Money and Markets: Essays in Honor of Leland B. Yeager

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Monetary disequilibrium theory and Austrian macroeconomics 185Rabin, Alan (2004). Monetary Theory. Northampton, MA: Edward Elgar.Rothbard, Murray N. (1962). Man, Economy and State. Los Angeles, CA: Nash Publishing.Selgin, G.A. (1987). The Yield on Money Held Revisited: Lessons for Today. Market Process,5(Spring): 18–24.Selgin, G.A. (1988). The Theory of Free Banking: Money Supply Under Competitive Note Issue.Totowa, NJ: Rowman and Littlefield.Selgin, G.A. and Lawrence H. White (1996). In Defense of Fiduciary Media – or, We are NotDevo(lutionists), We are Misesians! Review of Austrian Economics, 9: 83–107.Shah, Parth (1997). The Theory of Business Fluctuations: New Keynesians, Old Monetarists,and Austrians. Advances in Austrian Economics, 4. Greenwich, CT: JAI Press, pp. 33–62.White, Lawrence H. (1984). Free Banking in Britain. Cambridge: Cambridge UniversityPress.Yeager, Leland B. (1968). Essential Properties of the Medium of Exchange. Kyklos,21(January/March): 45–69.Yeager, Leland B. (1982). Individual and Overall Viewpoints in Monetary Theory. In IsraelM. Kirzner (ed.) Method, Process, and Austrian Economics. Lexington, MA: LexingtonBooks.Yeager, Leland B. (1986). The Significance of Monetary Disequilibrium. Cato Journal,6(Fall): 369–99.
13 Reflections on reswitchingand roundaboutnessRoger W. Garrison*IntroductionControversies about capital and interest never die. But interest in the issues oftechnique reswitching and roundaboutness waxes and wanes – though withoutrhythm and without obvious provocation. Central to these issues, so says oneschool of thought, is the viability of the neoclassical production function and, morebroadly, the viability of neoclassicism itself. Avi J. Cohen and Geoffrey C. Harcourt(2003a) have recently published an illuminating retrospective on the debatebetween Cambridge, UK and Cambridge, MA. Though engaging, their titlequestion–“Whatever Happened to the Cambridge Capital Theory Controversies?”– never quite gets answered. The reader gets the impression, however, that theauthors are actually expressing annoyance if not dismay that their neoclassicaladversaries have never acknowledged the fatal defects of their theory and scrappedtheir aggregate production function. Commenting on Cohen and Harcourt, JesusFelipe and J.S.L. McCombie (2003: 229) ask the question in a more confrontationalway: “So why is the aggregate production function still widely used in neoclassicalmacro economics, even after the legitimacy of the Cambridge, U.K.’s critique wasexplicitly acknowledged by Samuelson (1966a)?”My own interest in these questions stems from several fortuitous circumstances.While a visiting fellow at the London School of Economics in May and June of2003, I had the privilege of sitting in on a seminar conducted by Geoffrey Harcourt.The paper he presented on that occasion was the uncut version of the “WhateverHappened?” article. Extended preliminary remarks were aimed at justifying ameasure of capital that puts this factor of production dimensionally on a par withlabor and land. Harcourt insisted that to be conformable with the other two factors,capital cannot be measured in value terms. Having set the stage with this imperativeconcerning dimensionality, he walked us through the rounds of debate. While theblow-by-blow was presented with humor and charm, the reaction of the listenerswas in the spirit of Felipe and McCombie – indignation that the losers (theneoclassicals) had never admitted defeat and adjusted their research programsaccordingly.In 1966, the year that MIT’s Paul Samuelson published his “Summing Up”confessional, pouring gasoline on the anti-neoclassical fire, I was immersed in acourse in Engineering Economics at the Missouri School of Mines and Metallurgy
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Money and MarketsIn recent decades,
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The Cultural Foundations ofEconomic
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First published 2006by Routledge2 P
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viiiContents9 The genesis of an ide
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ContributorsJürgen G. Backhaus is
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Preface and acknowledgmentsLeland B
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1 A zeal for truthRoger KopplIf the
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A zeal for truth 3kind of decision-
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A zeal for truth 5and attributes to
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A zeal for truth 7“30 years to th
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A zeal for truth 9I have a $10 bank
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A zeal for truth 11conversation, Ye
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A zeal for truth 13a market economy
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A zeal for truth 15of “approval o
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A zeal for truth 17to offer about e
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A zeal for truth 19Klappholz, K. an
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2 The Yeager mystiqueA profile of t
