In response to the global economic crisis, some have advocated that Austrian school macroeconomics be reconsidered. This paper examines elements of Roger Garrison's Time and Money as an exposition of Austrian Business Cycle Theory not incorporating some of the more complex elements of Hayek's...

Consider models of international trade in which capital goods are produced, not given as an unproduced endowment, and in which equilibrium interest rates are positive. A positive interest rate, in such a model, acts as a price distortion. Consequently, the gains of trade for a single country,...

This paper presents a neoclassical overlapping generations model in which the rate of growth is positive, income distribution does not become more unequal in a steady state, and the real rate of return on wealth exceeds the rate of growth. The existence of two assets in the model distinguishes...

This article demonstrates certain doctrines of the Austrian school of economics are untenable. The focus is on certain aspects of capital theory undergirding Austrian Business Cycle theory. Other criticisms of Austrian Business Cycle Theory from Cambridge-Italian economists are briefly surveyed....