by Sylvia Nasar
“Cost of living” adjustment, 303
Cotton, Henry, 204–205
Credit, 168, 190, 206, 236, 330
Great Depression and, 316, 322, 331
of 1920s, 300
Panic of 1907, 184–85
post–World War I, 236, 262, 263, 281, 286, 300
post–World War II, 393
Schumpeter on, 190, 191, 192
Crimean War, 95
Crystal Palace, 34, 40, 43
Cuninghame, Thomas, 213, 224, 226
Currency. See Money; specific currencies
Current Tax Payment Act (1943), 371
Currie, Lauchlin, 318, 363, 364, 397–98, 409, 411
D
Dandison, Basil, 421
Dante, Inferno, 269
Darwin, Charles, 4, 5, 41, 97, 98, 106, 148, 150, 176, 177, 299
On the Origin of Species, 57, 134
Darwin, Leonard, 299
Davenport, John, 403
Dawes Plan, 290
D-Day, 383, 405
Debt, 162, 168, 330
Fisher on, 320–22, 330
Great Depression and, 320–22
post–World War I, 205
World War I, 210, 219–22, 228, 230, 244, 245–53, 259, 281, 320, 322, 356
World War II, 387, 393
Deficit spending, 326, 328, 355
British, 355
Great Depression and, 326–30
Keynes on, 326–30
World War II and, 355, 384
Deflation, 161, 279, 310, 315, 321, 324
Fisher on, 161–63, 166–70, 303, 320, 325
Keynes on, 284–85, 310, 315
Degas, Edgar, 199
Delano, Frederic A., 409
Delhi School of Economics, 446, 454
Democracy, 57–58, 186, 200, 206, 262, 284, 373, 395, 422, 444, 460
Democratic Students Association, 275
Denison, Edward, 51
Depressions, 299, 308, 310, 330, 388, 423
early 1880s British, 86–88
of 1890s, 86, 153–59
Great Depression, see Great Depression
of 1907, 137, 183–85
post–World War I, 208–213, 264–65, 296, 300–301
Development, economic, 188–93, 272–73
Dewey, Thomas E., 410
Dhaka, 448–49, 450
Dickens, Charles, 3–10, 24, 31, 50, 59, 62, 67, 73, 74, 80, 81–82, 83, 89, 169, 461
Bleak House, 22
A Christmas Carol, 7–10, 37
Dombey & Son, 19
Great Expectations, 53
Hard Times, 82
Household Words, 10
Nicholas Nickleby, 13
Oliver Twist, 6–7, 29
Diminishing returns, law of, 33
Director, Aaron, 366, 403, 415
Dobb, Maurice, 351
Dockworkers, 115–16, 119
Dollar, 162, 218, 282, 301
Domestic servants, 29
Dorfman, Joseph, 335
Dostoyevsky, Fyodor, 43
Dulles, John Foster, 237
Dunkirk, 359, 360, 367
Duranty, Walter, 338, 339
E
East Germany, 433
Eccles, Marriner, 323, 363
Econometric Society, 437
Economica, 376
Economic Advisory Board, 307, 316, 332
Economic Journal, 153, 203, 344, 350, 441
Economics, xiii–xv, 4, 10
American Progressive Era, 145–70
Austrian, 155, 175–77, 185–94, 263–80
employment and prices connection, 299–302, 320, 321
Engels on, 14–18, 22–28, 273
evolution, 177–78, 186–93, 272–73
Fisher on, 150–63, 165–70, 285, 295–305, 311–15, 317–26, 330
Friedman on, 365–71
future of, 461–63
German, 149, 175–77, 186
Great Depression, 306–337, 347, 351, 366, 392, 393
growth, 436–42
Hayek on, 278–80, 332–34, 374–79, 386, 399–405
historical school, 175, 176
Indian, 454–60
Keynesian, 240–42, 245–61, 282–95, 306–311, 315–17, 326–37, 354–64, 365, 371, 384–89, 393–94, 398, 402, 409–411, 416, 419–20, 423, 438
macroeconomics, 418, 422, 423
markets as calculators, 277–78
Marshall on, 59, 62–65, 71–90, 152, 169, 177–78, 190, 272, 423
Marx on, 15–18, 22–28, 34–47, 64, 78, 82, 85, 169, 190, 272, 273
mathematical, 150–53
Mill on, 32–34, 38, 60–62
nineteenth-century British, 14–18, 23–47, 52–90, 100–138, 155
of 1920s, 262–82, 281–308, 392
of 1950s–60s, 421–24, 426–45
post–World War I, 235–61, 413
