Tag Archives: kaleidism

Cage Match #3: Garrison and Lachmann

Garrison and Lachmann have a great many ideas in common. However, they differ in significant manners that allow us to investigate and deduce their most core understandings of the emergent factors involved in the “microfoundations” of “the macroeconomy.” Garrison sees the economy, really the collection of individuals interacting in various trades, as essentially something that […]

Ludwig Lachmann’s Psychedelic Solitaire, Part Two

The way I left off in part one of this article was by mentioning the various problems facing both the solitaire player and the entrepreneur. However, “the entrepreneur” is better stated, psychologically and practically, as an individual acting in an entrepreneurial manner, or an individual employing entrepreneurial tools, or an individual fulfilling entrepreneurial functions, considering […]

The Genius of Roger Garrison, Part Three

I am not in full agreement with Garrison. Nor, am I, in any kind of full agreement with any Austrian, Chicagoan, New-Classicist, or any economist of any school that thinks the market ultimately serves a purpose; meanwhile, I am especially not in agreement with those that think the market is useless or wrongheaded, and even […]

The Genius of Roger Garrison, Part Two

At the end of part one I mentioned Friedman’s fears of deflation, which I said were a natural consequence of his view that depressions stem from the nature of money itself. Friedman basically said that we should keep the nominal interest rate at zero and shoot for consistent and low inflation each year (around 3% […]