The page numbers in this index refer to the printed version of this book. The link provided will take you to the beginning of that print page. You may need to scroll forward from that location to find the corresponding reference on your e-reader.
Abe, Shinzō, xvii
absolute-advantage trade model, 30–31, 45, 96
advertising, 230–235
The Affluent Society (Galbraith), 231
aggregate demand, 273–274, 368–369
aggregate supply, 315–316
agriculture
climate change and, 88
innovations, 68–69, 71, 76, 79
physiocrats on, 18
population theory predictions and, 68–69, 71, 79, 98–99, 108–113, 115–116
rational expectations and, 359–360
subsidies for, 325–328
trade policies on, 37–39, 103, 120–121. See also Corn Laws
Akerlof, George, 372
Albright, Madeleine, 120–121
antitrust policies, 41–45
AOL, 202
Apple v. Pepper (2019), 236
Ariely, Daniel, 377
Aristotle, 5
Autobiography (Mill, J. S.), 147
balanced budgets, 277–279, 335–338, 370–371
banking industry. See central banks; money and money supply
Bank of England, 310, 343–344, 391
Bastiat, Frédéric, 102–103
Becker, Gary, 248–249
Behavioral Economics, 374–381
Bell, Clive, 265
“Bentham” (Mill, J. S.), 132
Bentham, Jeremy, 67, 123, 124–129, 130, 132, 133–134, 335–336
Berle, Adolf, 252
Bernanke, Ben, 308, 309, 310, 314, 319
beta concept, 366
Bezos, Jeff, 42
Birth of Tragedy (Nietzsche), 131
Blinder, Alan, 373
Bloomsbury Group, 260, 262–263, 265
Bogle, John C., 367
Böhm-Bawerk, Eugen von, 33, 184–185
Brady, Nicholas, 343
Brown, Gordon, 343–344
Buchanan, James M., 322, 323–324, 334–337, 350, 370
Buchholz critique, 53
Buchholz Hypothesis, 249–250
budget deficits and surpluses, 277–279, 335–338, 370–371
bureaucracy. See politics
Burns, Robert, 20
Bush, George H. W., 269, 276, 343
Bush, George W., 140–141, 280, 317, 337–338, 341, 378
The Calculus of Consent (Buchanan & Tullock), 324
Cambridge Equation, 294
Can Lloyd George Do It? (Keynes), 346
Capital (Marx), 161–171, 174, 176
Capital Asset Pricing Model, 366
capitalism
communism and, xii–xv, 160–161, 169
immigration and, 84–86
Marshall on, 215–216
Marx on, 149, 156, 160–161, 164–170, 172–176, 179
Schumpeter on, 389–390
Veblen on, 226–227
Weber on, 154
Capitalism, Socialism, and Democracy (Schumpeter), 241, 389
Capitalism and Freedom (Friedman), 35
capture theory of regulation, 329–331
Carter, Jimmy, 52, 74, 267, 288, 333
central banks, xv–xvii, 10, 268, 273, 290, 305–306, 308–310, 314, 343–344. See also specific banks
ceteris paribus, 196, 203, 229
Chamberlin, Edward, 45, 235–236
A Christmas Carol (Dickens), 64, 112
Churchill, Winston, 3, 311–313, 351
Clark, John Bates, 220
Clemenceau, Georges, 263–264, 353–354
climate change, 86–89
Clinton, Bill, 142, 212, 316–317, 337
Club of Rome, 74–75
Coase’s Theorem, 244–246
Colbert, Jean-Baptiste, 7
Coleridge, Samuel Taylor, 56, 66, 90, 131, 132
The Collected Writings (Keynes), 258, 351
communism, xii–xv, xx, 152–153, 160–161, 169, 170–171, 178–179, 390–391
Communist Manifesto (Marx & Engels), 157, 160, 169, 170–171, 174, 178
Comparative Advantage, Law of, 95–98, 137
competition. See free market; free trade
Comte, Auguste, 131–132
The Conditions of the Working Class in England in 1844 (Engels), 153–154
consumption
Buchanan on, 336
conspicuous, 223–226
Friedman on, 299–301
Galbraith on, 232–233
Keynes on, 272–273, 274–277, 287, 299, 345–346
middlemen and, x–xi
Rational Expectations economists on, 368, 373
