20th century professor, lecturer and author
Bettina Bien Greaves, Spouse

Born

24 Aug 1906

Died

13 Aug 1984

Articles

Percy L. Greaves, Jr., 1906-1984, by J. Marcellus, The Journal of Historical Review, 1984
"Mr. Greaves was a free market economist for U.S. News ... A long-time associate and friend of Ludwig von Mises, he served as Armstrong Professor of Economics with Mises at the University of Plano, Texas. He was also a seminar speaker and discussion leader with the Foundation for Economic Education at Irvington-on-Hudson, New York."

Writings

Glossary: Central bank, Mises Made Easier, 1974
"An ideal type (q.v.) rather than a scientific term since no two central banks are precisely alike. Almost all modern countries have a central bank which is a large bank operating either as a direct governmental institution or as a private institution whose management is strictly controlled by the government. Most central banks were established by law as the result of a national financial emergency, such as the collapse of a prior credit expansion (U.S. Federal Reserve Banks), or the desire of the government for more funds than it cares or dares to raise through taxes or private loans (Bank of England). Central banks usually attempt to control interest rates, reserve requirements and note issues of the nation's banks and act as the bank of last resort when other banks are pressed for funds while holding investments which the central bank will discount on demand. By such technical procedures, the central bank attempts to control the quantity of 'money in the broader sense' (q.v.) and thus indirectly influence prices, production and employment. Central bank policies are usually determined by a desire to (1) prevent financial panics, recessions or depressions, usually by the expansion of circulation credit (q.v.), and (2) provide the government with funds to cover any deficits not fully covered by funds from private sources."
Related Topic: Central Banking
Glossary: Fascism, Italian, Mises Made Easier, 1974
"The policies and principles of the Fascist Party of Italy providing for the complete regimentation of business and the suppression of all opposition. This Party, founded in 1919 by a former socialist editor, Benito Mussolini (1883-1945), marched on Rome in 1922. Mussolini then assumed control of the government and gradually expanded his power until he became an absolute dictator. After the successful Allied invasion of Italy, the Fascists were deposed in 1943 and Mussolini was assassinated by Italian opponents in 1945."
Related Topic: Fascism
Glossary: Inflation, Mises Made Easier, 1974
"In popular nonscientific usage, a large increase in the quantity of money in the broader sense (q.v.) which results in a drop in the purchasing power of the monetary unit ... A more precise concept for use in theoretical analysis is any increase in the quantity of money in the broader sense which is not offset by a corresponding increase in the need for money in the broader sense, so that a fall in the objective exchange-value (purchasing power) of money must ensue. ..."
Related Topic: Inflation
Glossary: Monopoly, monopolist, Mises Made Easier, 1974
"These terms have two distinctly different meanings: (1) A state of affairs in which an individual or group of individuals has the exclusive control of one of the vital conditions of human survival. In this situation, the monopolist is the master and the rest are slaves. It is the pattern of the socialist state (see 'Socialism') and has no reference to a market economy. (2) A state of affairs in which an individual or a group of individuals has the exclusive control of the supply of a definite commodity or factor of production. In this sense, every market participant is a monopolist if the commodity or service he offers cannot be exactly duplicated by a competitor. Such a monopoly is of no importance unless market conditions permit the monopolist to charge monopoly prices (q.v.), which they rarely do without government interventionism (q.v.)."
Related Topic: Monopoly
Glossary: Praxeology, Mises Made Easier, 1974
"(from the Greek, Praxis, action, habit or practice; logia, doctrine, theory or science). The science or general theory of (conscious or purposeful) human action. Mises defines action as 'the manifestation of a man's will.' Accordingly, he considers the use of the adjectives 'conscious or purposeful' to be redundant. Praxeology is a manifestation of the human mind and deals with the actions open to men for the attainment of their chosen ends. Praxeology starts from the a priori category of action and then develops the full implications of such action. Praxeology aims at knowledge valid for all instances in which the conditions exactly correspond to those implied in its assumptions and inferences. Its statements and propositions are not derived from experience, but are antecedent to any comprehension of historical facts."
Related Topic: Praxeology

Books Authored

Mises Made Easier: A Glossary for Ludwig Von Mises' Human Action, 1974
Alphabetical list of definitions, each with one or more references to Mises' books; includes the essay "A Critique of Böhm-Bawerk's Reasoning in Support of his Time Preference Theory"
Related Topic: Ludwig von Mises