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Hayek-L On-line Seminar  --  Announcement 
 
Steven Horwitz on his new book _Microfoundations  
and Macroeconomics: An Austrian Perspective_ 
  
Jan. 22 - Feb. 1, 2001 
 
Steven Horwitz will be hosting a seminar on his recent book 
_Microfoundations and Macroeconomics: An Austrian Perspective_ 
between Jan. 22 and Feb. 1 on the Hayek-L email list, on the  
web at: 
 
   http://maelstrom.stjohns.edu/archives/hayek-l.html 
 
Those who wish to participate in the seminar may subscribe to 
the Hayek-L email list via the Hayek-L web site, or by sending the 
message: 
 
 subscribe Hayek-L yourfirstname yourlastname 
 
to:  [log in to unmask] 
 
Horwitz's online seminar will begin Monday Jan. 22 with 
an informal introduction to the contents & arguments of 
his book _Microfoundations and Macroeconomics: An Austrian  
Perspective_.  Steve will then field questions & reply to 
comments on the contents of his book thru the next week 
and a half on the Hayek-L email list, concluding Thursday, 
Feb. 1.  Horwitz's book may be purchased at 75% discount online  
from Laissez Faire Books at: 
 
  http://www.laissezfairebooks.com/product.cfm?op=view&pid=AU8241&aid=10097 
 
 
Table of Contents  
   
Introduction: Is There an Austrian Macroeconomics?  
The fundamentals of an Austrian macroeconomics 
A brief comparison with mainstram macroeconomics 
Outline of the book 
 
I.. Market Process Microeconomics  
Chapter 1: Prices, Knowledge, and Economic Order  
A Mengerian view of the market process 
Which way forward?  Austrian economcis between the wars 
Hayek on prices and knowledge 
Kirzner’s theory of entrepreneurship 
Prices in equilibrium and disequilibrium 
A note on tendencies toward equilibrium 
Monetary calculation and the market process 
Conclusion 
 
Chapter 2: The Missing Link: Capital Theory as Microfoundations  
An overview of classical and neoclassical approaches to capital 
Plans, subjectivism, and the concept of capital 
Heterogeneity and the capital structure 
Money, capital, and the banking system 
Capital in the Hayek-Keynes debate 
Conclusion 
         
II. The Macroeconomics of Monetary Disequilibrium  
Chapter 3: Monetary Equilibrium as an Analytical Framework  
The monetary and the real economy 
Monetary equilibrium defined 
Monetary equilibrium, loanable funds, and interest rates 
Monetary equilibrium and Austrian economics 
Capital-theoretic foundations of monetary equilibrium 
Monetary equilibrium, the Classics, and Keynes 
        The Classical model 
        Say’s Law and monetary equilibrium 
        The Keynesian model from a monetary equilibrium perspective 
The Quantity Theory, monetarism, and New Classical economics 
The neutrality of money and price level policy 
A brief stocktaking 
 
Chapter 4: Inflation, the Market Process, and Social Order  
Inflation and an excess supply of money 
The standard economics of inflation 
Comparative institutional approaches 
Inflationary monetary disequilibria 
Relative price effects and monetary calculation 
The capital structure and Austrian business cycle theory 
Coping costs and economic welfare 
The political economy of inflation 
Contract, hegemony, and social order 
Conclusion 
 
Chapter 5: Monetary Equilibrium Theory and Deflation  
The Yeager-Greenfield approach 
The Clower-Leijonhufvud version 
Deflationary monetary disequilibria 
Say’s Law and the mediating role of money 
Deflation, the productivity norm, and the price system 
The welfare costs of deflation 
The New Keynesians on price stickiness 
Rothbard on changes in the purchasing power of money 
Conclusion 
 
Chapter 6: W. H. Hutt on Price Rigidities and Macroeconomic Disorder  
Hutt on the labor market 
Say’s Law and the cumulative idling process 
Keynes and labor market coordination 
Inflation as crude coordination 
Wage rigidity, inflation, and sub-optimal full employment 
Hutt on Yeager and Leijonhufvud 
Price coordination and monetary equilibrium 
   
III. Policy Implications and Conclusions  
Chapter 7: Monetary Policy, Monetary Regimes, and Monetary Disequilibria  
The discretion vs. rules dilemma under central banking 
The operation of a free banking system 
Free banking, central banking, and monetary equilibrium 
The BFH system as a plausible alternative 
Austrian economics and 100 percent reserve banking 
Free banking and the microeconomic discovery process 
Conclusion 
 
Chapter 8: Conclusion: Microfoundations and Macroeconomics  
 
Steven Horwitz is Associate Professor of Economics 
at St. Lawrence University.  Horwitz in the author of  
the book _Monetary Evolution, Free Banking, and 
Economic Order_, as well as many papers in economic 
theory.  His email address is:   [log in to unmask] 
 
Horwitz's web site is at:  http://it.stlawu.edu/shor/ 
 
Information on the Hayek-L email list, along with information 
on past Hayek-L seminars can be found at the Hayek-L email 
list home page, on the web at: 
 
  http://www.hayekcenter.org/hayek-l/hayek-l.html 
 
If you have any questions about the Hayek-L list or 
the Horwitz seminar, please send a message directly to: 
 
    [log in to unmask] 
 
Greg Ransom 
Hayek-L list host 
[log in to unmask] 
 
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