4 "Macropolicy has been oversold. For years, textbooks told us that it would stabilize the economy and eliminate the business cycle. The historical record is inconsistent with this view. It suggests that improper macropolicy caused the Great Depression, the slow rate of growth during the 1950s, and the inflation of World War II and the 1970s.

Macropolicy itself has been the major source of economic instability." Either defend or criticize this view.