Index

Note: Page numbers followed by “n” refer to end notes.

acceleration principle, 73–74

Aldrich, N. A., 58

Aliber, R. Z., 68, 121

America Online’s (AOL) acquisition of Time Warner, 103

artificial intelligence (AI), 82, 85, 90, 96

Austrian

business cycle theory, 31–34

economists, 32, 34

school and business planning, 34–36

Banga, A., 92

Bank of America, 103

Berkshire Hathaway stock, 36, 105, 126–128

Bezos, J., 16

boom-bust cycle, 1, 19–21, 29, 30, 35, 43, 89, 117, 126, 129

Austrian, 31–36, 39

Hayek and, 33

indicator of, 51–52

industrial production and, 64

inverted yield curve, 51

Keynesian, 21–25

monetarism, 25–29

stock market, 48

supply side, 29–31

U.S. economy, 31

Boston Consulting Group (BCG), 14, 15

bottom line, 4, 23, 78, 94, 95, 99, 100, 105, 126

Bryan, W. J., 57

bubble fallout, 115–116

Buffett, W., 10, 11, 104–105, 113, 126, 127

business

American, 124

bubble problems for, 39

Coca-Cola, 4–5, 101

decision makers, 1, 4, 20, 24, 28–29, 31, 36, 39, 43, 51, 52, 98, 99

equipment production, 45

food, 100

owners, 35, 84, 92, 93, 101, 105, 107–116, 122–127

primary goal, 100

success, 71

trophy, 102

See also small business

business cycle, 4, 20, 30, 133–140

Austrian school theory of, 33–34

boom phase of, 24, 32, 34, 36, 39, 42–45, 60, 65, 79, 81, 83, 90, 94, 97, 98, 102, 103, 109, 112, 113, 145

durable manufacturing, 79

food business, 100

history of, 31–33

peak of, 111

business planning

Austrian school and, 34–36

Keynesianism and, 24–25

monetarism and, 28–29

supply-side economics and, 30–31

business-to-business (B2B) sales, 73

capital formation, 16–18, 48

Carter, J., 9, 25

cash, 35, 36

flow, 36, 71, 99, 108, 110, 115

out, 111, 131

position, 36, 56

reserves, 2, 35, 105, 114, 116

Civil War, 53, 56, 67, 140

command economy, 5

cone of production, 72–73

consumer, 82–83

demand, 10, 35, 41, 83

goods, 18, 45, 48, 60, 72, 73

needs, 9, 31, 99

price inflation, 82, 83, 134, 139, 141, 142

satisfaction, 98, 99

Con-way Freight, 95–96

Coolidge–Mellon tax cuts, 29

corporate actions, 145

Corrigan, S., 72

cost-push inflation, 141

COVID-19, 9–11, 15, 20, 35, 36, 41, 42, 44–47, 50, 52, 67, 70, 71, 78, 79, 85–87, 89, 92, 96, 97, 99, 100, 104, 109, 112–116, 118, 123, 124, 132–134, 141, 142, 152n3, 153n14

crude oil, 74–78

Davis, S., 85

Deloitte Digital, 94

demand, 21

aggregate, 21, 22, 24

consumer, 10, 35, 41, 83

final, 81, 84

inadequate, 21

democratization, 14, 16

depression, 19, 21, 24, 25, 29, 31, 37, 39, 54–56, 61, 67, 87, 117, 140, 141

direct materials, 75

Direct Primary Care (DPC), 9

durable goods, 79, 80

e-commerce, 3, 10, 16, 35, 47, 82, 99, 104, 108, 109, 113, 133

economic downturn, 4, 15, 19, 21–24, 28, 30, 35, 42, 61, 73, 84, 86, 91, 104, 110, 114, 138

