Time and Money: The Macroeconomics of Capital Structure (Foundations of the Market Economy Series,) (Hardcover)

by Roger Garrison (Author) "In early 1997 a small group of world-class economists, serving as panelists in a session of the American Economics Association meetings, addressed themselves to the..." (more)
Key Phrases: intertemporal capital structure, secular unemployment, dominating income effect, New Classical, Federal Reserve, Austrian School (more...)

Editorial Reviews

Product Description
The primary focus of this volume is the intertemporal structure of capital, an area that has until now been neglected in favor of labor and money-based macroeconomics.

Product Details

• Hardcover: 288 pages
• Publisher: Routledge; 1 edition (November 30, 2000)
• Language: English
• ISBN-10: 0415079829
• ISBN-13: 978-0415079822
• Product Dimensions: 9.5 x 6.4 x 0.8 inches
• Shipping Weight: 1.4 pounds (View shipping rates and policies)
• Average Customer Review: 4.6 out of 5 stars See all reviews (5 customer reviews)
• Amazon.com Sales Rank: #284,671 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

23 of 25 people found the following review helpful:

4.0 out of 5 stars Worth the Time-Too much Money, December 2, 2000

By	D. W. MacKenzie (New London CT) - See all my reviews (REAL NAME)

"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.

2 of 3 people found the following review helpful:

5.0 out of 5 stars Austrian theory made simple for mainstream macroeconomists, January 31, 2008

By	Gu Si Fang (Paris, France) - See all my reviews

This review is from: Time and Money: The Macroeconomics of Capital Structure (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.

9 of 15 people found the following review helpful:

5.0 out of 5 stars Time and Money - New ground in Macroeconomic Modelling, March 3, 2002

By	Jeffrey Jean (Huntington, NY United States) - See all my reviews

Finally, an Austrian School based model of the macroeconomy. Time and Money pulls free market theory together to show that capitol drives the economy and not government, as mainstream economic theories would lead us. Powerful yet easy to read and understand. Well worth your time and money.