Roger Garrison Quote

While many of the conflicting claims can be reconciled in terms of the short-run and long-run orientation of Keynesians and monetarists, respectively, and in terms of their contrasting philosophical orientations, neither vision takes into account the workings or failings of the market mechanisms within the investment aggregate. Austrian macroeconomics is set apart from both Keynesianism and monetarism by its attention to the differential effects of interest rate changes within the investment sector, or—using the Austrian terminology—within the economy's structure of production.


Page 136. - "Is Milton Friedman a Keynesian?" (1992)

Picture Quote 1

While many of the conflicting claims can be reconciled in terms of the short-run and long-run orientation of Keynesians and monetarists,...

Picture Quote 2

While many of the conflicting claims can be reconciled in terms of the short-run and long-run orientation of Keynesians and monetarists,...

Picture Quote 3

While many of the conflicting claims can be reconciled in terms of the short-run and long-run orientation of Keynesians and monetarists,...

Picture Quote 4

While many of the conflicting claims can be reconciled in terms of the short-run and long-run orientation of Keynesians and monetarists,...