business cycle research, 1163–9. See also Business Cycle Analysis; Business Cycle Theories: Cost Curves, Statistical; Demand Curves, Statistical; Dynamic Analysis; Macroanalysis; Mathematics; Statistics; Supply Curves, Statistical; Tableau économique Economic Analysis, history of, meaning, 3; defined, 12; logical ideals or norms, 17; applied fields, 22–4; idealogical bias in, 34–40; and economic thought, 38–40, 52; progress in, meaning of, 39–40, 46; beginnings in Greece, 53–66; logical vs. historical origins of institutions, 64, 110, 289; ‘Great Gap’ in, A.D. 600–1200, 73–4; ‘Ideal Types,’ 80, 606, 818; absence in 9th through 12th centuries, 84; paucity in 13th century, 90; 16th-century scholastics, 97; utilitarianism and modern-day, 134; separation from unified social science, 142; chance in, 144n; in pamphleteers, 161; 18th century ‘quasi-systems’ in, 196; fundamental problem in, 242; professionalization and specialization of, 380, 1154; facts entering theory as hypotheses, 576–7; laws and principles, 576–7; introspection, 577; common experience, 577; mathematics in, 603; subjective vs. objective theory, 919n. See also Economic Laws; Economic Theory Economic Development, in neo-classical period, 759–60; United States and Germany, 759; Austria, Italy, Japan, Russia, 759; England, 759, 760; ‘Great Depression,’ 760; opposition from social strata harmed by, 763 Economic Development, Theory of, Ricardo’s, see Interest, Rate of; Mill’s, 542, 543, 571, 572, 640–41, 662, 685; Marshall’s, 543, 892–3, 1165; Malthus’ as hitchbound, 566, 570–72 In classical analysis, 570–74: pessimistic type, 570–72, 585–6; Subject index 1232 optimistic type, 572–3; Marx’s type, 573–4; in neo-classical period, 892–3; Böhm-Bawerk’s second ground for interest in, 929; Cassel’s balanced progress, 966; and dynamic theory, 1161. See also, Marxist System, Stagnation Thesis, Stationary State Economic History, 12 Economic Laws, and natural law, 26n; nature of, 34–5; Malthusian principle as, 257; in classical economists, 537; and principles, 576–7. See also Economic Analysis Economic Man, 99, 156, 452, 887n Economic Sociology, importance in analysis, 20–21, 22; in Aristotle, 58; in Boisguillebert, 216; in Cantillon, 218–19; utilitarianism and, 409; Carlyle’s vision of, 410–11; Dühring’s theory of, 509n Of classical economists, 544–54: laissez-faire capitalism in, 531, 544; institutions assumed, 545–6, 547–8; the state in, 548–50; classes in, 550–54 Veblen’s work as, 795n; Weber and emergence of, 819; in neo-classical period, 870–71, 886–7. See also Classes, Social; Sociology Economic Theory, meanings of, 14–16, 253, 474, 585, 954n, 1141; importance of, 14–20; hostility toward, reasons for, 18–20, 110, 264–5, 537–40; Boisguillebert’s contribution, 215–16; and abstraction, 430n; Longfield’s performance, 465; Senior’s attempt to unify, 484, 575; pivotal position of value theory, 588; mathematics for, 602; new activity in, 753; subordination of, in Germany, 804, 843; Clark’s role in, 918; emergence of common, about 1900, 952; Marshall-Wicksell system, 1142–3; superiority of modern technique, 1145. See also Economic Analysis Economic Thought, 38–40, 52–3 Economics, applied fields of, 22–4; emergence of, 51; emphasis on autonomy of, 535; Subject index 1233 professionalization of, 1144–5 Economics, Dutch, quasi-systems in 17th century, 197–8; in neo-classical period, 861–2 Economics, English, importance in 18th century, 162; 16th century work, 165–7; cartalist theorists in 17th and 18th centuries, 290–91, 294–9; mercantalists, 195–7; predominance of in classical period, 382–3; centralization of in classical period, 510; economic research in classical and neo-classical periods, 757; Sozialpolitik and theory, 801, 888; economic history and historical economics, 821–4; the Marshallian Age, 829–40; Marxist influence in, 878n Economics, French, importance in 18th century, 162, 174; entrepreneur in, 222; antipopulationism in, 252; and Ricardianism, 479; in classical period, 490–501, 510 In neo-classical period, 840–43: Paris group, 765, 841–43; Simiand and historism, 820; and quantity theory, 1103 Economics, German, 17th-century writings, 198; teaching of public administration, 209–10; lack of Malthusianism, 252; and Ricardianism, 