PETER G. KLEIN...............................................................................................

7
INTRODUCTION BY F.A. HAYEK..................................................................11
1. TRANSLATORS....................................................................................58
A. The Goods-Character of Goods of Higher Order is Dependent on Command of
Corresponding Complementary Goods..............................................58
B. The Goods-Character of Goods of Higher Order is Derived from that of the
Corresponding Goods of Lower Order..............................................63
4. Time and Error.........................................................................................67
5. The Causes of Progress in Human Welfare.............................................71
6. Property....................................................................................................74
II. ECONOMY AND ECONOMIC GOODS.....................................................77
1. Human Requirements...............................................................................80
A. Requirements for Goods of First Order (Consumption Goods).........80
B. Requirements for Goods of Higher Order (Means of Production)....84
C. The Time Limits within Which Human Needs are Felt.....................87
2. The Available Quantities.........................................................................89
3. The Origin of Human Economy and Economic Goods...........................94
A. Economic Goods................................................................................94
B. Non-Economic Goods........................................................................98
C. The Relationship between Economic and Non-Economic Goods.....101
D. The Laws Governing the Economic Character of Goods..................106
4. Wealth......................................................................................................109
III. THE THEORY OF VALUE..........................................................................114
1. The Nature and Origin of Value..............................................................114
2. The Original Measure of Value...............................................................121
A. Differences in the Magnitude of Importance of Different Satisfactions
(Subjective Factor).............................................................................122
B. The Dependence of Separate Satisfactions on Particular Goods (Objective
Factor)................................................................................................128
C. The Influence of Differences in the Quality of Goods on Their Value
141
D. The Subjective Character of the Measure of Value. Labor and Value. Error145
2. The Laws Governing the Value of Goods of Higher Order.....................149
A. The Principle Determining the Value of Goods of Higher Order......149
B. The Productivity of Capital................................................................152
C. The Value of Complementary Quantities of Goods of Higher Order157
D. The Value of Individual Goods of Higher Order...............................162
E. The Value of the Services of Land, Capital, and Labor in Particular 165
PETER G. KLEIN...............................................................................................7
INTRODUCTION BY F.A. HAYEK..................................................................11
TRANSLATORS PREFACE.............................................................................37
AUTHORS PREFACE.......................................................................................45
I. THE GENERAL THEORY OF THE GOOD...............................................51
2. The Nature of Goods................................................................................51
3. The Casual Connections between Goods.................................................55
4. The Laws Governing Goods-Character...................................................58
C. The Goods-Character of Goods of Higher Order is Dependent on Command of
Corresponding Complementary Goods..............................................58
D. The Goods-Character of Goods of Higher Order is Derived from that of the
Corresponding Goods of Lower Order..............................................63
4. Time and Error.........................................................................................67

5. The Causes of Progress in Human Welfare.............................................71

6. Property....................................................................................................74
III. ECONOMY AND ECONOMIC GOODS.....................................................77
2. Human Requirements...............................................................................80
B. Requirements for Goods of First Order (Consumption Goods).........80
C. Requirements for Goods of Higher Order (Means of Production)....84
D. The Time Limits within Which Human Needs are Felt.....................87
2. The Available Quantities.........................................................................89
3. The Origin of Human Economy and Economic Goods...........................94
B. Economic Goods................................................................................94
C. Non-Economic Goods........................................................................98
D. The Relationship between Economic and Non-Economic Goods.....101
E. The Laws Governing the Economic Character of Goods..................106
4. Wealth......................................................................................................109
III. THE THEORY OF VALUE..........................................................................114
3. The Nature and Origin of Value..............................................................114
4. The Original Measure of Value...............................................................121
E. Differences in the Magnitude of Importance Goods-Character of Goods of
Higher Order is Dependent on Command of Corresponding Complementary
Goods.................................................................................................58
F. The Goods-Character of Goods of Higher Order is Derived from that of the
Corresponding Goods of Lower Order..............................................63
7. Time and Error.........................................................................................67
8. The Causes of Progress in Human Welfare.............................................71
9. Property....................................................................................................74
IV. ECONOMY AND ECONOMIC GOODS.....................................................77
3. Human Requirements...............................................................................80
E. Requirements for Goods of First Order (Consumption Goods).........80
F. Requirements for Goods of Higher Order (Means of Production)....84
G. The Time Limits within Which Human Needs are Felt.....................87
2. The Available Quantities.........................................................................89
3. The Origin of Human Economy and Economic Goods...........................94
F. Economic Goods................................................................................94
G. Non-Economic Goods........................................................................98
H. The Relationship between Economic and Non-Economic Goods.....101
I. The Laws Governing the Economic Character of Goods..................106
4. Wealth......................................................................................................109
III. THE THEORY OF VALUE..........................................................................114
5. The Nature and Origin of Value..............................................................114
6. The Original Measure of Value...............................................................121
A. Differences in the Magnitude of Importance of Different Satisfactions
(Subjective Factor).............................................................................122
B. The Dependence of Separate Satisfactions on Particular Goods (Objective
Factor)................................................................................................128
C. The Influence of Differences in the Quality of Goods on Their Value
141
D. The Subjective Character of the Measure of Value. Labor and Value. Error145
7. The Laws Governing the Value of Goods of Higher Order.....................149
A. The Principle Determining the Value of Goods of Higher Order......149
B. The Productivity of Capital................................................................152
C. The Value of Complementary Quantities of Goods of Higher Order157

