Man, Economy, and State with Power and MarketThe era of modern economics emerged with the publication of Carl Menger?s seminal work, Principles of Economics, in 1871. In this slim book, Menger set forth the correct approach to theoretical research in economics and elaborated some of its immediate implications. In particular, Menger sought to identify the causal laws determining the prices that he observed being paid daily in actual markets.4 His stated goal was to formulate a realistic price theory that would provide an integrated explanation of the formation of market phenomena valid for all times and places.5 Menger?s investigations led him to the discovery that all market prices, wage rates, rents, and interest rates could ultimately be traced back to the choices and actions of consumers striving to satisfy their most important wants by ?economizing? scarce means or ?economic goods.? Thus, for Menger, all prices, rents, wage, and interest rates were the outcome of the value judgments of individual consumers who chose between concrete units of different goods according to their subjective values or ?marginal utilities? to use the term coined by his student Friedrich Wieser. With this insight was born modern economics. |
Contents
| xix | |
| li | |
| 1 | |
| 79 | |
Exchange and the Division of Labor | 95 |
Terms of Exchange | 103 |
Equilibrium Price | 106 |
Elasticity of Demand | 130 |
THE RATE OF INTEREST AND ITS DETERMINATION | 367 |
The Time Market | 375 |
Time Preference and Individual Value Scales | 379 |
The Time Market and the Production Structure | 390 |
Time Preference Capitalists and Individual Money Stock | 410 |
The PostIncome Demanders | 416 |
The Myth of the Importance of the Producers Loan Market | 420 |
The JointStock Company | 426 |
Stock and the Total Demand to Hold | 137 |
Continuing Markets and Changes in Price | 142 |
Specialization and Production of Stock | 153 |
Types of Exchangeable Goods | 162 |
The Appropriation of Raw Land | 169 |
Enforcement Against Invasion of Property | 176 |
CHAPTER 3T HE PATTERN OF INDIRECT EXCHANGE | 187 |
The Emergence of Indirect Exchange | 189 |
Some Implications of the Emergence of Money | 193 |
The Monetary Unit | 196 |
Money Income and Money Expenditures | 198 |
Producers Expenditures | 206 |
Maximizing Income and Allocating Resources | 213 |
CHAPTER 4PRICES AND CONSUMPTION | 233 |
Determination of Money Prices | 238 |
Determination of Supply and Demand Schedules | 249 |
The Gains of Exchange | 257 |
The Marginal Utility of Money | 261 |
B The Money Regression | 268 |
Utility and Costs | 276 |
Planning and the Range of Choice | 279 |
Interrelations among the Prices of Consumers Goods | 280 |
The Prices of Durable Goods and Their Services | 288 |
Welfare Comparisons and the Ultimate Satisfactions of the Consumer | 298 |
Some Fallacies Relating to Utility | 302 |
The Diminishing Marginal Utility of Money | 311 |
On Value | 316 |
THE STRUCTURE | 319 |
The Evenly Rotating Economy | 320 |
A World of Specific Factors | 329 |
Joint Ownership of the Product by the Owners of the Factors | 333 |
Cost | 340 |
Amalgamated Stages | 345 |
The Pure Rate of Interest | 348 |
Money Costs Prices and Alfred Marshall | 353 |
Pricing and the Theory of Bargaining | 362 |
JointStock Companies and the Producers Loan Market | 435 |
Forces Affecting Time Preferences | 443 |
The Time Structure of Interest Rates | 445 |
Schumpeter and the Zero Rate of Interest | 450 |
GENERAL PRICING | 453 |
ENTREPRENEURSHIP | 509 |
The Effect of Net Investment | 517 |
Capital Values and Aggregate Profits in | 527 |
Capital Accumulation and the Length of | 537 |
The Adoption of a New Technique | 544 |
The Entrepreneurial Component in | 550 |
PARTICULAR FACTOR | 557 |
Entrepreneurship and Income | 588 |
The Economics of Location and Spatial Relations | 617 |
A Summary of the Market | 624 |
10 | 629 |
CHAPTER 11MONEY AND ITS PURCHASING POWER 755 1 Introduction | 755 |
15 | 767 |
Gains and Losses During a Change in the Money Relation | 811 |
Interlocal Exchange | 818 |
CHAPTER 12T HE ECONOMICS OF VIOLENT | 875 |
CHAPTER 1DEFENSE SERVICES ON THE FREE MARKET | 1047 |
CHAPTER 2FUNDAMENTALS OF INTERVENTION 1057 1 Types of Intervention | 1057 |
CHAPTER 3TRIANGULAR INTERVENTION | 1075 |
TAXATION | 1149 |
GOVERNMENT | 1253 |
A PRAXEOLOGICAL | 1297 |
The Problem of Immoral Choices | 1303 |
The Problem of Security | 1313 |
The Charge of Selfish Materialism | 1321 |
The Problem of Luck | 1333 |
Human Rights and Property Rights | 1340 |
ECONOMICS | 1357 |
| 1371 | |
INDEX OF NAMES | 1395 |
| 1405 | |
Common terms and phrases
allocation analysis Austrian School berries buyers capital value capitalists cartel cash balance ceteris paribus commodity consider consumption costs Crusoe demand curve demand for money demand schedules determined diagram discounted DMVP duction earn economic economists elastic entrepreneurs equal equilibrium price evenly rotating economy example exchange exchange-value expenditures fact factors of production firm forgone free market future gold ounces greater higher price horse human action increase individual industry interest rate interest return investment Keynesian labor factors losses lower Ludwig von Mises man’s marginal utility Mises monetary income money income money price monopolistic monopolistic competition monopoly gain monopoly price nomic owners percent praxeology preference present production process profits psychic purchase quantity rate of interest rent result Rothbard savings sell seller specific stage sumers supply curve suppose tend theory tion unions unit use-value value product value scale various wage rates