Contribution to the Critique of Political Economy (Marx), 157
Corn Laws (1815), 96, 98, 99, 108, 110, 115–116, 128, 145
coronavirus crisis, ix–x, 51, 211, 228–229, 280–281, 302
corporations
advertising and, 231–235
antitrust laws and, 41–45, 241
finances of, 252–255
management of, 28–29, 225–229, 252
negligence and, 242–243
organization of, 366–367
as special interest groups, 325–329
Crandall, Robert, 100
crime and criminal law, 248–251, 254
cryptocurrencies, 269
Das Kapital (Marx), 161–171, 174, 176
demand. See supply and demand
Democracy in America (de Tocqueville), 145
demographic transition, 70–73
depression, defined, 267. See also Great Depression
de Tocqueville, Alexis, 145
Director, Rose, 297. See also Friedman, Rose
division of labor, 14, 26–36, 40, 198–199, 386–387
Duby, Georges, 8
Eckersall, Harriet, 67
Economic Analysis of Law (Posner), 251
The Economic Consequences of the Peace (Keynes), 263, 312
Economic Journal, 187, 262, 298
“Economic Possibilities for Our Grandchildren” (Keynes), 285–286
economic rent, 113–114
Economic Report of the President, 305, 307–308
economics
attitude and economic development, xviii–xx
attributes of master economists, 4–5
barriers to understanding, 385–387, 388–390
capitalism trends, 390–391. See also capitalism
challenges of, 1–5, 16, 382–385, 388, 391–392
future optimism for, 386–388
information technology’s influence on, xvi–xvii
model construction, 3–4. See also specific economists
politics and, 1, 2–3. See also politics
purpose of, 7–9
risks and drawbacks, 387–388
technology’s influence on, x, 387–388
Economics (Samuelson), 134, 306
Economics and the Public Purpose (Galbraith), 231
The Economics of Imperfect Competition (Robinson), 236
Economics of Industry (Marshall & Marshall), 190
economic time, 195–202, 249–250
Edgeworth, Maria, 94
efficiency
corporate finance and, 252
division of labor and, 28–29
justice and, 251
Marshall on, 198–202
mergers and, 42
Public Choice school on, 344–345
special interest groups and, 325–329
Strategic Trade theory on, 106
Veblen on, 227–228
Efficient Market Hypothesis, 360–364, 380
Ehrlich, Paul, 75–76
Eisenhower, Dwight, 276
Employment Act (1946), 279, 369
Engels, Friedrich, 153–154, 155–156, 157, 163, 177. See also Communist Manifesto
engineers, 225–229
Engineers and the Price System (Veblen), 228
Enlightenment, 10–12, 15–18, 21
An Enquiry Concerning the Principles of Political Justice, and Its Influence on General Virtue and Happiness (Godwin), 58
Erdoğan, Recep Tayyip, 344
An Essay on the Principle of Population (Malthus), 59–65
An Essay on the Principle of Population (revised, Malthus), 65–67
Essays in Positive Economics (Friedman), 296
The Essence of Christianity (Feuerbach), 155
European Central Bank, 305
Federalist Papers, 355
Federal Open Market Committee (FOMC), 308, 343
Federal Reserve Board, 3, 288–289, 291–292, 294–296, 301, 304–310, 342–344, 369
Feuerbach, Ludwig, 155
fiscal policy, xvi–xvii, 3, 277–281, 305–306, 315–317, 368–369, 372–373, 383
Fogel, Robert, 238
Fox, Charles James, 36–37
Franklin, Benjamin, 16, 60, 62, 68
free market
about, 23–25
communism and, 178–180
Friedman on, 35
Great Depression and, 267, 314
institutionalists on, 237–238
invisible hand and, 23–26, 34, 52
protectionists against, 37–45, 49–52, 95–96, 98–108, 267, 383–384
Public Choice economists on, 332
safeguards for, 48–52, 102, 145
Smith on, 23–26, 34–35, 48–53, 109
