364 BOOK REVIEWS Steven Horwitz, (2000) Microfoundations and Macroeconomics: An Austrian Perspective. London: Routledge, pp. xii, 276. Austrians stand in a difﬁcult relationship to mainstream economics. Their consistently critical, not to say adversarial, stance towards it has created a degree of self-referential isolation that should probably be credited with preserving and developing a set of important ideas that might otherwise hardly have survived. But it has left the problem of how Austrians are to interact with the rest of the profession so that these ideas will gain the wider inﬂuence that they deserve and so that they will not run out of worthwhile things to say and do and thus condemn themselves to reciting a catechism. Steven Horwitz’s new book is also caught in this dilemma. Horwitz sets out to show that “there is an Austrian macroeconomics that is alive and well.” He identiﬁes three Austrian contributions to macroeconomics over the last twenty or thirty years. One consists of the ex- tensions to the Mises-Hayek theory of the business cycle, the second is the White-Selgin free banking theory, and the third the revival of pre-Keynesian monetary disequilibrium theory. But, clearly, these three themes will not sufﬁce to make a
The Review of Austrian Economics – Springer Journals
Published: Oct 18, 2004
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