The author argues that there is no such thing as macroeconomics. All economics is microeconomics. The market system is a mode of organisation by which the microeconomic units interact to solve the economic problems of consumption, production and distribution. Macroeconomic policy that fails to take into account the market system and the responses of microeconomic units will be doomed to failure. This book reviews the development of macroeconomic policy and evaluates its success or failure.