Human Action: A Treatise on Economics

  infant, 505–507

  location of, 506–507, 510

  modern, 587

  processing, 341

  Inequality

  of men (inborn), 90, 134, 157, 173–174, 837–838

  of wealth and income, 285–286, 731–732, 836–847 see also, Equality under law; Privileges; Restrictions

  Infant industries argument, 505–507

  Inflation

  catallactics and, 420

  credit expansion and, 568

  deflation and, 419–421, 428, 564–567, 779

  domestic, 452

  effects of, 545, 547–563

  engineering of, 783

  European, 424

  passive, 570n

  progressing, 424–425 see also, Credit expansion; Cycle theory; Depression; Money

  Inflationists

  radical, 236

  view on history, 463–468

  Inheritance and environment, 46

  Insecurity, 847–849

  Instincts, 15–16, 26–28, 169

  Institutionalism, 62, 66, 206, 636n, 643, 697, 755

  Insurance, 109, 112n

  Integration of catallactic function, 252–256

  Interdictions, 13

  Interest

  computation of, 533–534

  credit expansion and trade cycle, ch. 20, pp. 535–583

  defined, 523

  originary, 238, 427, 521, 523–529, 531–533, 545–547, 548, 639, 842n

  phenomenon of, 521–523

  problems of, 535–536

  productivity theory of, 263–264, 522–531

  rate.ch. 19, pp. 521–534

  gross, 535–542, 564–567

  height of, 529, 531

  market, 536–568

  money relation and, 455–459

  neutral, 536, 538–539

  unpopularity of, 569–570

  Interests

  class, 5, 81

  harmony and conflict of, ch. 24, pp. 660–684

  “rightly understood,” 669–678

  vested, 269, 276, 334, 848

  Interference, see, Interventionism

  Interlocal exchange rates, 449–455

  International capital market, 498

  International monetary cooperation, 473–475

  International Monetary Fund, 475, 785

  International organization, 365, 683–684, 817

  International trade, 160, 392, 446, 737, 741

  Interventionism

  acquisition of wealth and, 310

  advocates of, 365

  banking and, 437, 444

  depression, contracyclical policies and, 792

  confiscatory, 802

  consumption and, 727–729

  crisis of, ch. 36, pp. 851–857

  end of, 854–857

  harvest of, 851

  labor and, 610

  legal tender legislation and, 777–779

  market economy hampered, Part 6, pp. 712–857

  market reaction to, 756–761

  method of, 312

  monetary matters and, 468, 570

  patterns of, 713–715

  planning, 104n, 113, 672, 696, 725, 784

  policy of, 193, 471, 713–715

  price structure and, ch. 30, pp. 752–773

  production and, 655, 736, 800

  public works and, 792

  superhuman, 146

  taxation and, 227; ch. 28, pp. 730–735

  war and, 821 see also, Cartels; Government; Nationalism; New Deal; Socialism

  Intolerance, 148

  Intuition, 84

  Inventions, 508

  Investments

  boom and, 574

  capital, 342, 369, 378

  convertibility and, 499, 505, 510

  foreign, 493–495, 497–499

  government, 226, 841

  inconvertible, 342, 391, 576

  malinvestment, 391, 556–558, 561

  overinvestment, 556–558

  reluctance toward, 582

  saving and, 517–520 see also, Capital goods; Entrepreneurs; Interest, rate; Production, factors of; Security; Speculating

  Investor, mobility of, 514–517

  Iron

  gold and, 121

  law of wages, 20n, 601, 739

  Irrationalism, 5, 6, 7, 12, 18, 89, 95, 102, 104, 173, 185, 314, 880 see also, Rationalism

  J

  James, William, 156

  Jevons, William Stanley, 121, 479, 485, 494, 579

  Judgments, see, Relevance, judgments of; Valuation

  Just prices, 620, 721, 722

  Justice

  notion of, 147, 716

  social, 671, 719, 849–850

  K

  Kaufmann, Felix, 39n, 103n

  Kautsky, Karl, 137

  Kempis, Thomas a, 217

  Kepler, Johannes, 58

  Keynes, John Maynard, 429, 464, 467, 468n, 546n, 737, 771, 785, 787, 846

  Keynesians, ideal of, 474

  Knight, Frank Hyneman, 67n, 289n, 489n, 844n

  Knowledge, 5, 32, 84, 207, 584 see also, Education; Epistemological problems

  Ku Klux Klan, 773

  L

  Labor

  baiting, 740

  capital and, 637

  catallactics and, 585, 771–773

  child, 610, 612, 615, 740–741

  commodity character of, 590, 605, 628–629

  competition and, 625, 768

  compulsory, 628

  conditions, 613

  distribution of, 134

  disutility of, 65–66, 131–137, 584, 588, 606–613

  division of, 65, 82, 131, 143–145, 147, 157–164, 258, 266, 465, 588, 606, 669, 824, 827

