Chapter II. The Epistemological Problems of the Sciences of Human Action

Transcription

1 CONTENTS Introduction 1 Economics and Praxeology The Epistemological Problem of a General Theory of Human Action Economic Theory and the Practice of Human Action Résumé PART ONE HUMAN ACTION Chapter I. Acting Man 1 Purposeful Action and Animal Reaction The Prerequisites of Human Action On Happiness On Instincts and Impulses 3 Human Action as an Ultimate Given Rationality and Irrationality; Subjectivism and Objectivity of Praxeological Research Causality as a Requirement of Action The Alter Ego On the Serviceableness of Instincts The Absolute End Vegetative Man Chapter II. The Epistemological Problems of the Sciences of Human Action 1 Praxeology and History The Formal and Aprioristic Character of Praxeology The Alleged Logical Heterogeneity of Primitive Man 3 The A Priori and Reality The Principle of Methodological Individualism l and We 5 The Principle of Methodological Singularism ix

2 6 The Individual and Changing Features of Human Action The Scope and the Specific Method of History Conception and Understanding Natural History and Human History 9 On Ideal Types The Procedure of Economics The Limitations on Praxeological Concepts Chapter III. Economics and the Revolt Against Reason 1 The Revolt Against Reason The Logical Aspect of Polylogism The Praxcological Aspect of Polylogism Racial Polylogism Polylogism and Understanding The Case for Reason Chapter IV. A First Analysis of the Category of Action 1 Ends and Means The Scale of Value The Scale of Needs Action as an Exchange Chapter V. Time 1 Time as a Praxeological Factor Past, Present, and Future The Economization of Time The Temporal Relation Between Actions Chaptr VI. Uncertainty 1 Uncertainty and Acting The Meaning of Probability Class Probability Case Probability Numerical Evaluation of Case Probability Betting, Gambling, and Playing Games Praxeological Prediction Chapter VII. Action Within the World 1 The Law of Marginal Utility The Law of Returns x

3 3 Human Labor as a Means Immediately Gratifying Labor and Mediately Gratifying Labor The Creative Genius 4 Production PART TWO ACTION WITHIN THE FRAMEWORK OF SOCIETY Chapter VIII. Human Society 1 Human Cooperation A Critique of the Holistic and Metaphysical View of Society Praxeology and Liberalism Liberalism and Religion 3 The Division of Labor The Ricardian Law of Association Current Errors Concerning the Law of Association 5 The Effects of the Division of Labor The Individual Within Society The Fable of the Mystic Communion 7 The Great Society The Instinct of Aggression and Destruction Current Misinterpretations of Modern Natural Science, Epecially of Darwinism Chapter IX. The Role of Ideas 1 Human Reason World View and Ideology The Fight Against Error 3 Might Traditionalism as an Ideology 4 Meliorism and the Idea of Progress Chapter X. Exchange Within Society 1 Autistic Exchange and Interpersonal Exchange Contractual Bonds and Hegemonic Bonds Calculative Action PART THREE ECONOMIC CALCULATION Chapter XI. Valuation Without Calculation 1 The Gradation of the Means xi

4 2 The Barter-Fiction of the Elementary Theory of Value and Prices The Theory of Value and Socialism 3 The Problem of Economic Calculation Economic Calculation and the Market Chapter XII. The Sphere of Economic Calculation 1 The Character of Monetary Entries The Limits of Economic Calculation The Changeability of Prices Stabilization The Root of the Stabilization Idea Chapter XIII. Monetary Calculation as a Tool of Action 1 Monetary Calculation as a Method of Thinking Economic Calculation and the Science of Human PART FOUR CATALLATICS OR ECONOMICS OF THE MARKET SOCIETY Chapter XIV. The Scope and Method of Catallactics 1 The Delimitation of Catallactic Problems The Denial of Economics 2 The Method of Imaginary Constructions The Pure Market Economy The Maximization of Profits 4 The Autistic Economy The State of Rest and the Evenly Rotating Econorny The Stationary Economy The Integration of Catallactic Functions The Entrepreneurial Function in the Stationary Economy Chapter XV. The Market 1 The Characteristics of the Market Economy Capital Goods and Capital Capitalism The Sovereignty of the Consumers The Metaphorical Employment of the Terminology of Political Rule xii

