Quarterly Journal of Austrian Economics
Author:
Roger W. Garrison
Online Publish Date:
Volume 1, No. 2 (Summer 1998) As substantial as economist as Schumpeter could claim that interest is a disequilibrium phenomenon and fantasize about a long-run equilibrium where market forces have pushed the interest rate to zero. John Maynard Keynes imagined interest to be a purely monetary phenomenon. Creating what Hayek called a “mythology