108, 113
Division-of-labor, 15, 18, 206
Doody, 79
Draft. See Conscription
E
Economics, 3, 9, 169, 241
Economies of scale, 121, 124
Economists, 241
Economizing, 4
Economy
Evenly Rotating (ERE), 11, 55, 57, 60, 64, 71, 76, 82, 113
progressing, 94, 98, 100
retrogressing, 94, 98, 100
stationary, 94
Elasticity
of demand, 20, 132
of supply, 25
Employment, full, 111, 141
Ends, 4, 47
Entrepreneurship, 2, 4, 95–96
self-employment and, 112
Envy, 182, 185
Equality, 230, 232
before the law, 210
Equilibrium, 47, 104
macro, 140
price, 16, 19, 42
Error, 95
Ethics
antimarket, 229–38
consequentialist, 238
social, 242
Ex ante utility, 45, 155, 157, 181
Ex post utility, 45, 155, 157, 182
Exchange, 1
direct, 15, 27, 41
equation of, 145
indirect, 15, 27
interlocal, 144
Exchange-value, 15, 18
Existential criticism, 238
Externalities, positive and negative, 166–67
F
Factor incomes, 85
Factors of production. See Capital goods (factors of production)
Fetter, Frank A., 11
Fisher, Irving, 141, 149, 207, 215
Fixed proportions, 90
Franchises, 196
Free markets. See Market, unhampered
Freedom, 230
of the consumer, 125
of contract, 236
G
Galbraith, John Kenneth, 164
George, Henry, 110
Georgism, 204
Gold, 28, 49
Goods, 4
consumers’, 4
durable, 46
exchangeable (nonexchangeable), 233
Giffen, 116
producers’ See also Capital goods (factors of production)
Government, 155, 157, 166, 181, 235
borrowing, 166
limited, 176
productive contributions of, spending, 156, 161
provision of defense services, 175
resource-using activities of, 162
run on a “business basis,” 162, 221
spending, 156, 159, 205, 219, 221
“voluntary,” 182
Growth, 163
H
Hayek, Friedrich August, 116
Hegemony, 17, 157, 242
Hire price. See Rental price
Hoarding, 135, 140
Homesteading, 22
Human
nature, 232, 235
rights, 235–36
Hume, David, 225, 245
Hutt, William Harold, 123, 130, 147
Hyperinflation, 165
I
Immigration, restrictions on, 190, 193, 197
Incentives, 169, 206
Incidence. See Taxes/taxation, incidence of
Income, gross, 108, 112
Indispensability, 64–65
Individualism, methodological, 2, 3
Inflation, monetary, 156, 161, 164
price, 165 See also Credit expansion; Hyperinflation
Innovation, 146, 195. See also Technique
Insurance, 163, 176
Integration, vertical, 71, 113
Interest, 55, 56, 59, 103
compounding of, 78
market (nominal or loan) rate of, 94, 150, 170
entrepreneurial component in market rate of, 100
“natural rate” of, 170
pure rate of, 69, 72, 74–75
purchasing-power and terms-of-trade components in the rate of, 141
Intertemporal utility comparisons, 43
Intervention, 155, 157, 181
autistic, 155, 157, 181
binary, 155, 157, 159, 181, 203–16, 219–25
triangular, 155, 157, 158, 181, 189–99
Investment, 7, 100, 102
gross, 70
net, 96, 104
trusts, 79 See also Savings
J
Joint-stock company, 75
Judicial services. See Defense services
Just price, 204, 209
Justice, canons of, in taxation, 209
K
Keynes, John Maynard, 107, 111, 116, 150
Keynesianism, 140, 147, 161, 224
Kinsella, Stephan, 130
Knight, Frank, 9, 87, 101
Kuznets, Simon, 220, 223, 225
L
Labor, 5, 7, 109
supply curve of, 107, 110, 116
Land, 5, 82, 85, 89
scarcity of, relative to labor, 109
supply curve of, 107
Law Code, 176, 178
Laws. See Diminishing marginal utility, law of; Returns, law of; One price, law of; Demand, law of
Lebensraum, 197
Leisure, 7, 110, 116, 216
Libertarianism, 178
Licensing, 190, 192, 199
Liquidity, 79
Location, spatial relations and, 113
Log-rolling, 24
Loss. See Profit, loss and
Luck, 234–35
Lutz, Friedrich August, 79
M
Management, as labor, 109
Marginal physical product (MPP), 81, 84, 87, 110
Marginal product, 7, 11
Marginal utility, 2, 6, 18, 45, 47
Marginal value product (MVP), 81, 83, 85, 87
discounted (DMVP), 81, 83, 108, 111
Marginalism. See Marginal utility
Market/markets, black, 189, 191
producers’ loan, 74–75
time, 73
unhampered (free), 16, 22, 166, 175, 241
Marshall, Alfred, 60, 63, 115
Materialism, selfish, 233
Means, 4–5, 47 See also Goods
Medieval society, 230, 232
Medium of exchange, 27, 31 See also Money
Menger, Carl, 9, 34, 35, 36, 63
Military. See Defense services
Minimum wage laws, 194
Mises, Ludwig von, 9–10, 23, 40, 49, 62, 64, 102, 115, 116, 225, 238, 244, 245
Models, 36
Molinari, Gustave de, 177
Money, 27–28, 135–48
as measure of value, 136, 146
certificates (substitutes), 142
changes in, relation, 138
demand for, 135, 165
exchange demand for, 137, 150
expenditures, 32
implications of the emergence of, 31
in the broader sense, 142
income, 32
marginal utility of, 33, 43, 39
