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Downloaded from Elgar Online at 09/26/2021 06:52:48AM Via Free Access 382 Elgar Companion to Hayekian Economics Index 1980s Unemployment and the Unions Banking Policy and the Price Level (book) 314, 320, 321, 322 (book) 101 1984 (novel) 372 Barber, Benjamin 263 Bardhan, Pranab 289, 290 ‘acceleration of time’ 345, 346 Barry, Norman 7–9, 240 accounting prices 65, 248, 249 Bartley III, W.W. 116 A Century of Bank Rate (book) 30 Bellante, Don 23 ‘adverbial rules’ 210 Bentham, Jeremy 17–18 aggregate demand 13, 96–7, 98, 106, Berle, Adolf 281 326, 327–8 Beveridge, William 110 American Steel Foundries v. Tri-City Blaug, Mark 59–60, 62 Central Trades Council (1921) 337 ‘blind faith’ 365–6 ‘Anglo-American approach’ 72 Böhm-Bawark, Eugen von anti-rationalistic approachj 210–11 and Austrian school 141 Aréna, Richard 28, 31 and capital theory 23, 25, 166, 168, Armentano, Dominick 335–6 182–3 Arrow–Debreu model 249 influence on Hayek 12, 37, 58 Austrian Institute for Business Cycle as ‘master’ 147 Research 1, 47–8, 144–5 and Mises 140 Austrian school of economics Buchanan, James 255, 344, 350 and capital theory 25, 26, 47–9, Burke, Edmund 225 57–8, 67, 73–4, 91–2, 166–7, business (trade) cycles 173–4 and capital theory 25, 49, 71, 82–4, and competition policy 36–7 86 hostility towards 35 and central-bank policy 132–4 intellectual paths of 11 and change in Hayek’s economic and Lachmann 165–6 theory 110 and macroeconomics 13–14 and consumption goods 19–21, 23 and market processes 130–31 and credit expansion 133–4 and methodological individualism 1 and ‘cumulative process’ 19 and methodological subjectivism 154 empirical weakness of theory 30 and Mises 138–41 and enhanced factor incomes 19 and monetary policy 346, 357 and enterprise 21 and neoclassicism 197 and entrepreneurship 20 and price system 60 and equilibrium analysis 196–7 and socialist calculation debate and full employment 21 278–9, 281–2, 286, 288, 290 and general equilibrium theory 5 and spontaneous order 226, 231, and Hayek’s relationship with 240, 242 Lachmann 166 and subjectivism 1 and Hayek’s rivalry with Keynes 1 Backhouse, Roger 35, 36 and industrial fluctuations 51, 53, bank lending 19, 21, 26, 27–8 57–8 381 Roger W. Garrison and Norman Barry - 9780857931115 Downloaded from Elgar Online at 09/26/2021 06:52:48AM via free access 382 Elgar companion to Hayekian economics and inflation acceleration illustrative examples 72–3, 74, 75, mechanism 26–7 77, 84–6 and interest rates 20–21, 30, 82–3, and industrial fluctuations 50–51, 84, 87–8, 132–4 57–8 and intertemporal equilibrium 95–6 and institutions 185–7 and investment 21, 31, 82, 83–4 and interest rates 82–3, 84, 87–8 and macroeconomics 21 and investment 81–2, 83–4, 85–6, and Mises 140 88 and monetary disequilibrium 83–4 and Keynesian economics 71 and monetary expansion 19–20, and macroeconomics 23, 71, 92 82–4, 86–7 and microeconomics 71–2, 92 and monetary theory 51, 53 and monetary expansion 82–4, 85–6 and new classicism 30, 32 and monetary policy 67 and price levels 22–3 and neoclassicism 58, 72, 79–80, 92 and quantity theory 22–3 and ‘period of production’ 24–5, 48, and renewed interest in Hayek 19 49, 48, 76, 103–5, 182 and Ricardo Effect 20, 21–2, 30 and price expectations 86–8 and static equilibrium 106–7 and price system 118 and technological change 132, 133 and Prices and Production 5, 