- Title
- Microfoundations and Marxism
- Creator
- King, John E.
- Date
- 2015
- Type
- Text; Journal article
- Identifier
- http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/98879
- Identifier
- vital:10305
- Identifier
-
https://doi.org/10.1177/1035304615599870
- Identifier
- ISSN:1035-3046
- 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. © The Author(s) 2015.
- Publisher
- SAGE Publications Ltd
- Relation
- Economic and Labour Relations Review Vol. 26, no. 4 (2015), p. 652-659
- Rights
- Copyright © The Author(s) 2015.
- Rights
- This metadata is freely available under a CCO license
- Subject
- 1402 Applied Economics; 1503 Business and Management; 1605 Policy and Administration; Microfoundations; Reductionism
- Reviewed
- Hits: 444
- Visitors: 429
- Downloads: 1