  extroversive, 584–585

  free, 13 5n, 628

  hours of, 133, 599, 608, 740

  human, 131–137, 141, 489

  immediately gratifying, 137–138

  international division of, 622, 824, 826

  interventionism and, 610

  introversive, 137n, 584–585

  joy and tedium of, 585–589

  legislation, 313–314, 363, 739, 746–749

  market, 584–630

  nonspecific factor of, 133–135, 389, 590

  Party of Britain, 726

  price of, 602

  productivity of, 605, 674, 675n, 768

  professional, 140, 234

  quantity and quality of, 619

  relations, 80, 691

  Russian versus American, 675n

  selective function and, 309

  slave, 624–630

  socialism and, 137, 674

  supply of, 136, 606–613

  theory of, 584–630

  unions, 373–374, 585, 591, 605, 618, 764–767, 771–773, 783, 786–787, 808, 811

  United States, 675n

  wages for, 589–593, 615, 619, 673 see also, Production, factors of

  Laissez faire, 9, 613, 615, 616, 725–727, 741, 820, 824, 837

  Land

  appraisal versus improvements, 63 7n

  as standing room, 638–639

  capital accounting and, 262–263

  catallactics and, 634n

  evenly rotating economy and, 639n

  external costs and, 650

  ownership of, 308

  preromantic ages and, 641

  prices of, 390, 523, 619, 630, 639–640

  reform, 801

  submarginal, 636–638

  theory of, 632–641

  utilization of, 634–636, 652 see also, Property

  Landauer, Carl, 699n

  Lange, Oskar, 702n

  Langlois, Charles Victor, 50n

  Laputania, 8

  Laski, Harold, 726

  Lassalle, Ferdinand, 842n, 846

  Latin Monetary Union, 469

  Laum, Bernhard, 267n

  Lavoisier, Antoine Laurent, 186

  Law

  economic

  association, 158–163, 168, 174

  comparative cost and
, 158–163

  Gregory King, 232

  marginal utility, 119–127, 632

  of the market, 755–756

  of wages, 20n, 601, 739

  participation, 36

  population, 20n, 129, 174–175, 663–669

  psychophysics, 125

  return, 127–130, 338–347, 663

  Ricardian, 158–163, 168, 174 see also, Gresham's Law

  equality under, 838

  moral and natural, 146, 173–174, 716, 755, 835, 837

  of human action, 755 see also, Praxeology

  of nature (physical), 755 see also, Sciences, natural

  regarding property, 651

  rule of, 199 see also, Liberalism; Legislation

  Laymen, economic philosophy of, 464

  Leadership, 138, 155, 256, 311, 325

  League of Nations, 683–684, 792n, 821

  Learning, see, Education

  Leather, tariff on, 742

  Lebensraum, 320

  Legal tender, 432n, 445, 447, 469, 774, 777–779 see also, Currency; Fiats; Money, paper

