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Microfoundations and macroeconomics at 20: some reflections

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  • Steven Horwitz

    (Ball State University)

Abstract

Abstarct In this short contribution, I summarize the four papers that comprise the symposium on Microfoundations and Macroeconomics: An Austrian Perspective and then address several themes that they raise. Specifically, I discuss the roles of capital and capital goods, human capital, adjustment costs after monetary shocks, W. H. Hutt’s understanding of idleness in the labor market, and the ways in which Austrian macroeconomic concepts can be deployed in doing economic history. I argue that intertemporal discoordination remains the key concept in Austrian macroeconomics and encourage present and future scholars to explore the coordinating role of capital and to challenge the institutional and historical contingencies that have defined the canonical Austrian business cycle theory story.

Suggested Citation

  • Steven Horwitz, 2021. "Microfoundations and macroeconomics at 20: some reflections," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(2), pages 323-330, June.
    • Handle: RePEc:kap:revaec:v:34:y:2021:i:2:d:10.1007_s11138-020-00524-7
    DOI: 10.1007/s11138-020-00524-7
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    References listed on IDEAS

    as
    1. Peter Lewin, 1994. "Capital theory," Chapters, in: Peter J. Boettke (ed.), The Elgar Companion to Austrian Economics, chapter 31, Edward Elgar Publishing.
    2. William J. Luther, 0. "Two paths forward for Austrian macroeconomics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 0, pages 1-9.
    3. William J. Luther, 2021. "Two paths forward for Austrian macroeconomics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(2), pages 289-297, June.
    4. Lewin,Peter & Cachanosky,Nicolas, 2019. "Austrian Capital Theory," Cambridge Books, Cambridge University Press, number 9781108735889, October.
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    Cited by:

    1. Mikayla Novak, 2023. "The Emancipatory Liberalism of Steven Horwitz: The Case of Women’s Economic Status," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 38(Winter 20), pages 55-71.

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