478–9 In classical period, 501–10: Smithian cameralism, 501–2, 503, 549n; decentralization of, 510; entrepreneur in, 555–6 In neo-classical period: liberalism, 765; effect of Sozialpolitik, 802–4; historical school, 807–24; resurgence of theory, 843, 844, 849; Marxist influence, 849, 878; elder statesmen, 850; representatives, 850–55; Marxism in, 879–83; and quantity theory, 1103 In modern period, 1154–6: Weltanschauungswissenschaft, 1155; National Socialist impact on, 1154–5 Economics, Greek, Oeconomicus, 53; Chrematistics, 53; centered about polis, 54–5, 57, 66; Plato in, 54–7; Perfect State, 55–6, 206–7; division of labor, 56; money, 56 Aristotle, 57–65; Subject index 1234 analysis of, 57–60; origins of state, 59; private property, 59; slavery, 59–60; ‘pure’ economics, 60–65 Economics, History of, 4–6, 381n Economics, Italian, 16th–18th centuries: importance of, 162; contributions of, 176–81; public finance literature, 205; on population, 251; on money, 292–3; utility in value theory, 300–302 In classical period, 510–14: Ricardianism and, 479; decentralization of, 510 In neo-classical period, 855–61: factually oriented, 820; elder statesmen, 856–7 In modern period, 1156–7: under Fascism, 1156–7 Economics, Roman, 66–71 Economics, Russian, in modern period, 1157–9; Stalinist period and German and Italian experience, 1157; research institutes, 1157–8; Kondratieff’s work, 1158 Economics, Scandinavian, in neo-classical period, 862–3 Economics, Scientific, historical continuity of, 6; meaning of, 6–11, 12, 21, 1141; evolution of in pamphleteers, 161; Serra and, 194–5; Quesnay and, 232; neglect of marginal utility in classical period, 463; contributions of Ricardo, 473–5; and policy measures, 540–41; and value judgments, 806; systematic form in 18th century, 1142. See also Economic Analysis; Economic Theory Economics, Spanish, in 18th century, 162; scholastic contributions, 165; lack of Malthusianism in, 252 Economics, United States, to 1790, 198–9 In classical period: small contribution to theory, 514; Carey, 516–18 In neo-classical period, 801, 863–77: scientific tradition in, 801; radicalism,’ 761, 801; Sozialpolitik and, 802; influence of Austrians, 850; economics as profession, 863–4; Subject index 1235 early personnel, 864; Henry George, an appraisal, 864–5; ‘marginalist school,’ 869–70. See also Institutionalism; Social Science Movement Economics, Universalist, 85n, 412n, 413, 420 Economies, External and Internal, 568, 995n, 1045–8 Elasticity Concepts, discovered by Cournot, 839, 992; in Mill, 992; as partial analysis concepts, 992–4; demand-price, 992–3; income, 993; partial price, 993–4; of substitution, 1142, 1149n Empirical Analysis, Botero’s work, 164–5; Vauban’s work, 164–5; Verri’s work, 178; in labor economics of 18th century, 275; in classical economics, 519–26; Le Play’s work, 490–91, 840; Tooke’s History of Prices, 520–21; Sozialpolitik and German research, 803–4; Tooke’s opposition to bullionist views, 708–9; in England, 1870–85, 829–30; Pantaleoni’s work, 857n; Taussig’s international trade work, 870; population studies, 890–91; of profits, 894–5; in labor economics, 947; Giffen’s work, 1075n; in monetary analysis, 1080; measurement of velocity of money, 1098; to refute quantity theory, 1104 Empiricism, Philosophical, 120–21, 123–6, 446–8, 450, 529n; and Mill, 120, 121, 447, 450, 529n; English, in 18th century, 123–6; in Encyclopédistes, 138; relation to utilitarianism, 407n, 429; and French 19th-century philosophy, 415; in classical period, 446–8 Enclosures, see Agrarian Revolution Encyclicals, Papal, Vix Pervenit, on interest, 102; Aeterni Patris, on Summa Theologica, 74n, 774n; Rerum Novarum, on labor, 765n; Quadragesimo Anno, corporate state in, 765 Encyclopédistes, 118, 137–8, 245 Engel’s Law, see Econometrics Enlightenment (Age of Reason), and scholastic natural law philosophers, 115; complacency of intellectuals, 122–3; Condillac, Hume, and Hartley as epitomizing spirit of, 124–6; overstress on rationality, 126; analytic aesthetics and ethics, 126–30; Subject index 1236 self-interest, common good, and utilitarianism, 130–34; philosophy of history, 134–7; Encyclopédistes, 118, 137–8, 245; semi-socialists, 139–41; moral philosophy, 141–2; and Quesnay, 