D. The Value of Individual Goods of Higher Order...............................162

E. The Value of the Services of Land, Capital, and Labor in Particular 165
PETER G. KLEIN...............................................................................................7
INTRODUCTION BY F.A. HAYEK..................................................................11
TRANSLATORS PREFACE.............................................................................37
AUTHORS PREFACE.......................................................................................45
II. THE GENERAL THEORY OF THE GOOD...............................................51
5. The Nature of Goods................................................................................51
6. The Casual Connections between Goods.................................................55
7. The Laws Governing Goods-Character...................................................58
G. The Goods-Character of Goods of Higher Order is Dependent on Command of
Corresponding Complementary Goods..............................................58
H. The Goods-Character of Goods of Higher Order is Derived from that of the
Corresponding Goods of Lower Order..............................................63
4. Time and Error.........................................................................................67
5. The Causes of Progress in Human Welfare.............................................71
6. Property....................................................................................................74
V. ECONOMY AND ECONOMIC GOODS.....................................................77
4. Human Requirements...............................................................................80
H. Requirements for Goods of First Order (Consumption Goods).........80
I. Requirements for Goods of Higher Order (Means of Production)....84
J. The Time Limits within Which Human Needs are Felt.....................87
2. The Available Quantities.........................................................................89
3. The Origin of Human Economy and Economic Goods...........................94
J. Economic Goods................................................................................94
K. Non-Economic Goods........................................................................98
L. The Relationship between Economic and Non-Economic Goods.....101
M. The Laws Governing the Economic Character of Goods..................106
4. Wealth......................................................................................................109
III. THE THEORY OF VALUE..........................................................................114
8. The Nature and Origin of Value..............................................................114
9. The Original Measure of Value...............................................................121
A. Differences in the Magnitude of Importance of Different Satisfactions
(Subjective Factor).............................................................................122
B. The Dependence of Separate Satisfactions on Particular Goods (Objective
Factor)................................................................................................128
I. The Influence of Differences in the Quality of Goods Goods-Character of
Goods of Higher Order is Dependent on Command of Corresponding
Complementary Goods......................................................................58
J. The Goods-Character of Goods of Higher Order is Derived from that of the
Corresponding Goods of Lower Order..............................................63
7. Time and Error.........................................................................................67
8. The Causes of Progress in Human Welfare.............................................71
9. Property....................................................................................................74
VI. ECONOMY AND ECONOMIC GOODS.....................................................77
5. Human Requirements...............................................................................80
K. Requirements for Goods of First Order (Consumption Goods).........80
L. Requirements for Goods of Higher Order (Means of Production)....84
M. The Time Limits within Which Human Needs are Felt.....................87
2. The Available Quantities.........................................................................89

