Two Paths Forward for Austrian Macroeconomics

Abstract

Twenty years ago, two scholars published important books on the subject of Austrian macroeconomic theory. Each offered a somewhat distinct approach. And, as much as it was the case when these two works were published twenty years ago, Austrian macroeconomists find themselves with two potential paths forward today. On the one hand, they might stress the temporal structure of production, while incorporating insights from finance. On the other, they might take a more general approach to capital specificity, while deviating from more mainstream economic models only insofar as is essential to preserve a uniquely Austrian view.

Keywords: Austrian; business cycle; macroeconomics

JEL Classification: B53, E3