229; perfectibility of man, 257; romanticism as revolt against, 419; evolution and progress, 436; Condorcet’s theory of social evolution, 442–3; and Comte’s law of three stages, 444 Entrepreneur, in Cantillon, 222, 555, 646; in scholasticism, 554–5 In classical economics, 554–6, 645–6; St. Simon on, 462; in Smith, 555; in Say, 492, 555, 557, 645–6; in consultant administrators, 555–6; in German economics, 555–6; in Ricardo and Ricardians, 556, 646; in Marx, 556, 646; in non-Ricardians, 556; Mill’s analysis, 556–7; risk-bearing and, 556n, 646, 894, 1049 In neo-classical period, 893–8: Walker on role of, 867, 935; entrepreneur and capitalist distinguished, 893; Jevons’ and Austrians’ neglect of, 893; in Böhm-Bawerk, 893; Walras’ profitless, 893, 1000–1001, 1011, 1049n; Marshall’s earnings of management, 646, 893–4, 935–6, 1000n, 1049; Clark on, 868, 894; functional theories, 895; profits and interest, 896; ‘residual gains’ of, 896–7; depradation theory, 896–8; monopolistic pricing and, 897–8; marginal utility theory and theory of, 920. See also Interest, Theories of; Profits Environmentalism, 434–5 Ephémérides, 226–7 Epicureanism, see Philosophy Equalitarianism, in scholasticism, 121; analytic vs. normative, 121–2; in utilitarianism, 131, 132; in semi-socialism of 18th century, 139; and associationist socialism, 457; in Thompson’s socialism, 479; in law of diminishing marginal utility, 888; in Keynes, 1170–71 Equation of Exchange, Subject index 1237 In neo-classical period, 1095–1106: a simple aggregative analysis, 1095–6; Fisher’s, 314n, 1096–7; definitions of M, V, P, and T, 1096–7; distinction between and quantity theory, 1099–1106; cash balance and income formulae and, 1108. See also Money, Theories of, Quantity Theory; Money, Velocity of Equilibrium, Economic, in scholasticism, 93, 95, 300; Verri’s conception of, 178; in Smith, 189, 308, 557; in Child, 196; in Boisguillebert, 216; in Isnard, 217, 307; of aggregates, 243; long-run, in Galiani, 301–2; international trade, 369, 609; Thünen’s ‘steady state,’ 467; in Scrope, 489; in Say, 492, 511, 623; in Fuoco, 511; in Mill, 563, 623; in classical period, 590; in Ricardo, 592; concept of, 963–71; determinateness of, 623, 968–71, 1149; defined, 969, 971; static and dynamic, 970, 971; static equilibrium in neo-classical period, 970; stable, unstable, and neutral, 970–71; unique solutions, 970–71; stability conditions, 971, 1149; redundancy of utility in conditions for, 1003; internal economies and, 1047–8; in Keynes, 1174, 1180n. See also Equilibrium, General Economic; Walrasian System Equilibrium, General Economic, in Boisguillebert, 216; Isnard on, 217, 307; tableau économique, 242–3; Galiani and, 301–2; in Gervaise, 374; in Thünen and Cournot, 467; Say’s Law in, 618; in Smith, 308; Edgeworth’s contributions, 831; Marshall as a builder, 483, 836, 920n, 994, 995, 996; Aupetit, 840n; Pareto’s work in, 860–61; Cassel, 862n, 1012n; in neo-classical period, 918–20; Cournot’s recognition of problem, 960; Subject index 1238 Barone’s theory of socialism, 987; substitution as a route from partial to general analysis, 995; modem work on stability and determinateness, 1149. See also Walrasian System Ethics, 126–30, 772 Euler’s Theorem, the ‘exhaustion theorem’ of Wicksteed, 1033; defined, 1033n; linear homogeneity and exhaustion, 1039–40 Evolutionary State, defined, 964; contrasted with stationary, 964; independence from statics and dynamics, 964–5; in Walras, 1018. See also Stationary State Evolutionism, defined, 435–6, 964; Hegelian, 436–8 Marxist, 391, 438–42, 544, 651, 686, 749–50, 1131: as non-materialistic, 438; theory of social classes, 439–40; economic interpretation of history, 440–42; as a unitary social science, 441; historians’, 442 Intellectual: Condorcet’s and Comte’s, 442–3; Comte’s law of three stages, 443–4; and evolutionary materialism, 772n; ‘historical laws,’ 812; influence on historism, 819 Biological: Darwinian, 444–6, 449, 772–3, 788–92 In St. Simon, 462; in Mill, 542; Croce’s philosophy, 778, 786; sociology as, 786; Hildebrand, 808–9; Marshallian theory of, 1165 Exchange Control, 340–45 Expectations, in Thornton, 720; in Mill, 721n, 747 Extensive Margin, see Diminishing Returns Fabian Socialism, see Radicalism, Bourgeois