17, and unions 328 23–4, 48, 49 and productivity of capital 75–7 Cairnes, J.E. 29 and Ricardo Effect 52–3 Caldwell, Bruce 2, 28, 29, 173 and river analogy 80–81 Capital and Growth (book) 18 and ‘roundaboutness’ of production Capital and its Structure (book) 167 process 48, 49, 55, 58, 72, 73–4, capital heterogeneity 169–73, 179–82, 75–7, 82, 84, 182–3 183 and stock of capital 78–9, 168–9 capital theory and ‘structure of production’ 48–9, ‘Anglo-American approach’ 72–3 52–3, 54–5, 58, 67, 75, 78 and Austrian school 47–9, 57–8, 67, and technological change 183–4 73–4, 91–2, 166–7, 173–4 and ‘triangles’ 25–6, 48, 103–4, 118 and business cycles 25, 49, 71, 82–4, and unemployment 105 86 and University of Chicago 5, 17 and capital heterogeneity 169–73, capitalism 183 and capital theory 74–5, 78, 79–80, and capitalism 74–5, 78, 79–80, 81, 81, 83, 92 83, 92 and commodity production 296–7 and complexity 173, 175–9, 182–7 and Keynes 94, 96 and consumption goods 48–9, 72–3, and Marxian socialism 261–2 74–5, 77, 80–81, 83–4, 85–6, and Mises 149, 153 88–90 and price system 64–6 and credit extension 24 and socialist calculation debate critiques of 23–4, 26, 57–8 280–82, 283, 289–90, 291 and disequilibrium 174–6, 185–6 Capitalism and Freedom (book) 116 and division of labour 48, 76, 183 ‘catallaxy’ 66, 67, 211–12 and entrepreneurship 48, 74–5, 79, central planning 81, 92 and collapse of Soviet empire 367 and expectations 166, 167–9, 172 and commodity production 296–7 and Hayek’s influence on Lachmann and comparative institutional 166, 167–9, 174–6 analysis 215–16 Roger W. Garrison and Norman Barry - 9780857931115 Downloaded from Elgar Online at 09/26/2021 06:52:48AM via free access Index ­383 and economic calculation 59, 248, and business cycles 19–21, 23 252 and capital theory 48–9, 72–3, 74–5, and international trade 301–4 77, 80–81, 83–4, 85–6, 88–90 and Mises 4, 33 and productivity 183 and monetary policy 355 consumption spending 126–7 and price system 63–4, 65, 150–51 Cottrell, Allin 290 and socialism 142, 149–151 credit expansion 19, 24, 53, 133–4, 140, and socialist calculation debate 172, 328 282–3, 287, 291 Critical Essays in Monetary Theory and spontaneous order 231–2, 237 (book) 18 and unions 332 crystal formation 227–8, 236 central-bank policy 4, 132–4 cultural evolution 212–13, 233, 237–8, ceteris paribus assumption 3 239, 240–41, 257–8 Chamberlin, Edward 281 ‘Choice in currency’ (pamphlet) 111 Darwin, Charles 225 ‘circulating capital’ 49, 74 Darwinism 178, 225, 240, 257 Clayton Act (1914) 317 Davidson, David 27 Coase, Ronald 252 de Jasay, Anthony 345, 349, 350, 356, Cockett, Richard 37 365 Cockshot, W. Paul 290 ‘Denationalization of money’ codetermination 315, 339 (pamphlet) 111 ‘co-efficient of money transactions’ 55 Deutscher, Patrick 34 coercive unionism 314, 315–19, 322–31, Dicey, A.V. 317 337 Dickinson, H.D. 283 collective bargaining 314, 315, 318–19, Director, Aaron 17 331–2, 338 discoordination of markets 322–3 Collectivist Economic Planning (book) distributive principle 270–74 151, 247 division of labour 48, 54, 56, 76, Committee on Social Thought 2, 6, 17 149–50, 183, 198 communitarian socialism 262–5 Dostaler, Gilles 35 comparative institutional analysis Duplex Printing v. Deering (1921) 317 215–18 durable capital 72–3 competition policy 36–7 Durbin, Evan 17 competitive markets dynamic equilibrium 5, 54 and entrepreneurship 66, 257 and