Free to Choose (Friedman), 33–34
free trade
argument against, 98–108
communist countries and, 391
European Union policies on, 120–121
Friedman on, 33–34
Hayek on, 31–33
Malthus on, 66
Mill (John Stuart) on, 145
politics of, 37–45
Ricardo on, 95–98, 99, 103–104, 107–108, 112, 120
Smith on, 13–14, 29–31, 36–48, 49–51
Trump on, 49–50
Frey, Bruno, 370
Friedman, Milton
on consumption patterns, 299–301
Federal Reserve Board recommendations by, 303–305
on free trade, 33–34
on Markowitz’s dissertation, 365–366
on mergers, 42
on predictions, 372
on velocity of money, 308–309
Friedman, Rose (née Director), 297, 320
Furman, Jason, 317
on advertising, 230–235
on Friedman, 296–297
on institutionalists, 237–238, 240
legacy of, 255
on management, 252
on Smith, 45
game strategy, 106–107
Gates, Bill, 43
GDP, 71, 88, 290, 292, 293–296, 307–308
General Agreement on Tariffs and Trade, 103–104
The General Theory of Employment, Interest and Money (Keynes), 270–271, 279, 285, 294, 298, 312, 349
geometric ratio (exponential rate), 60–62
George, Henry, 112–115
George VI (king), 269, 285, 353–354
Gilligan’s Island analogies, 9, 96–97, 242
The Global 2000 Report to the President, 74
global warming, 86–89
gluts, 116–118
Godwin, William, 58, 59, 63–64
Goolsbee, Austan, 319
Gorbachev, Mikhail, xii, 178–179
Gore, Al, 212
government, role of. See fiscal policy; free market; free trade; money and money supply; politics
Grapes of Wrath (Steinbeck), 181
Great Cessation (2020), x, 280–281, 302
Great Depression
causes of, 50, 99, 266–267, 270–273
crime rates during, 249
Friedman on, 301
Keynes on, xvii, 267–273, 294, 350
Pigou Effect and, 313–314
recovery from, 268–269, 273–284
Social Security and, 339
Great Recession (2008), 302, 309–311, 312–314, 319, 338–339
Greenspan, Alan, 343
Hall, Robert, 368
Hand, Learned, 242–243
Hansen, Alvin, 279
Harburg, Yip, 267
Hayek, Friedrich von, 23, 31–33, 75, 232, 268–269, 270, 284, 346, 350, 352
health insurance, 206, 339–342
Hegel, G. W. F., 151, 152–156, 164, 208
Heilbroner, Robert, 74
Hoover, Herbert, 269
household savings
Friedman on, 299–300
Malthus on, 118
money supply level and, 290, 295–296, 308–309
Pigou on, 313–314
retirement savings, 340–341, 378
Stiglitz on, 141
How the Irish Became White, 83
human nature (natural drive)
Galbraith on, 231–235
Keynes on, 350–351
Mill (James) on, 134
Mill (John Stuart) on, 134–135
Veblen on, 225–229
Hume, David, 13, 18, 19, 20, 56, 117, 130
Hutcheson, Francis, 13
immigration, 80–86
Indian Currency and Finance (Keynes), 262
Industrial Revolution, xx, 20, 95–96, 238, 385–386
inelastic demand, 208–210, 212, 250
infant industry, 49
inflation, 177–178, 280–281, 289, 301, 303–310, 319, 342–344, 368–370, 376, 384–385. See also hyperinflation
An Inquiry into the Human Prospect (Heilbroner), 74
Intergovernmental Panel on Climate Change (IPCC), 87
international trade. See free trade
invisible hand, 12, 23–26, 34, 52, 102, 164–166, 267, 352–356, 390
Jevons, William Stanley, 184, 203, 206
Johnson, Harry, 270–271
Johnson, Lyndon, 279, 280, 300, 328
Johnson, Robert, 253
Kahn, Alfred, 331–332
Kahneman, Daniel, 375–377, 380
Kalecki, Michał, 177, 235, 342
Kant, Immanuel, 374–375
Kennedy, John F., 3, 279, 280, 343, 373
Kerrey, Bob, 341
Keynes, Florence Ada, 258–259
Keynes, John Maynard
background, 2, 122, 185, 213–214, 217, 236, 258–266, 347–352
on bureaucracy, 348–352
on Capital, 176–177
