Can we accept or find practical use for a macroeconomics
-- in which consumption and investment always move together in the
short run
-- in which these two magnitudes must move in opposition to change
the economy's rate of growth, and
-- for which the long run emerges as a seamless sequence of short
runs?
It is increasingly recognized that the weakness in modern
macroeconomic theorizing is the lack of any real coupling of short-
and long-run aspects of the market process. In the short run, the
investment and consumption magnitudes move in the same direction,
either both downward into recession or both upward toward full
employment and even beyond in an inflationary spiral. But for a
given period and with a given technology, any change in the
economy's growth rate must entail consumption and investment
magnitudes that move, initially, in opposition to one another.
Roger W. Garrison claims that modern Austrian macroeconomics,
which builds on the early writings of F.A. Hayek, can be
comprehended as an effort to reinstate the capital-theory core that
allows for a real coupling of short- and long-run perspectives.
Although the macroeconomic relationships identified are largely
complementary to the relationships that have dominated the thinking
of macroeconomists for the past half century, Time and Money
presents a fundamental challenge to modern theorists and
practitioners who overdraw the short-run/long-run distinction. The
primary focus of this text is the intertemporal structure of
capital and the associated set of issues that have long been
neglected in the more conventional labor- and money-based
macroeconomics. This volume puts forth a persuasive argument that
the troublesthat characterize modern capital-intensive economies,
particularly the episodes of boom and bust, may best be analyzed
with the aid of a capital-based macroeconomics.
General
Imprint: |
Routledge
|
Country of origin: |
United Kingdom |
Series: |
Routledge Foundations of the Market Economy |
Release date: |
2007 |
First published: |
2001 |
Authors: |
Roger W. Garrison
|
Dimensions: |
234 x 156 x 16mm (L x W x T) |
Format: |
Paperback
|
Pages: |
276 |
Edition: |
Revised |
ISBN-13: |
978-0-415-77122-1 |
Categories: |
Books >
Business & Economics >
Economics >
Macroeconomics >
General
|
LSN: |
0-415-77122-6 |
Barcode: |
9780415771221 |
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!