3. The Origin of Human Economy and Economic Goods...........................94

N. Economic Goods................................................................................94
O. Non-Economic Goods........................................................................98
P. The Relationship between Economic and Non-Economic Goods.....101
Q. The Laws Governing the Economic Character of Goods..................106
4. Wealth......................................................................................................109
III. THE THEORY OF VALUE..........................................................................114
10. The Nature and Origin of Value..............................................................114
11. The Original Measure of Value...............................................................121
A. Differences in the Magnitude of Importance of Different Satisfactions
(Subjective Factor).............................................................................122
B. The Dependence of Separate Satisfactions on Particular Goods (Objective
Factor)................................................................................................128
C. The Influence of Differences in the Quality of Goods on Their Value
141
D. The Subjective Character of the Measure of Value. Labor and Value. Error145
12. The Laws Governing the Value of Goods of Higher Order.....................149
A. The Principle Determining the Value of Goods of Higher Order......149
B. The Productivity of Capital................................................................152
C. The Value of Complementary Quantities of Goods of Higher Order157
D. The Value of Individual Goods of Higher Order...............................162
E. The Value of the Services of Land, Capital, and Labor in Particular 165
PETER G. KLEIN...............................................................................................7
INTRODUCTION BY F.A. HAYEK..................................................................11
TRANSLATORS PREFACE.............................................................................37
AUTHORS PREFACE.......................................................................................45
III. THE GENERAL THEORY OF THE GOOD...............................................51
8. The Nature of Goods................................................................................51
9. The Casual Connections between Goods.................................................55
10. The Laws Governing Goods-Character...................................................58
K. The Goods-Character of Goods of Higher Order is Dependent on Command of
Corresponding Complementary Goods..............................................58
L. The Goods-Character of Goods of Higher Order is Derived from that of the
Corresponding Goods of Lower Order..............................................63
4. Time and Error.........................................................................................67
5. The Causes of Progress in Human Welfare.............................................71
6. Property....................................................................................................74
VII........................................................................................................................ECONOM
Y AND ECONOMIC GOODS......................................................................77
6. Human Requirements...............................................................................80
N. Requirements for Goods of First Order (Consumption Goods).........80
O. Requirements for Goods of Higher Order (Means of Production)....84
P. The Time Limits within Which Human Needs are Felt.....................87
2. The Available Quantities.........................................................................89
3. The Origin of Human Economy and Economic Goods...........................94
R. Economic Goods................................................................................94
S. Non-Economic Goods........................................................................98
T. The Relationship between Economic and Non-Economic Goods.....101
U. The Laws Governing the Economic Character of Goods..................106
4. Wealth......................................................................................................109
III. THE THEORY OF VALUE..........................................................................114

13. The Nature and Origin of Value..............................................................114

14. The Original Measure of Value...............................................................121
A. Differences in the Magnitude of Importance of Different Satisfactions
(Subjective Factor).............................................................................122
B. The Dependence of Separate Satisfactions on Particular Goods (Objective
Factor)................................................................................................128
M. The Influence of Differences in the Quality of Goods Goods-Character of
Goods of Higher Order is Dependent on Command of Corresponding
Complementary Goods......................................................................58
N. The Goods-Character of Goods of Higher Order is Derived from that of the
Corresponding Goods of Lower Order..............................................63
7. Time and Error.........................................................................................67
8. The Causes of Progress in Human Welfare.............................................71
9. Property....................................................................................................74
VIII.......................................................................................................................ECONOM
Y AND ECONOMIC GOODS......................................................................77
7. Human Requirements...............................................................................80
Q. Requirements for Goods of First Order (Consumption Goods).........80
R. Requirements for Goods of Higher Order (Means of Production)....84
S. The Time Limits within Which Human Needs are Felt.....................87
2. The Available Quantities.........................................................................89
3. The Origin of Human Economy and Economic Goods...........................94
V. Economic Goods................................................................................94
W. Non-Economic Goods........................................................................98
X. The Relationship between Economic and Non-Economic Goods.....101
Y. The Laws Governing the Economic Character of Goods..................106
4. Wealth......................................................................................................109
III. THE THEORY OF VALUE..........................................................................114
15. The Nature and Origin of Value..............................................................114
16. The Original Measure of Value...............................................................121
A. Differences in the Magnitude of Importance of Different Satisfactions
(Subjective Factor).............................................................................122
B. The Dependence of Separate Satisfactions on Particular Goods (Objective
Factor)................................................................................................128
C. The Influence of Differences in the Quality of Goods on Their Value
141
D. The Subjective Character of the Measure of Value. Labor and Value. Error145
17. The Laws Governing the Value of Goods of Higher Order.....................149
A. The Principle Determining the Value of Goods of Higher Order......149
B. The Productivity of Capital................................................................152
C. The Value of Complementary Quantities of Goods of Higher Order157
D. The Value of Individual Goods of Higher Order...............................162
E. The Value of the Services of Land, Capital, and Labor in Particular 165
PETER G. KLEIN...............................................................................................7
INTRODUCTION BY F.A. HAYEK..................................................................11
TRANSLATORS PREFACE.............................................................................37
AUTHORS PREFACE.......................................................................................45
IV. THE GENERAL THEORY OF THE GOOD...............................................51
11. The Nature of Goods................................................................................51
12. The Casual Connections between Goods.................................................55
13. The Laws Governing Goods-Character...................................................58

