Time and Money argues persuasively that the troubles which characterise modern capital-intensive economies, particularly the episodes of boom and bust, may best be analysed with the aid of a capital-based macroeconomics. The primary focus of this text is the intertemporal structure of capital, an area that until now has been neglected in favour of labour and money-based macroeconomics.
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Amazon.com:
4.7 out of 5 stars
7 reviews
31 of 34 people found the following review helpful
4.0 out of 5 stars
Worth the Time-Too much Money
3 Dec 2000
By D. W. MacKenzie
- Published on Amazon.com
Format:Hardcover
"Time and Money" combines a new graphical depiction of
competing theories of unemployment and trade cycles with standard
Subjectivist arguments in this area. The authors'"loose joint" theory
of trade cycles is an extension of arguments made by Austrian
economists Ludwig Von Mises and Friedrich Von Hayek. Garrison also
critiques the ideas Keynesians and Monetarists. One of the key
strengths of the graphics in this book is that it focuses attention on
under appreciated elements of subjectivist-Austrian trade cycle
theory. These graphs clarify the effects that interest rates have on
household decisions on saving and consumption. Also, the graphs
facilitate comparisons between different schools of thought. This book
has little that is really new in the Subjectivist theory of the trade
cycle and its associated critiques of competing theories in this
area. By in large, this book organizes material from other books and
articles, many of which are by Garrison.
The primary value of this book is in its organization and presentation of
this alternative explanation of the trade cycle and unemployment. This
book is important because it facilitates the dissemination of a viable
explanation of important economic phenomena. The need for this
dissemination is both internal and external to the Subjectivist
school. Many members of the Subjectivist school promote this theory
without fully understanding it. Those outside of the school tend to
ignore this theory completely. These two facts are closely
related. Clear representation of these ideas is an essential part of
the effort on the part of Subjectivists to regain their former place
among the mainstream of the economics profession. By doing this in his
book, Garrison has made great progress in reducing the costs of
learning about Subjectivist Capital/Trade Cycle theory. A lower money
price for this book would extend this process further.
competing theories of unemployment and trade cycles with standard
Subjectivist arguments in this area. The authors'"loose joint" theory
of trade cycles is an extension of arguments made by Austrian
economists Ludwig Von Mises and Friedrich Von Hayek. Garrison also
critiques the ideas Keynesians and Monetarists. One of the key
strengths of the graphics in this book is that it focuses attention on
under appreciated elements of subjectivist-Austrian trade cycle
theory. These graphs clarify the effects that interest rates have on
household decisions on saving and consumption. Also, the graphs
facilitate comparisons between different schools of thought. This book
has little that is really new in the Subjectivist theory of the trade
cycle and its associated critiques of competing theories in this
area. By in large, this book organizes material from other books and
articles, many of which are by Garrison.
The primary value of this book is in its organization and presentation of
this alternative explanation of the trade cycle and unemployment. This
book is important because it facilitates the dissemination of a viable
explanation of important economic phenomena. The need for this
dissemination is both internal and external to the Subjectivist
school. Many members of the Subjectivist school promote this theory
without fully understanding it. Those outside of the school tend to
ignore this theory completely. These two facts are closely
related. Clear representation of these ideas is an essential part of
the effort on the part of Subjectivists to regain their former place
among the mainstream of the economics profession. By doing this in his
book, Garrison has made great progress in reducing the costs of
learning about Subjectivist Capital/Trade Cycle theory. A lower money
price for this book would extend this process further.
6 of 7 people found the following review helpful
5.0 out of 5 stars
Austrian theory made simple for mainstream macroeconomists
31 Jan 2008
By Gu Si Fang
- Published on Amazon.com
Format:Paperback
Austrian economics are often rejected by mainstream economists because they do not use mathematics and graphical analysis. Therefore, some great insights and ideas of authors such as von Mises, Hayek and Rothbard are neglected.
Yet some austrian ideas can easily be paralleled with mainstream theories. For instance, the role of monetary inflation in monetarist macroeconomics, the role of expectations, and the difference between short term and long term Philips curve. All of these are coherent with the austrian theory. But austrian theory has a distinct approach when it discusses the role of inflation in terms of distortions of the structure of production. This leads to a new vision of recessions, as a necessary evil to cure the malinvestments of the boom.
Dr Garrison has developed a pedagogical tool in the form of a graphics, integrating the loanable funds demand/supply chart, the potential production frontier and the hayekian structure of production triangle. Thanks to this familiar approach, his tool is used to present the austrian theory in terms immediately understandable by economists trained in mainstream macro. The book studies several real life cases, such as the business cycle, fiscal policy, budget deficits, etc.
Yet some austrian ideas can easily be paralleled with mainstream theories. For instance, the role of monetary inflation in monetarist macroeconomics, the role of expectations, and the difference between short term and long term Philips curve. All of these are coherent with the austrian theory. But austrian theory has a distinct approach when it discusses the role of inflation in terms of distortions of the structure of production. This leads to a new vision of recessions, as a necessary evil to cure the malinvestments of the boom.
Dr Garrison has developed a pedagogical tool in the form of a graphics, integrating the loanable funds demand/supply chart, the potential production frontier and the hayekian structure of production triangle. Thanks to this familiar approach, his tool is used to present the austrian theory in terms immediately understandable by economists trained in mainstream macro. The book studies several real life cases, such as the business cycle, fiscal policy, budget deficits, etc.
2 of 2 people found the following review helpful
5.0 out of 5 stars
An Austrian Macro Approach
27 Sep 2009
By Mart Grams
- Published on Amazon.com
Amazon Verified Purchase
Roger Garrison, a brilliant and entertaining lecturer in Austrian Economics, presents his approach to an issue that has been at the forefront of economics since Keynes' General Theory was published in the 1930s. Austrian economics, a theory of individual choices which drives the economies of the world, has in essence seemed to ignore the "big picture" of economics, the Macro field of aggreagtes, GDP and general price levels. Though many of these ideas were addressed by Mises and Nobel winner Hayek, Garrison brings Keynes and Hayek to the table of ideas for the first time in a coherent and quite frankly very understandable manner. Using Keynes' own material and Hayek's Theory of Production, Garrison bends and twists the two actual friends (just don't discuss economics!!) which can be seen best in a single 1,000-word picture first presented on page 50. Well-done and Thanks.
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4.7 out of 5 stars
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