“There is no such thing as macroeconomics.”Or so William Allen reports Armen Alchian as saying. The quote comes from a new article in Econ Journal Watch untitled A Life among the Econ, Particularly at UCLA by William R. Allen.
Jerry O'Driscoll argues that Alchian didn't deny there were aggregate economic phenomena, only that theory must be microeconomic. O'Driscoll also argues that this was in substance Hayek's view as well.
Makes sense to me.