Garrison and the “Keynes Problem”

Abstract

Time and Money provides a highly effective platform from which to consider macroeconomic theory, and its capacity to service the needs of comparative macroeconomic analysis is an important contribution in its own right. The book will be important for the development of Austrian economics because it identifies important questions and provides sensible answers to the questions it analyzes. Although not discussed at length in these remarks, the framework contained inTime and Money is receptive to the extension of Austrian economics, especially with respect to monetary disequilibrium theory and to comparative institutional analysis. The impetus Garrison’s book provides for the wider acceptance and extension of capital-based macroeconomics will be carried out both at the level of theory and, one hopes, at the empirical level as well.