Saturday, July 23, 2016

New Austrian Macroecomics Issue for the Review of Austrian Economics

Articles for the coming RAE issue on New Austrian Macroeconomics are posted online. An early excerpt from Richard Wagner and Paul Lewis explain the contribution of each paper contained in the issue:
In “Toward a New Austrian Macroeconomics,” Vipin P. Veetil and Lawrence H. White present a wide-ranging comparison of points of similarity and difference between their vision of a New Austrian macroeconomics and standard macro framework grounded in the DSGE (Dynamic Stochastic General Equilibrium) model of a macroeconomy. In “Playing at Markets: A New Austrian Perspective on Macroeconomic Policy,” Alexander William Salter explains how orthodox expositions of macro policy create a form of shell game in deflecting the attention of observers away from the micro-level interactions out of which macro variables emerge. In “Dynamic Coordinating Non-Equilibrium,” Santiago Gangotena sets forth an alternative to the DSGE model wherein generally coordinated patterns of economic activity arise within a generative or non-equilibrium scheme of modeling. In “The Unresolved Problem of Gratuitous Credit in Austrian Banking Theory,” Raymond Niles probes some points of controversy in Austrian banking theory over whether elasticity in the supply of money is a modest or a severe source of economic discoordination, or whether it might actually have socially beneficial properties in facilitating experimentation. In “Entrepreneurship, Search Costs, and Ecological Rationality in an Agentbased Economy,” James Caton explores different approaches to rationality in individual action in a manner that is congruent with continual experimentation and the injection of novelty into non-equilibrium but generally coordinated processes.