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Winter 2015

ISSN 0890-913X

Volume 30, Number 4

Categories: Winter 2015 | Business Cycles

Roger W. Garrison and the Integration of Austrian and Mainstream Macroeconomics

Robert F. Mulligan, Western Carolina University

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TheJournalofPrivateEnterprise30(4),2015,59–79SYMPOSIUM:LESSONSLEARNEDFROMAUSTRIANMACROECONOMICSANDTHEWORKOFROGERGARRISON†RogerW.GarrisonandtheIntegrationofAustrianandMainstreamMacroeconomicsRobertF.MulliganWesternCarolinaUniversity______________________________________________________AbstractEarlyinhiscareer,inanarticletitled“AustrianMacroeconomics:ADiagrammaticalExposition,”RogerW.GarrisoncontributedanewandpenetratinganalysisofhowAustriancapitaltheoryrelatestotheKeynesianaggregateexpendituresmodel.ThispaperreviewsthedevelopmentofGarrison’sthoughtashisanalysisbecameincreasinglysimplifiedandmorepowerful,culminatingintheversionpresentedinhis2001book,TimeandMoney.Garrison’sworkpointstoamultiprongedapproachthattheAustrianschoolmightprofitablypursueinadvocatingtheMises-Hayektheoryofthebusinesscycletomainstreammacroeconomists.NosingleelementofGarrison’spresentationiscontroversial,anditwouldbeparticularlybeneficialtohavespecificfeaturesrefinedandclarifiedthroughongoingdialogueanddebatewithotherschools.Thismaybetheonlyprofitableavenuethroughwhichanymorecorrectandmeaningfulunderstandingofthebusinesscyclecanemerge.______________________________________________________JELCodes:B53,E32,E58Keywords:aggregateexpenditures,productionstructure,Hayekiantriangle,malinvestment,recession,unsustainableexpansion,RogerGarrisonI.IntroductionGarrison’searlyarticle,“AustrianMacroeconomics:ADiagrammaticalExposition,”publishedinNewDirectionsinAustrianEconomics,appearedinin1978.ThetypeofgraphicexpositionheintroducedwasthenuncommonintheAustrianliterature,withthefewdiagramsappearingpreviouslyinHayek’sPricesandProduction([1931]1935,pp.39–61)andThePureTheoryofCapital(1941,pp.101–431)andinRothbard’sMan,Economy,andState([1962a]2009;see,†TheeditorsthankRobertMulliganforhelpingtoorganizethissymposium.59

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Title	Roger W. Garrison and the Integration of Austrian and Mainstream Macroeconomics
Authors/Creators:	Robert F. Mulligan, Western Carolina University
Year:	2015
Volume:	30
Number:	4
Pages:	59 - 79
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	aggregate expenditures, production structure, Hayekian triangle, malinvestment, recession, unsustainable expansion, Roger Garrison

Citation:
Mulligan, Robert F. / 2015. "Roger W. Garrison and the Integration of Austrian and Mainstream Macroeconomics." The Journal of Private Enterprise, 30(4): 59-79.