O. The Goods-Character of Goods of Higher Order is Dependent on Command of

Corresponding Complementary Goods..............................................58
P. The Goods-Character of Goods of Higher Order is Derived from that of the
Corresponding Goods of Lower Order..............................................63
4. Time and Error.........................................................................................67
5. The Causes of Progress in Human Welfare.............................................71
6. Property....................................................................................................74
IX. ECONOMY AND ECONOMIC GOODS.....................................................77
8. Human Requirements...............................................................................80
T. Requirements for Goods of First Order (Consumption Goods).........80
U. Requirements for Goods of Higher Order (Means of Production)....84
V. The Time Limits within Which Human Needs are Felt.....................87
2. The Available Quantities.........................................................................89
3. The Origin of Human Economy and Economic Goods...........................94
Z. Economic Goods................................................................................94
AA............................................................................................................NonEconomic Goods................................................................................98
BB............................................................................................................The
Relationship between Economic and Non-Economic Goods............101
CC............................................................................................................The Laws
Governing the Economic Character of Goods...................................106
4. Wealth......................................................................................................109
III. THE THEORY OF VALUE..........................................................................114
18. The Nature and Origin of Value..............................................................114
19. The Original Measure of Value...............................................................121
A. Differences in the Magnitude of Importance of Different Satisfactions
(Subjective Factor).............................................................................122
B. The Dependence of Separate Satisfactions on Particular Goods (Objective
Factor)................................................................................................128
Q. The Influence of Differences in the Quality of Goods Goods-Character of
Goods of Higher Order is Dependent on Command of Corresponding
Complementary Goods......................................................................58
R. The Goods-Character of Goods of Higher Order is Derived from that of the
Corresponding Goods of Lower Order..............................................63
7. Time and Error.........................................................................................67
8. The Causes of Progress in Human Welfare.............................................71
9. Property....................................................................................................74
X. ECONOMY AND ECONOMIC GOODS.....................................................77
9. Human Requirements...............................................................................80
W. Requirements for Goods of First Order (Consumption Goods).........80
X. Requirements for Goods of Higher Order (Means of Production)....84
Y. The Time Limits within Which Human Needs are Felt.....................87
2. The Available Quantities.........................................................................89
3. The Origin of Human Economy and Economic Goods...........................94
DD............................................................................................................Economic
Goods.................................................................................................94
EE.Non-Economic Goods........................................................................98
FF. The Relationship between Economic and Non-Economic Goods.....101
GG............................................................................................................The Laws
Governing the Economic Character of Goods...................................106

