Quarterly Journal of Austrian Economics

Garrison and the “Keynes Problem”

The Quarterly Journal of Austrian Economics


Volume 4, No. 3 (Fall 2001)


Garrison brings analytical distinctions between Austrian, Keynesian, and monetarist monetary-economics into sharp relief. This alone makes Time and Money a highly attractive alternative to advanced undergraduate- and  graduate-level macro texts, but it is the underlying conceptual acuity and explanatory insights in Time and Money—what is going on behind the graphs—that elevate the book to something special. In the end, Time and Money, despite its outreach to other macroeconomic frameworks, can be seen as an argument for rehabilitating the capital-based approach of the Austrians and reintroducing it into a reformulated modern macroeconomics. Happily, Garrison’s approach is a methodologically minimalist one, allowing him to concentrate on the economics (which he does very well) while avoiding the prescriptivism and isolation that sometimes follow from methodological filters. In any case, Garrison’s approach is clearly informed by subjectivist insights, and on that score should hold substantial appeal for Austrians.


Butos, William N.Garrison and the ‘Keynes Problem‘.”The Quarterly Journal of Austrian Economics 4, No. 3 (Fall 2001): 5–16

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