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additional credit adjustment assume Austrian Austrian School business cycle capital investments capital market central bank considered consumption credit expansion crisis duction durable capital durable factors economic subjects effect employed employment entrepreneur example exchange expansion of credit expenditure F.A. Hayek fact factors of production ﬁnished ﬁrst free capital Hayek increase inﬂuence insofar interest rate later law of costs lead length lengthening the roundabout lengthy roundabout liquidity Ludwig von Mises marginal productivity means of subsistence ment method of production Mises monetary capital money capital neutrality of money nomic occur originary factors output owner of capital payment possible problem production of consumer production stages raw materials regarding relationship renewal fund restriction result roundabout method roundabout production methods roundabout production processes saved capital situation static economy Strigl structure of production subsistence fund subsistence means sumer supply of capital supply of money tion tors of production upswing wage fund
Page xxv - ... that any change in the velocity of circulation would have to be compensated by a reciprocal change in the amount of money in circulation if money is to remain neutral towards prices.
Page xxv - Wieser,1 — which will appear when, after the division of the barter transaction into two separate transactions, one of these takes place without the other complementary transaction. In this sense demand without corresponding supply, and supply without a corresponding demand, evidently seem to occur in the first instance when money is spent out of hoards (ie, when cash balances are reduced), when money received is not immediately spent, when additional money comes on the market, or when money is...
Page 166 - Robbins, An Essay on the Nature and Significance of Economic Science (1932), p. 74. Allyn Young, 'Economics as a Field of Research," Quarterly Journal of Economics (1927), xlii, p.
Page x - Utrecht conferred on him an honorary doctorate, which he greatly prized. But, an essentially modest and quiet man, he remained almost unknown beyond the circles with whom he had professional contact. Yet with his death disappears the figure on whom one's hope for a preservation of the tradition of Vienna as a centre of economic teaching and of a future revival of the " Austrian School
Page ix - ... time. There are few of his pupils or of the foreign economists who would visit Vienna and sojourn in his circle of those days who did not very much like him. Since the invasion of Austria he has been silent ; we have not heard of any further publication of his. This is not surprising to those who knew him, and it is probably not only due to an illness which befell him in 1939. The spectacle of the...
Page xxvi - George Selgin, The Theory of Free Banking (Totowa, NJ: Rowman and Littlefield, 1988).
Page xvi - Mark Skousen, The Structure of Production (New York: New York University Press, 1990); and even Murray N.
Page vii - After Mises's departure from Vienna in 1934, Morgenstern, who in 1931 had succeeded Hayek as the director of the Institute, set out to publish works with a markedly less Austrian orientation.
Page xii - The Present State of Austrian Economics," Journal des Economistes et des Etudes Humaines 6, no. 1 (1995): 43-89; and Joseph T. Salerno, "Mises and Hayek Dehomogenized," Review of Austrian Economics 6, no.