on depressions, xvii, 118, 214, 267–273, 294, 350
on Engels, 177
on government’s role in economy, 287–288, 345–347
on investments and savings, 266–273
Keynesian defined, 257–258
Keynesian model, critique of, 287–321. See also Friedman, Milton; monetarism
legacy of, 256–258, 284–286, 314–315, 345, 356, 358
long-term future predictions of, 145
on Marshall, 186
on Marxism, 346
Public Choice school and, 285, 345–347, 352–356
Schumpeter comparison, 240
on supply and demand, 273–280
Keynes, John Neville, 258–259
Keynes, Lydia (née Lopokova), 264–265, 285
Kim Il-sung, 237
Klenow, Peter, 319
Krugman, Paul, 104, 107–108, 315
Kuhn, Thomas, 4
creativity and, 225–229
division of, 26–36, 40, 198–199, 386–387
exploitation of, 164–166, 171–173
management practices, xvi, 28–29, 225–229, 316, 386
surplus labor, 171–173
labor theory of value, 173, 176–178
Laffer, Arthur, 315–316
Laffer curve, 315–316
Laibson, David, 378
Laughlin, J. Laurence, 221
Lehman Brothers, 310
Leibenstein, Harvey, 224
Leibniz, Gottfried Wilhelm von, 11
leisure class, 223
Lenin, Vladimir, 178, 179, 259
Leontief, Wassily, 75
Lerner, Abba, 212–213
leveraged buyouts (LBO), 253–254
Leviathan (Hobbes), 15
The Limits to Growth, 74
Lincoln, Abraham, 100–101
Long-Term Capital Management, 367
Lopokova, Lydia, 264–265. See also Keynes, Lydia
Losing Ground, 142
Lucas, Robert, 257, 362, 368, 373
Lucas Critique, 368
Maastricht Treaty, 338
Macron, Emmanuel, 39
Madison, James, 355
Malkiel, Burton, 364
Malthus, Thomas Robert, 55–90
global warming and, 86–89
immigration and, 80–86
legacy of, 89–90
methodology of, 122–123
population theory, 59–67, 108–109, 135
population theory models, 73–80
population theory predictions, 68–73, 108–109
on protectionism, 99
Ricardo and, 66, 90, 91–93, 108–109, 115–120
marginalism, 183–185, 192, 203–205, 208–213, 219, 231–232
marginalist consumers, 202–208
marginal propensity to consume (MPC), 274, 276–277
marginal propensity to save, 274
marginal utility of demand, 203–205, 231–232
Marglin, Stephen, 177–178
Markowitz, Harry, 364–366
Marshall, Alfred, 182–217
on antitrust laws, 241
Cambridge Equation and, 294
disciples of, 2, 185, 213–214, 235, 261, 311. See also Keynes, John Maynard
on economic time, 195–202, 229
on elasticity, 208–213
gradualist approach of, 191–195
on Malthus, 66
marginalism and, 183–185, 192, 203–205, 208–213, 219, 231–232
on marginalist consumers, 202–208
Mill (John Stuart) and, 122
on Ricardo, 119
on risk-taking and “waiting,” 172–173
on supply and demand, 173, 196–197, 202–213, 219, 231–232, 250
Marshall, Mary (née Paley), 189–190, 216
Marshall-Lerner condition, 212–213
Martin, William McChesney, 3
Marx, Heinrich, 149–152
Marx, Jenny (née von Westphalen), 150, 153, 162–163
Marx, Karl, 149–181
Capital, overview, 164–171, 174, 176
Capital, writing of, 161–164
on capitalism, 149, 156, 160–161, 164–170, 172–176, 179
Communist Manifesto, 169, 170–171, 174, 178
on death of his children, 162
Keynes on, 346
on labor exploitation, 164–166, 171–173
on labor theory of value, 173, 176–178
on Malthus, 55
on Ricardo, 119
on surplus labor, 171–173
McKinley, William, 41
McNamara, Robert S., 74
Means, Gardiner, 252
Melchior, Carl, 264
mercantilism, 6–7, 18–19, 34–35, 40–41, 100–101
Merkel, Angela, 81–82
Merton, Robert, 367
Mill, Harriet (née Taylor), 132–133, 148
Mill, James, 66, 94, 118, 122–124, 128–131, 134, 323
Mill, John Stuart, 122–148
