Macroeconomic Confusion

This note critically evaluates the New Classical Macroeconomics
from a Marshallian perspective. Revisiting the famous
Keynes-Tinbergen controversy, it is argued that Keynes' criticism
comprises the "Lucas critique," and that it is misleading to label
this a critique of Keynesian economics. The postulate of immutable
economic structures carries Tinbergen's approach to the extreme and
neglects the possibility of slowly changing structures, as
conceived by Marshall. The position is defended by arguments about
equilibrium and rationality that are admittedly empty.