post–World War II, 383–89, 402–408, 409–424, 430, 437–45
Robinson on, 347–53, 431–45
Samuelson on, 419–24
Schumpeter on, 175–78, 185–94, 201, 220, 270–74, 334–37, 372–74, 386
Sen on, 454–60
twentieth-century American, 278–79, 295–308, 311–26, 362–71, 374, 409–424
twentieth-century British, 171, 175, 176, 240–42, 282–95, 306–311, 317, 331–33, 343–53, 354–64, 385
war reparations debate, 244–60
World War I and, 197–206, 244–60, 285–86, 387
World War II and, 354–71, 374–79, 383–89, 397
See also specific economists, schools, theories, and principles
Edgeworth, Francis Ysidro, 153, 155
Education, 62, 170
coeducation, 68, 79
compulsory, 108, 129, 137, 166
moral, 77–78
reform, 62–63, 67, 166
university, 147
women’s, 62–63, 66–69, 79
See also specific schools
Egypt, 171, 179–86, 189, 220, 358, 463
British rule, 180–82, 184
economy, 181–85, 192
industry, 180–82, 186
Panic of 1907, 183–85
Einstein, Albert, 187, 215, 276, 282, 291
Eisenhower, Dwight, 406, 424
Eisenmenger, Anna, 217–18, 264, 266
Electrification, 141, 173–74, 213, 273, 294, 296
Eliot, George, 41, 62, 79, 93, 99
Middlemarch, 70, 91, 95
The Mill on the Floss, 66
Eliot, T. S., 343
Emerson, Ralph Waldo, 74, 154
“Ode, Inscribed to William H. Channing,” 48
Employment, 284, 417, 423
Fisher on prices and, 299–302, 320, 321
post–World War II, 392
World War II and, 360, 362–63, 384, 392
See also Industry; Labor; Unemployment
Engel-Janosi, Friedrich, 279
Engels, Friedrich, 11–14, 19, 430, 439
The Communist Manifesto, 23–28, 36, 37, 90
The Condition of the Working Class in England, 17–18, 37
on economics, 14–18, 22–28, 273
family business of, 12, 13, 35, 46
Marx and, 11–12, 16–18, 22–28, 34–37, 41, 43, 45–47
“Outlines of a Critique of Political Economy,” 14, 38
Enigma machine, 362
Entrepreneurship, 190–92, 220, 257, 374
Erhard, Ludwig, 407
Eucken, Walter, 404
Eugenics, 178, 203, 298–99
Evolutionary theory, 4, 23, 57, 97–98, 106, 176, 177
Exchange rates, 162, 285, 286
fixed, 282
floating, 282
Great Depression and, 323
Exports, 236, 264, 285, 286, 293, 395
F
Fabianism, 119, 120–29, 130, 178, 190, 214, 275, 298, 332, 338
Factories, 40, 41, 58, 108, 173, 321, 443
American, 74, 76, 141, 143, 145, 155, 296, 411–12
Marshall on, 80–83
nineteenth-century British, 12–14, 17–28, 41, 52
See also Industry; Labor
Factory Acts (1844), 10
Falk, Oswald “Foxy,” 281, 282
Famine, 6, 16, 205, 447, 454–55
China, 443–44, 455
cotton, 140, 180
1890s American, 155–56
Hungry Forties, 3–10, 13–18, 26–28, 33, 293
India, 443, 447–48, 450, 455, 459
post–World War I, 208–213, 219, 225, 235, 246–50, 253, 257, 264–65
potato, 27, 32
Ukraine, 339, 340, 443
See also Food; Hunger
Fascism, 262, 295, 331, 392, 431
Fawcett, Henry, 50, 60
Manual of Political Economy, 116
Fawcett, Millicent, 61, 63
FBI, 373
Federal Reserve, 300, 302, 304, 367–68, 411, 413, 415, 423
Great Depression and, 307, 309, 317, 320, 322, 326, 331
Feinstein, Charles, 41
Ferguson, Niall, 264
Fettig, David, 320
Fisher, George, 145–47, 163
Fisher, Irving, 145–70, 192, 194, 197, 203–205, 262, 263, 278, 281, 283, 284, 286, 292, 295–305, 392, 393, 415, 417, 425, 439, 463
Appreciation and Interest, 162
Booms and Depressions, 330
cars of, 295, 297
daughter’s illness and, 204–205
death of, 423
on debt, 320–22
on economics, 150–63, 165–70, 285, 295–305, 311–15, 317–26, 330
eugenics and, 298–99
financial ruin of, 314–15, 326, 331–32
