Microfoundations and Marxism

John E King

The Economic and Labour Relations Review, 2015, vol. 26, issue 4, 652-659

Abstract: The ‘microfoundations’ metaphor had been used by mainstream macroeconomists with the intention of explaining macroeconomics in terms of microeconomics, or more precisely in terms of statements about individuals, viewed as representative agents with rational expectations who maximise lifetime utility, subject to shocks within a general equilibrium framework. Of the three reasons for rejecting this explanatory strategy, the focus here is on downward causation. Although individuals are heavily influenced by society, their decisions and behaviour are not sufficient as the explanatory foundations for a macrotheory.

Keywords: Microfoundations; reductionism (search for similar items in EconPapers)
JEL-codes: B21 B24 B41 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:sae:ecolab:v:26:y:2015:i:4:p:652-659

DOI: 10.1177/1035304615599870

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