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Home | Mises Library | Austrian Macroeconomics: A Diagrammatical Exposition

Austrian Macroeconomics: A Diagrammatical Exposition

  • Austrian Macroeconomics by Roger Garrison
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Tags Business CyclesCapital and Interest TheoryMonetary Theory

01/08/1978Roger W. Garrison

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 School: 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.

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References

Institute for Humane Studies, Menlo Park, 1978