4. Wealth......................................................................................................109
III. THE THEORY OF VALUE..........................................................................114
20. The Nature and Origin of Value..............................................................114
21. The Original Measure of Value...............................................................121
A. Differences in the Magnitude of Importance of Different Satisfactions
(Subjective Factor).............................................................................122
B. The Dependence of Separate Satisfactions on Particular Goods (Objective
Factor)................................................................................................128
C. The Influence of Differences in the Quality of Goods on Their Value
141
D. The Subjective Character of the Measure of Value. Labor and Value. Error145
22. The Laws Governing the Value of Goods of Higher Order.....................149
A. The Principle Determining the Value of Goods of Higher Order......149
B. The Productivity of Capital................................................................152
C. The Value of Complementary Quantities of Goods of Higher Order157
D. The Value of Individual Goods of Higher Order...............................162
E. The Value of the Services of Land, Capital, and Labor in Particular 165
PETER G. KLEIN...............................................................................................7
INTRODUCTION BY F.A. HAYEK..................................................................11
TRANSLATORS PREFACE.............................................................................37
AUTHORS PREFACE.......................................................................................45
V. THE GENERAL THEORY OF THE GOOD...............................................51
14. The Nature of Goods................................................................................51
15. The Casual Connections between Goods.................................................55
16. The Laws Governing Goods-Character...................................................58
S. The Goods-Character of Goods of Higher Order is Dependent on Command of
Corresponding Complementary Goods..............................................58
T. The Goods-Character of Goods of Higher Order is Derived from that of the
Corresponding Goods of Lower Order..............................................63
4. Time and Error.........................................................................................67
5. The Causes of Progress in Human Welfare.............................................71
6. Property....................................................................................................74
XI. ECONOMY AND ECONOMIC GOODS.....................................................77
10. Human Requirements...............................................................................80
Z. Requirements for Goods of First Order (Consumption Goods).........80
AA............................................................................................................Requireme
nts for Goods of Higher Order (Means of Production)......................84
BB............................................................................................................The Time
Limits within Which Human Needs are Felt.....................................87
2. The Available Quantities.........................................................................89
3. The Origin of Human Economy and Economic Goods...........................94
HH............................................................................................................Economic
Goods.................................................................................................94
II. Non-Economic Goods........................................................................98
JJ. The Relationship between Economic and Non-Economic Goods.....101
KK............................................................................................................The Laws
Governing the Economic Character of Goods...................................106
4. Wealth......................................................................................................109
III. THE THEORY OF VALUE..........................................................................114
23. The Nature and Origin of Value..............................................................114
24. The Original Measure of Value...............................................................121

A. Differences in the Magnitude of Importance of Different Satisfactions

(Subjective Factor).............................................................................122
B. The Dependence of Separate Satisfactions on Particular Goods (Objective
Factor)................................................................................................128
U. The Influence of Differences in the Quality of Goods Goods-Character of
Goods of Higher Order is Dependent on Command of Corresponding
Complementary Goods......................................................................58
V. The Goods-Character of Goods of Higher Order is Derived from that of the
Corresponding Goods of Lower Order..............................................63
7. Time and Error.........................................................................................67
8. The Causes of Progress in Human Welfare.............................................71
9. Property....................................................................................................74
XII........................................................................................................................ECONOM
Y AND ECONOMIC GOODS......................................................................77
11. Human Requirements...............................................................................80
CC............................................................................................................Requireme
nts for Goods of First Order (Consumption Goods)..........................80
DD............................................................................................................Requireme
nts for Goods of Higher Order (Means of Production)......................84
EE.The Time Limits within Which Human Needs are Felt.....................87
2. The Available Quantities.........................................................................89
3. The Origin of Human Economy and Economic Goods...........................94
LL.Economic Goods................................................................................94
MM..........................................................................................................NonEconomic Goods................................................................................98
NN............................................................................................................The
Relationship between Economic and Non-Economic Goods............101
OO............................................................................................................The Laws
Governing the Economic Character of Goods...................................106
4. Wealth......................................................................................................109
III. THE THEORY OF VALUE..........................................................................114
25. The Nature and Origin of Value..............................................................114
26. The Original Measure of Value...............................................................121
A. Differences in the Magnitude of Importance of Different Satisfactions
(Subjective Factor).............................................................................122
B. The Dependence of Separate Satisfactions on Particular Goods (Objective
Factor)................................................................................................128
C. The Influence of Differences in the Quality of Goods on Their Value
141
D. The Subjective Character of the Measure of Value. Labor and Value. Error145
27. The Laws Governing the Value of Goods of Higher Order.....................149
A. The Principle Determining the Value of Goods of Higher Order......149
B. The Productivity of Capital................................................................152
C. The Value of Complementary Quantities of Goods of Higher Order157
D. The Value of Individual Goods of Higher Order...............................162
E. The Value of the Services of Land, Capital, and Labor in Particular 165
PETER G. KLEIN...............................................................................................7
INTRODUCTION BY F.A. HAYEK..................................................................11
TRANSLATORS PREFACE.............................................................................37
AUTHORS PREFACE.......................................................................................45
VI. THE GENERAL THEORY OF THE GOOD...............................................51

