“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.”

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

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Accounting for the artificial boom and the consequent bust is not part of Keynesian income-expenditure analysis, nor is…" by Roger Garrison?
Roger Garrison photo
Roger Garrison 5
American economist 1944

Related quotes

Roger Garrison photo

“All realism derives from the analysis of knowledge; all idealism derives from the analysis of a thought.”

Étienne Gilson (1884–1978) French historian and philosopher

Methodical Realism

Sir William Hamilton, 9th Baronet photo
Grady Booch photo

“Object-oriented analysis is a method of analysis that examines requirements from the perspective of the classes and objects found in the vocabulary of the problem domain.”

Grady Booch (1955) American software engineer

Source: Object-oriented design: With Applications, (1991), p. 37

Norbert Elias photo
Thomas C. Schelling photo
Gordon Brown photo

“We will not return to the old boom and bust.”

Gordon Brown (1951) British Labour Party politician

Brown's 11th Budget Speech https://publications.parliament.uk/pa/cm200607/cmhansrd/cm070321/debtext/70321-0004.htm. 21 Mar 2007
Chancellor of the Exchequer
Variant: Under this Government, Britain will not return to the boom and bust of the past.

“The failure of the social sciences to think through and to integrate their several responsibilities for the common problem of relating the analysis of parts to the analysis of the whole constitutes one of the major lags crippling their utility as human tools of knowledge.”

Robert Staughton Lynd (1892–1970) American sociologist

R.S. Lynd (1939) Knowledge of What? p. 15, cited in Karl William Kapp (1976), The nature and significance of institutional economics http://onlinelibrary.wiley.com/doi/10.1111/j.1467-6435.1976.tb01971.x/abstract. in: Kyklos, Vol 29/2, Jan 1976, p. 209

Related topics