INDEX
Abstinence, criticism of doctrine that interest is payment for, 156, 172
Abstract value of goods, doctrine of (confusion of “use value” with “utility”), 116 n, 118 n, 118-19, 292 ff., 297-300, 307-8
Académie Française, 309-10
Accumulation of capital, 73-4, 109, 152-5
Advance provision, 68, 78-80, 87-9, 153 ff.; see also Economizing, Production, Requirements, Time
Advertising, 242 n.
Alternative uses, 58-63, 66, 85, 129, 162-3; see also Economizing, Complementarity, Production
Ambrosius, 286
Aristotle, 53 n., 277 n., 286, 295-6, 296 n., 305, 306, 315, 316, 317
Austrian Civil Code, 309
Bacon, Francis, 47
Bandini, Sallustio Antonio, 279 n.
Barter, 257-8
Bastian, Adolph, 281, 281 n., 284
Bastiat, Frédéric, 166 n., 308
Baudrillart, M. H., 319
Baumstark, Eduard, 310-11
Beccaria, Cesare, 318
Benecke, G. F., 313
Bernardakis, A. N., 257 n.
Bernhardi, Theodor, 289, 306, 307
Beulé, Charles E., 314
Biel, Gabriel, 316, 317, 317 n.
Bilateral monopoly (Isolated exchange), 194-7
Böckh, August, 264 n.
Boisguillebert, Pierre, 318
Boizard, Jean, 318
Books, market for scholarly 229, 243, 246, 251, 275 n.
Brocher, H., 304
Broggia, CarloAntonio, 277 n.
Business, mechanical character of, 63, 86, 225
Capital: definition, 155, 303-5; fixed capital, 66, 157, 278-9; held in form of money, 278; productivity of, 152-6; services of, 156, 157, 159 n., 172, 172 n.; see also Interest, Services
Carey, Henry C., 156, 156 n., 189 n., 304
Carli, Gian-Rinaldo, 279 n.
Causal interrelations: universal structure of, 51; law of cause and effect, 51, 67, 70; idea of causation related to idea of time, 67; see also Interdependence
Census, 91-2
Clavigero, Francesco Saverio, 269 n.
Clément, Ambroise, 290
Clienteles, 55, 242-3, 242 n., 250
Codex Juris (Justinian’s Code), 309, 315
Cognition, 116
Coinage: as guarantee of fineness and weight of monetary metal, 281 ff.; coinage and legal tender, 283 ff.; government abuse of, 285; subsidiary coins, 284-5
Commodity: definitions, scientific and popular, 238-9, 308-9; history of concept, 308 ff.; distinguished from consumption good, 240-1, 259-60; demand for, 245; money as a commodity, 241, 262-5, 268-71; see also Marketability, Money
Commodity-character, nature of, 239, 240, 260
Communism, 100-1
Competition: origin and causes of, 217; barriers to, 216, 217; common interest of competitors, 205; “understandings” between competitors, 221, 221 n.
–(Theory of): no single competitor can regulate price or quantity alone, 225; competition narrows the limits of price formation, 201-2, 272; relation between price and quantity sold (demand function) analogous to relation under monopoly, 219-20; price formation under competition, 216 ff.; comparison of monopoly and competition, 220 ff.
–(Advantages of): increased production, 223-4; lower prices, 224; eliminates price discrimination, 223; eliminates spoilage and destruction, 221-2; raises wages, 174; increased efficiency, 225
–See also Market organization (esp. formation of “economic prices”), Illustrations (Horse-traders and grain farmers, Two heirs of a monopolist), Exchange
Competitive strength, 203, 206, 207, 209
Complementarity, 58-63, 84-7, 157 ff., 162-5, 251
Concrete goods, 140, 145, 162, 167, 168, 169; concrete goods versus species of goods, 116 n., 297-300
Concrete needs, 81, 81 n., 122, 144
Condillac, E. B. de, 82 n., 260 n., 295, 296-7, 306, 310
Coriani, Giambattista, 279 n.
Covarruvias, Didacus, 317
Davanzati, Bernardo, 317-18
Demand, 79 n., 245; demand price, 193, 273-4; relation between price and quantity sold (demand function), 199-210, 219-20, especially pp. 207 and 210; see also Requirements, Marketability
Determinacy vs. indeterminacy, posed as issue, 48-9, 67, 82-3, 89, 119-20, 147, 173, 195-7, 199, 215-16
Diefenbach, Lorenz, 313
Dietzel, Carl, 113 n.
