Principles of Economics

CONTENTS

Foreword by Peter G. Klein

Introduction by F.A. Hayek

Translator’s Preface

Author’s Preface

I. The General Theory of the Good

1. The Nature of Goods

2. The Causal Connections between Goods

3. The Laws Governing Goods-Character

A. The Goods-Character of Goods of Higher
Order is Dependent on Command of
Corresponding Complementary Goods

B. The Goods-Character of Goods of Higher
Order is Derived from that of the
Corresponding Goods of Lower Order

4. Time and Error

5. The Causes of Progress in Human Welfare

II. Economy and Economic Goods

1. Human Requirements

A. Requirements for Goods of First Order (Consumption Goods)

B. Requirements for Goods of Higher Order (Means of Production)

C. The Time Limits within Which Human Needs are Felt

2. The Available Quantities

3. The Origin of Human Economy and Economic Goods

A. Economic Goods

B. Non-Economic Goods

C. The Relationship between Economic and Non-Economic Goods

D. The Laws Governing the Economic Character of Goods

III. The Theory of Value

1. The Nature and Origin of Value

2. The Original Measure of Value

A. Differences in the Magnitude of Importance of Different Satisfactions (Subjective Factor)

B. The Dependence of Separate Satisfactions on Particular Goods (Objective Factor)

C. The Influence of Differences in the Quality of Goods on Their Value

D. The Subjective Character of the Measure of Value. Labor and Value. Error

3. The Laws Governing the Value of Goods of Higher Order

A. The Principle Determining the Value of Goods of Higher Order

B. The Productivity of Capital

C. The Value of Complementary Quantities of Goods of Higher Order

D. The Value of Individual Goods of Higher Order

E. The Value of the Services of Land, Capital, and Labor in Particular

IV. The Theory of Exchange

1. The Foundations of Economic Exchange

2. The Limits of Economic Exchange

V. The Theory of Price

1. Price Formation in an Isolated Exchange

2. Price Formation under Monopoly

A. Price Formation and the Distribution of Goods When There is Competition Between Several Persons for a Single Indivisible Monopolized Good

B. Price Formation and the Distribution of Goods When There is Competition for Several Units of a Monopolized Good

C. The Influence of the Price Fixed by a Monopolist on the Quantity of a Monopolized Good that Can be Sold and on the Distribution of the Good Among the Competitors For It

D. The Principles of Monopoly Trading (The Policy of a Monopolist)

3. Price Formation and the Distribution of Goods under Bilateral Competition

A. The Origin of Competition

B. The Effect of the Quantities of a Commodity Supplied by Competitors on Price Formation; the Effect of Given Prices Set by Them on Sales; and in Both Cases the Effect on the Distribution of the Commodity Among the Competing Buyers

C. The Effect of Competition in the Supply of a Good on the Quantity Sold and on the Price at which it is Offered (the Policies of Competitors)

VI. Use Value and Exchange Value

A. The Nature of Use Value and Exchange Value

B. The Relationship Between the Use Value and the Exchange Value of Goods

C. Changes in the Economic Center of Gravity of the Value of Goods

VII. The Theory of the Commodity

1. The Concept of the Commodity in its Popular and Scientific Meanings

2. The Marketability of Commodities

A. The Outer Limits of the Marketability of Commodities

B. The Different Degrees of Marketability of Commodities

C. The Facility with which Commodities Circulate

VIII. The Theory of Money

1. The Nature and Origin of Money

2. The Kinds of Money Appropriate to Particular Peoples and to Particular Historical Periods

3. Money as a “Measure of Price” and as the Most Economic Form for Storing Exchangeable Wealth

A. Goods and “Relationships”

C. The Nature of Value

D. The Measure of Value

E. The Concept of Capital

F. Equivalence in Exchange

G. Use Value and Exchange Value

H. The Commodity Concept

I. Designations for Money

J. History of Theories of the Origin of Money