Microfoundations and Macroeconomics

"Microfoundations and Macroeconomics consists of three parts. Part I includes an explication of an Austrian view of the market process, with a strong emphasis on the role of capital, arguing that the 'macroeconomy' is operating correctly when it does not upset this microeconomic ordering process. Part II develops a market process macroeconomics, exploring monetary equilibrium as presented by Selgin, and comparing and contrasting three possible cases of monetary disequilibrium. Part III explores how this view of macroeconomics affects the way we understand fiscal policy, monetary regimes and banking reform, and labor market flexibility." "This original and highly accessible work provides the reader with an introduction to Austrian economics and a systematic understanding of macroeconomics. It will be of great value and interest to professional economists and students alike."--Jacket.