Distribution: of wealth, 97-8, 109 ff.; of goods between buyers, Ch. V passim; and social reform, 98, 173-4
Division of labor, 71-3, 161, 236-7, 268
Doctrinal criticisms:
Carey’s error re parsimony and capital creation, 156
Doctrine of abstract value of goods (confusion of “use value” with “utility”), 116n., 118-19, 118 n., 292 ff., 297-300, 307-8
Doctrine that trade is unproductive, 184 n., 189 n., 190
Interest as payment for abstinence, 156, 172
Labor and real cost theories of value, 63, 101-2, 107-8, 108-9, 115 n., 146-7, 149-50, 156, 166-71, 172-3, 192-3
Lauderdale’s paradox, 110-11 Misconceptions of nature of money, 272-80
Misconception of problem of price theory (the theory of objective equivalents), 121, 192-3, 272-6, 305-6
“National wealth” as criterion of welfare, 112-13
Proudhon’s theory of property, 111
Reproduction cost theory of value, 147
Ricardian theory of rent, 167-9
Smith’s doctrine that division of labor is central factor in economic progress, 72-3
Subsistence theory of wages, 170-1
Du Pont, 287
Dühring, E., 305
Dutch East India Co., 214
Economic and non-economic goods: economic goods, 94-8, 107, 116, 119-20, 290-1; subjective nature of economic character, 101; non-economic goods, 94, 98-101, 117, 118, 119-20, 146; change from non-economic to economic character, 102-7, 154-5, 156; change from economic to non-economic character, 110-11; economic character of goods of higher order, 107-9; quasi-economic and quasi-non-economic goods, 105 n.
Economic development: collecting economy, 72, 73-4, 153; transition from collecting economy to use of goods of higher order, 73, 154-5; transition of goods from non-economic to economic character, 103, 105, 154-5; isolated household economy, 226-7, 236-7; stages in development of exchange economy, 237-9; development of competition, 216-17; development of trade, 188, 257-62, 270; development of entrepreneurial activity, 161; development of money, 260 ff.; see also Progress
Economic laws, 47, 48, 49, 56, 58 ff., 106 ff., 149 ff., 215-16
Economic prices,see Market organization
Economics (State of): need for reform, 45 ff., 166; need for unified or general approach, 49, 166, 168, see also Interdependence, Value (General principle of value determination), Exchange (General principle of); see also Method, Doctrinal Criticisms, Subjective nature
–(Scope of): exclusion of ethical questions, 173-4; non-economic factors and influences, 70-1, 197, 199
–(National schools of): English economics, 118, 290, 297, 307, 308, 309, 317; French economics, 118, 290, 297, 308,309; German economics, 49, 239, 287-8, 289, 290-1, 292-5, 297-302, 307, 310-12, 319-20; Italian economics, 309,317; see also Doctrinal Criticisms, and the proper names of writers
Economies, of individuals, 187, 189, 191; constitute the social economy, 187
Economizing, economy, 80, 89-90, 94, 95-6, 99, 108-9,114-115 128, 129, 159-61, 179-80, 190, 191, 230, 231, 259; as choice between alternatives, 129; as planning for future, 80, 89-90, 115, see also Time; imposed by scarcity, 114-15; psychological reality of, 128; end of economy the maximization of satisfaction, 80, 94, 114, 128, 131, 180, 190, 192, 193, 230, 268; end of economy direct provision of requirements, 259, 260, 261; end of economy not the physical augmentation of goods, 190
Education and learning, 79, 79 n., 89, 104, 174
Effectiveness, economic, 143, 144
Ehrenberg, 303
Eiselen, Johann F. G., 319
Emminghaus, A., 219 n.