17. The Nature of Goods................................................................................51

18. The Casual Connections between Goods.................................................55
19. The Laws Governing Goods-Character...................................................58
W. The Goods-Character of Goods of Higher Order is Dependent on Command of
Corresponding Complementary Goods..............................................58
X. The Goods-Character of Goods of Higher Order is Derived from that of the
Corresponding Goods of Lower Order..............................................63
4. Time and Error.........................................................................................67
5. The Causes of Progress in Human Welfare.............................................71
6. Property....................................................................................................74
XIII.......................................................................................................................ECONOM
Y AND ECONOMIC GOODS......................................................................77
12. Human Requirements...............................................................................80
FF. Requirements for Goods of First Order (Consumption Goods).........80
GG............................................................................................................Requireme
nts for Goods of Higher Order (Means of Production)......................84
HH............................................................................................................The Time
Limits within Which Human Needs are Felt.....................................87
2. The Available Quantities.........................................................................89
3. The Origin of Human Economy and Economic Goods...........................94
PP. Economic Goods................................................................................94
QQ............................................................................................................NonEconomic Goods................................................................................98
RR............................................................................................................The
Relationship between Economic and Non-Economic Goods............101
SS. The Laws Governing the Economic Character of Goods..................106
4. Wealth......................................................................................................109
III. THE THEORY OF VALUE..........................................................................114
28. The Nature and Origin of Value..............................................................114
29. The Original Measure of Value...............................................................121
A. Differences in the Magnitude of Importance of Different Satisfactions
(Subjective Factor).............................................................................122
B. The Dependence of Separate Satisfactions on Particular Goods (Objective
Factor)................................................................................................128
C. The Influence of Differences in the Quality of Goods of Different
Satisfactions (Subjective Factor).......................................................122
D. The Dependence of Separate Satisfactions on Particular Goods (Objective
Factor)................................................................................................128
E. The Influence of Differences in the Quality of Goods on Their Value
141
F. The Subjective Character of the Measure of Value. Labor and Value. Error145
30. The Laws Governing the Value of Goods of Higher Order.....................149
A. The Principle Determining the Value of Goods of Higher Order......149
B. The Productivity of Capital................................................................152
C. The Value of Complementary Quantities of Goods of Higher Order157
D. The Value of Individual Goods of Higher Order...............................162
E. The Value of the Services of Land, Capital, and Labor in Particular 165
20. -Character.................................................................................................58
Y. The Goods-Character of Goods of Higher Order is Dependent on Command of
Corresponding Complementary Goods..............................................58

Z. The Goods-Character of Goods of Higher Order is Derived from that of the

Corresponding Goods of Lower Order..............................................63
4. Time and Error.........................................................................................67
5. The Causes of Progress in Human Welfare.............................................71
6. Property....................................................................................................74
XIV......................................................................................................................ECONOM
Y AND ECONOMIC GOODS......................................................................77
13. Human Requirements...............................................................................80
II. Requirements for Goods of First Order (Consumption Goods).........80
JJ. Requirements for Goods of Higher Order (Means of Production)....84
KK............................................................................................................The Time
Limits within Which Human Needs are Felt.....................................87
2. The Available Quantities.........................................................................89
3. The Origin of Human Economy and Economic Goods...........................94
TT.Economic Goods................................................................................94
UU............................................................................................................NonEconomic Goods................................................................................98
VV............................................................................................................The
Relationship between Economic and Non-Economic Goods............101
WW..........................................................................................................The Laws
Governing the Economic Character of Goods...................................106
4. Wealth......................................................................................................109
III. THE THEORY OF VALUE..........................................................................114
31. The Nature and Origin of Value..............................................................114
32. The Original Measure of Value...............................................................121
A. Differences in the Magnitude of Importance of Different Satisfactions
(Subjective Factor).............................................................................122
B. The Dependence of Separate Satisfactions on Particular Goods (Objective
Factor)................................................................................................128
C. The Influence of Differences in the Quality of Goods on Their Value
141
D. The Subjective Character of the Measure of Value. Labor and Value. Error145
33. The Laws Governing the Value of Goods of Higher Order.....................149
A. The Principle Determining the Value of Goods of Higher Order......149
B. The Productivity of Capital................................................................152
C. The Value of Complementary Quantities of Goods of Higher Order157
D. The Value of Individual Goods of Higher Order...............................162
E. The Value of the Services of Land, Capital, and Labor in Particular 165