ABSTRACT
We have argued that two of the distinguishing aspects of Austrian economics are its subjectivism and its description of the market as a process of discovery coordinated by money prices and entrepreneurial calculation. An Austrian conception of the macroeconomy sees the effects of macroeconomic disorder as disruptions in this microeconomic ordering process, specifically in the undermining of knowledge signals produced by market prices. However, there is one more distinct aspect of Austrian economics that needs to be brought into this discussion and that is its theory of capital.
