Quarterly Journal of Austrian Economics

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Garrisonian Macroeconomics

The Quarterly Journal of Austrian Economics

Tags Business CyclesCapital and Interest Theory

07/30/2014Jörg Guido Hülsmann


Volume 4, No. 3 (Fall 2001)


Garrison has a vivid sense for the necessity of adequate pedagogy to communicate Austrian ideas about the working of the economy, and he is very conscious of the power of symbols. His book is a great pedagogical effort aimed at replacing the dominant graphical representation of main macroeconomic relationships-the ominous Keynesian Cross-with a new representation, more genuine to the Austrian viewpoint, which stresses the time element in the structure of production. This focus on pedagogical problems has been an old theme in Garrison's work and now finds a consummation in Time and Money. At the book's center stage is an original three-quadrant diagram that is used (a) to illustrate how a market economy works and grows,(b) to illustrate the causes and nature of business cycles, and (c) to discuss and criticize the Keynesian and monetarist paradigms.


Contact Jörg Guido Hülsmann

Jörg Guido Hülsmann is senior fellow of the Mises Institute where he holds the 2018 Peterson-Luddy Chair and was director of research for Mises Fellows in residence 1999-2004.  He is author of Mises: The Last Knight of Liberalism and The Ethics of Money Production. He teaches in France, at Université d'Angers. His full CV is here.