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Microfoundations and Macroeconomics: An Austrian Perspective(Routledge Foundations of the Market Economy)

Microfoundations and Macroeconomics: An Austrian Perspective(Routledge Foundations of the Market Economy)


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About the Book

In the past, Austrian economics has been seen as almost exclusively focused on microeconomics, and defined by its subjective methodology and understanding of the market as a competitive discovery process, favouring a focus on phenomena such as price coordination and entrepreneurship over macroeconomic concepts. There are, however, three distinct macroeconomic issues that have been pursued by Austrian economists in the post-revival years; the extensions of the Mises-Hayek theory of the trade cycle, the idea of 'free banking' or a completely market-driven monetary system and the pre-Keynesian monetary disequilibrium theories. Steven Horwitz weaves these three strands to construct a systematic presentation of what Austrian macroeconomics would look like, demonstrating that traditional Austrian cycle theory is strongly compatible with the Yaegerian monetary disequilibrium perspective. Microfoundations and Macroeconomics consists of three sections: * Part II includes an explication of an Austrian view of the market process, with a strong emphasis on the role of capital, arguing that 'macroeconomy' is operating correctly when it does not upset this microeconomic ordering process * Part III develops a market process macroeconomics, exploring monetary equilibrium as presented by Selgin, and comparing and contrasting three versions of monetary disequilibrium theory * Part IV explores how this view of macroeconomics affects the way we understand fiscal policy, monetary regimes and banking reform, and labour flexibility. This original and highly accessible work provides the reader with an introduction to Austrian economics and a systematic understanding of Macroeconomics. It will be of great value and interest to Professional economists and students.

Table of Contents:
Part I: Introduction 1: Introduction: Is there an Austrian Macroeconomics? Part II: Market Process and Microeconomics 2: Prices, Knowledge and Economic Order 3: The Missing Link: Capital Theory as Microfoundations Part III: The Macroeconomics of Monetary Disequilibrium 4: Monetary Equilibrium as an Analytical Framework 5: Inflation, the Market Process, and Social Order 6: Monetary Equilibrium Theory and Deflation 7: W.H.Hutt on Price Rigidities and Macroeconomic Disorder Part IV: Policy Implications and Conclusions 8: Monetary Policy, Monetary Regimes, and Monetary Disequilibria 9: Conclusions: Microfoundations and Macroeconomics

About the Author :
Steven Horwitz is Associate Professor of Economics at St.Lawrence University, New York

Review :
"Horwitz is not addressing only fellow economists: While this book is certainly not an introductory work... it is readily accessible to any reader...." -Gene Callahan, "Ideas on Liberty


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Product Details
  • ISBN-13: 9780415197625
  • Publisher: Taylor & Francis Ltd
  • Binding: Hardback
  • Language: English
  • Series Title: Routledge Foundations of the Market Economy
  • Weight: 720 gr
  • ISBN-10: 0415197627
  • Publisher Date: 28 Sep 2000
  • Height: 234 mm
  • No of Pages: 292
  • Sub Title: An Austrian Perspective
  • Width: 156 mm


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Microfoundations and Macroeconomics: An Austrian Perspective(Routledge Foundations of the Market Economy)
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