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Lancaster, K. 173“4, 176, 211“12, 220 Roberts, D.J. 86, 221
Lange, O. 81“2, 87, 217, 220 Robinson, J. 21, 35, 62, 80, 83, 113,
Latsis, S. 136, 220 221
Lawson, T. 146, 218, 220 Roemer, J. 83, 221
Leibenstein, H. 11, 14, 16, 220 Rosenbluth, G. 194, 198, 212, 220
Leijonhufvud, A. 91, 220 Rotwein, E. 5, 222
Lerner, A. 83, 220
Lipsey, R. 135, 194, 198, 212, 217, Samuelson, P. 8, 21, 23, 47, 62“3, 87,
220 93, 131, 146, 177“8, 188“9, 194,
Little, I.M.D. 85, 189, 220 206“7, 213, 222“3
Lloyd, C. 20, 195, 205, 207“10, 212, Saposnik, R. 62, 166, 221
221, 223 Schumpeter, J. 127, 179, 222
Loasby, B. 30, 221 Scitovsky, T. 150, 222 Coase theorem 49
ad hocery 167, 174“5, 198, 201“3,
Lucas, R. 135, 221 Shackle, G. 11“14, 19, 91“2, 94“104, competition
205“6
112, 220, 222 free enterprise 67
counter-critical 174“5
Marshall, A. 6, 7, 21“37, 39“46, 52, Shove, G. 43, 222 imperfect 3, 7, 62, 66, 68, 71, 73,
average-net-product
65, 85, 112, 115“17, 123, 125, Simon, H. 5, 11, 14, 16, 19“20, 221“2 75, 78, 81, 83, 86
of capital (ANPK) 74“5, 77, 86“7
132“3, 137“8, 140, 153, 165, 179, Solow, R. 8, 222 perfect 3, 7, 70, 81
of labour (ANPL ) 77
196, 202, 210“11, 213“14, 218“9, Sonnenschein, H. 221 constraints
axiom of revealed preference 55,
221 Sraffa, P. 21, 35, 126, 222 fixed 33
62“3, 93, 178, 181, 189“91, 193,
Mason, R. 149, 221 Stigler, G. 45“6, 152, 196“7, 208“9, institutional 108, 116“18
195, 204; see also revealed
Mill, J.S. 44, 134, 221 214, 222 natural 134“6, 147
preference analysis
Mises, L. 92, 96, 98“100, 220“1 non-natural 135
axiomatic analysis (axiomatics) 4, 48,
Modigliani, F. 62, 221 Tisdell, C. 97, 222 short-run 33, 135
50“1, 53, 60, 62, 64
Mongin, P. 20, 221 Triffin, R. 21 static 113, 118“19
completeness 50“3, 60“1, 64, 85,
Moore, H. 179, 205, 221 Tullock, G. 112“13, 218 consumer theory, see demand theory
152, 214“15
Muth, J. 221 consumers, types of
consistency 11, 29, 49“51, 56, 60,
Veblen, T. 152, 222 apriorist 99, 159
64, 85, 91, 93, 177“8
Negishi, T. 37, 86, 221 Venieris, Y. 152, 219 conventionalist 159
existence of equilibria 47, 49
Nell, E. 203, 220 Voltaire 93, 204 instrumentalist 160
and geometry 62
Newman, G. 104, 123, 152, 218, positivist 99
theory of completeness 52, 61
221“2 Wald, A. 48, 51“6, 58“63, 178, 185, scepticist 99, 160
uniqueness 55, 60“1, 93“4, 149,
Newman, P. 166, 221“2 220, 222 sophisticated inductivist 159
171, 175, 214“15
North, D. 112“13, 117“20, 219“1 Walras, L. 25“6, 42, 52“4, 61, 115, continuity 27, 31, 39“41, 44“7, 55,
211, 213“14 203
behaviour
Orr, D. 104, 217 Weintraub, S. 83“4, 223 and connectedness 37, 40
dynamic 26, 125
Welty, G. 207“9, 212, 223 mathematical conception of 24
maximizing 1, 5, 14, 18, 39, 149,
Pareto, V. 82, 138, 147, 179, 221 Wong, S. 194, 198, 223 of options 27, 46
204
Patinkin, D. 62, 132, 217, 221 continuum
see also maximization
Pesaran, H. 146, 218, 220 historical vs logical time- 134
biological analogies 40“1, 43“4
historical-time 132
Keynes™ 133“4, 137
capital
logical 132“3
as embodied technology 108, 109
logical-time 135
homogeneous 109
Marshall™s 36, 40-2, 46, 133,
optimum quantity of 65, 67
137“8, 214
optimum type of 65
methodological-cum-historical 132
quality of 108
criteria
stock 107“8, 115
multiple 166, 169, 171“3, 175
theory of 106, 108“10
© LAWRENCE A. BOLAND
228 Principles of economics Subject Index 229
criticism 1“8, 11“16, 18“21, 50“1, non-Giffen PCC 192 Lachmann“Shackle 92, 101 202, 211
