Profiles

Does Structuralist unemployment theory in the spirit of Edmund S. Phelps (1994) contain Austrian elements? Austrian macroeconomics concerns itself with the intertemporal capital structure and entrepreneurial expectations.

As Paul Samuelson once put it: Adam Smith is dead and Keynes is dead; well—and Mises is dead, too. But Keynesianism is alive and well and back with a vengeance.

In my opinion there is a reason why Austrian monetary policy views are largely not shared by the mainstream. It is not due to a grand conspiracy against Austrian scholars but due to their monocausal,