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Microfoundations and Marxism

Published online by Cambridge University Press:  01 January 2023

John E King
John E King*
Affiliation:
La Trobe University; and Honorary Professor, Federation University Australia, Australia
*
John E King, Faculty of Business, Economics and Law, La Trobe University, Melbourne, VIC, Australia. Email: J.King@latrobe.edu.au
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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

B21B24B41Microfoundationsreductionism

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