5 5 Competition Freedom Inequality of Wealth and Income Entrepreneurial Profit and Loss Entrepreneurial Profits and Losses in a Progressing Economy The Moral Condemnation of Profit Some Observations on the Underconsumption Bogey and on the Purchasing Power Argument 10 Promoters, Managers, Technicians, and Bureaucrats The Selective Process The Individual and the Market Business Propaganda The Volkswirtschaft Chapter XVI. Prices 1 The Pricing Process Valuation and Appraisement The Prices of the Goods of Higher Orders A Limitation on the Pricing of Factors of Production 4 Cost Accounting Logical Catallactics Versus Mathematical Catallactics Monopoly Prices The Mathematical Treatment of the Theory of Monopoly Prices 7 Good Will Monopoly of Demand Consumption as Affected by Monopoly Prices Price Discrimination on the Part of the Seller Price Discrimination on the Part of the Buyer The Connexity of Prices Prices and Income Prices and Production The Chimera of Nonmarket Prices Chapter XVII. Indirect Exchange 1 Media of Exchange and Money Observations on Some Widespread Errors Demand for Money and Supply of Money The Epistemological Import of Carl Menger s Theory of the Origin of Money 4 The Determination of the Purchasing Power of Money xiii

6 5 The Problem of Hume and Mill and the Driving Force of Money Cash-Induced and Goods-Induced Changes in Purchasing Power Inflation and Deflation; Inflationism and Deflationism 7 Monetary Calculation and Changes in Purchasing Power The Anticipation of Expected Changes in Purchasing Power The Specific Value of Money The Import of the Money Relation The Money-Substitutes The Limitation on the Issuance of Fiduciary Media Observations on the Discussions Concerning Free Banking 13 The Size and Composition of Cash Holdings Balances of Payments Interlocal Exchange Rates Interest Rates and the Money Relation Secondary Media of Exchange The Inflationist View of History The Gold Standard International Monetary Cooperation Chapter XVIII. Action in the Passing of Time 1 Perspective in the Valuation of Time Periods Time Preference as an Essential Requisite of Action Observations on the Evolution of the Time-Preference Theory 3 Capital Goods Period of Production, Waiting Time, and Period of Provision Prolongation of the Period of Provision Beyond the Expected Duration of the Actor s Life Some Applications of the Time-Preference Theory 5 The Convertibility of Capital Goods The Influence of the Past Upon Action Accumulation, Maintenance and Consumption of Capital The Mobility of the Investor Money and Capital; Saving and Investment xiv

7 Chapter XIX. Interest 1 The Phenomenon of Interest Originary Interest The Height of Interest Rates Originary Interest in the Changing Economy The Computation of Interest Chapter XX. Interest, Credit Expansion and the Trade Cycle 1 The Problems The Entrepreneurial Component in the Gross Market Rate of Interest The Price Premium as a Component of the Gross Market Rate of Interest The Loan Market The Effects of Changes in the Money Relation Upon Originary Interest The Gross Market Rate of Interest as Affected by Inflation and Credit Expansion The Alleged Absence of Depressions Under Totalitarian Management 7 The Gross Market Rate of Interest as Affected by Deflation and Credit Contraction The Difference Between Credit Expansion and Simple Inflation 8 The Monetary of Circulation Credit Theory of the Trade Cycle The Market Economy as Affected by the Recurrence of the Trade Cycle The Role Played by Unemployed Factors of Production in the First Stages of a Boom The Fallacies of the Nonmonetary Explanations of the Trade Cycle Chapter XXI. Work and Wages 1 Introversive Labor and Extroversive Labor Joy and Tedium of Labor Wages Catallactic Unemployment Gross Wage Rates and Net Wage Rates xv

