Time and Money The Macroeconomics of Capital Structure

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1、1TimeandMoney11Canweacceptorfindpracticaluseforamacroeconomics•inwhichconsumptionandinvestmentalwaysmovetogetherintheshortrun•inwhichthesetwomagnitudesmustmoveinoppositiontochangetheeconomy’srateofgrowth,and•forwhichthelongrunemergesasaseamlesssequenceofshortruns?11Itisincreasinglyrecognizedt

2、hattheweaknessinmodernmacroeconomictheorizingisthelackofanyrealcouplingofshort-andlong-runaspectsofthemarketprocess.Intheshortrun,theinvestmentandconsumptionmagnitudesmoveinthesamedirection,eitherbothdownwardintoreces-sionorbothupwardtowardfullemploymentandevenbeyondinaninflationaryspiral.But

3、foragivenperiodandwithagiventechnology,anychangeintheeconomy’sgrowthratemustentailconsumptionandinvest-mentmagnitudesthatmove,initially,inoppositiontooneanother.RogerW.GarrisonclaimsthatmodernAustrianmacroeconomics,which11buildsontheearlywritingsofF.A.Hayek,canbecomprehendedasanefforttoreins

4、tatethecapital-theorycorethatallowsforarealcouplingofshort-andlong-runperspectives.Althoughthemacroeconomicrelation-shipsidentifiedarelargelycomplementarytotherelationshipsthathavedominatedthethinkingofmacroeconomistsforthepasthalfcentury,TimeandMoneypresentsafundamentalchallengetomoderntheor

5、istsandprac-titionerswhooverdrawtheshort-run/long-rundistinction.Theprimaryfocusofthistextistheintertemporalstructureofcapitalandtheassoci-atedsetofissuesthathavelongbeenneglectedinthemoreconventionallabor-andmoney-basedmacroeconomics.Thisvolumeputsforthapersua-11siveargumentthatthetroublest

6、hatcharacterizemoderncapital-intensiveeconomies,particularlytheepisodesofboomandbust,maybestbeanalyzedwiththeaidofacapital-basedmacroeconomics.RogerW.GarrisonisProfessorofEconomicsatAuburnUniversity,1Alabama,USA.FoundationsofthemarketeconomyEditedbyMarioJ.Rizzo,NewYorkUniversityLawrenceH.Whi

7、te,UniversityofGeorgiaAcentralthemeinthisseriesistheimportanceofunderstandingandassessingthemarketeconomyfromaperspectivebroaderthanthestaticeconomicsofperfectcompetitionandParetooptimality.Suchaperspectiveseesmarketsascausalprocessesgeneratedbythe