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.
Mainstream 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 | 10 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 | 2 comments | ContinuedBook Review ~ Americas 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 [...]
The Economy Is Cyclical? ~ It Just Aint So!
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 | 0 comments | ContinuedHayek Made No Contribution? It Just Aint So!
“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 [...]
Book Review ~ The USA Tax: A Progressive Consumption Tax by Laurence S. Seidman
MIT Press • 1997 • 160 pages • $20.00
Roger Garrison is a professor of economics at Auburn University, Auburn, Alabama.
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 [...]
The Undiscountable Professor Kirzner
Robert Garrison is professor of economics at Auburn University.
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 [...]
The 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 [...]
The 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 the [...]
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The End of Prosperity: How Higher Taxes Will Doom the Economy–If We Let it Happen
By Arthur B. Laffer, Stephen Moore, and Peter J. Tanous