8 6 Wages and Subsistence A Comparison Between the Historical Explanation of Wage Rates and the Regression Theorem 7 The Supply of Labor as Affected by the Disutility of Labor Remarks About the Popular Interpretation of the Industrial Revolution" 8 Wage Rates as Affected by the Vicissitudes of the Market The Labor Market The Work of Animals and of Slaves Chapter XXII. The Nonhuman Original Factors of Production 1 General Observations Concerning the Theory of Rent The Time Factor in Land Utilization Thc Submarginal Land The Land as Standing Room The Prices of Land The Myth of the Soil Chapter XXIII. The Data of the Market 1 The Theory and the Data The Role of Power The Historical Role of War and Conquest Real Man as a Datum The Period of Adjustment The Limits of Property Rights and the Problems of External Costs and External Economies The External Economies of Intellectual Creation Privileges and Quasi-privileges Chapter XXIV. Harmony and Conflict of Interests 1 The Ultimate Source of Profit and Loss on the Market The Limitation of Offspring The Harmony of the Rightly Understood Interests Private Property The Conflicts of Our Age xvi

9 PART FIVE SOCIAL COOPERATION WITHOUT A MARKET Chapter XXV. The Imaginary Construction of a Socialist Society 1 The Historical Origin of the Socialist Idea The Socialist Doctrine The Praxeological Character of Socialism Chapter XXVI. The Impossibility of Economic Calculation Under Socialism 1 The Problem Past Failures to Conceive the Problem Recent Suggestions for Socialist Economic Calculation Trial and Error The Quasi-market The Differential Equations of Mathematical Economics PART SIX THE HAMPERED MARKET ECONOMY Chapter XXVII. The Government and the Market 1 The Idea of a Third System The Intervention The Delimitation of Governmental Functions Righteousness as the Ultimate Standard of the Individual s Actions The Meaning of Laissez Faire Direct Government Interference with Consumption Corruption Chapter XXVIII. Interference by Taxation 1 The Neutral Tax The Total Tax Fiscal and Nonfiscal Objectives of Taxation The Three Classes of Tax Interventionism Chapter XXIX. Restriction of Production 1 The Nature of Restriction The Price of Restriction xvii

10 3 Restriction as a Privelege Restriction as an Economic System Chapter XXX. Interference with the Structure of Prices 1 The Government and the Autonomy of the Market The Market s Reaction to Government Interference Observations on the Causes of the Decline of Ancient Civilizatiom 3 Minimum Wage Rates Chapter XXXI. Currency and Credit Manipulation 1 The Government and the Currency The Interventionist Aspect of Legal Tender Legislation The Evolution of Modern Methods of Currency Manipulaiton The Objectives of Currency Devaluation Credit Expansion The Chimera of Contracyclical Policies 6 Foreign Exchange Control and Bilateral Exchange Agreements Chapter XXXII. Confiscation and Redistribution 1 The Philosophy of Confiscation Land Reform Confiscatory Taxation Confiscatory Taxation and Risk Taking Chapter XXXIII. Syndicalism and Corporativism 1 The Syndicalist Idea The Fallacies of Syndicalism Syndicalist Elements in Popular Policies Guild Socialism and Corporativism Chapter XXXIV. The Economics of War 1 Total War War and the Market Economy War and Autarky The Futility of War xviii

11 Chapter XXXV. The Welfare Principle Versus the Market Principle 1 The Case Against the Market Economy Poverty Inequality Insecurity Social Justice Chapter XXXVI. The Crisis of Interventionism 1 The Harvest of Interventionism The Exhaustion of the Reserve Fund The End of Interventionism PART SEVEN THE PLACE OF ECONOMICS IN SOCIETY Chapter XXXVII. The Nondescript Character of Economics 1 The Singularity of Economics Economics and Public Opinion The Illusion of the Old Liberals Chapter XXXVIII. The Place of Economics in Learning 1 The Study of Economics Economics as a Profession Forecasting as a Profession Economics and the Universities General Education and Economics Economics and the Citizen Economics and Freedom Chapter XXXIX. Economics and the Essential Problems of Human Existence 1 Science and Life Economics and Judgments of Value Economic Cognition and Human Action xix

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