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Microfoundations

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  • Andy Denis

Abstract

This paper argues that the microfoundations programme can be understood as an implementation of an underlying methodological principle—methodological individualism—and that it therefore shares a fundamental ambiguity with that principle, viz, whether the macro must be derived from and therefore reducible to, or rather consistent with, micro-level behaviours. The pluralist conclusion of the paper is not that research guided by the principle of microfoundations is necessarily wrong, but that the exclusion of approaches not guided by that principle is indeed necessarily wrong. The argument is made via an examination of the advantages claimed for dynamic stochastic general equilibrium models, the relationship between parts and wholes in social science, and the concepts of reduction, substrate neutrality, the intentional stance and hypostatisation.

Suggested Citation

  • Andy Denis, 2016. "Microfoundations," Review of Political Economy, Taylor & Francis Journals, vol. 28(1), pages 134-152, January.
    • Handle: RePEc:taf:revpoe:v:28:y:2016:i:1:p:134-152
    DOI: 10.1080/09538259.2016.1108132
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    References listed on IDEAS

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    1. Herbert A. Simon, 1996. "The Sciences of the Artificial, 3rd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691914, April.
    2. J. E. King, 2012. "The Microfoundations Delusion," Books, Edward Elgar Publishing, number 14065.
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    Cited by:

    1. Jan Toporowski & Andy Denis, 2016. "Microfoundations: Introduction," Review of Political Economy, Taylor & Francis Journals, vol. 28(1), pages 90-91, January.
    2. Victoria Chick, 2013. "The future is open: on open-system theorising in economics," Chapters, in: Jesper Jespersen & Mogens Ove Madsen (ed.), Teaching Post Keynesian Economics, chapter 3, pages 56-72, Edward Elgar Publishing.

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