non-neutrality of, 136, 143
proper, 142
purchasing power of (PPM), 39, 40, 41, 43–44, 135, 136, 137, 138
quasi, 145
secular influences on the demand for, 139
stability of, 146
stock (supply), 73–74, 135–36, 137, 138, 142
unit of, 32
warehousing, 142 See also Regression theorem
Monopoly/monopolies/monopolistic, 122, 126–27, 131, 169, 189, 192, 196, 237
competition, 128
price, 122, 126–27, 169, 199
profits, 126, 169
unions as, 122, 127
Morality, 229, 231, 238
Multiplier, Keynesian, 147
N
Natural resources, depletion of, 86
Nonaggression axiom, 176, 178
O
Oligopoly. See Monopoly
Oliver, Henry M., Jr., 236
One price, law of, 20, 41, 108
Orders of production, 5
Ordinality, 6, 51
Overpopulation, 197
Ownership, 220, 221, 222
P
Pacifism, 238
Pareto optimality, 185
Patents, 129, 195
Perks, wage rates and, 111
Pessimism, 10
Planning, central, 46 See also Socialism
Police. See Defense services
Post-income demanders, 74
Power, economic (over nature), 234 See also Hegemony
Praxeology, 1, 3, 9, 169, 229, 231, 237
Price/prices, 16, 18–19, 61
calculation and, 112
controls, 155, 157, 189, 191, 244
costs and, 107, 112
indices, 146
multiform, 129
nominal, 40 See also Monopoly/monopolies/monopolistic, price
Producer “surplus,” 43
Product control, 158, 169, 189, 191–92
Productivity/production, 70
period of, 5
physical, 99
structure of, 9, 73 See also Marginal physical product
Profit, 55, 93, 95, 103
accounting, 103
economic, 103
general “rate of,” 102
loss and, 93, 95, 103–04
money, 103
Prohibition, 189, 191
partial, 192
Propaganda, 176, 178
Property rights, 175, 196, 230, 235
Psychic, profit, 25
revenue, 1, 25, 33
Public goods, 166
Public ownership, 163, 219–20, 222
Purchasing power, excess, 161
parity (PPP), 136, 145
Purpose, 1, 3
Q
Quality, 192
Quantity demanded or supplied, 19
R
Reason, 238
Regression theorem, 40, 44
Relative advantage. See comparative advantage
Rental price, 40, 46
Rents, 11, 60, 86, 107, 109
net, 109
Reproducibility, 11
Return/returns, gross, 11
law of, 7, 84
net, 62 See also Interest
Reverse valuation, 15, 17, 24
Ricardo, David, 113
Rights. See Property rights
Risk, 94, 101
Robinson Crusoe economics, 9
Rolph, Earl, 87
Roundaboutness, 9
S
Sacrifice theory, 211
Safety, 192
Saleability. See Marketability
Sam’s Club, 131–32
Samuelson, Paul Anthony, 62
Saving, 7, 100
net, 104
paradox of, 102
Scarcity, 4
School, compulsory, 190, 193
Schumpeter, Joseph, 62, 76, 146
Security, 230, 232
Self-interest, knowledge of, 231
Shifting, 160
Shortage, 19–20, 155, 158, 189, 191
Silver, 28
Slavery, 17, 109
Smith, Adam, 209
Social Darwinism, 230, 233
Social Security, 163
Socialists/socialism, 163, 219, 222
calculation problem and, 108, 113, 162
democratic, 220, 223
“market,” 116
Society, 235
Sovereignty, individual, 121, 123
Specialization, 15, 18, 20, 21
Specificity, 7, 57, 58, 81, 83, 89
Speculation, 4, 16, 50
withholding of land for, 110
State, the. See Government
Stationary state, 9 See also Economy, Evenly Rotating (ERE)
Status society, 232
Stock, total, 6, 20
Subjectivity, 12, 15, 63
Subsidies, 161, 219, 221
Substitutability, 46
Supply, 16, 19, 42
Surplus, 19, 155, 158, 189, 191
Synchronization, 9
T
Tariffs, 190, 193
Tax/taxes/taxation, 156, 203–16
consumers, 205
consumption, 203, 207
corporate income, 203, 206–07
“double,” 206
flat, 156, 159
general sales, 160, 205
head (equal), 156, 159, 212
incidence, 160, 169, 203, 205–09, 214
income, 159, 203, 205, 206–07, 216
land value (ground rent), 160, 204, 209
neutral, 156, 159, 210–12
on accumulated capital, 204, 207
on bequests and gifts, 208
on individual wealth, 208
on wages, 206
partial excise, 206
payers, 205
progressive, 204, 208 See also Tariffs
Technique, 99, 146 See also Innovation
Time, 2, 4, 9
maturing, 5
preference, 2, 6, 70, 72, 76, 79, 159, 163, 195
working, 5
Traffic-manager analogy to government, 235
Transfer payments. See Subsidies
Typology of intervention, 155, 157, 168, 181, 184, 198
U
U.S.A., 219, 222
U.S.S.R., 219, 222
Uncertainty, 2, 101, 114, 235
Unemployment, 111
government, benefits, 190, 194
Unions, 109
compulsory, 122, 127, 194
Unit (of a good), 6
Use-value, 15, 18, 21
Utility, 182 See also Ex ante utility; Ex post utility
V
Value judgments, 238
Value scales, 1, 42, 72
Value, 11, 48
Violence, institutionalized. See Government
W
Wages, 107, 109, 110–11, 112
real, 116–17, 141
Wagner-Taft-Hartley Act, 194
Walrasian analysis, 116
Welfare, economic, 168
economics, 241–42 See also Utility
Wertfrei, 242, 245
Z
Zones of indeterminacy, 61, 122, 127
