Chapter
THE BOLSHEVIKS MAKE ECONOMIC POLICY
MISES’S CRITIQUE OF THE SOCIALIST ECONOMY
THE NEED FOR INPUT PRICES
“CRUSOE” PRODUCTION VERSUS SPECIALIZED PRODUCTION AND TRADE
WHICH PRODUCTION PROJECTS ARE WORTH IT?
THE PROFIT TEST MAKES “INTELLECTUAL DIVISION OF LABOR” POSSIBLE
WHY NOT VALUATION BY LABOR INPUT?
THE LABOR THEORY OF VALUE AND ITS PROBLEMS
THE PROBLEM OF INCENTIVE UNDER SOCIALISM
OSKAR LANGE’S RESPONSE TO MISES’S CHALLENGE
HOW DOES THE SOCIALIST PLANNING MINISTRY GAIN THE KNOWLEDGE IT NEEDS?
DETERMINING PRICES FOR INPUTS WITHOUT MARKETS
WHY PREFER SOCIALISM, IF IT MERELY REPLICATES COMPETITIVE MARKETS?
MISES’S RESPONSE TO LANGE
HAYEK’S INITIAL CRITIQUE OF MARKET SOCIALISM AND LANGE’S LETTER IN REPLY
KEY INFORMATION IS DISPERSED
MARKETS COORDINATE DECENTRALIZED PLANS THROUGH PRICE SIGNALS
THE CORRECT PRICES FOR INPUTS DO NOT FOLLOW FROM OUTPUT PRICES ALONE
LANGE AS A CENTRAL PLANNER IN PRACTICE
THE VARIED INFLUENCE OF HAYEK’S ARGUMENT
DID THE COLLAPSE OF THE SOVIET ECONOMY SHOW THAT MISES WAS RIGHT?
CHANGING VIEWS OF THE SOCIALIST CALCULATION DEBATE
WITH ITS THEORY IN TATTERS, WHERE DOES SOCIALISM GO?
3: The Roaring Twenties and Austrian Business Cycle Theory
PRE-KEYNESIAN MACROECONOMICS
THE MISES-HAYEK THEORY OF THE BOOM-BUST CYCLE
HAYEK VERSUS KEYNES’S TREATISE
HAYEK’S POLICY PRESCRIPTION
IN A GROWING ECONOMY, PRICES SHOULD FALL
EUGEN VON BÖHM-BAWERK’S THEORY OF INTEREST
MISES, WICKSELL, AND THE BRITISH “CURRENCY SCHOOL”
THE CURRENCY, FREE BANKING, AND BANKING SCHOOL
CRITICISMS OF HAYEK’S THEORY
DID HAYEK AND ROBBINS DEEPEN THE GREAT DEPRESSION?
THE REAL BILLS DOCTRINE VERSUS THE AUSTRIAN CYCLE THEORY
4: The New Deal and Institutionalist Economics
FRANKLIN ROOSEVELT AND THE COMMAND-ECONOMY MODEL
FRANKLIN DELANO ROOSEVELT (FDR) AND THE NRA
THE THEORY BEHIND THE NRA
UNDERCONSUMPTION AND J. A. HOBSON
ECONOMIC AND LEGAL PROBLEMS WITH THE NRA AND AAA
INSTITUTIONALIST ECONOMICS
AMERICAN INSTITUTIONALISM AND GERMAN HISTORICISM
INSTITUTIONALISM AND SOCIALISM
THE PRINCIPLE OF PLANNING
THE INSTITUTIONALIST LEGACY
5: The Great Depression and Keynes’s General Theory
THE DEPTHS OF THE DEPRESSION
DID KEYNES “INVENT MACROECONOMICS”?
THE LIQUIDITY-PREFERENCE THEORY OF INTEREST
HAYEK VERSUS KEYNES’S GENERAL THEORY
KEYNES VERSUS “CLASSICAL” ECONOMICS
MALTHUS AND SISMONDI VERSUS RICARDO AND SAY ON UNDERCONSUMPTION
WHAT THE GENERAL THEORY OFFERED
DEPRESSION THEORY VERSUS BUSINESS CYCLE THEORY
WHY KEYNES’S THEORY CAUGHT ON
KEYNESIAN ECONOMICS AFTER KEYNES: THE IS-LM MODEL
INFLATION AND THE PHILLIPS CURVE
“POST KEYNESIAN” AND “NEW KEYNESIAN” ECONOMICS
6: The Second World War and Hayek’s Road to Serfdom
THE INTERVENTIONIST DYNAMIC IN NAZI ECONOMIC POLICY
WERNER SOMBART AND THE GERMAN HISTORICAL SCHOOLS
PLANNING DOCTRINES IN BRITAIN AND AMERICA
THE POLITICAL IMPLICATIONS OF CENTRAL PLANNING
BEYOND THE SOCIALIST CALCULATION DEBATE
“WHY THE WORST GET ON TOP”
THE TRAGEDY OF CENTRAL PLANNING: UNINTENDED POLITICAL RESULTS
POLITICAL BLOWBACK IN UNITED KINGDOM
7: Postwar British Socialism and the Fabian Society
THE GENERAL ELECTION OF 1945
THE FABIAN SOCIALIST ROOTS OF LABOUR POLICY
THE FABIAN VIEW OF ECONOMIC HISTORY
FABIAN ECONOMICS AND RICARDIAN RENT THEORY
FROM GEORGISM TO THE NATIONALIZATION OF LAND AND CAPITAL
UTILITARIANISM AND ECONOMIC POLICY
J. S. MILL BETWEEN BENTHAM AND THE FABIANS
8: The Mont Pelerin Society and the Rebirth of Smithian Economics
THE POSTWAR CLIMATE OF OPINION
HAYEK FOUNDS THE MONT PELERIN SOCIETY
THE RATIONALE FOR AN INTERNATIONAL SOCIETY OF CLASSICAL LIBERALS
THE CLASSICAL LIBERAL TRADITION
ADAM SMITH AS INTELLECTUAL TOUCHSTONE AND ICON
THE FIRST MESSAGE OF THE WEALTH OF NATIONS
HOW THE DIVISION OF LABOR PROMOTES PROSPERITY
THE “INVISIBLE HAND” OF THE MARKET
SMITH ON MONEY AND BANKING
NOT A SHILL FOR BUSINESS INTERESTS
INFLUENCES ON SMITH: FRANCIS HUTCHESON AND BERNARD MANDEVILLE
DAVID HUME AND ADAM FERGUSON
THE PROBLEM OF SOCIAL COORDINATION
MENGER’S THEORY OF PRICE FORMATION
POLICY IMPLICATIONS OF SPONTANEOUS ORDER THEORY
9: The Postwar German “Wonder Economy” and Ordoliberalism
THE SEARCH FOR AN APPROPRIATE CONSTITUTIONAL FRAMEWORK
10: Indian Planning and Development Economics
WHICH DIRECTION FOR AN INDEPENDENT INDIA?
