Peter Galbács is professor of economics at the Institute of Economics and Methodology, Budapest Business School. His principal research interests cover the history and the methodology of modern business-cycle theories with a special emphasis on new classical macroeconomics and Robert E. Lucas’s oeuvre. Recently he has published a monograph on the theory of new classical macroeconomics in which he made efforts to find the adequate scope of highly formalized and isolative new classical macro-models in practical-operative economic policy contexts.