ABSTRACT
The question I wish to address in this essay surely makes sense in the context of the time we are living in. For the last four years our economies have been experiencing a deep recession, and, right or wrong, this experience has spilled over into the general judgement made about macroeconomics. In a nutshell, its reputation is at a low ebb. Is this judgement justified? On a broader level, what can civil society expect from macroeconomic theory? Is the discussion triggered by this last question ridden with ambiguities and misunderstandings, and, if yes, of which nature? These are the questions that I want tackle. To do the job, I shall follow a historical thread starting with the rise of macroeconomics to end up with real business cycle macroeconomics.