94“7, 113“14, 213 non-inferior 208“10 equilibrium (equilibria) excess capacity 74“5, 78, 140“2,
and completeness 60“1 non-inferiority 208 vs balance 61 144“5
direct 12“13, 46 normal goods 178, 187, 206 criticism of 48, 84 excess profits 29, 33, 35, 45, 74
effective 1, 5“6, 144“5, 213 ordinal demand theory (ODT) 8, general 52“3, 65, 86, 91, 146, imperfectly competitive 78
external 3, 11 158, 177“8, 181“2, 185“6, 189, 214“15; competitive 44, 52; as institution 105“11
indirect 4 193“5, 209“10 market 52 life-cycle of 30“2, 35, 41“2
internal 3 price“consumption curves (PCCs) intermediate-run 66“9, 73, 75, 86, marginal cost 32, 35, 67, 70, 76“7,
internal vs external 3 56“9, 63, 179, 182“92, 195 108 79, 85“6, 202, 211
criticizing critiques 5“6 responsiveness 100, 181“2, 184“5 long-run 27“32, 34, 37, 66“9, 71, marginal revenue 34“5, 70, 79
Slutsky equation (Theorem) 15, 20, 73“8, 95, 101“3, 114, 116, maximizing profit 15, 69, 74, 143
decision(s), irreversible 35“6, 46, 114 178, 182, 194, 208 125“6, 136, 211 as monopolist 66
decision-makers, methodology of 158 static utility 175, 177“8 market-determined 66 perfectly competitive 65“6
decision-making, successful 100, substitution effect 20, 208, 212 market-run 29 as price setter 66
117“19, 124 utility function 3, 14“15, 19, 94, multiple 50, 61, 63 price-taking 28, 44“5, 76
demand curves 136, 147, 149“52, 158“60, neighbourhood properties of 214 representative 31“2, 34
downward (negatively) sloping 8, 165“9, 173“6, 185, 203, 212 nesting of 29“30 size, irreversible 30
29, 34, 37, 61, 70, 72“3, disequilibrium (disequilibria) 124, partial 27, 52, 179 stationary state 30“1, 37
179“80, 196, 205, 208“9, 211 135, 140 short-run 29, 66“7, 69, 77, 86, 95, turning point 31“4
Giffen 193 general theory of 84“5 103, 211
market 54“5, 179, 204 as involuntary unemployment 2, 49 stable 23, 59, 61, 64 general theory 7, 84, 144“5
upward (positively) sloping 156, long-run 77 state of 4, 49, 52, 67, 95 givens
166, 179, 194, 197, 205, 207“9 measures of 81“4; degree of and transaction costs 45, 49, 78“9 endogenous 114
demand, inverse 56, 59, 195 monopoly 83“4; index of less- unstable 51, 61, 100, 102, 156, 159 exogenous 25“6, 76, 101, 116, 124,
demand theory than-optimum output 83; index expectations 93“104, 134, 139, 143 134, 147
characteristics 173, 176, 212 of monopoly power 83; interest rational 146 natural 37, 127, 132, 134“5
choice-theory 157 rate 81; see also exploitation and sociology 119“20 non-individualist 146
consumer surplus 165 state of 64“5, 75“87, 132 explaining vs explaining away 2“3 non-natural 134
determinateness 180“2, 184“5 and transaction costs 3 explanation
diminishing MRS 186“8, 203 vs universal maximization 18, 45 cause and effect 23“4, 42 Hatter,the 21
explicitness 91, 101 dynamics ceteris paribus 52, 208“9, 212 hedonism 43“4
Giffen good(s) 165, 182“3, 187“8, economic 96 circular 98; vs incomplete 98; vs high theory 8
193, 196“9, 203“4, 206“12 institutional 114, 119 infinite regress 42; vs holism
Giffen paradox 196“7, 207, knowledge 7, 92“3, 95, 103, 105 tautological 17; without institutional 121, 126, 148
209“10, 212 learning 97 exogenous variables 26, 118, psychologistic 148
income“consumption curves (ICCs) long-run 26 126
57“8, 184“7, 195 price adjustment 61 comparative statics 140 ideology 117“18, 124, 201
and individualism 150“2, 179“80 complete 11, 27“8, 30, 49, 95, 117, incentives to change 29, 115
