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By Roger W Garrison

The first concentration of this quantity is the intertemporal constitution of capital, a space that has in the past been overlooked in prefer of work and money-based macroeconomics.

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Example text

Though designed with the Keynes–Hayek debate in mind, the laborbased framework set out in Chapter 7 allows for revealing perspective on the Keynes–Keynes debate. Conflicting interpretations of Keynes’s General Theory are partially reconciled by a first-order distinction between policy issues (Chapter 8) and issues of social reform (Chapter 9). Readers who are interested in the relationship between the Austrian theory and the competing theories of other market-friendly schools of macroeconomic thought will want to pay special attention to Chapters 10 and 14 The macroeconomics of capital structure 11, which make up Part IV and deal with the various forms and outgrowths of Monetarism.

Here, the short-run issues of cyclical variation and the long-run issues of secular expansion enjoy a blend that is simply ruled out by construction in mainstream theorizing. 1 The elements of capital-based macroeconomics 11 Three elementary graphical devices serve as building blocks for an Austrianoriented, or capital-based, macroeconomics. Graphs representing (1) the market for loanable funds; (2) the production possibilities frontier; and Capital-based macroeconomics 35 1 1 1 11 11 11 1 (3) the intertemporal structure of production all have reputable histories.

For purposes of gauging the economy’s ability to employ resources, the new macroeconomics focused on the aggregate demand for output relative to the economy’s potential output. For purposes of dealing with the issue of stability and charting the dynamic properties of the economy (such as those implied by the multiplier-accelerator process), the output of investment goods was separated from the output of consumption goods: investment is the unstable component, and consumption is the stable component of aggregate demand.

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