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Time and Money: The Macroeconomics of Capital Structure (Routledge Foundations of the Market Economy) Hardcover – November 30, 2000

4.7 out of 5 stars 9 customer reviews

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Editorial Reviews

From the Inside Flap

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 troubles that characterize modern capital-intensive economies, particularly the episodes of boom and bust, may best be analyzed with the aid of a capital-based macroeconomics. --This text refers to the Paperback edition.

From the Back Cover

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. --This text refers to the Paperback edition.

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Product Details

  • Series: Routledge Foundations of the Market Economy (Book 16)
  • Hardcover: 288 pages
  • Publisher: Routledge; 1 edition (November 30, 2000)
  • Language: English
  • ISBN-10: 0415079829
  • ISBN-13: 978-0415079822
  • Product Dimensions: 1 x 6.5 x 9.5 inches
  • Shipping Weight: 4.3 pounds (View shipping rates and policies)
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (9 customer reviews)
  • Amazon Best Sellers Rank: #3,144,071 in Books (See Top 100 in Books)

Customer Reviews

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Top Customer Reviews

By D. W. MacKenzie on December 2, 2000
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.
Read more ›
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Format: Paperback 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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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.
1 Comment 6 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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Format: Paperback Verified Purchase
As a finance major, some of the economic theories presented in this book were really interesting, and also the first time I had seen them.
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Format: Hardcover
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.
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