Entrepreneurial activity, 157 n., 159-61, 172; an economic good, 161; must be included in calculation of present value of goods of higher order from prospective value of product, 161
Equilibrium: of an individual, 74-6, 126 n., 127-8, 131; between prices of goods of different orders, 159 n.; between requirements and available quantities, 97; prices as symptoms of an economic equilibrium in the distribution of goods between the economies of individuals, 191-2; can be seen in reality by observing closely, 188
Equivalents: Objective equivalents, 192-3, 272-6, 305-6; Subjective equivalents, 196, 202-3, 207, 210, 218, 242-3, 274-5, 275 n., 277; scales of subjective equivalents, 204, 213
Error, 53, 67-71, 86, 105, 108, 120, 147-8, 216, 224, 273, 283; see also Irrationality, Uncertainty
Exchange: irrational exchange, 175-7; general principle of economic exchange, 179-80, 211; foundations for economic exchange, 175-80, 194, 196, 197-8, 199, 200, 202, 203, 210, 231, 239, 245; limits of economic exchange, 181-8; costs or sacrifices of, 185, 189-90, 243, 244-5, 249, 251, 280, 282, 284; exclusion from, 200, 201, 202, 204, 205, 206, 210, 217, 224; see also Trade, Market organization
Exchange economy: stages in development of, 216-17; gives possessor of an economic good general command over other goods, 75, 90-1, 155, 227, 272
Exchange value,see Use value and exchange value
Expectations, 87, 150-2, 169 n., 275
Export staples as money, 270-1
Factors of production,see Labor, Land, Capital, Goods, Quantities available, Technical means of production, Production
Forbonnais, François V. de, 287, 310
Free will, 48, 119-20; and value, 147, 173; see also Determinacy vs. indeterminacy
Freher, Marquard, 316
Freytag, Georg W., 314
Friedländer, 292-3, 292 n, 298-9, 307
Fulda, Friedrich Carl, 287, 289, 311
Galiani, Ferdinando, 277 n., 296
Garnier, G., 295
Garnier, Joseph, 319
Genovesi, Antonio, 277 n., 309, 318
German commercial code, 308-9
Gioja, Melchiorre, 319
Glaser, J. C, 311
Glossa Cassellanae, 314
Goldschmidt, L., 309
Goods: definition of concept, 52, 55; history of concept, 286-8; types and kinds of goods, 141 ff.; homogeneity of, 130, 141 ff., 163; changes in properties of, 53, 233; goods of different qualities, 106, 141-5, 164; true goods, 53-4; imaginary goods, 53-4; “relationships” as goods, 54-5, 288; defective goods, 233; see also Concrete goods, Economic and non-economic goods, Orders of goods, Goods-character
Goods-character: subjective nature of, 52-3, 58; requisites for, 52-3, 57-67 passim; of goods of higher order, 58, 59-60, 63-7; mutual interdependence of goods-character of goods constituting an individual’s property, 75
Government: as an economizing unit, 112; services of, 83, 91-2, 103-4; and origin of money, 260, 261-2, 271; and coinage, 283, 285; policies re trade, 188-9
Graff, E. G., 313
Grimm, Jakob, 264 n.
Hasner, Leopold v., 158 n., 303, 311
Helferich, J. A. R. v., 273 n.
Hermann, Friedrich B. W. v., 109 n 157, 288, 289, 290, 303, 311, 319
Hildebrand, Bruno, 237 n, 257 n, 297-8, 312, 319
Hobbes, Thomas, 279 n.
Hoffmann, Johann G., 319
Hufeland, Gottlieb, 287, 288, 307, 310
Hultsch, Friedrich O., 264 n.
