Human Action: A Treatise on Economics

  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