background, 2, 122–125, 127–134
on Malthus, 66
marriage of, 130–131, 132–133, 148
Marshall comparison, 202
methodology of, 134–138
quantity theory and, 292
Miller, Merton, 366–367
Modigliani, Franco, 300, 306, 359, 366
monetarism, 287–296, 301–303, 306–309
A Monetary History of the United States, 1867–1960 (Friedman & Schwartz), 301
money and money supply, 288–292. See also central banks
budget deficits and surpluses, 277–279, 335–338, 370–371
correct level of, 289–290
defined, 289
inflation and, 177–178, 280–281, 289, 293, 301, 303–310, 319, 342–344, 368–370, 376, 384–385
monetarism on, 287–296, 301–303, 306–309
quantity theory and, 292
velocity of money, 290–291, 292, 293–294
monopolies, x–xi, xiii–xiv, 6–7, 40–43, 67, 209–210, 236
moral hazard problems, 310, 341–342
More, Thomas, 60
Moynihan, Daniel Patrick, 142, 341
Musk, Elon, 228–229
Nash, John, 106
national defense, 51–52
natural drive. See human nature
negligence, 242–243
New Classical economists. See Rational Expectations economists
New Geography Theory, 104–105
The New Industrial State (Galbraith), 231
new institutionalists, 218, 238, 255
Nietzsche, Friedrich Wilhelm, 131
Niskanen, William A., Jr., 332–334
Nixon, Richard, 41, 257, 306, 320–321, 328, 342–343
“The Non Sequitur of the ‘Dependence Effect’” (Hayek), 232
nonzero-sum transactions, 238–239
North, Douglass, 238
Obama, Barack, 48–49, 50, 107–108, 276, 302, 317, 341
Okun, Arthur, 305
old institutionalists, 218, 237–238, 255
On Liberty (Mill, J. S.), 137
On Logic (Mill, J. S.), 137
On the Principles of Political Economy and Taxation (Ricardo), 94, 134
Ortega, Daniel, 391
Paley, Mary, 189–190. See also Marshall, Mary
Paley, William, 58, 59, 62, 63–64
pandemic (2020), ix–x, 51, 211, 228–229, 280–281, 302
Permanent Income Hypothesis, 299–300
Personal Responsibility and Work Opportunity Reconciliation Act (1996), 142
Phelps, Edmund, 303
Phillips, A. W., 303
Philosophical Radicals, 132
The Philosophy of Poverty (Proudhon), 161
physiocracy, 18–19
Pigou, Arthur Cecil, 89, 185, 194, 270, 298, 311–314
Pigou tax, 246
Political Cycle theory, 342–345, 370
politics
as a business, 322–356. See also Public Choice school
free trade and, 37–45
Rational Expectations movement on, 370–372
Poor Laws, 40, 63, 65–66, 112, 141
Popper, Karl, 372
population theory. See Malthus: population theory
“Portfolio Selection” (Markowitz), 365
poverty, xvii–xviii, 88, 146, 174, 214–216, 339, 384, 391. See also welfare programs
The Poverty of Philosophy (Marx), 161
Powell, Jerome, 344
Predictably Irrational (Ariely), 377
Prescott, Edward, 316
price-fixing, 41–42
The Price of Prosperity (Buchholz), 328–329
Prices and Production (Hayek), 268
Principia Ethica (Moore), 259, 347–348
Principles of Economics (Marshall), 191–192, 193–194, 202, 206, 261
Principles of Political Economy (Malthus), 71, 90
Principles of Political Economy (Mill, J. S.), 134–137, 146–147, 187
prisoner’s dilemma, 106–107
production function, 318
professional investment. See stock market
Progress and Poverty (George), 112–113, 114
progressive taxes, 281
property rights
Coase’s Theorem and, 244–246
economic development and, 238
physiocrats on, 19
rent control and, 246–248
protectionism, 37–45, 49–52, 95–96, 98–108, 267, 383–384. See also mercantilism
The Protestant Work Ethic and the Spirit of Capitalism (Weber), 154
Proudhon, Pierre-Joseph, 161, 173–174
Proust, Marcel, 39
