The Review of Austrian Economics, 16:1, 97–112, 2003. c 2003 Kluwer Academic Publishers. Manufactured in The Netherlands. Review Essays Institutions, Emergence, and Macro Theorizing: A Review Essay on Roger Garrison’s Time and Money. In the mid-1930s, the approach to macro phenomena associated with Ludwig von Mises and Friedrich Hayek ﬁgured prominently in the macro analytics of the time, as noted in the contemporary surveys by Alec Macﬁe (1934) and Gottfried Haberler (1937). Within two decades, however, the Mises-Hayek formulation had disappeared from the analytical radar screens of macro theorists. This disappearance, moreover, cannot be attributed to any kind of gross explanatory failure on the part of that framework relative to the other frameworks that were present. The Mises-Hayek framework predicted the eventual bust of the inﬂationary boom of the 1920s, as Murray Rothbard (1963) explains. The severity of the Great Depression, moreover, can be generally reconciled with the Mises-Hayek framework. Among the means for doing this are to take into account the secondary deﬂation that was set in motion by the initial contraction and the negative supply-side shocks that were generated by the Hoover-Roosevelt efforts to socialize or syndicalize large segments of the American economy. Garrison’s central claim in
The Review of Austrian Economics – Springer Journals
Published: Oct 4, 2004
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