inferior good(s) 178, 181, 193, 195, Edgeworth“Bowley box 138“9 175 indifference curves 62, 170“1, 176,
197, 203“4, 207“10, 212 elasticity 70, 73, 83, 86, 100, 183, 188, equilibrium 50, 199 186“7, 189, 195
interdependence of elasticities 188 194 incomplete 27, 63 indifference map(s) 55, 57, 169, 177,
iso-price lines 185 elasticity of demand 70, 83, 188 long-run 26, 117 183“6, 197, 210
law of demand 2, 178“82, 185, and the relationship between the problem of 22, 25“7, 35 and attainable set 181
190, 193“4, 196“7, 199, 202“4, marginal and the average 73, 82 psychologistic 44 and bliss points 170, 177, 186
208“9, 212 epistemics 154 Walrasian vs Marshallian 42 and budget line(s) 59, 138, 146,
marginal rate of substitution (MRS) epistemology (epistemologies) 13, explanatory principles 22, 25, 34 169“70, 173, 189“91
186“8, 203 92“3, 100“4 exploitation 80“1, 133 community 55
marginal utility 12, 17, 41, 150, inductivist 102“3 measure of 83 and non-satiation 186
212 interdependence of methodology individualism
monotonic utility 166, 174“5 and 100 firm 24, 30“7, 65“87, 131, 136“4, institutional 120, 127, 146, 148
© LAWRENCE A. BOLAND
230 Principles of economics Subject Index 231
laissez-faire 201, 204, 210 intermediate run 65“8, 71, 74“5, 86 in general 141 vs rules-of-thumb 144
methodological 37, 127, 134“6, involuntary unemployment 2, 49 preference 131 vs satisficing 11, 20
147“8, 150“2, 180 long period(s) 23, 26, 28“31, 33, secondary assumptions 19
neoclassical 136 kaleido-statics 101 104“5, 116, 132 universal 11, 16, 44, 45, 150, 157
and psychological states 126“7, knowledge 60“1, 91“109, 153“8, 161 and changeability of inputs 33 of utility 15, 20, 35, 44, 136, 149,
134, 147 adequate 100, 102 long run 26, 33“5, 65“6, 78, 80, 85, 156“61, 165, 175, 189, 191,
psychologistic 121, 126“7, 134“5, casual 196“7 95“6, 105“6, 116“17, 126, 136, 202“5, 208
145, 148 endogenous 92 146, 211 maximization hypothesis 11“18, 20“2,
vs psychologism 147“8 epistemological problem of 98 39, 45“6, 49, 110, 215
inductive logic 13, 94, 118, 194 epistemological role of 100, 102 macroeconomics 8, 85, 145 methodological doctrines
inductive process 157 exogenous 96, 101 March Hare 21 Apriorism 98, 104, 159
inductive proof(s) 13“14, 19, 38, 104, exogenously-fixed 98 market(s) Conventionalism 36, 38
157“9, 161 fixed 96 excess demand 45, 156, 201, 211 Inductivism 19, 37, 98, 103“4, 153,
information 13, 174, 189, 195 growth of 106, 108, 116 excess supply 85, 141, 156, 201 157, 159, 161
economics of 214 Hayek“Lachmann distinction 155, spoiling 35 Instrumentalism 3, 6, 18, 31, 37,
and the role of institutions 119, 157 stable 155“6, 199“205; and convex 159, 161
123, 142 imperfect 101 preferences 160“1 Positivism 104
and ˜the news™ 98 induction-based 118, 161 stability conditions 28, 30, 36, 47, Scepticism 100, 104, 159
and testability 206“7 knowledge acquisition 154, 157 61, 199“205, 211 methodology
institutional arrangement 113, 116 methodological role of 102, 153 unstable 157 ad hoc modifications 206“7, 209;
institutional change 106“8, 112, 117, perfect 27, 91, 95“7, 101, 153, 214 market periods 132 vs arbitrary assumptions 171
119, 123“4 positivist view of 99 Marshall™s Book V arbitrariness 42, 171, 173, 176
theory of 110 potentially-variable 97 insufficiency of Book V 28 as if approach 31
institutional economics 112 practical 154“7 methodology of Book V 30 collectivist 123, 127
institutional environment 46, 113 problem of 91“4, 98, 105, 157 Marshall™s economics 22, 24, 26, 125 constrained-optimization 136