Economics for Business, 110

Eden Park Illumination, Inc. of Champaign, Illinois, 115

empathy, 107, 115

employment, 21, 23, 24, 30, 37, 42–43, 47, 48, 87–90, 97, 102, 109, 122, 124, 134

entrepreneurship, 15–16, 93, 110

Erickson, D., 56

Evans, H., 14

Evans, J., 124, 125

everything bubble, 20, 34, 118, 134

expansion opportunity, 99–102

federal funds rate, 49

Federal Reserve Act, 36, 59

Federal Reserve Open Market Committee (FOMC), 37

Federal Reserve, The, 19–21

creation of, 58–60

critics of, 37

easy money policies, 28, 43, 46, 51, 60, 97, 112

funds rate, 52

history, 61

interest rates, 23

Keynesian economics and, 22–23

role of, 20, 36–39

Federal Trade Commission (FTC), 59

fed funds rate, 37, 46, 51, 52, 134

Feintzeig, R., 96

Finance and Insurance employment, 43

financial bubbles, 10, 115, 131, 133, 134

financial crises, 121, 122

Fleckenstein, W., 46, 69

fluctuations, 20, 32, 43–45, 73, 89, 105, 122

Food and Drug Administration (FDA), 59

Forbes, 15–16

foreign direct investment (FDI), 124

forgotten depression, 19, 37, 50, 61, 67, 117

French, D., 102

Friedman, M., 24–25, 27, 28, 141–142

front distribution center (FDC), 82

Full Employment Act of 1946, 37

Full Employment and Balanced Growth Act of 1978, 37

furloughs, 91, 92

General Theory of Employment, Interest and Money, The (Keynes), 21–23, 33

Gold Standard Act, 57

Grant, J., 61

Great Depression, 10, 13, 21, 22, 25, 28, 34, 54, 56, 61, 65, 67, 89, 117, 122, 126, 140

Great Recession, 20, 42, 45, 46, 49, 59, 67, 71, 103, 110, 111, 113, 116, 134

Great War, 19, 60

gross domestic product (GDP), 8–9, 11, 18, 25, 38, 50, 65, 73, 118–121, 125, 139

Group of Seven (G7), 118

Hamilton, A., 53–54

Harding, W. G., 61

Hastings, R., 16

Hayek, F. A., 33

Hazlitt, H., 23

Heng, M., 73

Higgs, R., 13

Hoover, H., 22, 23, 37

Housing starts, 76

100-year super cycle, 67

HunterHastings.com, 110

hyperinflation, 138–140

income inequality, 6, 8

indirect materials, 75

industrial production, 45–46, 64

Industrial Revolution, 32

inflation, 9, 11, 25–28, 30, 32, 43, 51, 52, 54, 60, 78, 82–84, 97, 118, 134, 139

innovation, 13–15, 93, 94, 123, 132, 142

Insana, R., 70

intermediate products, 79–81

International Monetary Fund (IMF), 34

international trade, 27, 72, 123

Internet, 14, 15, 82, 108

intrapreneurship, 93–94

irrational exuberance, 28, 68–70, 97

Irrational Exuberance (Shiller), 69

Irwin, D. A., 85

IT cyber security, 109

Japan, 68, 118, 119, 141, 143

Jefferson, T., 53, 54

Jobs, S., 93

Kennedy tax cuts, 29

Keynes, J. M., 21

and business planning, 24–25

critics of, 24

and deal, 22

economy, 22–23, 30

Federal Reserve, 23

problems with, 23–24

template, 21

Kindleberger, C. P., 68, 121

Kroc, R., 16

laissez-faire economy, 1, 6, 11, 13, 22, 61

Lauder, E., 125–126

layoffs, 46, 91, 92

Lewis, M., 46

L.L.Bean, 82

Lynch, P., 39

McClellan, T., 50

McDonald brothers, 16

McDonald, C., 104

McKinley, W., 57

Madison, J., 54

Madoff, B., 68

malinvestments, 32, 117

Manias, Panics, and Crashes (Aliber and Kindleberger), 68

market economy, 17

capital, 48

price deflation, 83

pure, 1, 11–13

SWOT analysis, 5–11

market failure, 21

Medibid.com, 10

Medicare, 9, 142

mergers and acquisitions (M&A), 102–103

Miller, G. W., 25

Mises, L. von, 12, 32–34

mixed economy, 1, 5, 6

SWOT analysis, 11–13

M2 money stock, 27, 138

Moen, J. R., 57, 58

monetarism, 25–29, 31

Monetary History of United States, 1867–1960, A (Friedman and Schwartz), 25

monetary policy, 23, 28, 39, 48, 73, 121, 138

money

cheap, 97

easy, 24, 28, 30, 31, 33, 34, 37, 41–46, 51, 52, 60, 61, 67, 74, 78, 90, 97, 98, 112, 121, 141