price system 63, 66 Ebenstein, Alan 5, 6, 246 and socialism 62, 63, 66, 252, 257–8 Econometrica (journal) 15 and socialist calculation debate 280, economic calculation 285–6, 289 and general equilibrium theory 67 and spontaneous order 66–7, 257–8 and market processes 60–62 competitive order 66–7 and price system 60–61, 64–5 complementarity 169–71, 173 and socialism 1, 4, 59, 60–62, 64–5, complexity 173, 175–87 149, 246, 247–9, 281–3, 284, ‘compositive social theory’ 235–6, 239 287–8 Comte, Auguste 258–9 ‘Economic calculation in the socialist constitutional economics 344, 345, 348, commonwealth’ (article) 281, 356–7 282 constructivist rationalism 67, 229–30, Economic Journal 14–15, 109 231, 232, 234, 235–7, 259 Economica (journal) 108 consumption goods ‘Economics and knowledge’ (article) Roger W. Garrison and Norman Barry - 9780857931115 Downloaded from Elgar Online at 09/26/2021 06:52:48AM via free access 384 Elgar companion to Hayekian economics and change in Hayek’s economic and Keynesian economics 166–7 theory 94 and market processes 188–9 and economic calculation 247 experimental economics 36 and expectations 167 and ‘human action’ 152, 155 falsificationism 2 importance of 1, 2 fascism 108 and socialism 4 Federal Reserve (US) 133–4 and socialist calculation debate 286 Ferguson, Adam 225, 296 and static equilibrium 106–7 ‘firm heterogeneity’ 179–80 and ‘transformation’ of Hayek 195, Fisher, Stanley 22 197–8, 203 fixed capital 26 Economics as a Coordination Problem: Fleetwood, Steve 211–12 The Contribution of Friedrich A. ‘forced saving’ 19, 20, 21, 25, 52, 84, 87, Hayek (book) 6 88, 89, 90, 101, 103, 106 Economy and Society (book) 154 ‘formal-similarity’ argument 283 egalitarianism 267–9, 270, 271, 273, Foundation of Economic Education 377–8 35 ‘elastic’ currency 54 free trade 294–5, 303, 304–6, 309, 311 Ellis, Howard 15, 26 freedom of association 314–15, ‘emergence’ 179 332–3 Employment Acts (1980, 1982) 340 freedom of contract 315, 321, 333–6 Engels, Friedrich 261 Friedman, Milton enterprise/enterprises 21, 82, 95–6, 262, commonality with Hayek 113, 116, 320, 329–30, 335, 337–9 117–18, 130, 135 entrepreneurship and Keynesianism 120, 121–2 and business cycles 20 and ‘long-run/short-run’ and capital theory 48, 74–5, 79, 81, relationships 128–9, 135 92 and macroeconomics 113, 119–23, and competitive markets 66, 257 125, 130, 132 and expectations 187–8 methodology of 117, 121, 122, 132 and interest rates 51 opposing views to Hayek 116–17, and knowledge 204, 254 118–23, 124 and market processes 287 and quantity theory 22, 23, 120–21, and monetary policy 54, 56, 353 122–3, 125 and price expectations 56 response to Prices and Production and price system 64–6 135 and production process 50, 52–3 and ‘simple common model’ 120, and socialist calculation debate 287 129 and stationary states 59 and ‘transmission mechanisms’ ‘envy’ 377–8 129–30 Essays in Positive Economics (book) and unions 335 117 and University of Chicago evolution 177–8, 225, 240–41 economics department 5, 17 ‘evolutionary natural law’ 373–4 Friedrich Hayek: A Biography (book) exclusive representation 318–19, 331–2, 246 334, 340 full employment expectations and business cycles 21 and capital theory 166, 167–9, 172 and consumption goods 89 and entrepreneurs 187–8 goal of 81, 87 and institutions 187–8 and inflation 26–7, 87 Roger W.
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