I think that's a good interpretation. Doherty can contest it if he likes.
But it also reminded me of a line from the Doherty review about Keynesians: "Modern Keynesians tend to sniff at the notion that their man and Hayek were equal participants in the “clash that defined modern economics.” They note that Hayek did not wield a similarly huge influence on modern macroeconomics, and they are right in the sense that the Austrian questioned the value of macroeconomics as an intellectual project in the first place."
The implication of the first sentence being, of course, that modern Keynesians are unjustified in so dismissing Hayek. I agree strongly with Doherty on this. I don't think Hayek performed particularly well in his engagement with Keynes, but I don't think he should be dismissed as some kind of lightweight.
The first clause of the second sentence - as we've discussed on here before - is true too of course.
It is with the second clause of the second sentence that we finally get around to me disagreeing with Doherty again. He's not exactly wrong about Austrians questioning the macroeconomic project. But that's not the heart of the matter. This is mostly intellectual ass-covering. The real source of the retreat from macroeconomics was exactly this outcome of Hayek's engagement with Keynes. The effort to rationalize that by some people through the dismissal of macroeconomics itself has been mostly vacuous. The only thing more pathetic than the "aggregation is a sham" crowd is probably the "it's all scientism" crowd. Neither of these lines of argument are worthy of the proud line of Austrian school economics going back to Menger, so I don't want my claims here to be confused with a screed against Austrianism. It's just a critique of bad Austrianism.
There really could be a thriving infusion of Austrianism into mainstream macroeconomics: incorporate capital structure (even a simple, imperfect version) into mainstream models. Don't just dismiss everything the mainstream does. Ask yourself "if I take a framework that the mainstream already finds convincing, accept that they have good reason to find that convincing, and then just add a capital structure, what would happen?". All this effort applied to deconstructing mainstream economics is largely wasted effort.
UPDATE: Doherty is commenting on the previous post... let me remind readers of the very first sentence on my first post on this. I thought it was a good review. It was well written and I learned a lot from it. You all know one of the major purposes of this blog is presenting what I take to be an accurate reading of Keynes in a swirl of inaccurate readings of Keynes. You all also know I like Hayek a lot, and that I find Austrian macro fascinating and plausible. Nobody's out to get Doherty here. I'm just doing what I always do: putting my view of Keynes out there. I would have worded somethings differently from Doherty, but I've got nothing against Doherty.