Hutcheson, Francis, 277 n., 307
Illustrations, principal:
Ancient Mexican money and markets, 268-70
Australian tribal collecting economy, 72, 78
Bread and factors producing bread as goods of different orders, 56-7
Bread production, complementarity of factors in, 59
Burma, uncoined money in, 268-70
Cotton famine due to American Civil War, 62, 86
Crusoe allocates his water supply, 133-6
Disappearance of need for quinine, 65
Disappearance of need for tobacco, 64, 65-6
Earthquake at oasis slows flow of water, 120
Forest fire destroys virgin forest-dweller’s timber and fruit trees, 117
Grain elevator burns down, 138-9
Grain farmer and wine grower, 177-9, 194-6
Homeric smith marketing suits of armor, 259-60
Horse-traders and grain farmers: one horse, several grain farmers, 199-202; one horse - trader, several horses, several grain farmers, 203-6, 209; two horse-traders, several horses, several grain farmers, 218; example extended to social groups, 206, 209, 218
Hunter and farmer who find trade disadvantageous, 176
Isolated grain farmer allocates his grain, 129-30, 144
Mineral springs made valueless by abundance, 110-11
One-crop countries, scarcity of labor at harvest in, 62
Optical goods manufacturers dependent on suppliers, 87
Sailing ship and biscuits, 136-8
Thirsty traveller in desert, 140-1
Timber monopolists in the Carpathians, 104-5
Two American frontiersmen trading horses for cows, 181-2, 182-7
Two barley farmers trading insanely, 175-6
Two heirs of a monopolist, 220-2
Village on mountain stream finds water a non-economic good, 98-9
Village stream’s flow reduced by drought, 117-18
Imputation, of value to goods: in general, 116, 121-2, 139, 146; of higher order, 152; of higher order as a group, 157-61, 168-9; of higher order individually, 162-5, 169; of different qualities, 144-5, 144 n., 164
Interdependence, general economic, 57, 62, 63, 67, 87; see also Equilibrium, Economizing, Causal interrelations, Economics
Interest: nature of, 156; as cost, 246-7; as risk premium, 159; not due to abstinence alone, 156, 172; critique of ethical justifications of, 173-4; arrived at by discounting, 158-9; see also Capital
Irrationality, 53-4, 86, 148, 175-6
Justi, J. H. G. v., 310
Karamzin, Nikolai, 270 n.
Kenner, Friedrich, 257 n.
Kleinwächter, F., 305
Knies, Karl, 262 n., 273 n., 293, 298, 299-300, 304-5, 306, 307, 311, 319
Komorzynski, Johann, 306
Kraus, C. J., 319 Krug, Philipp, 270 n.
Labbé, Philipp, 316
Labor: concept. 54-5; supply, 62, 217; technical labor services of entrepreneur, 160, 161; division of labor, 71-3, 161, 236-7; 268; value of labor services, 169 ff.; subsistence theory of wages criticized, 170-1; satisfaction derived from labor, 171-2
Labor and real cost theories of value, critique of, 63, 101-2, 107-8, 108-9, 115 n., 146-7, 149-50, 156, 166-71, 172-3, 192-3
Land: of different qualities, 106, 167-8, 169; as a non-economic good, 102, 106; becoming an economic good, 103, 106; utilization dependent on complementary factors, 85-6; irrational hunger of immigrants for, 86; value of land and the services of land, 165 ff.; see also Rent
Langenstein, Hugo v, 312-13
Lauderdale, James Maitland, 8th Earl of, 110 n., 303, 308
Le Trosne, Guillaume F., 260 n., 287, 306, 307
Levy, Moritz A., 265 n.
Lex Frisionum, 314
Lindwurm, A., 307
Lotz, J. F. E., 184 n., 289, 303, 307, 311, 319
Lueder, A. F., 319
McCulloch, James Ramsay, 289, 290, 308, 319
Macleod, Henry Dunning, 279 n
Malestroit, Jehan de, 317
Malthus, Thomas Robert, 289, 291, 292, 307-8, 319
Mangoldt, H. v., 161, 161 n., 311
Maninski, 314
Market organization: formation of “economic prices” in a complex economy dependent on efficient market organization, 218 n., 248 ff.; markets as points of concentration, 218 n., 238-9, 249-50; sales areas, 243-5, 250-1; organized exchanges, 193, 239, 252, 253, 255, 273-4; periodic markets, 252; auctions, 201 n., 208; role of middlemen, 189-90, 238-9; market reports, 91-4; market reports & speculators link markets together, 218 n., 251; markets in ancient Mexico, 268-70; markets in Burma, 281, 284
Marketability: paid scant attention by economists, 241-2; key to origin of money, 242; of money, 259-60; outer limits of, 241-7; different degrees of, 248-53; and facility of circulation, 254-6; see also Commodity
Maximization: of satisfaction, 80, 94, 114, 128, 131, 180, 190, 192, 193, 230, 268; of profit, 214-15, 215-16, 224-5
Menochius, Jacobus, 317
Method: empirical method, 46 ff., 55-6; economics compared with natural science, 45, 47, 48; unification of social sciences a premature objective, 47; abstraction, 67, 194; errors in method, 166; economics must reject fictions, 112; progress from the simple to the complex, 194; theory & practice, 45-6, 48, 119; illustrations an aid to clarity, 133; see also Doctrinal criticisms
Michaelis, Otto, 116 n., 219 n., 307
Middlemen, 157 n., 184 n., 189 n., 190, 239
Mill, John Stuart, 290, 308, 319 Molinaeus, Carolus, 317
Mommsen, Theodor, 257 n., 262 n., 264 n.
