Economics in One Lesson

Human Action
(Mises), vii
imports, 69–73, 80, 147
See also 
tariffs
Industrial Revolution, 34, 41, 42
industries, schemes for saving, 83–87
inflation
deceptive nature of, 153–55
desire for as a producer, 113
effects of, 147–53
and government activities, 18, 25,
155–57
reasons for appeal, 145–47
and savings, 169
and wage increases, 49
wartime, 14, 16
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interest rates and savings, 168–69
investments and savings, 162–69
Keynes, John Maynard, xiii, 152n
Knight, Frank H.
Risk, Uncertainty and Profit
, 142
labor unions.
See
unions, labor
laissez-faire 
economics, 6, 85
loans from government, 25–32,
71–73
See also
commodities, contols for
loans to government, 51–52, 155–56
Ludditism, ix
machinery and unemployment,
33–43, 181
Man, Economy, and State
(Rothbard), vii
Marshall, Alfred
Principles of Economics
, 152n
Marx, Karl, xiii
Marxists, 133
Mencken, H.L., x
Mill, John Stuart, 15
Principles of Political Economy
, 152n
minimum wage laws, viii–ix, 115–119
Mises, Ludwig von, x, xii, xiv
Human Action
, vii
Theory of Money and Credit, The
,
148n
Nation, The
, x
National Railroad Adjustment Board,
46
New Deal, x, 31–32, 75–76
New Leader
, xiv
New York Times
, x, xiv, 77
Newsweek
, x
Norris Dam, 22
Office of Price Administration, 107
overexpansion of industries and
inflation, 150–51
Overproduction and Crises
(Rodbertus),
160
parity prices, 75–81, 85, 101
Pigou, A.C.
Theory of Unemployment
, 136
pin making industry, 33–34
Poverty and Waste 
(Withers), 161
President’s Commission on Full
Employment, 56
price system, 89–95
price-fixing by the government, xiii,
84, 105–13, 142–43, 148
Principles of Economics 
(Marshall), 152n
Principles of Political Economy
(Mill),
152n
production
effects of government credit on,
25–32
effects of taxes on, 23–24
profits, function of, 141–44
public works, viii, 17–22, 145, 155–56
rationing, 107–10
real wealth, 146, 152
Realm of Truth, The
(Santayana), 176
Reason and Nature
(Cohen), xii
Recent Economic Changes
(Wells), 35
Reconstruction Finance Corporation,
31
“Refutation of Keynes’ Attack on the
Doctrine that Aggregate Supply
Creates Aggregate Demand,” in
Financing American Prosperity 
(Ander-
son), 152n
relief programs, 117–18, 126
restrictions to farm production,
100–03
Risk, Uncertainty and Profit 
(Knight), 142
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Robinson Crusoe, 90
Rodbertus, Karl
Overproduction and Crises
, 160
Roosevelt, Eleanor, vii, ix, 37
Rothbard, Murray
Man, Economy, and State
, vii
Saint Joan 
(Shaw), 21
Santayana, George, 36
Realm of Truth, The
, 176
savings
Bastiat’s savings vs. spending
example, 159–62
capital absorption and, 169–71
effects on production, 164–66
hoarding versus, 162–64
investments and, 162–69
scarcity economics, 93
Shaw, Bernard
Saint Joan
, 21
silver industry, 83–84
Smith, Adam, 146, 155, 178
Wealth of Nations, The
, 33–34,
59–60
social credit, 147
socialism, 30
soldiers, disbandment of, 51–52
speculators (for commodities), 98–99
spread-the-work schemes, 45–50
stocking industry, 34, 42
strikes, 123
subdivision of labor, 45–46
See also
division of labor
subsidies, government
for businesses, 31–32
for exports, 72–73
and parity prices, 77, 79, 80
price-fixing by the government,
107, 108–09, 113
schemes for saving industries, 86–87
Sumner, William Graham, 178–79
superinflation, 151–52
supply and demand, 15–16, 91–92,
97, 99, 138, 181
Swiss Family Robinson, 90
tariffs, 59–68, 75, 79–81, 83, 85, 86
taxes, effects on production, 23–24
taxes and public works, 17–22
technocrats, 35–36
technological improvements and
unemployment, 33–43, 181
Temporary National Economic Com-
mittee (TNEC), 36, 141–42
Tennessee Valley Authority (TVA),
21–22
Terbough, George
Bogey of Economic Maturity, The
,
164n, 171n
textile industries, 41
Theory of Money and Credit, The
(Mises), 148n
Theory of Unemployment, The
(Pigou),
136
Theory of Wages, The 
(Douglas), 136
TNEC (Temporary National Eco-
nomic Committee), 36, 141–42
troops, disbandment of, 51–52
TVA (Tennessee Valley Authority),
21–22
U.S. Office of Price Administration,
107
unemployment and machinery, 33–43
unions, labor
labor practices of, 36–37, 45–50,
56
wages and, viii, 116, 121–31,
134–35, 153
Value of Money, The
(Anderson), 148n
Veblen, Thorstein, xiii
von Mises, Ludwig.
See
Mises, Ludwig
von
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wage laws, viii–ix, 115–19
Wagner Act, 127
war, inflation and, 14, 16
wealth, real, 146, 152
Wealth of Nations, The
(Smith), 33–34,
59–60
Wells, David A.
Recent Economic Changes
, 35
Wheeler, Dan H., 84
Wicksteed, Philip
Commonsense of Political Economy,
xii
Withers, Hartley
Poverty and Waste,
161
Woods, Bretton, x
working week, 46–50, 56, 130
WPA (Works Projects Administra-
tion), 56
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