Archive for Roger W. Garrison
Contributing Editor Roger Garrison, a professor of economics at Auburn University, is the author of Time and Money: The Macroeconomics of Capital Structure.
Alchemists of Loss: How Modern Finance and Government Intervention Crashed the Financial System
The subprime crisis and financial meltdown have spawned dozens of books, some aimed at re-enshrining John Maynard Keynes, others at laying him to rest once more; some aimed at praising the Federal Reserve for staving off another Great Depression, others at blaming it for treating the economy to another cyclical episode. In Kevin Dowd and [...]
26Oct2011 | Roger W. Garrison | 0 comments | ContinuedNothing to Fear: FDR’s Inner Circle and the Hundred Days that Created Modern America
History buffs who focus on the world between the wars will find plenty to ponder in Adam Cohen’s Nothing to Fear. Openly critical books–from The Roosevelt Myth by John T. Flynn (1948) to FDR’s Folly by Jim Powell (2003)–have laid bare the politics and economics of Franklin Roosevelt’s New Deal, showing us how not to [...]
20Apr2010 | Roger W. Garrison | 3 comments | ContinuedMainstream Macro in an Austrian Nutshell
While the events that have unfolded over the past year have required some outside-the-box theorizing by mainstream macroeconomists, the econo-mists of the Austrian school can offer a straightforward, fill-in-the-blanks explanation by drawing on the theory first articulated by Ludwig von Mises and then developed by Friedrich A. Hayek.
24Apr2009 | Roger W. Garrison | 15 comments | ContinuedThe Trouble with Keynes
Keynesian theory implies an inherent instability in market economies. Thus the theory cannot possibly explain how a healthy market economy functions—how the market process allows one kind of activity to be traded off against the other.
1Apr2009 | Roger W. Garrison | 3 comments | ContinuedThe Greenspan Fed in Perspective
Some readers of the Wall Street Journal might have been led to believe that Alan Greenspan had somehow followed Milton Friedman’s monetary rule. We now see, though, that there was no well-grounded rule; there was no standard.
1Jun2006 | Roger W. Garrison | 1 comment | ContinuedA Classic Hayekian Hangover
Roger Garrison is professor of economics at Auburn University and author of Time and Money: The Macroeconomics of Capital Structure (Routledge, 2001); Gene Callahan is author of Economics for Real People (Ludwig von Mises Institute, forthcoming). Do busts follow investment booms as hangovers follow drinking binges? Dubbing the idea “The Hangover Theory” (Slate, December 3, [...]
1Jan2002 | and Roger W. Garrison | 0 comments | ContinuedAmerica’s Great Depression by Murray N. Rothbard
Ludwig von Mises Institute · 2000 · 368 pages · $29.00 Reviewed by Roger W. Garrison It may not be conventional to review the fifth edition of a book that appears several years after its author’s passing. But America’s Great Depression is not a conventional book. It is written with verve and aplomb. And its [...]
1Sep2001 | Roger W. Garrison | 1 comment | ContinuedThe Economy Is Cyclical?
According to a memorable title, “Business Cycles Aren’t What They Used to Be—and Never Were” (Gerald Sirkin, Lloyd’s Bank Review, v. 104, 1972). In today’s political and economic environment, we need to be clear about which characteristics endure and which ones can and do change over time. We might begin with a reminder about characteristics [...]
1Sep2001 | Roger W. Garrison | 0 comments | ContinuedThe Government Is the Stabilizer?
Stability is the perennial issue in macroeconomics. The economist’s judgment about the stability of the market economy stems from what Joseph Schumpeter called the “pre-analytic vision.” To illustrate the point, Schumpeter specifically used John Maynard Keynes and his pre-analytic vision: Markets are inherently unstable; the government is the stabilizer. This belief, or vision, was held [...]
1Jan2000 | Roger W. Garrison | 2 comments | ContinuedHayek Made No Contribution?
“If one asks what substantive contributions [F. A. Hayek] made to our understanding of how the world works, one is left at something of a loss. Were it not for his politics, he would be virtually forgotten.” This assessment was offered up late last year in the online magazine Slate by Paul Krugman, 1991 winner [...]
1May1999 | Roger W. Garrison | 0 comments | ContinuedThe USA Tax: A Progressive Consumption Tax by Laurence S. Seidman
MIT Press • 1997 • 160 pages • $20.00 Hot dogs, baseball, apple pie, and the USA Tax: What is the relationship among these pieces of Americana? The fourth-listed one imposes a tax on the other three. USA stands for Unlimited Savings Allowance. Taxes are to be imposed only on consumption, as set out in [...]
1Dec1997 | Roger W. Garrison | 2 comments | ContinuedThe Undiscountable Professor Kirzner
Eugen von Böhm-Bawerk, whose name has come to be virtually synonymous with roundaboutness (of capital-using production processes), penned the original Austrian perspective on capital and interest. He wrote three volumes (History and Critique, Positive Theory, and Further Essays) over a span of a quarter of a century (1884-1909). In 1959 the 1,200-plus pages of Capital [...]
1Aug1997 | Roger W. Garrison | 0 comments | ContinuedThe Flat Tax: Simplicity Desimplified
Dr. Garrison is professor of economics at Auburn University. He wishes to thank David Laband, Jim Long, and Leland Yeager for helpful comments. In modern American politics, advocating a flat tax is the surest way of labeling yourself as a supply-sider, a Jack Kemp/Steve Forbes Republican. Michael Evans[1] made the case for the flat tax [...]
1Oct1996 | Roger W. Garrison | 1 comment | ContinuedThe Trouble With Keynes
Dr. Garrison teaches economics at Auburn University in Alabama and is a Contributing Editor of The Freeman. The economics of John Maynard Keynes as taught to university sophomores for the last several decades is now nearly defunct in theory but not in practice. Keynes’ 1936 book The General Theory of Employment, Interest, and Money portrayed [...]
1Oct1993 | Roger W. Garrison | 10 comments | Continued-
The Latest
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Capitalism, Corporatism, and the Freed Market
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Creating Jobs versus Creating Value
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