Factors of Production, produced, 217n, 561n, 633, 901–2, 904; in classical economics, 492, 554, 557–61, 606–7; non-homogeneity of, 899–901; triad of, 557, 560, 561, 901–2; Walras on, 999; limitational, 1030; indivisibilities, 1041–2 Factual Work, see Empirical Analysis Fascism, Plato and, 55–6; Sorel’s sympathies with, 774n; Subject index 1239 Italian economics under, 1156–7 Federal Reserve System, 695n, 697, 1078, 1121 Feudalism, 74–8, 144–6, 270. See also Roman Catholic Church Filiation of Economic Ideas, meaning of, 6; philosophical explanation of, 32; Greek money theories and those of Middle Ages, 57; Petty-Cantillon-Quesnay, 218, 221; Child-Hume-Turgot, 245; Smith-Malthus-Marshall, 482–3; Cantillon-Turgot-Say-Walras, 492; secular stagnation, Smith—Ricardo—Mill—Keynes—Hansen, 964n; macroanalysis, Quesnay—Ricardo—Böhm—Bawerk—Wicksell—Keynes, 997–8; Juglar-Mitchell, 1124n Fiscal Policy, in scholastics, 96–7; consultant administrators, 202; Vauban on, 204; Gladstonian finance, 402–5; Lauderdale on debt redemption, 487–8; as revealing character of society, 769; in neo-classical period, 769–71, 810. See also Taxation Foreign Exchange, gold standard and specie points, 732; in monetary management schemes, 1078; Keynes on, 1106n; balance of payments theory of, 756, 1106; inflation theory of, 736–7, 1106; purchasing-power parity theory: in Ricardo and Wheatley, 737; in neo-classical period, 1106–7. See also Exchange Control; Gold Mechanism; Gold Standard; International Trade Analysis; Specie Points Free Trade, to 17th century, 342n; and assumption of full employment, 351; North on, 370–71; in 18th century, 370–72; and natural law, 371; and laissez-faire in 18th century, 371–2; English in 19th century, 397–9; in Prussia and German Empire, 397; Cobden and Bright on, 398; as inseparable element of policy, 398; Gladstonian finance and, 403; gold standard and, 405–6; in Ricardo, 473, 625n; Bastiat on, 500; List’s arguments, 505; Carey, 517; in Mill, 521n; Subject index 1240 and classical international trade theory, 609–11, 615; outlook for in 1870, 766–7; Paris group on, 841. See also Laissez-Faire; Liberalism, Economic; Liberalism, Political; Protectionism General Price Level, difficulties with in classical period, 701, 713 Acceptance in neo-classical period, 1089; Austrians on, 1094 Haberler’s subjective, 1094; Divisia’s objective, 1094; Keynes’s sectional, in Treatise, 1095; in General Theory, 1144 Gluts, General, Malthus’ theory of, 482; controversy over, 538–9, 621–5; and underconsumption thesis, 738–9; and early work on cycle, 740, 741, 742–3. See also Business Cycle Analysis; Business Cycle Theories; Secular Stagnation Thesis Gold Mechanism, in Cantillon, 223, 366; in Hume, 316; in Malynes, 344; nature of, 352n; in later mercantilism, 365–67; in Mill, 710; in classical analysis, 733–38; Ricardo and, 1107 Gold Standard, in 19th-century England, 405–6; ‘automatic,’ defined, 405n; and Resumption Act of 1819, 692–4; change in attitude toward, 694; gold movements as index of business conditions under, 698; banking and currency schools on, 727; classical economists and unfettered, 732; modern objections to, 732; outlook for international, in 1870, 766; last article of liberal credo to go, 770; reluctance to play game of, 771, 1078; economists of neo-classical period on, 1075, 1087; gold-exchange standard, 771, 1075–6, 1077n, 1079; international, at Paris Conference of 1867, 1076; interest rates in, 732, 1077; Wicksell and, 1075. See also, Gold Mechanism; International Trade Analysis Government Regulation, in neo-classical period, 767–8 Gresham’s Law, 297, 343n Gross National Product, see Income Concepts Subject index 1241 . superiority of modern technique, 1145. See also Economic Analysis Economic Thought, 38–40, 52–3 Economics, applied fields of, 22–4; emergence of, 51; emphasis on autonomy of, 535; Subject. 57–65; Subject index 1234 analysis of, 57–60; origins of state, 59; private property, 59; slavery, 59–60; ‘pure’ economics, 60–65 Economics, History of, 4–6, 381n Economics, Italian, 16th–18th. State Economic History, 12 Economic Laws, and natural law, 26n; nature of, 34–5; Malthusian principle as, 257; in classical economists, 537; and principles, 576–7. See also Economic Analysis