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Austrian Macroeconomics: A Diagrammatical Exposition
When Murray Rothbard laid eyes on this classic monograph, he cheered. Here we have a graphical presentation that explains the Austrian view of macroeconomics in contrast to the simple and even simple-minded approach of the Keynesian aggregates.The value here is to highlight the distinct emphasis of the Austrian time matters, capital is heterogeneous, interest is not arbitrary, investment reflects human volition, production plans adapt to prevailing prices, and many more points that are completely lost on the flattened-out world generated by Keynesian mythology.Roger Garrison has expanded on these expositions over the years but this monograph is the core presentation that has influenced so many.
- GenresEconomics
40 pages, Paperback
First published January 1, 1978
About the author
Roger W. Garrison
20 books13 followersRoger Garrison is an Austrian School macroeconomist. He received his PhD in economics from University of Virginia and is a professor at Auburn University.
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Displaying 1 of 1 review
May 22, 2016
In this short book, Garrison gives an excellent diagrammatic explanation of the Austrian Business Cycle Theory and compares it to the Keynesian model.
I'm a visual leaner, for the most part, and the lack of a visual explanation of the ABCT is something that I found lacking. Apparently, it had been around for some time and I just overlooked it.
The heterogeneity of capital and the associated economic distortions caused by money/credit expansion that lead to boom and bust cycles is explained in several graphs.
Garrison tell a good story, but there seems to be some lacking details. The book made me a bit more sympathetic to the Austrian School though I still consider myself an Austro-Chicagoan economist. My view is a combination of rational actors acting in their best interest to satisfy their desires whereby government intervention through monetary and fiscal policy disrupt a free economy along with rational decisions in changes in preferences that can cause boom and bust cycles. I also find use in data and some modeling.
These aspects, to me, are somewhere closer to Austrian-Chicago spectrum.
What about you?!?
I'm a visual leaner, for the most part, and the lack of a visual explanation of the ABCT is something that I found lacking. Apparently, it had been around for some time and I just overlooked it.
The heterogeneity of capital and the associated economic distortions caused by money/credit expansion that lead to boom and bust cycles is explained in several graphs.
Garrison tell a good story, but there seems to be some lacking details. The book made me a bit more sympathetic to the Austrian School though I still consider myself an Austro-Chicagoan economist. My view is a combination of rational actors acting in their best interest to satisfy their desires whereby government intervention through monetary and fiscal policy disrupt a free economy along with rational decisions in changes in preferences that can cause boom and bust cycles. I also find use in data and some modeling.
These aspects, to me, are somewhere closer to Austrian-Chicago spectrum.
What about you?!?
Displaying 1 of 1 review