Austrian Macroeconomics: A Diagrammatical Exposition

When Murray Rothbard laid eyes on this classic monograph, he cheered. Here we have a graphical presentation that explains the Austrian view of macroeconomics in contrast to the simple and even simple-minded approach of the Keynesian aggregates.

The value here is to highlight the distinct emphasis of the Austrian School: time matters, capital is heterogeneous, interest is not arbitrary, investment reflects human volition, and production plans adapt to prevailing prices. These and many more points are completely lost on the flattened-out world generated by Keynesian mythology.

Roger Garrison has expanded on these expositions over the years, but this monograph is the core presentation that has influenced so many.