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The Yeager mystique 23students bent
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The Yeager mystique 25Yeager’s pe
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The Yeager mystique 27none, but not
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The Yeager mystique 29demeanor coul
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The Yeager mystique 31wanted to cou
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The Yeager mystique 33The common id
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The Virginia renaissance in politic
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4 LelandA personal appreciationGord
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Leland, a personal appreciation 47I
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Monopoly politics and its unsurpris
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Good ideas and bad regressions 67I
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Good ideas and bad regressions 69am
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Good ideas and bad regressions 71
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Good ideas and bad regressions 73ap
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Good ideas and bad regressions 75Le
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Good ideas and bad regressions 772.
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Good ideas and bad regressions 79pa
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Good ideas and bad regressions 81th
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7 Pluralism, formalism, andAmerican
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Pluralism, formalism, and American
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8 Leland’s favorite economists *J
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Figure 8.1 The “Genealogical Tabl
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Leland’s favorite economists 103o
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Leland’s favorite economists 105e
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Leland’s favorite economists 107O
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Leland’s favorite economists 109S
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Leland’s favorite economists 111A
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Leland’s favorite economists 113v
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Leland’s favorite economists 115w
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Leland’s favorite economists 117n
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circumstances and even acts of will
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Leland’s favorite economists 121c
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Leland’s favorite economists 123D
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Leland’s favorite economists 125G
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The genesis of an idea 127Stuart Mi
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The genesis of an idea 129suggest t
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The genesis of an idea 131macroecon
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The genesis of an idea 133value. Hi
Page 150 and 151: The genesis of an idea 135half of m
Page 152 and 153: The genesis of an idea 137Unsettled
Page 154 and 155: The genesis of an idea 1398 “M. S
Page 156 and 157: ReferencesThe genesis of an idea 14
Page 158 and 159: 10 The macroeconomics of money,savi
Page 160 and 161: The macroeconomics of money, saving
Page 162 and 163: The macroeconomics of money, saving
Page 164 and 165: Mr. YeagerThe macroeconomics of mon
Page 166 and 167: 11 No-name moneyMaria Minniti and L
Page 168 and 169: No-name money 153many political lea
Page 170 and 171: No-name money 155consultants, who f
Page 172 and 173: No-name money 157bank chose the one
Page 174 and 175: No-name money 159While inflation in
Page 176 and 177: No-name money 161was reinforced by
Page 178 and 179: No-name money 163private ownership,
Page 180 and 181: No-name money 165Mencinger, Joze (1
Page 182 and 183: Monetary disequilibrium theory and
Page 202 and 203: Reflections on reswitching and roun
Page 222 and 223: 14 Leland Yeager’s utilitarianism
Page 224 and 225: Leland Yeager’s utilitarianism as
Page 236 and 237: 15 Ethnic conflict and theeconomics
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Ethnic conflict and the economics o
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NotesEthnic conflict and the econom
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The legacy of Bismarck 243War, the
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The legacy of Bismarck 245people wo
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The legacy of Bismarck 247system, b
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The legacy of Bismarck 249Old age i
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IndexAckley, G., Macroeconomic Theo
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Marshall, A.: approach to economics
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concerns 10-11, 150; monetarydisequ
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Money and Markets: Essays in Honor of Leland B. Yeager

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