Professor Yeager Recognizes the Misleading Use of the Comparative-Statics Method by Reswitching Theorists

In his section on the consumption paradox, Professor Yeager clearly recognizes the misleading use of the comparative-statics method by reswitching theorists. . . . Aren't the reswitching theorists really only comparing alternative steady states rather than analyzing a process of change? Yes, this seems to be it. In his own words: "References to changes in the interest rate and switches in technique serve stylistic convenience only". Recognizing that comparative-statics analysis has been dressed up in a dynamic garb, Professor Yeager blows the whistle on the Cambridge theorists.

--Roger Garrison, "Comment: Waiting in Vienna," in Time, Uncertainty, and Disequilibrium: Exploration of Austrian Themes, ed. Mario J. Rizzo (Lexington, MA: Lexington Books, 1979), 223.