“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

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Roger Garrison 5

American economist 1944

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“The recent flourishing of New Classical economics, and especially its Equilibrium Business Cycle Theory (EBCT), has given a fresh hearing to the Old—but still developing—Austrian Business Cycle Theory (ABCT). While the New and the Old differ radically in both substance and methods, they exhibit a certain formal congruency that has captured the attention of both schools. The formal similarities between EBCT and ABCT invites a point-by-point comparison, but the comparison itself dramatizes differences between the two views in a way that adds to the integrity and plausibility of the Austrian theory.”

Roger Garrison (1944) American economist

Page 91.
"New Classical and Old Austrian Economics", 1991

“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 (1944) American economist

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

“Except for Marxian theories, nearly all modern theories of the business cycle have essential elements that trace back to Knut Wicksell's turn-of-the-century writings on interest and prices. Austrians, New Classicists, Monetarists, and even Keynesians can legitimately claim a kinship on this basis. Accordingly, the recognition, that both the Austrians and the New Classicists have a Swedish ancestry does not translate into a meaningful claim that the two schools are essentially similar. To the contrary, identifying their particular relationships to Wicksellian ideas, like comparing the two formally similar business-cycle theories themselves, reveals more differences than similarities. … [T]o establish the essential difference between the Austrians and the New Classicists, it needs to be added that the focus of the Austrian theory is on the actual market process that translates the monetary cause into the real phenomena and hence on the institutional setting in which this process plays itself out.The New Classicists deliberately abstract from institutional considerations and specifically deny, on the basis of empirical evidence, that the interest rate plays a significant role in cyclical fluctuations (Lucas 1981, p. 237 151–1). Thus, Wicksell's Interest and Prices is at best only half relevant to EBCT. … Taking the Wicksellian metaphor as their cue, the New Classicists are led away from the pre-eminent Austrian concern about the actual market process that transforms cause into effect and towards the belief that a full specification of the economy's structure, which is possible only in the context of an artificial economy, can shed light on an effect whose nature is fundamentally independent of the cause.”

Roger Garrison (1944) American economist

Pages 98–99.
"New Classical and Old Austrian Economics", 1991

“If I get busted in New York, the freest city in the world, that will be the end of my career.”

Lenny Bruce (1925–1966) comedian and social critic

Lenny Bruce http://news.bbc.co.uk/1/hi/world/americas/3345229.stm

“That kid sure can bust 'em.”

Babe Ruth (1895–1948) American baseball player

Circa June 1923, on observing a young Lou Gehrig—almost two years prior to commencing his record-breaking consecutive game streak—take batting practice; as quoted in The Babe Ruth Story https://books.google.com/books?id=5mu1AAAAIAAJ&q=%22that+kid+sure+can+bust+%27em%22+intitle:The+intitle:Babe+intitle:Ruth+intitle:Story&dq=%22that+kid+sure+can+bust+%27em%22+intitle:The+intitle:Babe+intitle:Ruth+intitle:Story&hl=en&sa=X&ved=0ahUKEwiHhvezyoHcAhVm2oMKHZsSAfAQ6AEIKTAA (1948) by Ruth (as told to Bob Considine), p. 130. In the book, Ruth notes that his statement had evidently given rise to Gehrig's now largely forgotten nickname Buster (the latter having first appeared in print on February 29th, the following year https://news.google.com/newspapers?id=B71SAAAAIBAJ&sjid=YH0DAAAAIBAJ&pg=5967%2C5402147&dq=yankee-includes-lou-gehrig), adding that, despite having long since been eclipsed by such handles as "The Iron Horse" and even "Larrupin' Lou," Gehrig's lesser-known moniker did indeed have its heyday during the early years of his Yankee tenure https://www.newspapers.com/search/#query=%22buster+gehrig%22&dr_year=1925-1929. (Not surprisingly, this heyday entailed a good deal of Ruth/Gehrig alliteration, along the lines of "The Buster and the Babe" https://www.newspapers.com/search/#query=gehrig+%22the+buster+and+the+babe%22&dr_year=1927-1937 and "the Big Bam and the Boy Buster" https://www.newspapers.com/search/#query=Ruth+Gehrig+%22big+bam%22+%22boy+buster%22&dr_year=1927-1928.)

“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 Nefertiti bust is one of the most popular art works in the world. It is printed on scarves and molded in necklace pendants and coffee-table miniatures. But never in my experience is the bust exactly reproduced. The copyist softens it, feminizes it and humanizes it. The actual bust is intolerably severe. It is too uncanny an object for domestic display. Even art books lie. The bust is usually posed in profile or at an angle, so that the missing left pupil is hidden or shadowed. What happened to the eye?”

Camille Paglia (1947) American writer

Source: Sexual Personae: Art and Decadence from Nefertiti to Emily Dickinson (1990), p. 67

“She rose and followed her bust from the room.”

Margery Allingham (1904–1966) English writer of detective fiction

“In my opinion, the King's Gambit is busted. It loses by force.”

Bobby Fischer (1943–2008) American chess prodigy, chess player, and chess writer

A bust to the King's Gambit http://academicchess.org/images/pdf/chessgames/fischerbust.pdf (1960)
1960s

“He [ Renoir; Maillol made his bust] was very interested, watching me do his bust. He said to me: 'Every time you touch it, it becomes more alive.”

Aristide Maillol (1861–1944) sculptor from France

Quote in Maillol's letter, 14th May 1887; as cited in Renoir – his life and work, Francois Fosca, Book Club Associates /Thames and Hudson Ltd, London 1975, p. 245-246

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Roger Garrison 5

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