on gold standard, 159–63, 169, 300, 317–18, 326
grand tour, 154–55
Great Depression and, 311–15, 317–26, 327, 330
How to Live, 203
illness of, 163–65, 167
on inflation, 161, 166–70, 299–304
as inventor, 302–303
“Mathematical Investigations in the Theory of Value and Prices,” 153, 160, 161
The Nature of Capital and Income, 165–66
in the 1920s, 295–305
on 1929 stock market crash, 311–15
on prices and employment, 299–302, 320, 321
Principles of Economics, 299
The Purchasing Power of Money, 321
The Rate of Interest, 167, 305
Roosevelt and, 325–26
Stabilizing the Dollar, 310
The Stock Market Crash—and After, 313
on stocks, 304–305, 311–15
at Yale, 145, 147–53, 158
Fisher, Margaret Hazard, 154, 155, 163, 164, 318
Fitzgerald, F. Scott, 414
The Great Gatsby, 414
This Side of Paradise, 364
Florida, 413, 414
Flour, 20, 209
Food, xii, 170, 189
China, 443–44
Hungry Forties, 3–10, 13–18, 26–28, 33, 293
India, 447–48, 455
Panic of 1866, 48–52
post–World War I shortages, 208–213, 219, 225, 235, 246–50, 253, 257, 264–65
prices, 3, 5–6, 33, 49, 59, 156, 257, 264–65, 339, 413, 447
supply, 5–6
taxes, 9, 33
World War II rationing, 385
See also Famine; Hunger; specific foods
Foote, Michael, 444
Forecasting, economic, 301–302, 303–304, 305, 319–20, 420
France, xii, 8, 14, 25, 27, 28, 161, 295
of 1930s, 316
Paris Peace Conference, 244–60
post–World War I, 219, 230, 236–38, 244, 245–60, 290, 413
Republic, 28
Vichy, 361
World War I, 198–200, 205
World War II, 355, 357, 359, 361, 383
Franco, Francisco, 359, 396
Franco-German Annals, 15, 16
Frankfurter, Felix, 237, 255, 316
Franz Joseph, Emperor, 174, 200
Freeman, Ralph, 420
Free-silver movement, 162
Free trade, 123, 150, 191, 192, 206, 258, 262, 330, 393, 401, 441
Fremantle, William Henry, 51
French Revolution, 14, 28
Freud, Sigmund, 5, 173, 207, 209, 211, 218, 264, 265
Frick, Henry Clay, 143
Friedman, Milton, 334, 364–71, 403, 415, 425, 436, 445
on economics, 365–71
A Monetary History of the United States, 1867–1960, 314
permanent income hypothesis, 366
“Taxing to Prevent Inflation,” 367
tax policy, 367–71
World War II and, 367–71
Friedman, Rose, 367
Fry, Roger, 199, 200, 343
Furth, Herbert, 275, 276, 278
G
Gaddis, John Lewis, 389, 394, 430
Galbraith, John Kenneth, 363, 364, 368
The Affluent Society, xi
Galton, Sir Francis, 97, 190, 299
Gandhi, Indira, 453
Gandhi, Mohandas K., 449, 460
Gardner, Richard, 434
Garrett, Elizabeth, 63
Gaskell, Elizabeth, North and South, 52
Geist-Kreis, 276, 279, 375, 403
General Maximum Price Regulation, 369
General Strike of 1926, Britain, 289–90
Genetics, 298–99
George, Henry, 86–89
Progress & Poverty, 86
Germany, xiii, 13, 14, 24, 25, 28, 149, 161, 173, 431
Anschluss talks with Austria, 216, 219, 229–31
Blitzkrieg, 357
economics, 149, 175–79, 186
government, 213–16
Great Depression, 335
industry, 214, 335
labor, 214
Marshall Plan, 407
Nazi, 299, 331, 335, 336, 360, 375, 387, 395, 396, 400
of 1920s, 290–91
of 1930s, 331, 332, 335–36, 340
postwar food supplies, 246–50
post–World War I, 208, 210, 213–16, 222–23, 229–31, 236, 244–61
post–World War II, 405–408, 462
social welfare, 133, 137
society, 17, 214, 291
U-boats, 358, 362
war reparations, 231, 244–61, 290, 406–407
Wirtschaftswunder, 407
World War I, 197–200
World War II, 354–71, 375, 383, 394–96, 400, 403, 424, 440
Gibbs, J. Willard, 147, 148, 152, 416, 418
