Its important to view macroeconomics from both a Keynesian, Monetarist, and Austrian views. They are not incompatible, they have varying degrees of influence under various situations. Although following an Austrian prescription of limiting leverage and credit creation during the economic boom may have prevented a severe downturn, Keynesian and Monetary responses limit the ill effects during a recovery.

Some Austrian and blended view readings:

From ROGER W. GARRISON:

Powerpoint Slides using comparing Keynesian Circular-Flow Analysis to Hayekian Means-Ends Analysis.

“Time and Money: The Universals of Macroeconomic Theorizing,” Journal of Macroeconomics, vol. 6, no. 2 (Spring), 1984, pp. 197-213.

“Austrian Capital Theory and the Future of Macroeconomics,” in Richard M. Ebeling, ed. Austrian Economics: Perspectives on the Past and Prospects for the Future. Hillsdale, MI: Hillsdale College Press, 1991, pp. 303-324.

“The Limits of Macroeconomics,” Cato Journal, vol. 12, no. 1 (Spring/Summer), 1992, pp. 165-178.

Others Nouriel Roubini on How to Avoid a Double-Dip Global Recession

Simon Johnson on The Future of Finance: International Edition

Simon Johnson on the Kanjorski Amendment to the The Dodd-Frank Financial Reform Bill