Introduction to Macroeconomics (Austrian Style)

Economics Economics Questions
1

Hi all,

I have a friend who is self-purportedly into macroeconomics, and I would like to expose her to Austrian ideas. I don’t want to necessarily throw her into the ocean without any swimming lessons, so I need to find a safer book.

Any suggestions on good Macroecon Austrian literature that is not hard to pick-up for someone unfamiliar with the underlying Austrian Business Cycle Theory?

Thanks,

Brian

2

A good starter book could be ‘Economics for Real People’ by Gene Callahan.

3

Agreed, that’s a decent one - also available online if you want to browse first: https://mises.org/books/econforrealpeople.pdf

4

Economics for Real People is a good intro, though it sadly lacks details when it comes to ABCT. America’s Great Depression by Murray Rothbard in combination with Economics for Real People could be a good intro to Austrian econ.

5

As I wrote three days a go: Hahn’s Masterpiece of Macroeconomics.

6

You may want something that primarily focuses on Austrian Capital Theory.

You have Jesus Huerta de Soto’s Money, Bank Credit, and Economic Cycles , which also covers banking and its history.

Or Roger Garrison’s Time and Money (you have to buy this one) - This book covers all main macro-economic theories in great detail and contrasts them all to Austrian based capital theory.

7

I actually have not read Garrison’s Time and Money, but I plan on buying it as soon as I get my next paycheck (along with Say’s Law by Steven Kates). I’ve read Garrison’s articles and seen his slides before and I have to say that they’re excellent, especially for anyone who studies economics at the undergrad level. I can’t wait to get his book.

8

Time and Money is awesome. You can find a totally illegal pdf copy knocking around the internet if you search closely enough, but it is WELL worth buying.

It’s perfect if you have someone who is already well-versed in mainstream macro, as Garrison does a lot of referencing and contrasting of the Keynesian and Monetarist “stories” of a business cycle, to the ABCT, and even presents each theory using the graphical framework of the others! It’s kind of weird to see the IS/LM graph recreated in a Hayekian framework and vice versa, but Garrison pulls it off.

It’s also quite obvious that he is extremely well-read in non-Austrian economics.

9

If it is too hard to get hold of Garrisons book then this misesmedia lecture seems like a worthy substitute.