macro: Horwitz on How Microeconomics Explains the Current Crisis

Can microeconomics explain the current crisis?  Steven Horwitz explains how it does in an outstanding explication of microeconomic explanation and its application to our current macroeconomic problems (pdf):

The Austrian approach to macroeconomics can already be seen as being fundamentally microeconomic. What matters for growth is the degree to which microeconomic intertemporal coordination is achieved . . . → Read More: macro: Horwitz on How Microeconomics Explains the Current Crisis

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The investigation of this problem — How is spontaneous order possible? — is sometimes referred to as the ‘Hayek programme’. — Jon Elster

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