growth, 28

new, 32, 33, 37, 45, 67, 84, 97, 112, 117, 139, 141, 142

policies, 30, 31, 37, 42, 43, 46, 51, 52, 60, 61, 74, 78, 90, 97, 98, 112, 141

pump, 78

real, 117, 134

supply, 25, 27, 28, 56, 59, 69, 78, 134, 139, 142

velocity of, 139

monopoly power, 8

multinationals, 122–126

Musk, E., 15, 127, 132

NASDAQ, 49

National Banking Act, 56

National Monetary Commission, 59

New York Stock Exchange, 55, 57

nondurable goods, 79, 80

Nordstrom, D., 124, 125

Oppers, S. E., 34

Panic of 1819, 34, 50, 54–56

Panic of 1893, 57

Panic of 1907, 19, 57–58, 67, 150n16

Patel, K., 102

penny stocks, 70

personal income, 43–44

Pipkin, C., 104

Ponzi, C., 68

price

copper, 75–76

deflation, 56, 83

index, 28, 74, 83

inflation, 11, 25, 32, 43, 51, 54, 60, 78, 82–84, 97, 118, 134, 139

Pring, M., 49, 149n4

private equity, 131–133

producers, 32, 33, 75, 78, 79, 138, 141

profits, 44–45

Putnam, B., 104

raw materials, 75–79

Reagan, R., 30, 70

Reagan tax cuts, 29

real estate bubbles, 61, 68, 113, 122

recession, 3, 10, 11, 19, 20, 24, 25, 27, 29, 31, 42, 44, 45, 51, 52, 64–65, 67, 73, 74, 76, 78, 79, 84, 92, 95, 99, 103, 110, 113, 114, 116, 138

reduction in force (RIF), 91, 92

retailers, 10, 46, 71, 73, 81–84, 99, 104

retail sales, 46–47

retail supply chain, 81–84

revolutionary theory, 21

Revolutionary War, 54, 139

Roosevelt, F. D., 23

Rosenberg, D., 141

Rothbard, M., 33, 34, 54–56, 59

Samsung, 14

Schwartz, A., 25

Sears, 82

Second Bank of United States, 54, 55

Sheehan, F., 69

Shiller, R., 69

Shostak, F., 69

skyscraper curse, 112–113

small business, 98–99, 107–108, 145

entrepreneurs, 115

examples of, 110–111

location, 113–114

opportunity, 126–129

risk, 109

success, 108

vulnerability, 108–110

Social Security Fund, 142

sound economic analysis, 12

stagflation, 34, 138, 140–143

Stockman, D., 46, 70, 131

stock market, 48–50, 62, 63

Strengths, Weaknesses, Opportunities, and Threats (SWOT), 2–4

examples of, 4–5

uses of, 4

supply chain, 72, 73, 85

intermediate products, 79–81

raw materials and, 75, 78

retail, 81–84

supply-side economics, 29–30

and business planning, 30–31

problems with, 30

Surgery Center of Oklahoma, 10

Tallman, E. W., 57, 58

tight money supply, 25

ultraviolet (UV) diamond detector technology, 115

unemployment, 10, 21, 22, 25, 26, 28, 32, 35, 42, 43, 55, 60, 64, 65, 83, 91, 114, 134, 136, 138, 139, 145

United States, 1

economy, 31, 41, 42, 60, 61, 64, 67, 72, 87, 96, 140, 141–143

employment in, 42

fast food in, 16

hyperinflation in, 138

laissez-faire economy, 11

oil trade in, 76

stagflation, 141

U.S. Census Bureau, 123

U.S. international trade commission, 123

Volcker, P., 9, 25, 27, 28

vulnerability, 108–110

Wall Street Journal (Irwin), 85

Wanniski, J., 30

Ward, S., 110

Watt, R. W., 14

Wenzel, R., 151n16

wholesalers, 21, 72, 81, 82, 84

Wilson, W., 36, 59, 60

workforce

aging, 142

effective, 94–96

intrapreneurship, 93–94

World War I, 19, 37, 60

World War II, 11, 14, 18, 19, 24, 37, 61, 64, 65, 89, 117–118, 126

yield curve, 51–52

zombie corporations, 141

Zuckerberg, M., 16, 103–104

Zweig, J., 127