NEHRU’S ECONOMIC ADVISERS
PROPLANNING WESTERN ADVICE
GALBRAITH’S SUPPORT FOR INDIA’S PLANNING
MILTON FRIEDMAN’S DISSENT
THE CURRENT DEBATE OVER DEVELOPMENT
WHY DO SOME COUNTRIES REMAIN RICHER THAN OTHERS?
11: Bretton Woods and International Monetary Thought
THE CONFERENCE AT BRETTON WOODS
HOW AN INTERNATIONAL GOLD OR SILVER STANDARD WORKED
THE GLOBAL QUANTITY AND VALUE OF MONEY UNDER A GOLD OR SILVER STANDARD
HOW LARGE A PROBLEM WAS INFLATION FROM GOLD DISCOVERIES?
BIMETALLISM AND INFLATIONISM
MARSHALL’S AND FISHER’S PROPOSALS FOR MODIFYING THE GOLD STANDARD
EXCHANGE RATES UNDER THE CLASSICAL GOLD STANDARD
DURING AND AFTER THE FIRST WORLD WAR
THE BREAKDOWN OF BRETTON WOODS AND THE CLOSING OF THE GOLD WINDOW
THE GLOBAL MONETARY REGIME SINCE 1971
12: The Great Inflation and Monetarism
POSTWAR AMERICAN MONETARY POLICY
FRIEDMAN AND SCHWARTZ ON THE GREAT DEPRESSION
WAS FRIEDMAN INCONSISTENT OR DISHONEST ABOUT THE GREAT DEPRESSION?
FRIEDMAN’S CRITIQUE OF KEYNESIAN ECONOMICS
THE QUANTITY THEORY OF MONEY
HOW FAR BACK DOES THE QUANTITY THEORY GO?
THE QUANTITY THEORY IN MARSHALL
KEYNESIANS VERSUS MONETARISTS ON INFLATION, INTEREST RATES, AND BUSINESS CYCLES
RULES FOR MONETARY POLICY
AUSTRIANS VERSUS MONETARISTS ON BUSINESS CYCLE THEORY
FRIEDMAN THE MARSHALLIAN VERSUS LUCAS THE WALRASIAN
13: The Growth of Government: Public Goods and Public Choice
THE POSTWAR GROWTH OF GOVERNMENT
WHAT ARE THE DESIRABLE ROLES OF GOVERNMENT IN THE ECONOMY?
THE THEORY OF PUBLIC GOODS
FREE-RIDING, PRICING, AND MARKET FAILURE
PUBLIC GOODS AND EXTERNAL BENEFITS
COASE’S ANALYSIS OF SOCIAL COST
INCOME TRANSFERS AS A PUBLIC GOOD
PUBLIC CHOICE AND THE PROBLEM OF RENT-SEEKING
14: Free Trade, Protectionism, and Trade Deficits
SHRINKING TARIFFS, GROWING TRADE
FREE TRADE AND ITS CRITICS
ADAM SMITH’S CRITIQUE OF MERCANTILISM
COMPARATIVE ADVANTAGE AND THE CORN LAW
POPULAR AGITATION AGAINST THE CORN LAW, DERIVED FROM SMITHIAN POLITICAL ECONOMY
THE INFANT INDUSTRY ARGUMENT FOR PROTECTION, AND ADAM SMITH’S REBUTTAL
ALEXANDER HAMILTON’S CASE AGAINST FREE TRADE
FRIEDRICH LIST’S CASE FOR PROTECTING INFANT INDUSTRIES
HENRY SIDGWICK’S THEORETICAL ARGUMENT AND RECENT LITERATURE
PROTECTIONISM IN PURSUIT OF FREE TRADE?
DO TRADE DEFICITS POINT TO A FLAW IN FREE TRADE?
15: From Pleasant Deficit Spending to Unpleasant Sovereign Debt Crisis
SOVEREIGN DEBT CRISES HIT GREECE AND IRELAND
THE KEYNESIAN CHALLENGE TO ORTHODOX FISCAL THEORY
ARE MOST BUDGET DEFICITS PLEASANT EVENTS?
WHO BEARS THE BURDEN OF DEBT?
THE GOVERNMENT BUDGET CONSTRAINT AND THE INCENTIVE TO BORROW
INCENTIVE EFFECTS OF TAXES AND THE LAFFER CURVE
THE GOVERNMENT’S TEMPTATION TO INFLATE AWAY ITS DEBT
UNPLEASANT MONETARIST ARITHMETIC
The Clash of Economic Ideas
：The Great Policy Debates and Experiments of the Last Hundred Years
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