Quarterly Journal of Austrian Economics
Author:
Frank M. Machovec
Online Publish Date:
Volume 17, Number 3 (Fall 2014) ABSTRACT: The great recession that lingered after the meltdown of 2007–2009 brought macroeconomic theory into disrepute. Although the profession’s fascination with macro models deserves criticism, the fundamental evolutionary principles of macroeconomics remain sound. This paper briefly addresses the key shortcoming