Roger Garrison

Roger Wayne Garrison (7 February 1944 - 13 February 2026) was an American economist of the Austrian School, best known for his work on capital-based macroeconomics. He was a longtime professor at Auburn University, and an adjunct scholar at the Mises Institute. While in the Air Force, he worked as a systems engineer, specializing in electronic countermeasures at Rome Laboratory at Griffiss Air Force Base; he rose to the rank of captain. Following the Vietnam War, he left the military, Garrison earned an MA in economics from the University of Missouri–Kansas City in 1974; he then went to work for the Federal Reserve Bank of Kansas City. He would later expand upon these ideas in later journal articles, including "Phillips Curves and Hayekian Triangles: Two Perspectives on Monetary Dynamics" coauthored with Don Bellante, Professor of Economics at the University of South Florida.

In 2001, Routledge published his book Time and Money: The Macroeconomics of Capital Structure. 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."

On 13 February 2026, Garrison died in Auburn, Alabama, at the age of 82.