Money: concept, 277-8, 312 fr.; origin of, 257-62; “natural money,” 270, 271, 279; history of, 262 ff.; theories of, 272 ff., 315 ff.; as a commodity, 241, 262-5, 270-1; as a measure of exchange value or price, 272-8; as a store of value, 278-80; marketability of, 259-60; and government, 260, 261-2, 271; see also Coinage
Money-character, 261, 262, 277-8
Monopoly: causes of, 55, 216, 255; precedes competition historically, 217; usually self-remedying in absence of barriers, 217; relation between price & quantity sold under monopoly (demand function), 199-210, esp., pp. 207 & 210
–(Monopoly policy): monopolist’s ability to set price or quantity sold the essential feature of monopoly, 211; but he cannot set both, 212, 215; profit maximization his objective, 213-14; this objective makes price determinate, 215-16; auction policy usually impractical, 208; considerations guiding monopolist’s policy, 208, 211-12, 214; discrimination by stepwise price reductions, 212, 223; “understandings” between competitors, 221, 221 n.
–(Disadvantages of): limitation of production & sales, 104-5, 213, 215, 223-4; destruction or spoilage, 214, 221-2; higher price, 213, 224; exploitation of consumers, 217, 221; inefficiency, 225
–(Illustrations): professional men, 55, 216, 217; artisans, 216, 217; merchants, 216; timber monopolists in Carpathians, 104-5; Dutch East India Co., 214; tobacco destruction in America, 214; medieval guilds, 214-15
–See also, Bilateral monopoly, Illustrations (Horse-traders & grain farmers)
Montanari, Geminiano, 295, 305, 318
Montesquieu, Charles Louis de Secondat, 309
Müller, Adam, 319
Müller, Friedrich, 313
Müller, Wilhelm, 313
Mun, Thomas, 309
Necker, Jacques, 287, 309, 310
Need: concept, 51-2, 77; origin of needs, 77, 119-20; kinds of needs, 66, 124-5; present & future needs, 82, 148, 153 ff.; capacity of needs to grow, 83; importance of satisfying different kinds of needs, 95, 123-4, 125; see also Concrete needs, Satisfaction
Neri, Pompeo, 277 n
Nesselmann, Georg H. F., 314
Nestor, 270 n.
Oberndorfer, Johann A., 289, 303, 319
Oppenheim, Samuel, 319-20
Orders of goods: definition of terms, 56-7, 157 n.; goods of first order, 77-8; goods-character of goods of higher order, 58-67; complementarity of goods of higher order, 58-63, 85; requirements for goods of higher order, 84-7, 107; relation of goods of higher order to needs, 57, 154 ft.; relations between goods of different orders, 55 ff., 67-8, 159 n.; value & price of goods of higher order, 149 ff., 157 ff.; see also Capital, Production, Progress
Plato, 315
Pleasure, 124, 148, 176, 177, 180, 183; alternative pleasures, 123; pleasure in labor, 171-2
Pölitz, Karl H. L., 319
Pollux, Julius, 314
Price: (Concepts): general concept, 191; economic & non-economic prices, 218n., 248, 249-50, 252, 254, 266; effective price, 248, 272; demand price & supply price, 193, 273-4; average price, 272
–(Formation): general principle of, 171; relation to general equilibrium between possessions of individuals, 191-2; limits of, 194-7, 199, 205-6, 207; in isolated exchange (bilateral monopoly), 194-7; under monopoly, 197-216; under competition, 201-2, 216-25; influenced by market reports, 93, 251; see also Monopoly, Competition
–(Theory): misconceptions of problem of, 192-3, 272-6, 305-6; correct task of, 193-4; overemphasis on a mistake, 191, 241-2; relation to value theory, 158, 169 n., 171, 172, 173, 272-8