  Legislation

  commercial, 214

  Corn Laws, 82

  labor, 313–314, 363, 739, 746–749

  legal tender, 774, 777–779

  licenses and, 366, 658–659

  Peel's Act of 1844, 569

  prolabor, 313–314, 738–741, 746–749 see also, Copyrights; Laws; Patents

  Leibniz, Gottfried Wilhelm, 13n

  Leisure, 131

  Lend-lease, 475

  Lenin, Nikolai, 76, 645

  Lerner, Abba Ptachya, 803n

  Level of prices, 223, 395–396, 410

  Lévy-Bruhl, Lucien, 36–37

  Liberalism

  advocacy of, 149–157, 183

  banking problems and, 440–441

  eighteenth-century, 173

  government and, 149, 283, 321, 719

  philosophy of, 685, 837

  praxeology and, 153–155

  pseudo, 153

  religion and, 155–157 see also, Market economy

  Liberals

  illusions of, 157, 193, 860–862

  self-styled, 281

  Liberty, see, Freedom

  Licenses, 366, 658–659

  Life and science, 877–878

  Living costs, 466 see also, Costs; Standard of living

  Loans

  bank, 568

  contract for, 196–199, 280, 281, 497, 524

  government, 226, 461

  interest rate and, 455

  intergovernmental, 499

  market, 524, 542–545, 672

  money, 430

  short and long term, 400, 441, 541

  war, 228–229 see also, Credit; Credit expansion

  Location of industries, 499, 506–507, 510, 514

  Locke, John, 13n

  Logic, 25, 33–38, 74, 86, 99, 184–185

  Logical positivists, 699n

  Long run, 82–83, 294, 649

  Lorenz, Max Otto, 523n, 734n

  Losses, see, Profits and losses

  Lottery enterprise, 109

  Lozovsky, A. pseud. (Dridzo, Solomon Abramovich), 765n

  Lutz, Harley, 731–732

  Lysenko, Trofim Denisovich, 496n

  M

  Machine Age, 837

  Machlup, Fritz, 517n, 570n, 790n

  Maclver, Robert Morrison, 144n

  Magic, 37

  Maistre, Joseph, 860

  Majority rule, 76, 149, 153, 193, 647n

  Malinvestments, 391, 556–558, 561, 580 see also, Booms; Credit expansion; Depressions

  Malthus, Thomas Robert, 664

  Malthusian law of population, 20n, 129, 174–175, 663–669

  Man

  acting, ch. 1, pp. 11–29

  common, 46, 192–193, 611, 616–617

  economic, 62

  inequality of, 134, 157, 173–174, 837–838

  irrational, 314

  member of society, 41

  primitive, 33, 36–38, 145, 600

  rational, 19

  real, as a datum, 646–647

  vegetative, 28–29 see also, Action, human

  Management, 301–305, 306, 703–704, 810, 855 see also, Entrepreneur; Government; Interventionism; Ownership

  Manchester School, 239, 819, 824, 827

  Mandats territoriaux, French (of 1796), 425

  Mangoldt, Hans Karl Emil, 289n

  Marginal productivity of capital, 293

  Marginal utility, 119–127, 632

  Margins, doctrines of, 337

  Mark, German (1923), 425

  Market democracy, 271

  Market economy

  advantages of, 667

  affected by trade cycle, 572–583

  autonomy of, 752

  capital, 543

  case against, 829–831

  catallactics or economics of, Part 4, pp. 233–684

  characteristics of, 258–260, 678

  competition and, 117, 308–311

  consumers and, 270, 328, 390

  data of, ch. 23, pp. 642–659

  democracy and, 271, 678

  denial of, 320

  economic calculation and, 210–212

  features of, ch. 15, pp. 258–323

  function of, 392, 757

  government and, ch. 27, pp. 712–729, 752–763

  hampered, Part 6, pp. 712–857

  individual and, 311–316

  loan, 524, 542–545, 572

  labor and, 584–630

  money and, 398, 459, 543

  nonmarket economy and, 206

  phenomena, 2, 233, 312, 469

  price, 246, 335, 388, 756

  process, 216, 330, 352

  production in, 488

  profit and loss in, 660–662, 701

  public expenditures and, 221, 734, 851

  pure, 238–241

  reaction to government interference, 756–761

  selective process of, 308–311, 700

  social cooperation and, Part 5, pp. 685–711

  socialism and, 335, 672, 687, 712

  stock exchanges and, 514–515

  theory and data of, 642–643, 672

  versus welfare principle, ch. 35, pp. 829–850

  wage rates in, 619–620

  war and, 821–824 see also, Capitalism; Cycle theory; Distribution; Entrepreneurs; Exchange; Interventionism; Liberalism; Monopoly, prices; Private property

  Marketability, 398, 459

  Marshall, Alfred, 385n

  Marshall, John, 733

  Marx, Karl

  communism and, 644n

  doctrine of, 74, 78–82, 84, 216n, 497, 605, 689–691, 861

  socialistic approach to government, 260, 265, 267, 671n

  terms of, 268

  theory of

  capitalism, 612, 690, 860

  economists, 9

  unionism, 765

  wages and exploitation, 601–606, 612

  Marxism

  analysis of capitalism, 612, 690, 860

  class struggle and, 671n

  commercial crises of, 579

  criticism of economists, 9

  ideology, 5, 74, 78–79, 82, 207

  polylogism and, 75

  production and, 141

  productivity of labor and, 675n

  socialism, 260, 265, 267, 67In, 689–691