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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:
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Greg Ransom
Hayek-L list host
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