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Human Action: A Treatise on Economics

Page 128

by Ludwig VonMises


  Oncken, August, 660n

  One-reserve system, 462

  Ontological facts, 86

  Oppenheimer, Franz, 76

  Orientals

  customs of, 839

  noncapitalistic, 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

  bigscale, 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

  improvement in methods of, 9, 613

  interventionism and, 655, 736, 800

  labor and, 136, 605, 606, 674, 675n

  market economy and, 488

  Marxians and, 141

  mass, 384, 587, 616

  means of, 207, 705

  nonhuman original factors of, ch. 22, pp. 631–641

  period of, 476, 484, 485, 487, 490–96, 526, 544

  prices and, 391–392, 612

  process of, 288, 292, 478, 488, 499

  restriction of, ch. 29, pp. 736–751

  taxation and, 800

  transition of, 613n

  war, 821 see also, Capital; Saving; Technology, Wealth

  Productive forces, 9

  Productive or unproductive activities, 244–245

  Productivity theory of interest, 263–264, 522–531

  Profession

  economic, 865–866

  forecasting, 866–868 see also, Education

  Profits and losses

  accounting, 213, 701

  difference between, 97–98

  driving power of, 3, 297

  entrepreneurial, 286–297, 375, 393, 514, 531, 739n

  good will and, 379

  illusory, 421, 546–547

  maximization of, 128, 241–244

  monopoly and, 358

  psychic, 287

  sharing, 811

  source of, 291, 633, 660–662, 868

  theory of, 252, 343, 347, 532, 804–807

  wartime, 823

  Progress

  booms and, 573

  rising prices and, 466

  Progressing economy, 252, 292–296, 411

  Prohibition, American, 728

  Prolabor policies, 313–314, 738–741, 746–749 see also, Interventionism

  Proletarian, 74, 88

  Promonopoly party, 384

  Promoters, 255–256, 300–107, 309, 324, 325, 333, 582 see also, Entrepreneurs

  Propaganda

  anticapitalist, 587

  business, 316–319

  Property

  legal definition of, 650–651, 678

  private, 264, 308–309, 650, 678–680, 719

  right, 650–656

  social and economic meaning of, 679–680 see also, Government; Investments; Land; Ownership; Production, factors of

  Prosperity, 429, 793 n

  Protectionism, 81–84, 160–161, 313–314, 361–365, 505, 738, 742–749 see also, Foreign exchange; Tariff; Trade

  Proudhon, Pierre Joseph, 186

  Provision, period of, 253, 478, 490–496

  Prussian Historical School, 4, 603

  Pseudo-liberalism, 153

  Psychoanalysis, 12

  Psychology

  instinct of, 15

  praxeology and, 12, 123–127, 483–485

  Psychopaths, 12, 185–187, 315–316

  Psychophysics, 125–126

  Public debt, 226–229, 843–845

  Public finance, see, Spending, public; Taxation

  Public opinion, economics and, 537, 859–860

  Public ownership, see, Government

  Public utilities, 372–373

  Public works, 792

  Purchasing power

  capital accumulation and, 518n

  changes in, 203, 416–425, 428

  measurement of, 221

  of money, 221, 396, 399, 405–413, 416–419, 464, 606

  parity theory of foreign exchange, 452

  stabilization of, 220, 416

  wage argument, 298–299 see also, Money

  Pythagoras, 38, 79

  Q

  Quality of goods, 222

  Quantitative economics, 55–57, 118, 347–349 see also, Measurement

  Quantitative prediction, 207

  Quantity theory of money, 38, 55, 232, 402

  Quasi-market, 701–706

  R

  Racism, 6, 75, 84–87, 90

  Rappard, William E., 684n

  Ratiocination, 33, 39, 67, 72, 84, 122, 316

  Rationalism, 15, 16, 18, 78n, 79, 89, 102, 103–104, 146, 175, 880 see also, Action, human; Irrationalism

