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The Cacophony within Law and Macroeconomics

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  3. Journal of Contextual Economics – Schmollers Jahrbuch
  4. Vol. 142, Issue 3
  5. pp. 273–316

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Koppl, R. The Cacophony within Law and Macroeconomics. Journal of Contextual Economics – Schmollers Jahrbuch, 142(3), 273-316. https://doi.org/10.3790/schm.2024.375231
Koppl, Roger "The Cacophony within Law and Macroeconomics" Journal of Contextual Economics – Schmollers Jahrbuch 142.3, 2022, 273-316. https://doi.org/10.3790/schm.2024.375231
Koppl, Roger (2022): The Cacophony within Law and Macroeconomics, in: Journal of Contextual Economics – Schmollers Jahrbuch, vol. 142, iss. 3, 273-316, [online] https://doi.org/10.3790/schm.2024.375231
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The Cacophony within Law and Macroeconomics

Koppl, Roger

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 142(2022), Iss. 3 : pp. 273–316 | First published online: June 02, 2025

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Duncker & Humblot
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https://doi.org/10.3790/schm.2024.375231
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English
Pages
44
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open-access https://creativecommons.org/licenses/by/4.0
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Prof. Roger Koppl, Whitman School of Management, Syracuse University 721 University Avenue 13244 Syracuse, NY, USA

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Abstract

The emerging field of law and macroeconomics is dominated by Keynesianism, which is used to defend interventionism. Law fluctuates with economic fluctuations. I defend an alternative approach that resists fluctuations in the law and supports the rule of law. This approach emerges from old-fashioned monetary theory as exemplified by the work of F. A. Hayek and Leland Yeager. I show how the tools of complexity economics may be used to build on the foundations of such old-fashioned monetary theory. These tools are helpful in crafting criticisms of interventionist policies and in defending the vital importance of the rule of law.

Table of Contents

Section Title Page Action Price
Roger Koppl: The Cacophony within Law and Macroeconomics 273
Introduction 273
1. Keynesian Law and Macroeconomics 276
2. The Logical Problem of Law and Macroeconomics 277
3. The State of Macroeconomics 283
4. The Past of Change, Creativity, and Cacophony in Macroeconomics 289
5. Some Possible Futures for Change, Creativity, and Cacophony in Macroeconomics 291
6. Closing Remarks 307
References 308

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