A Primer on Austrian Macroeconomics

Austrian Capital Theory for Macroeconomic Research and Teaching

By: Antony P. Mueller

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eText | 17 January 2025

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This book offers an accessible framework for macroeconomic modelling rooted in the capital theory of Austrian Economics. By distinguishing between the goods and monetary sides of the economy and exploring their interaction, the book provides a comprehensive macroeconomic model that integrates time preference and interest rates. It examines how monetary and fiscal policies can produce business cycles and how these cycles are influenced by central bank liquidity and financial market behaviour. Additionally, the book discusses the ways in which monetary and fiscal policies can prolong and intensify economic stagnation.

Through its clear exposition, this book deepens the understanding of the conditions that determine the unsustainability of credit-driven economic expansions. It is essential reading for students and researchers in political economy, macroeconomics, monetary economics, and those interested in advancing Austrian Economics.