Human Action: A Treatise on Economics
Page 129
theory of, 5, 152, 236, 670–671, 873
Mass production, 384, 587, 616
Materialism, 17, 73, 79–84, 154, 193–194, 217
Mathematics
equation of exchange, 393, 410
gambling and, 106
geometric theorems of, 38, 211
logic and, 99
method of economics, 251, 257, 330, 347–354, 374–376, 396, 410, 697–698, 706–711
probability, 107
treatment of theory of monopoly prices, 374–376 see also, Calculation; Economics; Measurement
Maupassant, Guy de, 268n
Mauretania, 747
Maximization of profits, 128, 241–244
Maxwell, James Clark, 77
McDougall, William, 16n
Meaning, 26, 28, 42, 59, 92
Means and ends of action, 70, 92–94, 201–202, 208, 476
Measurement
of changes, 223–224
of elasticities of demand, 55, 249
of purchasing power, 221
of value, 121–122, 205
process of, 210 see also, Calculation; Economic calculation; Mathematics; Quantitative economics
Mechanicalism, 23
Media of exchange, 40, 209, 395, 398, 459–463, 774 see also, Money
Medical prognoses, 110
Meliorism, 192–194, 690–691
Memory, 34–35
Menger, Carl, 121, 123, 331, 402–404
Mensheviks, 152
Mental disability, 185–187
Mercantilism, 53, 448, 453, 660
Metals, precious, 225 see also, Gold; Silver standard
Metamorphosis, 34
Metaphors in language of economists, 114, 117, 272–273, 456–457, 725–726
Metaphysics, 17, 25, 31, 32, 145–153
Methodenstreit, 4
Meyers, Albert, 647n
Meyerson, Emile, 38n
Might, 188–191, 644 see also, Majority rule
Migration
wages and, 622
war and, 820, 821, 828
Mill, John Stuart, 107, 204, 413–416, 493n, 674n
Mind and reasoning, 12, 34, 50, 72
Minority rule, 190, 191n
Mintage, 774
Mises, Ludwig, 187n, 265n, 307n, 398n, 413n, 485n, 498n, 674n, 705n
Mitchell, Billy, 509
Mitchell, Margaret, 62 5n
Mixed economy, 259–260, 712
Moloch, 160, 719
Monetary areas (blocs), 782
Monetary calculation, ch. 13, pp. 230–232; 395n, 421–422, 488, 517
Monetary cooperation, international, 473–475
Monetary entries in economic calculation, 213–215
Monetary Fund, International, 475, 785
Monetary or circulation credit theory, 204, 430, 567–573
Monetary Union, Latin, 469
Money
bimetallism and, 468–469, 775–776
British problem of, 439, 568, 778
capital and, 517–520
certificate, 430, 432, 442
checkbook, 442
commodity, 425
credit, 425–126, 432n
de facto standard, 469
demand for, 398–402
economic calculation and, 215, 225
errors in popular doctrine of, 395–398
exchange economy and, 415
expenditure, 221
features of, 471
fiat, 394, 426, 432n, 568
flexible standard, 781, 784
force of, 413–416, 535
government interference with, 468, 570
government issue of, 409
hot, 461–463
import and export of, 448
increase in quantity of, 409
loans, 430
market, 398, 459, 543
media of exchange, 40, 209, 395, 398, 459–463, 774
mintage, 774
monometallism, 469
neutral, 203, 250, 395–396, 413–416
origin of, 402–404
paper, 409, 418, 780
prices, 202, 206, 216
purchasing power of, 221, 399, 405–413, 416–419, 464, 606
quantity theory of, 38, 55, 232, 402
relation, 408, 414, 427–429, 455–459, 544–547
sound, 776
stabilization of, 220
substitutes, 425–426, 429–431, 433, 447, 461, 469, 473
supply of, 225, 398–402, 431, 551, 571
theory of, 186, 204, 395, 469, 552, 578
trade and, 446, 455
value, 348, 406, 408, 425–427 see also, Banking School; Banks and banking; Credit; Currency; Deflation; Exchange; Fiduciary media; Gold; Gresham's Law; Inflation; Legal tender; Silver standard
Monism, 17, 25, 712
Monometallism, 469 see also, Gold; Silver standard
Monopoly
agriculture and, 367
competition, 357, 378
