ABSTRACT
A book that purports to explore ‘Austrian macroeconomics’ has a bit more than the usual burden of self-justification. In the eyes of many economists, Austrians are seen as rejecting the whole concept of macroeconomics in favor of a focus on microeconomic phenomena such as price coordination and entrepreneurship. There is some truth to this perception. In a great deal of the post-revival (i.e., since 1974) literature in Austrian economics, Austrians have tried to define themselves in terms of their methodology (subjectivism) and their understanding of the market as a competitive discovery process rather than as tending toward, or mimicking, general equilibrium. Austrians’ self-described ‘uniqueness’ has almost exclusively been focused on microeconomics.1 Even Hayek, in his last book, referred to macroeconomics in sneer quotes (1988:98-99), suggesting that a rejection of the subdiscipline was still alive and well in some Austrian quarters. It comes then as little surprise that much of the microeconomic and methodological work in the post-revival literature in Austrian economics finds its roots in Hayek.
