The present paper is based on the Ludwig von Mises Lecture given at Grove City College on February 25, 2012. It discusses the meaning of macroeconomics from the point of view of the Austrian School. We give a brief outline of the history of macroeconomics (I) and then ponder the substantive arguments for and against macroeconomics as a scientific discipline (II). We are especially interested by the question whether and to which extent Austrian economics and macroeconomics can be reconciled. Is there something like Austrian macroeconomics?