connotation of, 277–278
copyrights, 382–383, 657–658, 676–677
entrepreneurs and, 358
failure, 368–370
for cereals, by Swiss government, 388
gain, 369, 375
incomplete, 359
licenses, 366, 658–659
limited-space, 372
local versus urban, 370
margin, 361, 366–367
of demand and supply, 380–381, 591–593
patents, 360, 363, 382–383, 507–509, 657–658, 676–677
prices, 278, 354–376, 381–384, 676, 760–761
profits and, 358
requirements of, 358–368
trend toward, 363, 383–384, 677–678
Montaigne, Michel, 660, 682
Morality
precepts of, 15, 95, 146, 173, 716, 719, 755, 835
profits and, 297
restraint, 175, 664, 719, 763 see also, Social justice; Welfare principle vs. Market principle
Morgenstern, Oskar, 117n
Mussolini, Benito, 84, 645, 814n
Mysticism, 80, 166
Myth of the soil, 640–641
N
Nagel, Ernest, 643n
Napoleon, see, Bonaparte, Louis
Narcotics, 728–729
National Recovery Administration, 365, 815
Nationalism
economic, 183, 682–683, 819–821, 827–828
economic theories and, 6
German, 319
religion and, 148 see also, Interventionism; Socialism
Natural law, 146, 173–174, 716, 719, 755, 835 see also, Morality, precepts of; Science, natural
Natural resources, 135n, 383, 635, 652–653, 681
Natural sciences, 59, 173–176, 207, 634, 664n
Nature
definition of, 644n
individual and, 1
Nazism, 76, 187, 268n, 319, 698–699, 796–799
Needs, scale of, 96–97
Neo-Mercantilism, 323
Neosocialists, 702
Neumann, John, 117n
Neurath, Otto, 699n
Neurotics, 12
New Deal
agricultural policies, 236, 384
National Recovery Administration, 365, 815
plan to control business, 815
pump priming, 552
Newtonian mechanics, 4
Nietzsche, Friedrich Wilhelm, 139, 171, 645, 690
Nihilism, 4
Nominalism, 42
Nonmarket economy, 206
Nordic-Aryanism, 52
Numéraire, 250, 414
O
Objective use-value, 21, 120, 127
Offspring, limitation of, 663–669
Oligopoly, 359–360
Omniscience, 7, 69, 70
Oncken, August, 660n
One-reserve system, 462
Ontological facts, 86
Oppenheimer, Franz, 76
Orientals
customs of, 839
noncapital
istic, 665
poverty and, 832
Originary Interest, see, Interest, originary
Overinvestment, 556–558 see also, Malinvestment
Ownership
government, 650
of production, 259
private, 308, 678, 719
P
Pacemakers of capitalism, 8–9, 615
Pain and pleasure, 15
Palmer, Robert, 819n
Panic, see, Depression
Panphysicalism, 7, 8, 17–18, 23–24
Panslavism, 838
Papi, Ugo, 814n
Paraguay, 831
Pareto, Vilfredo, 697, 71 In
Parity, foreign exchange and, 452, 457, 781
Participation, law of, 36
Party programs, 181–184
Pascal, Blaise, 106
Passfield, Lady, see, Webb, Beatrice
Passive inflationism, 570n
Past, economic role of, 502–510
Patents, 360–363, 382–383, 507–509, 657–658, 676–677
Pathology, 20
Pax Britannica, 191
Payments, balance of, 447–149, 453–455
Peace
durable, 819–821, 827–828
war and, 147–148, 680–684, 817
Peel's Act of 1844, 569
Perfection, 70, 415
Period of adjustment, 648–650
Period of production, 476, 484, 485, 487, 490–496, 526, 544
Period of provision, 253, 478, 490–496
Perversity, 95
Phenomena
complex, 31
historical, 33
market, 2, 233, 312, 469
mental grasp of, 50
of interest, 521–523
of valuation, 393
psychological, 483
scientific research and, 17
social, 157, 275, 287
Philosophy
background of
epistemological problems, 30–71
human action and, 11–29
introduction to, 1–10
confiscation, 800–801
history of, 28
revolt against reason, 72
Phlogiston theory, 41
Physiocracy, 9
Physiology, 96 see also, Natural sciences
Pierson, Nikolaas Gerard, 697
Pigou, Arthur Cecil, 844n
Pioneers, 138
Planning
advocates of, 672
argument for, 725