Public Choice school, 322–356
background, 322–325
on bureaucrats, 332–334
on government regulations, 329–332
Keynes and, 285, 345–347, 352–356
on Medicare, 341–342
on political cycles, 342–345
on politicians, 334–339
Rational Expectations economists on, 370
on Social Security, 339–341
special interest group paradox, 325–329
public education, 36, 134, 144, 214
quantity theory of money, 213–214, 292, 294–296, 299, 302–303
Quesnay, François, 18
Ramey, Valerie, 302
A Random Walk Down Wall Street (Malkiel), 364
Rational Expectations (New Classical) economists, 357–381
background, 357–360
Behavioral Economics comparison, 374–381
on consumption patterns, 368, 373
Efficient Market Hypothesis, 360–364
on fiscal policies, 368–369, 372–373
on future effects, 336
on politics, 370–372
on stock portfolio selections, 364–367
rational ignorance–special interest paradox, 331
ratio of exploitation, 165–166, 174–175
Reagan, Ronald, xii–xiii, xx, 10, 52, 138–139, 142, 178, 267, 276, 277–278, 306–308, 333, 373
real estate bubble (1990s–2000s), 309–310
recessions, defined, 267. See also Great Cessation; Great Recession
Remembrance of Things Past (Proust), 39
rents, 109–114, 136, 170, 244, 246–248
Review of Radical Political Economics, 177
Ricardian climate analysis, 87–88
Ricardian equivalence, 370–371
Ricardo, David, 91–121
climate change and, 87–88
on England’s economic future, 96, 108–116, 384
on free trade, 95–98, 99, 104, 107–108, 112, 120
on gluts, 116–118
on labor theory of value, 173
Law of Comparative Advantage, 95–98
legacy of, 119–121, 123, 134, 145, 194
Malthus and, 66, 90, 91–93, 108–109, 115–120
Marshall comparison, 202
methodology of, 118–120, 122–123, 136
risk, 29, 172–173, 201, 243, 375–376, 383, 387–388
The Road to Serfdom (Hayek), 346
Robbins, Lionel, 268, 269, 351–352
Robinson, Austin, 235
Robinson, Joan, 45, 176, 185, 235–237, 311, 347
Romer, Paul, 388
Roosevelt, Franklin, 265, 277, 279, 295
Rosovsky, Henry, 50
Rothenstein, William, 191
Rousseau, Jean-Jacques, 56, 57, 58, 59
Ruge, Arnold, 153
Rule of Repeats, 239
Rush (Buchholz), 239
Russell, Bertrand, 256–257, 259
Samuelson, Paul, 36, 176, 270, 279, 315, 361
Sargent, Thomas, 362
savings. See household savings
Say, Jean-Baptiste, 116–117, 124
Say’s Law, 116–118, 213–214, 271–272, 274
Scholes, Myron, 367
Schumpeter, Joseph, 119, 239–241, 262, 378–379, 389–390, 391
Schwartz, Anna J., 301
scissors economy, x–xi
Sharpe, William, 366–367
Shaw, George Bernard, 1, 99, 176–177, 181, 187
Sidgwick, Henry, 186
Simon, Herbert, 379
Simon, Julian, 75–76
Sketch for a Historical View of the Progress of the Human Mind (Condorcet), 58
Smith, Adam, 10–54
on division of labor, 14, 26–34, 35–36, 40
on the free market, 23–26, 34–35, 48–53, 109, 390
on gluts, 117
legacy of, 53–54, 67, 134, 323, 345, 390
Marshall comparison, 192–193
on mercantilism, 7, 19, 34–35, 40–41
on politics, 2
The Wealth of Nations overview, 20–23. See also The Wealth of Nations
Smith, Margaret, 12
socialism
Galbraith on, 232–233
Hayek on, 33
Marshall on, 215
Marx on, 150, 156, 160–161, 169–170, 173–176
Mill (John Stuart) on, 145–147
Schumpeter on, 389–390
Southey, Robert, 66
special interest groups, 37, 49, 285, 325–329, 331–332
specialization, 27, 30, 97, 104–106, 198, 201
Sprinkel, Beryl, 307–308
Stalin, Joseph, 178
Stein, Herbert, 315
Steinbeck, John, 181
Steuart, James, 62
Stewart, Martha, 363
Stigler, George, 42, 137, 246, 329, 332
