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Austrian Macroeconomics

  • Austrian Macroeconomics

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07/19/2014Joseph T. Salerno

Taught by Professor Joseph T. Salerno, this course builds upon the basic analytic principles of Austrian economics, including basic supply and demand analysis and the theories of entrepreneurship and factor pricing, to present the fundamentals of Austrian macroeconomics.

The Austrian approach to macroeconomics was developed by the followers of Carl Menger, and in modern times included most notably Mises, Hayek, and Rothbard. Unlike mainstream macroeconomics, Austrian macroeconomics is not a body of theory separate from basic value and price theory that aims at analyzing the economy as a holistic entity apart from the individual households, firms and markets that constitute it. Austrian macroeconomics is only “macro” in the limited sense that it uses general economic theory to analyze specifically those phenomena that pervade individual exchanges throughout the market economy.

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