GI Bill, 420
Giffen, Robert, xiii, 40, 50
Gilbert and Sullivan, 66
Gladstone, William, 11, 134, 136, 140, 141
Globalization, 24, 165, 189, 205, 258, 393, 401, 430, 438–39, 459–60
Gold standard, 157, 159–63, 184–85, 258, 267, 285, 335, 422
abandoned by Roosevelt, 325–26
Fisher on, 159–63, 169, 300, 317–18, 326
Great Depression and, 307, 316, 317–18, 325–26, 331
post–World War I, 258, 267, 282, 285–86
Government, 129–31, 151, 294, 299, 300, 422–23, 432
Austrian, 209–211, 213–34
British, 3, 9, 57–58, 91, 95, 101–102, 122, 129–38, 285–95, 307, 310–11, 316–17, 338, 339, 342, 355–56, 385, 401, 420, 433–35
German, 213–16
Great Depression and, 307, 315–16, 330, 331
India, 447–48, 449, 459–60
modern welfare state, 131–38, 169
regulation, 165–70, 192, 330, 393–94, 402
Grant, Duncan, 199, 200, 241, 253, 282, 286, 316, 341
Great Britain, xi–xv, 161, 295
banking, 44–47, 281–82, 286, 307
Black Friday, 44–47, 49
Communism, 429–31, 433–36
Conservatives, 101–102, 108, 129, 286, 289, 317, 433
decolonization, 438
depression of
early 1880s, 86–88
of 1840s–50s, 3–10, 12–42, 293
of 1860s–70s, 40–47, 48–72
of 1880s–90s, 86–90, 91–138, 140–41, 154, 161–62
Great Exhibition, 34–36, 40, 43, 67
imperialism, 129, 180–82, 184, 220, 437
India ruled by, 447, 448, 449–50
Industrial Revolution, 12–14, 17–23, 24–28, 41, 44, 52, 61, 63, 64, 81–82
Labour Party, 131, 307, 310–11, 316–17, 323, 339, 385, 420, 432–35
Lend-Lease, 359–62
Liberals, 14, 101–102, 108, 129–31, 134–37, 197, 239, 289–95, 307, 317
Marshall Plan, 407, 434
migration to city, 26
national debt, 355
nineteenth-century economics, 14–18, 23–47, 52–90, 100–138, 155
of 1920s, 281–305, 342
1926 coal strike, 289–90, 344
1929 stock market crash, 306–311
of 1930s, 306–311, 316–17, 331–33, 355–56, 393
Panic of 1866, 48–52
Panic of 1907, 137, 183–85
Paris Peace Conference, 244–60
post–World War I, 219, 236–38, 244, 245–61, 282–95, 413
post–World War II, 138, 385, 395, 402, 411, 420, 429–36
society, 12–18, 21–22, 24–32, 50, 62–63, 91–95, 110–18, 124–26, 198
Tories, 3, 9, 101, 104, 122, 129, 132, 260, 286, 307, 317
twentieth-century economics, 171, 175, 176, 240–42, 282–95, 306–311, 317, 331–33, 343–53, 354–64, 385
U.S. relations with, 139–41, 359–42
war debt, 245, 259, 355, 359
wartime rationing, 385
welfare, 6, 112–13, 131–38, 333, 420
World War I, 197–200, 205, 206, 358
World War II, 354–71, 372–73, 375–76, 383–89, 394–95
Great Depression, xiv, 257, 262, 306–337, 347, 351, 362, 365, 366, 396–97, 414, 417, 423, 438, 462
federal construction projects, 307, 315, 316, 331
Fisher and, 311–15, 317–26, 327, 330
Keynes and, 306–311, 315–17, 326–27, 355
See also specific countries
Great Exhibition, 34–36, 40, 43, 67
Great Northern Railway, 156
Great Western Railway, 95
Greeley, Horace, 43
Gross domestic product (GDP), 90, 140, 327, 384, 455, 458
Grote Club, 56, 63, 341
GRU, 397
Gulik, Charles, 213
H
Haberler, Gottfried, 276
Hadley, Arthur, 149
Hagen, Everett, 419
Halévy, Élie, 130
Hamp, Pierre, La Peine des Hommes: Les Chercheurs D’Or, 265
Hansen, Alvin, 385, 411
Full Recovery or Stagnation, 411
Harcourt, Geoffrey, 351, 431, 444
Harding, Warren, 368
Hardy, G. H., 240, 309, 447
Harkness, Margaret, 94, 100, 111
Harrod, Roy, xv, 441
Harvard Economic Society, 312
Harvard University, 194, 274, 317, 318, 344, 349, 350, 364, 411, 415–20