Stiglitz, Joseph, 141, 237, 372
stock market, 91, 93, 282–284, 337, 360–367
Strachey, Lytton, 259, 260, 262–263
Strategic Trade theory, 104, 106, 107
Strauss, Leo, 353
The Structure of Scientific Revolutions (Kuhn), 4
supply and demand
aggregate demand, 273–274, 368–369
aggregate supply, 315–316
elastic economy and, 208–213, 250
Galbraith on, 231–232
household savings and, 271–272, 274–275, 276–277
inelastic demand, 208–210, 212, 250
Keynes on, 273–280
leisure class and, 221–225
Malthus on, 75–77
marginalism and, 203–205, 208–213, 231–232
Marshall on, 173, 196–197, 202–213, 219, 231–232, 250
Mill (John Stuart) on, 137
Pigou on, 312
rent control laws and, 246–247
Ricardo on, 110–114
Strategic Trade theory on, 106
supply-side shock, 317–320
Sweezy, Paul, 346
taxes
on advertisements, 233
balanced budgets and, 277–279, 335–338, 370–371
cigarette taxes, 212
income taxes, 136, 138–140, 170, 281, 300, 315–317, 320, 337, 346, 391
inheritance and estate taxes, 73, 140–141
Pigou tax, 246
single-tax movement, 113–114
Smith on, 51
Social Security and Medicare funding through, 206, 339–341
special interest groups and, 325
state welfare funding through, 144, 302
taxation without representation, 128, 336
Taylor, Harriet, 132–133. See also Mill, Harriet
Taylor Rule, 308
Thaler, Richard, 377
Thatcher, Margaret, 306–307, 308, 316, 371, 391
The Theory of Economic Development (Schumpeter), 240–241
A Theory of Human Nature (Smith), 13
The Theory of Moral Sentiments (Smith), 15–16
The Theory of the Leisure Class (Veblen), 221–223
Thinking, Fast and Slow (Kahneman), 377
Time Inc., 202
Torrens, Robert, 119
Tract on Monetary Reform (Keynes), 266, 268, 294
trade. See free trade
Treatise of Human Nature (Hume), 13
Treatise on Legislation (Bentham), 124–125
Treatise on Money (Keynes), 266
Trump, Donald, 44–45, 46, 49–50, 141, 213, 276, 280, 317, 333, 341, 344
Tucker, Albert, 107
Tversky, Amos, 375–377
Two Lucky People (Friedman & Friedman), 297
Utilitarianism (Mill, J. S.), 137
background, 219–221
disciples of, 230. See also Galbraith, John Kenneth
on efficiency, 227–228
on engineering and workmanship, 225–229
on law of demand, 219, 221–225
on politics, 2
on property ownership, 222–223
Schumpeter on, 240
velocity of money, 290, 292, 301–302, 307–309
Virginia School of political economy, 324
von Westphalen, Jenny, 150, 153. See also Marx, Jenny
immigration’s effect on, 85
Malthus on, 60, 63, 115–116, 117
Marshall on, 205–208
Mill (John Stuart) on, 143–144
Rational Expectations economists on, 358
ratio of exploitation and, 165–166
Ricardo on, 96, 98–99, 109, 111
Say’s Law and, 117–118, 271, 272
Smith on, 28–29, 31, 36, 40, 46–47
taxation of, 136, 138–140, 170, 281, 300, 315–317, 320, 337, 346, 391
Veblen on, 227–228
Wallace, Alfred Russel, 67
Walmart, 42
Warner Communications, 202
The Wealth of Nations (Smith), 14, 20–23, 27, 28, 34–36, 37, 53–54, 94, 134
Weber, Max, 144, 154, 155, 241, 348–349
Weinberger, Caspar, 334
welfare programs, 40, 63, 65–66, 112, 141–144, 175, 320, 336
Wells Fargo, 252–253
Westmoreland, William, 321
Whitehead, Alfred North, 32, 259
Wicksell, Knut, 119, 268, 323, 324, 345
Wittgenstein, Ludwig, 265, 270
Woolf, Virginia, 259–260
World Trade Organization, 39, 103–104
World War I, 262–266, 293, 311–312, 351, 353–354
World War II, 284–285, 298–299, 312, 323–324, 373
Young Hegelians, 151, 152–153, 155
zero-sum situation, 238–239