  Rationing, 757, 822

  Real cost, 393, 632

  Realism

  antagonism of, 42

  a priori and, 38–41

  conceptual, 45, 145, 511

  economics and, 646

  mental grasp of, 25, 38, 39, 65, 86, 642

  praxeology and, 39, 92, 642 see also, Action, human

  Realpolitik, 189

  Reasoning

  age of, 69

  aprioristic, 38, 318

  case of, 89–91

  catallactic, 572

  discursive, 67

  experience and, 18, 25, 39, 65

  human, 50, 72, 173, 177–178

  methods of, 2

  mind and, 34

  praxeological, 39

  revolt against, 72–91

  unnatural, 175 see also, Action, human

  Redemption, 457 see also, Money

  Redistribution, confiscation and, ch. 32, pp. 800–807

  Regression theorem, 405-407, 423, 606

  Reichsbank, 549, 568

  Relevance

  causal, 120

  judgments of, 50, 55, 57–58, 88 see also, Valuations

  Religion

  capitalism and, 671–672, 719, 849

  conflicts among, 183–184

  individual and, 14, 18, 95

  liberalism and, 155–157

  Marxism and, 82

  Smith, Adam, and, 147n

  society and, 145 see also, Morality; Philosophy

  Rent, 521, 631–640, 759–761

  Research

  praxeological, 18–22, 863

  scientific, 5, 6, 7, 17, 18, 51

  Reserve fund, exhaustion of, 851–854

  Residual rent, 632

  Rest, state of, 245–251

  Restriction

  competitive, 278–279, 373–374

  cost of, 737

  economic system of, 749–751

  nature of, 736–737, 837

  of production, ch. 29, pp. 736–751

  privilege of, 741–749

  prize of, 737–741 see also, Interventionism; Politics

  Retrogressing economy, 192, 252, 296–297

  Returns, law of, 127–130, 338–347, 663

  Revolution

  ideological, 8, 72–91

  illegal act of, 284n

  Industrial, 8, 613–619

  semantic, 268, 281, 420 see also, Economics, revolt against

  Ricardo, David

  gold exchange standard and, 418, 780

  law of association, 158–163, 168, 174

  philosophy of, 75, 79, 147, 174, 493n, 602

  rent, 631, 632, 633, 636

  the R. effect, 750n, 767–770

  Right

  law of, 199

  moral and natural, 173–174, 716, 719, 835

  property, 650–656

  to revolt, 284n

  to strike, 773

  Righteousness, 26, 173–174, 716, 719–727, 835

  Risktaking, 106, 108, 112, 115, 805–807 see also, Entrepreneurs; Profits and losses; Speculating

  Robbins, Lionel Charles, 103n, 529n

  Robinson Crusoe economy, 206

  Romanoff dynasty, 115

  Romanticism, 503

  Rome

  Church of, 67In

  fall of, 761–763

  price control and, 761–763

  Rostovtzeff (Rostovtsev), Mikhail

  Ivanovich, 762n

  Rotating economy, see, Evenly rotating economy

  Rougier, Louis, 73n

  Rousseau, Jean Jacques, 165

  Routine, 46–47 see also, Action, human

  Rule, 189 see also, Government

  Rumania, 493

  Ruml, Beardsley, 570n

  Rumania, 8, 747

  Ruskin, Joh
n, 645

  Russia

  calculation in, 698–699

  economy of, 260

  laborers of, 675n

  socialistic pattern of, 713

  technology of, 5

  S

  Sadism, 172, 586

  Salvioli, Guiseppe, 62 7n

  Samuelson, Paul Anthony, 787n, Santayana, George, 868n

  Satisfaction, see, Want-satisfaction

  Saving

  advantage of, 487–489, 512–514, 840

  capitalist, 527, 531, 768, 769

  forced, 545–547, 553–555, 573, 842n

  investment and, 517–520, 805

  value judgment and, 530

  Scale

  of needs, 96–97

  of value, 94–96, 102–103

  Scarcity, 93, 236–237, 525

  Schäffle, Albert, 697

  Schelling, Friedrich Wilhelm, 717

  Scholasticism, medieval, 717

  Schopenhauer, Arthur, 28

  Schultz, Henry, 349

  Schumpeter, Joseph, 354, 52 7n

  Schütz, Alfred, 24n, 100n

  Sciences

  aprioristic, 48

  definition of, 10, 20, 65

  historical, 47, 59

  life and, 877–878

  measurement (mathematical), 55, 218, 347

  natural, 31, 59, 173–176, 207, 634, 664n

  psychic, 11

  social

  criticism of, 8

  empirical, 49 see also, Action, human; Economics; Praxeology; Research

  Second International, 152

  Security, 612, 835, 841, 843–844, 847–849

  Seignobos, Charles, 50n

  Selective process of the market, 308–311

  Selfishness, 243, 674

  Selling

  buying and, 324

  price discrimination and, 385–388

  Semantics, 268, 281, 420 see also, Metaphors

  Serfdom, 197

  Serviceableness

  duration of, 476

  instinct of, 26–28

  Services, personal, 140–141, 234

  Seven Years’ War, 614n

  Sexual customs, 663

  Shipment costs, 450

  Short run, 82–83, 294, 649, 650, 744, 787, 844

  Sickness, 165, 833

  Silver standard, 456, 469

  Singularism, methodological, 44–45

  Sismondi, Jean Charles, 268

  Slaves and slavery, 197, 624–630, 817, 835

  Smith, Adam

  on employers, combinations, 591n

  on paper money, 418, 780

  on religion, 147n

  Smith, Vera Constance, 441n

  Social cooperation, see, Cooperation, social

  Social engineering, 113 see also, Planning

  Social gains, 365, 599, 607–613, 739–741, 750–751, 854

  Social justice, 671, 719, 849–850

  Social phenomenon, 157, 275, 287

  Social relations, 168–169

  Social sciences

  criticisms of, 8

  empirical, 49

  Social security, 613, 835, 843–844

  Socialism

  agrarian, 801

  British, 812, 855

  capitalism and, 672–678, 712

 

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