"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."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Academics from the United StatesNon-fiction authors from the United StatesEducators from the United StatesEconomists from the United StatesAustrian School economists
Original Language: English
Available Languages (1)
Sources
Pages 136–137.
https://en.wikiquote.org/wiki/Roger_Garrison
Revision History
No revisions have been submitted for this quote.
Categories
Roger Garrison
5 quotes on TrueQuotesView all quotes by Roger Garrison →
Related Quotes
"While many of the conflicting claims can be reconciled in terms of the short-run and long-run orientation of Keynesia…"
"The recent flourishing of New Classical economics, and especially its Equilibrium Business Cycle Theory (EBCT), has g…"
"The all-inclusiveness of the equilibrium concept in New Classicism warns against comparisons of EBCT and ABCT that ig…"
"Except for Marxian theories, nearly all modern theories of the business cycle have essential elements that trace back…"
"Scientific education is catholic; it embraces the whole field of human learning. No student can master all knowledge …"
"Honest investigation is but the application of common sense to the solution of the unknown. Science does not wait on …"
"Years of drought and famine come and years of flood and famine come, and the climate is not changed with dance, libat…"
"The verb is relatively of much greater importance in an Indian tongue than in a civilized language."
"Possible ideas and thoughts are vast in number. A distinct word for every distinct idea and thought would require a v…"
"The integers of language are sentences, and their organs are the parts of speech. Linguistic organization, then, cons…"