Study Guide to Man, Economy, and State with Power and Market
Study Guide to Man, Economy, and State with Power and Market Study Guide to Man, Economy, and State with Power and Market
Apriorism, 1, 9 Ability-to-pay principle, 211 Absolute advantage, 18 Acceleration principle, 147 Action, 3 Advertising, 129, 160, 164 Affluence, 164 Agio. See Interest Algebra, 150–51 Antitrust laws, 190, 194 Arrow-Debreu, 64 Autistic exchange, 17 Average physical product (APP), 84 Awareness, 17 Balance of payments, 32, 144 Bank/banking 100 percent reserve, 142–43 fractional-reserve (FRB), 142 run, 165 Barriers to entry, 125 Barter, economy, 35 See also Exchange, direct Basing-point pricing, 194 Belief, 2, 4 Bentham, Jeremy, 238 Bills of exchange, 145 Böhm-Bawerk, Eugen, 9, 62, 99, 102, 115 Boom, runaway, 165 See also Business cycle Bribery, 196 249 INDEX Bureaucracy, 121, 124 Buridan’s ass, 49 Business cycle, 146, 156, 164, 165 Bust. See Business cycle Calculation, economic, 28, 108, 112, 113, 116, 121, 124, 125, 162 Cannan, Edwin, 169 Capacity, paradox of excess, 128–29 Capital goods (factors of production), 4, 5, 7, 82, 85, 104 complementary, 7 Capital, structure of, 163, 164 working, 104 Capitalists, 32, 59, 70 Capitalization, 40, 46 Caplan, Bryan, 185 Cardinality, 6, 51 Cartel/cartels, 121, 124–25 as similar to mergers and corporations, 124 one big, 125 compulsory, 190, 192 Cash balance, 32, 135, 137 Catallactics, 28 Chamberlin, Edward Hastings, 129 Chaos. See Calculation, economic Charity, poverty and, 233 Child labor laws, 190, 193 Choice, 1 Circular flow diagram, 34, 77 Clark, John Bates, 9
250 Study Guide to Man, Economy, and State with Power and Market Clearinghouses, 144 Clemence, Richard Vernon, 79 Coinage, 149, 197 Coincidence of wants, 27, 29 Collective goods. See Public goods Command posts, 162 Comparative advantage, 16, 18 Competition, monopoly, 128 perfect, 122, 128 Competitive price, 122 See also Monopoly/monopolies/ monopolistic, price Complementarity, 46 Condition, general, 4 Conflict, 162 Conscription, 190, 193 Conservation laws, 190, 195 Consumer/consumers’ sovereignty, 121, 123 “surplus,” 43 Consumption, function, 147 See also Government spending Convertibility, 7 Copyrights, 129 Corporations limited liability, 196–97 Cost/costs, 45, 56, 58 alleged distinction between production and selling, 129 of living, 113 theory of prices, 214 transaction, 129 Court of final opinion, 176 Credit expansion, 156, 164–65 See also Inflation, monetary Crime. See Intervention Deadweight loss, 131 Defense services, 175–76, 213 Demand, 16, 19, 42, 132 exchange, for money, 137, 150 law of, 116 reservation, 21, 110, 137 speculative, 139 to hold, 20 Democracy, 182, 193, 220, 224, 225 as contradictory, 223 in two senses, 222 Department of Commerce, 220, 223, 225 Development, over- and under-, 235 Diminishing marginal utility, law of, 6, 47 Discounting, 84 Distribution, 61 production and, 108, 113 Division-of-labor, 15, 18, 206 Doody, 79 Draft. See Conscription Economics, 3, 9, 169, 241 Economies of scale, 121, 124 Economists, 241 Economizing, 4 Economy Evenly Rotating (ERE), 11, 55, 57, 60, 64, 71, 76, 82, 113 progressing, 94, 98, 100 retrogressing, 94, 98, 100 stationary, 94 Elasticity of demand, 20, 132 of supply, 25 Employment, full, 111, 141 Ends, 4, 47 Entrepreneurship, 2, 4, 95–96 self-employment and, 112 Envy, 182, 185 Equality, 230, 232 before the law, 210
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250 <strong>Study</strong> <strong>Guide</strong> <strong>to</strong> <strong>Man</strong>, <strong>Economy</strong>, <strong>and</strong> <strong>State</strong> <strong>with</strong> <strong>Power</strong> <strong>and</strong> <strong>Market</strong><br />
Clearinghouses, 144<br />
Clemence, Richard Vernon, 79<br />
Coinage, 149, 197<br />
Coincidence of wants, 27, 29<br />
Collective goods. See Public goods<br />
Comm<strong>and</strong> posts, 162<br />
Comparative advantage, 16, 18<br />
Competition, monopoly, 128<br />
perfect, 122, 128<br />
Competitive price, 122<br />
See also Monopoly/monopolies/<br />
monopolistic, price<br />
Complementarity, 46<br />
Condition, general, 4<br />
Conflict, 162<br />
Conscription, 190, 193<br />
Conservation laws, 190, 195<br />
Consumer/consumers’<br />
sovereignty, 121, 123<br />
“surplus,” 43<br />
Consumption, function, 147<br />
See also Government spending<br />
Convertibility, 7<br />
Copyrights, 129<br />
Corporations<br />
limited liability, 196–97<br />
Cost/costs, 45, 56, 58<br />
alleged distinction between production<br />
<strong>and</strong> selling, 129<br />
of living, 113<br />
theory of prices, 214<br />
transaction, 129<br />
Court of final opinion, 176<br />
Credit expansion, 156, 164–65<br />
See also Inflation, monetary<br />
Crime. See Intervention<br />
Deadweight loss, 131<br />
Defense services, 175–76, 213<br />
Dem<strong>and</strong>, 16, 19, 42, 132<br />
exchange, for money, 137, 150<br />
law of, 116<br />
reservation, 21, 110, 137<br />
speculative, 139<br />
<strong>to</strong> hold, 20<br />
Democracy, 182, 193, 220, 224, 225<br />
as contradic<strong>to</strong>ry, 223<br />
in two senses, 222<br />
Department of Commerce, 220, 223,<br />
225<br />
Development, over- <strong>and</strong> under-, 235<br />
Diminishing marginal utility, law of,<br />
6, 47<br />
Discounting, 84<br />
Distribution, 61<br />
production <strong>and</strong>, 108, 113<br />
Division-of-labor, 15, 18, 206<br />
Doody, 79<br />
Draft. See Conscription<br />
Economics, 3, 9, 169, 241<br />
Economies of scale, 121, 124<br />
Economists, 241<br />
Economizing, 4<br />
<strong>Economy</strong><br />
Evenly Rotating (ERE), 11, 55,<br />
57, 60, 64, 71, 76, 82, 113<br />
progressing, 94, 98, 100<br />
retrogressing, 94, 98, 100<br />
stationary, 94<br />
Elasticity<br />
of dem<strong>and</strong>, 20, 132<br />
of supply, 25<br />
Employment, full, 111, 141<br />
Ends, 4, 47<br />
Entrepreneurship, 2, 4, 95–96<br />
self-employment <strong>and</strong>, 112<br />
Envy, 182, 185<br />
Equality, 230, 232<br />
before the law, 210
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