Microfoundations and Marxism

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: This metadata is freely available under a CCO license
Subject: 1402 Applied Economics; 1503 Business and Management; 1605 Policy and Administration; Microfoundations; Reductionism
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