Roger Garrison: Term

Roger Garrison is American economist. Explore interesting quotes on term.
Roger Garrison: 10   quotes 0   likes

“Accounting for the artificial boom and the consequent bust is not part of Keynesian income-expenditure analysis, nor is it an integral part of monetarist analysis. The absence of any significant relationship between boom and bust is an inevitable result of dealing with the investment sector in aggregate terms. The analytical oversight derives from theoretical formulation in Keynesian analysis and from empirical observation in monetarist analysis. But from an Austrian perspective, the differences in method and substance are outweighed by the common implication of Keynesianism and monetarism, namely, that there is no boom-bust cycle of any macroeconomic significance.”

Roger Garrison

Pages 136–137.
"Is Milton Friedman a Keynesian?" (1992)

Parting

“While many of the conflicting claims can be reconciled in terms of the short-run and long-run orientation of Keynesians and monetarists, respectively, and in terms of their contrasting philosophical orientations, neither vision takes into account the workings or failings of the market mechanisms within the investment aggregate.Austrian macroeconomics is set apart from both Keynesianism and monetarism by its attention to the differential effects of interest rate changes within the investment sector, or—using the Austrian terminology—within the economy's structure of production.”

Roger Garrison

Page 136.
"Is Milton Friedman a Keynesian?" (1992)

Change

“The all-inclusiveness of the equilibrium concept in New Classicism warns against comparisons of EBCT and ABCT that ignore the radically different methodological contexts. For instance, the inevitable bust that figures importantly in ABCT cannot easily be translated into the language of EBCT. For the Austrians, "equilibrium bust" is a term at war with itself; for the New Classicists, "disequilibrium bust" can only mean an unexplainable downturn”

Roger Garrison

cf. Lucas 1981, pp. 225 and 231
Page 95.
"New Classical and Old Austrian Economics", 1991

War