This is actually an argument which is pretty core to Austrian economics. They're dismissive of most traditional aggregate models basically because they think th

This is actually an argument which is pretty core to Austrian economics. They're dismissive of most traditional aggregate models basically because they think they aren't accurate enough to qualify as scientific. Generally Austrians are sort of dismissed as a cult, but IMO they have a pretty compelling explanation of how the Fed's attempts at price level stabilization helped cause the Great Depression. I'm not an economist or someone who has really studied this, though.