institutional reforms 106, 108 propositional 154, 157 Marshall™s ˜element of Time™ 21“4, conventionalist 31, 159
institutionalism 124, 127, 148 Scepticist theory of 99 26“8, 30, 32, 35, 42, 46, 115 empirical refutation 14“15
and evolutionary economics 113, scientific 154“7 Marshall™s ˜Principles™ 7, 21, 32, 36, as hidden agenda 37, 47
125 social 119“20, 125“6 40, 115 general vs special case 132“3
institutions and social institutions 112“26 Marshall™s strategy 27, 138 generality 3, 17, 19, 25, 131“2, 134
and circular causation 122“3 sociology of 117 mathematical economics 2, 52, 55 infinite regress 42, 104, 118, 161,
changeability of 123 subjective 189 formalism 176 167, 171, 174“6
concrete 120, 122“3, 126 technical 105, 135 maximization 3“8, 11“23, 25“6, Keynes“Hicks 139
consensus 120, 123“4 theories of 13, 19, 61, 93, 98“100, 39“41, 44“7, 80, 83“4, 92“4, Marshallian 22, 24, 32, 85, 115“16,
dynamic theory of 120 102“3, 157“8 144“5, 149“50, 213 132
endogenous 116 true 13“14, 18, 94, 118, 161 constrained 23, 136“8, 169, 176 and meaningfulness 206
and knowledge 113 variability of 96“7 vs conventional judgement 144 vs metaphysics 17“19
neoclassical view of 110, 112“14, empirical critique of 14 neoclassical 4, 18, 125, 134“6, 145
116 learning global 17, 19“20, 215 normative view 115
as organizational structure 118 and criticism 1, 6, 213 vs follow-the-leader behaviour 144 paradigm 113, 166; as metaphysics
social 85, 106, 110, 112, 114, by doing 108, 156, 158 as global optimum 82 20
119“20, 126 inductive 154, 157, 161, 175 vs irrationality 3, 93, 152 predictions 60, 96, 101, 137
as social technology 110 and life-cycle of firm 30, 36 Lagrange multiplier(s) 19, 87 and the problem of induction 94,
and sociological acts 119 methods of 159 local 12, 17, 20, 214“15 104, 195
successful 124 progressive 160 as optimum choice 133, 140, 166, rational reconstruction 198
theory of 106, 110, 119, 126 social 106, 110, 120 189 rationalism 43, 93, 148“9
instruments of change 121 takes time 27, 97 possibilities critique of 13 realism of assumptions 19, 95, 171
inter-generational changes 116“17 liquidity 131, 136“7, 139“42, 144“6 of profit 7, 11, 29, 33“5, 44“5, refutable 14, 16, 20
inter-generational comparisons 105 and flexibility 141“2 65“87, 108, 142“3, 155, 174 refuting facts 99“100
inter-generational ˜secular™ periods 132 Keynes™ use of 140 as rationality 93, 114 statical method 27, 29, 31“2, 35,
© LAWRENCE A. BOLAND
232 Principles of economics Subject Index 233
39, 52 209“11 rationality 91“4, 97, 100“1, 148“9, and completeness 60“2
stochastic theories 125 and noise 24, 28 151, 205 as criticizability 60
stochasticism 127, 176 rigidity of 115, 123 resource allocations 49, 81 of demand theory 205“8, 212
tautology (tautologies) 6, 12, system 17, 114, 126, 203 returns to scale and the Duhem“Quine thesis 212
16“17, 215; vs metaphysics theory of 8, 60, 99, 178“9, 194, constant 29, 31, 34, 45, 68“9, of maximization 4, 6, 15“16,
16“17 196“9, 201, 209“10 73“4, 81 and strictly universal statements
theory-choice 157 Principle of Continuity 7, 22“4, decreasing 31, 41, 72 14“15, 19, 206
unscientific 16; and meaningless 27“30, 32“4, 36“7, 39“47, 115, increasing 32, 35, 41, 72“4, 78“9, time 105“7, 109, 111
statements 16 137, 214 81“2, 146 historical 35, 36
unverifiable 16“17 Principle of Substitution 22“3, 25“7, revealed preference analysis 8, 178, logical 35“6, 134
