Roger Wayne Garrison (born 1944) is an American professor of economics at Auburn University, and an adjunct scholar of the Ludwig von Mises Institute known for developing Capital-Based Macroeconomics.
Roger Garrison | |
|---|---|
| Born | 1944 (age 79–80) |
| Nationality | American |
| Academic career | |
| Field | Macroeconomics |
| Institution | Auburn University |
| School or tradition | Austrian School of Economics |
| Alma mater | University of Virginia University of Missouri-Kansas City |
| Influences | Ludwig von Mises • Friedrich Hayek • Ludwig Lachmann • Leland B. Yeager |
| Contributions | Capital-Based Macroeconomics |
Education
editGarrison received his B.S. in Electrical Engineering from the University of Missouri at Rolla in 1967, after which he joined the United States Air Force.[1] While in the Air Force, he worked as a systems engineer specializing in electronic countermeasures at Rome Laboratory at Griffiss Air Force Base rising to the rank of Captain.[2] After being released from the military with the end of the Vietnam War, he earned an M.A. in Economics from the University of Missouri–Kansas City in 1974 and went to work for the Federal Reserve Bank of Kansas City.[1][2] Then, he pursued his PhD in Economics from the University of Virginia, studying under Leland B. Yeager.[3]
Career
editIn 1978, Garrison began teaching at Auburn University as an instructor.[3] In Winter and Spring of 1981, he served as a Post-Doctoral Fellow and Adjunct Professor at New York University.[1] Upon his graduation from the University of Virginia in the Fall of 1981, he was promoted to Assistant Professor at Auburn. In 1988, he became an Associate Professor, and in 1996, he became a full professor.
Capital-Based Macroeconomics
editWhen entering graduate school, Garrison's primary field of research was macroeconomics and monetary theory. Garrison's key contribution to the field was his graphical representation of the Austrian Business Cycle Theory. His first paper on the topic, "Austrian Macroeconomics: A Diagrammatical Exposition" was initially drafted as a term paper in his master's program and presented at a meeting in Chicago in 1973. He rewrote it and presented the new version in September 1976 at an Institute for Humane Studies symposium at Windsor Castle. This version would later be published as a monograph in 1978.[4][5] He would later expand upon these ideas in later journal articles, including "Phillips Curves and Hayekian Triangles: Two Perspectives on Monetary Dyanmics" (1988) coauthored with Don Bellante, Professor of Economics at the University of South Florida.[6]
In 2001, Routledge published his book Time and Money: The Macroeconomics of Capital Structure.[3] That year, he was a recipient of the Vernon Smith Prize for the Advancement of Austrian Economics.[3]
Writing for Liberty Fund, Garrison explained that Capital-Based Macroeconomics "focuses on the internal integrity of capital’s temporal structure and on the structure’s overall compatibility with the time preferences and saving behavior of market participants."[7] He added that his "fundamental idea is that if interest rates, broadly conceived, are allowed to be determined by unhampered market mechanisms, the temporal structure of capital will tend to be consistent with consumers’ (and savers’) preferred temporal pattern of consumption. And conversely, if interest rates are manipulated by a central monetary authority, the temporal structure will develop internal inconsistencies, will be at odds with the preferred temporal pattern, and will give rise to booms and busts."[7]
See also
editReferences
edit- ^ a b c "Roger W. Garrison Curriculum Vitae" (PDF). Auburn University. Fall 2011. Archived (PDF) from the original on 2021-09-29.
- ^ a b Neri, Massimiliano (June 2003). "Ten Questions for Professor Roger W. Garrison in London". US Equity & Macro LAB. Archived from the original on 2024-06-08.
- ^ a b c d "AU professor receives prize in economics". Opelika-Auburn News. November 11, 2001. 4D. Retrieved June 16, 2024.
- ^ Garrison, Roger (2001). "Preface". Time and Money: The Macroeconomics of Capital Structure. Routledge. Archived from the original on 2019-06-24.
{{cite book}}: CS1 maint: date and year (link) - ^ Garrison, Roger (1978). "Austrian Macroeconomics: A Diagrammatical Exposition" (PDF). Institute for Humane Studies. Archived from the original (PDF) on 16 December 2014. Retrieved 5 October 2015.
- ^ Garrison, Roger; Bellante, Don (Summer 1988). "Phillips Curves And Hayekian Triangles: Two Perspectives on Monetary Dynamics". History of Political Economy. 20 (2): 207–234. Archived from the original on 2021-04-14.
- ^ a b Garrison, Roger W. (2015-04-29). "Capital's Radical Heterogeneity and the Widespread Aversion to a Capital-Based Macroeconomics | Online Library of Liberty". oll.libertyfund.org. Archived from the original on 2024-05-22. Retrieved 2024-08-24.
External links
edit
Quotations related to Roger Garrison at Wikiquote- Professor Garrison's homepage
- Audio/Video of Roger W. Garrison