Prince-Smith, John, 218 n., 219 n
Principles, general applicability of, 64-5, 66-7, 96, 101, 121, 143 ff., 151, 164-5, l67-9. 171, 172, 179-80, 219
Production: as transformation of goods, 58-9, 61, 67-8, 152, 159; as activity coordinated & planned by entrepreneurs, 159-60; for uncertain future sale, 238; complementarity, 58-63, 84-7, 157 ff., 162-5, 251; alternative uses of goods of higher order, 59-60, 66; fixed and variable proportions between factors, 162-3; production period, 67-8, 78, 87-9, 152, 153, 157-8, 159
Productivity: of capital, 152-6; of trade, 184 n., 189 n., 190; and. ethical justification of incomes, 168 n., 173-4; see also Imputation
Profit, 212, 213, 214, 221, 222, 224-5; maximization of, 214-15, 215-16, 224-5
Progress, 71-4, 153, 169; (Causes of): increase of human knowledge, 51, 53, 74, 89, 103; accumulation of capital & resort to goods of higher order, 73-4, 109, 152-5; division of labor, 71-3, 161, 236-7
Property: definition, 76, 109; as social institution, 96-8, 99-101; see also Wealth
Proudhon, Pierre-Joseph, 111 n., 119 n., 297
Quantities, available: knowledge of essential to economic activity, 89; specialized institutions gathering & disseminating knowledge of, 90-93; changes in, 102, 103, 105, 188, 233-4; restricted by monopoly, 104-5, 223-4
Rau, Karl Heinrich, 116 n., 184 n., 270 n., 289, 307, 310, 319
Rent, 165 ff.; Ricardian theory of, 167-9; ethical justification of, 173-4
Rentsch, H., 311
Requirements: definition, 78, 78 n., 79, 79 n., 80; different meanings of term, 79; effective requirements, 85-6; full requirements, 85, 178; latent requirements, 85-6; increases in, 102-3; for goods of first order, 80-4; for goods of higher order, 84-7, 107; advance formulation of requirements, 81-4, 87 ff., 89-90; and marketability, 245, 246; see also Demand, Need
Ricardo, David, 167, 167 n., 168, 277 n., 289, 306, 307, 308
Riedel, A. F., 311
Risk: premium, 159, 172 n.; -bearing, 161
Rodbertus, Karl, 167 n., 168 n.
Roesler, Hermann, 166 n., 289, 294-5, 306, 307, 311
Roscher, Wilhelm, 43, 110 n., 237 n., 257 n., 265 n., 270 n., 271 n., 273 n., 287, 288, 289, 290, 293, 307, 311, 316, 319
Satisfaction: nature of, 52, 75; direct & indirect, 56-8, 226-8; maximization of satisfaction the end of economic activity, 80, 94, 114, 128, 131, 180, 190, 192, 193, 230, 268; harmony in satisfaction of needs, 74-6, 234; equilibrium of individual in satisfaction of alternative needs, 126 n., 127-8, 131; satisfaction of “concrete needs,” 115, 122, 128-9, 131, 139, 162; satisfaction of “a need” by successive stages, 115, 125, 141; successive “acts” of satisfying “a need,” 81 n., 124, 125, 126, 127, 128, 131, 147; satisfaction to satiation & beyond, 124, 125; qualitatively different ways of satisfaction, 142 ff.; present vs. future satisfactions, 148, 153-4; scales of importance of satisfactions, 125-8, 183-6, see also Equivalents; only relative importance of satisfactions portrayed in scales, 183 n.; see also Needs, Value, Economizing
Savigny, Friedrich Karl v., 315
Say, Horace, 309
Say, Jean Baptiste, 287, 288, 289, 291-2, 303, 306
Schäffle, Albert E. F., 54 n., 277 n., 288, 290, 293-4, 300 n., 300-01, 307, 312
Scheel, H. v., 237 n., 257 n., 311
Schlözer, Christian v., 295
Schmalz, T. A. H., 279 n., 312
Schmoller, Gustav, 226 n., 237 n., 303
Schön, Johannes, 311
Scholz, Karl, 219 n
Schreiber, Heinrich, 267 n.
Schüz, Karl W. C., 174 n.
