ABSTRACT
Our treatment of Austrian and Keynesian ideas has been guided by alternative macroeconomic frameworks. The labor-based framework of Chapters 7 through 9 has been contrasted with the capital-based framework of Chapters 3 through 6. In modern pedagogy the more conventional contrast is that between Keynesian ideas and Monetarist ideas. For completeness, we might want to put Monetarism on equal terms by according it its own special framework. If Keynesianism is labor-based, and Austrianism is capital-based, then Monetarism is money-based.