verifiable 14, 16, 20 29, 33“4, 36, 39, 42, 46, 65, 110, 181“2, 185“6, 188“9, 194 see also Marshall™s ˜element of
verifying facts 99 115“16, 137“8 see also axiom of revealed Time™
Walrasian 42, 47, 5“12, 62 applicability of 23, 40 preference
see also explanation Principles of Economics 1, 6“7, 21, understanding 1“8, 21“2, 161, 193“4,
micro-micro theory 11 28, 105, 115 schools of thought 203
microeconomic analysis 28 privatization 75 Austrian 7, 37, 91“2, 97“8, 100, and criticism 6, 50, 171, 197“9,
minimization 20, 33, 44, 114 production functions 67“8, 72, 85, 146 102“3, 139, 154“5 206“7, 213“15
satisficing as cost minimization 20 Euler™s theorem 33, 45, 68 Chicago 5 unity and diversity 150
least-cost production 80 everywhere-linear-homogeneous Classical 27, 43, 44 dilemma between 148
model-building 19, 62, 206 68“9, 72 Keynesian Counter-revolutionaries and downward sloping marginal
models as iso-quants 138“9, 142 132 utility 150
Austrian 37 linear-homogeneous 29, 33, 67“72, neo-Keynesian 91 and psychology 150“2
axiomatic 40 74“6, 78, 82, 84“5 Post-Keynesian(s) 7, 35, 144, 211 universality 93“4, 148“50, 196
comprehensive maximization 44 locally linear-homogeneous 29, 33, short period(s) 23“4, 26“8, 33, 35,
equilibrium 4, 7, 22, 49“50, 52, 64, 68“9, 75“6, 78, 82 116, 132 variables
66, 85 marginal physical product of capital short run 24“5, 27, 29, 33, 35, 37, as exogenous conditions 24“6, 42
neo-Walrasian 22,37 (MPPK) 67“70, 72“4, 77, 82, 65“7, 86, 95“6, 102“3, 115“16, as social conditions 25“6, 112,
timeless 7, 118 86“7 126, 134“5, 140, 143, 211 116“17, 122“3
marginal physical product of labour social change 122“3 changeability of 27“8, 115
Pareto optimum 82, 138 (MPPL ) 67“70, 72“4, 77, 82, theory of 106, 110 dependent 24
phenomena 85“6 stability endogenous 24“6, 30, 33, 37, 49,
disequilibrium 2, 49, 64, 76“7, 81 marginal productivity 33, 41, 139, and the auctioneer 156“7 53, 95, 114“18, 123, 126, 132,
equilibrium 49 142 of market 85, 199“205 134“5, 146, 149“50, 206“7
preference ordering 20, 152, 166, marginal productivity, diminishing Marshallian 28, 30, 199, 202, 211 exogenous 20, 24“7, 30, 37, 42, 49,
168“71, 176“8, 180“2, 189, 203 41 Walrasian 199“201, 204“5, 211 53, 76, 114“18, 126“7, 134,
convex 59, 146, 161, 186 marginal rate of technical 138, 146, 149, 159, 206“7;
and the discontinuity problem 167 substitution (MRTS) 67“8 technological change 110 changeability of 26, 42
and greed 67, 186“7, 189, 195, 203 marginal returns 41, 146 technology 7, 24, 26, 29, 64“7, 76, 95, non-natural 146
incomplete 172 production possibilities curves (PPCs) 101, 105“11, 114, 140 independent 24
integrability problem 194 50“1, 136“9, 141“3 and change 105“6 macro- 136, 145“6
lexicographic (L-orderings) 8, full-employment PPC 143 non-autonomy of 107 non-individualist 134“5
165“7, 169, 175“6 under-employment PPC 143 testability very short period 24, 28
static 181 psychological economics 152 ad hocery vs 205“7 Voltaire™s Candide 93, 204
strictly convex 170“1, 175 psychology 147“52 all-and-some statments 16, 61“2
transitive 203 Marshall™s rejection of 42“3 and the ambiguity of modus tollens
price(s) mass 148 209
disequilibrium 85, 154“6 vs mechanics 4, 42“4, 93, 94
equilibrium 29, 36, 52, 66, 126, and Mill 134
157, 199, 201, 211 social psychology 7, 147
market 24, 28“9, 179 vs sociobiology 151
market-determined 114, 197“9, and rationality 93

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