Self interest, 97, 100, 131, 222
Services, 54-5, 149, 156 ff., 165 ff., 168 n., 169 n., 173 ff.
Smith, Adam, 71-3, 72 n., 133, 175, 175 n., 283 n., 288-9, 289, 295, 306, 306-7, 307, 310, 318-19
Social ranks and classes, 83, 206, 207, 209-10, 212, 217, 223, 224, 225
Soden, Julius v., 287, 288, 307, 310
Soetbeer, A., 264 n.
Sonnenfels, Joseph v., 310
Speculation, 157 n., 218 n., 251
Spiegel, Friedrich v., 264 n.
Sprenger, Aloys, 264 n.
Standard of living, 170-1, 171 n.
Stein, Lorenz v., 75 n., 262 n., 277 n., 301-2, 307, 311-12
Steuart, Sir James, 288
Storch, Heinrich (or Henri), 270 n., 287, 289, 292, 295, 307, 310
Subjective nature of concepts: goods-character, 52-3, 58; orders of goods, 58; economic & non-economic character, 101; value, 114-15, 120-1, 145-6, 193; use value & exchange value, 227-8; measure of value, 145 ff., 272 ff.; commodity character, 240-1; wealth, 111-12
Suchenwirt, Peter, 313
Sumptuary laws, 242 n.
Supply, 248; supply price, 193, 273-4
Technical means of production, 157 n., 158, 161
Technology, 84, 157 n.; progress in, 67-8, 70-1
Thomas, Karl, 307
Thomassin, Louis, 286
Time: and nature of change, 122, 152; and error, 67-71; and production, 152; and periods of marketability, 246-7, 252-3; see also Production, Uncertainty, Progress, Advance provision
Trade: development of, 90-1, 188-9, 257-62; productivity of, 184 n., 189-90, 189 n.; government influence upon, 188-9; costs of trade, 68, 189-90, 245 ff., 263; economic gains from trade, 181, 182, 184, 187, 188, 195, 196, 197, 200, 201, 205, 211, 212, 222, 223, 239; sharing of gains from trade, 189-90, 195-7, 199; see also Exchange, Market organization, Price, Competition, Monopoly, Money
Trench, Richard C., 313-14
Turgot, A. R. J., 273, 273 n., 295, 296, 297, 305-6, 307, 318
Ulpilas, 312
Uncertainty, 69-71, 81-2, 94; see also Risk, Error
Use value & exchange value, 110 n., 118 n., 118-19, 226-35, 292 ff., 295 ff., 306 ff.; definitions, 228, 306 ff.; difference between use value & exchange value, 228-9; the economic form of value, 23-5, 275; money & exchange value, 272-6; see also Abstract value. Utility, Concrete goods, Concrete needs, Satisfaction, Equivalents, Value
Useful actions & inactions, 55
Utility: meaning of term, 118-19, 118 n.; unsuitability of term, 116 n., 292 ff.; see also Use value (& cross-references there listed)
Value: (Concepts): definition & nature of value, 114-15, 227-8, 292-5; origin of value, 115, 120, 130, 131; two forms of a single value phenomenon, 118, 228, 230, see also Use value & exchange value; imaginary value, 120; abstract value, 116 n., 118 n., 118-19, 292ff., 297-300, 307-8; “value quota,” 144-5, 144 n
–(Theory): general principle of value determination, 114, 122, 132, 139, 143, 144, 145, 147, 162, 164-5, 165, 167-9, 171, 172; subjective & objective factors of value determination, 122 ff., 128 ff., 148; changes in value, 122, 148, 231-5; changes in value as cause of trade, 188; measure of value, 121 ff., 139, 140, 272 ff., 295-302; differences in value of goods, 121 ff., 140; differences in value of goods of different qualities, 141-5, 164; value of goods of higher order, 149 ff., esp. 150, 151, 157-9, 161; see also Imputation, Labor & real cost theories of value, Economizing, Satisfaction
Vauban, Sebastien Le Prestre de, 318
Verri, Pietro, 318
Walras, Auguste, 290
Wealth: definition, 109, non.; history of concept, 288 ff.; changes in, 234-5: relation to welfare, 110; individual wealth, 110, 110 n., 113; national wealth not a welfare concept, 112-13; public wealth, 112
Wirth, Max, 166 n.
Xenophon, 316