for freedom, 725
partial, 259
self-contradictory, 104n, 696, 784 see also, Interventionism; Socialism
Poincaré, Henri, 39n
Politics
British, 9, 147
goal of, 315, 649, 737, 835
organizations of, 182
terminology of, 272–273 see also, Interventionism; Privileges; Restrictions
Polylogism, 5, 6, 7, 75–89
Pompadour, Madame, 650
Poor relief, 242, 600, 833–836
Population
comparative, 623–624
Malthusian law of, 20n, 129, 174–175, 663–669
optimum size of, 129, 663, 668
Positivism, 4, 17–18, 26, 31, 56
Post Office Saving Service, Austrian, 442
Poverty, 242, 600, 670, 831–836
Power
lust for, 802–803
role of, 188, 643–645
Pragmatism, 23–24, 32, 126n
Praxeology
attack upon, 5
capital and, 482, 512
causality and, 22
changes and, 352
concept of the present, 100–101
definition of, 3, 12, 28, 32, 142, 235
economics and, 1–3, 92, 95, 497, 879
formal and aprioristic character of, 32–41, 64, 407
history and, 28, 30–32, 100
liberalism and, 153–155
limitations on concepts of, 69–71
method of, 237
objective of, 185
polylogism and, 77–84
prediction of, 117–118
principles of, 402
psychology and, 12, 123–127, 483–185
reality and, 39, 92, 642
research, 18–21
science of, 7, 10, 15, 36, 39–40, 51, 64, 68, 160, 173, 642, 647
socialism and, 691–693
temporal character of, 99–100 see also, Action, human; Sciences
Precapitalistic era, 615
Predetermined harmony, doctrine of, 240
Prediction
business, 649, 866–868
economic, 105, 117
quantitative, 207
Prelogical thinking, 34–38
Preromantic age, land and, 641
Present, praxeological concept of, 100–101
Pressure groups, 269, 314–315, 865–866, 870 see also, Interventionism
Prices, ch. 16, pp. 324–394
booms and, 550
catallactics and, 329, 375
ceilings, 757
changeability of, 218–220, 294
classical theory of, 62
competitive, 354, 358
connexity of, 388–389
control, 336, 752, 756–763, 822
costs and, 97, 349
determination of, 270, 331, 394, 423, 701
discrimination, 327n, 385–388
economic progress and, 466
equilibrium, 248, 326, 707
final, 246–247
foreign exchange and, 516
for government services, 738
formation of, 62–64, 213, 388
income and, 390–391
interference with, ch. 30, pp. 752–773
just, 721, 722
labor, 602
land, 390, 523, 633, 639–640
level of, 223, 395–396, 410
market and, 246, 335, 390, 756
maximum and minimum, 753, 757
money, 202, 206, 216
monopoly, 278, 354–376, 381–384, 676, 760–761
nonmarket, 392–394
of goods of higher order, 330–335
parity, 452, 457, 781
premium, 428, 467, 538–542, 545, 548–549
processing, 324–328
production and, 391–392, 632
rise in, 299, 408, 420, 466, 551
statistics, 326–328, 347–349
theory of, 245
value and, 97, 202–206, 390, 632
wages and, 690, 721, 722 see also, Consumers; Entrepreneurs; Socialism, economic calculation under
Primitive man, 36–38, 145, 600
Private property, 264, 308–309, 650–651, 678–680, 719
Privileges
economic effects of, 80, 81, 312–313, 658–659, 742
restriction of, 741–749
Probability
case, 110–115
class, 107–110
meaning of, 106–107
numerical evaluation of, 113–115
Producers' goods, 93–94
Producers' policy, 312–313, 315
Production
anarchy of, 240, 256, 579–580
big-scale, 338, 367
businessman and, 489
consumption and, 354, 427, 736
cost of, 340, 367
direction of, 140–142, 259, 297
diverted by tariffs, 737
expansion of, 298, 554
factors of
booms and, 566, 576–578
labor and, 589, 610
original, ch. 22, pp. 631–641
prices, 331, 336, 522, 694, 757
produced, see, Goods, capital
utilization of, 93, 338, 391, 576
for use, 297
good will and, 376–380
government ownership of, 259, 736