Quarterly Journal of Austrian Economics

Volume 4, No. 3 (Fall 2001)

Professor Garrison’s work in Austrian macroeconomics over the past twenty-plus years has been most influential. Time and Money and its detailed development of a capital-based macroeconomics is the most important of these recent developments. The capital-based approach has the advantage of providing a seamless macroeconomics of the short run, the medium run, and the long run, particularly when compared to current mainstream analysis, which lacks a medium run and has long-run and short-run models that are often in conflict. Cochran and Glahe argue that it is only with a “greater understanding of the forces actually shaping events in a monetary production economy that we can make rational decisions about policy and monetary institutions.”  Time and Money is certainly a major contribution to our further understanding of these complex market processes.