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<title>Microfoundations</title>

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</style><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"></span></td></tr><tr><td class="sidebar-content">

<div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist">

<ul><li><a href="Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li>

<li><a href="Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li>

<li><a href="Business_cycle" title="Business cycle">Business cycle</a></li>

<li><a href="Deflation" title="Deflation">Deflation</a></li>

<li><a href="Demand_shock" title="Demand shock">Demand shock</a></li>

<li><a href="Disinflation" title="Disinflation">Disinflation</a></li>

<li><a href="Effective_demand" title="Effective demand">Effective demand</a></li>

<li>Expectations

<ul><li><a href="Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li>

<li><a href="Rational_expectations" title="Rational expectations">Rational</a></li></ul></li>

<li><a href="Financial_crisis" title="Financial crisis">Financial crisis</a></li>

<li><a href="Economic_growth" title="Economic growth">Growth</a></li>

<li><a href="Inflation" title="Inflation">Inflation</a>

<ul><li><a href="Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li>

<li><a href="Interest_rate" title="Interest rate">Interest rate</a></li>

<li><a href="Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li>

<li><a href="Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li>

<li><a href="Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a>

<li><a href="Money" title="Money">Money</a>

<ul><li><a href="Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li>

<li><a href="Money_creation" title="Money creation">Money creation</a></li>

<li><a href="Demand_for_money" title="Demand for money">Demand for money</a>

<ul><li><a href="Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li>

<li><a href="Money_supply" title="Money supply">Money supply</a></li>

<li><a href="National_accounts" title="National accounts">National accounts</a>

<li><a href="Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li>

<li><a href="Price_level" title="Price level">Price level</a></li>

<li><a href="Recession" title="Recession">Recession</a></li>

<li><a href="Shrinkflation" title="Shrinkflation">Shrinkflation</a></li>

<li><a href="Stagflation" title="Stagflation">Stagflation</a></li>

<li><a href="Supply_shock" title="Supply shock">Supply shock</a></li>

<li><a href="National_saving" title="National saving">Saving</a></li>

<li><a href="Unemployment" title="Unemployment">Unemployment</a></li></ul>

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<div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist">

<ul><li><a href="Fiscal_policy" title="Fiscal policy">Fiscal</a></li>

<li><a href="Monetary_policy" title="Monetary policy">Monetary</a></li>

<li><a href="Commercial_policy" title="Commercial policy">Commercial</a></li>

<li><a href="Central_bank" title="Central bank">Central bank</a></li>

<li><a href="Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul>

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</tr><tr><td class="sidebar-content">

<div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist">

<li><a href="Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li>

<li><a href="Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li>

<li><a href="Accelerator_effect" title="Accelerator effect">Accelerator</a></li>

<li><a href="Phillips_curve" title="Phillips curve">Phillips curve</a></li>

<li><a href="Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li>

<li><a href="Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a></li>

<li><a href="Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li>

<li><a href="Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li>

<li><a href="Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li>

<li><a href="General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a>

<li><a href="Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li>

<li><a href="Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li>

<li><a href="Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li>

<li><a href="Overshooting_model" title="Overshooting model">Overshooting</a></li>

<li><a href="NAIRU" title="NAIRU">NAIRU</a></li></ul>

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<div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist">

<ul><li><a href="Econometrics" title="Econometrics">Econometrics</a></li>

<li><a href="Economic_statistics" title="Economic statistics">Economic statistics</a></li>

<li><a href="Monetary_economics" title="Monetary economics">Monetary economics</a></li>

<li><a href="Development_economics" title="Development economics">Development economics</a></li>

<li><a href="Evolutionary_economics" title="Evolutionary economics">Evolutionary economics</a></li>

<li><a href="International_economics" title="International economics">International economics</a></li></ul>

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<div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i>

<ul><li><a href="Keynesian_economics" title="Keynesian economics">Keynesian</a>

<li><a href="Monetarism" title="Monetarism">Monetarism</a></li>

<li><a href="New_classical_macroeconomics" title="New classical macroeconomics">New classical</a>

<ul><li><a href="Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li>

<li><a href="Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li>

<li><a href="New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li>

<li><a href="Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul>

<p><i>Heterodox</i>

</p>

<ul><li><a href="Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li>

<li><a href="Chartalism" title="Chartalism">Chartalism</a>

<ul><li><a href="Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li>

<li><a href="Ecological_economics" title="Ecological economics">Ecological</a></li>

<li><a href="Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a>

<ul><li><a href="Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li>

<li><a href="Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li>

<li><a href="Marxian_economics" title="Marxian economics">Marxian</a></li>

<li><a href="Market_monetarism" title="Market monetarism">Market monetarism</a></li>

<li><a href="Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul>

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<div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">People</div><div class="sidebar-list-content mw-collapsible-content hlist">

<ul><li><a href="Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li>

<li><a href="Adam_Smith" title="Adam Smith">Adam Smith</a></li>

<li><a href="Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li>

<li><a href="L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li>

<li><a href="Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li>

<li><a href="Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li>

<li><a href="Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li>

<li><a href="John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li>

<li><a href="Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li>

<li><a href="Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li>

<li><a href="Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li>

<li><a href="Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li>

<li><a href="Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li>

<li><a href="Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li>

<li><a href="John_Hicks" title="John Hicks">John Hicks</a></li>

<li><a href="Richard_Stone" title="Richard Stone">Richard Stone</a></li>

<li><a href="Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li>

<li><a href="Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li>

<li><a href="Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li>

<li><a href="Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li>

<li><a href="Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li>

<li><a href="Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li>

<li><a href="Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li>

<li><a href="Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li>

<li><a href="William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li>

<li><a href="Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li>

<li><a href="Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li>

<li><a href="Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li>

<li><a href="Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul>

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<ul><li><a href="Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li>

<li><a href="List_of_important_publications_in_economics" class="mw-redirect" title="List of important publications in economics">Publications in macroeconomics</a></li>

<li><a href="Economics" title="Economics">Economics</a>

<ul><li><a href="Applied_economics" title="Applied economics">Applied</a></li></ul></li>

<li><a href="Microeconomics" title="Microeconomics">Microeconomics</a></li>

<li><a href="Political_economy" title="Political economy">Political economy</a></li>

<li><a href="Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul>

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<p><b>Microfoundations</b> are an effort to understand macroeconomic phenomena in terms of individual agents' economic behavior and interactions.<sup id="cite_ref-:0_1-0" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Research in microfoundations explores the link between <a href="Macroeconomics" title="Macroeconomics">macroeconomic</a> and <a href="Microeconomics" title="Microeconomics">microeconomic</a> principles in order to explore the aggregate relationships in macroeconomic models.

</p><p>During recent decades, macroeconomists have attempted to combine microeconomic models of individual behaviour to derive the relationships between macroeconomic variables. Presently, many macroeconomic models, representing different theories,<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> are <a href="Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">derived by aggregating microeconomic models</a>, allowing economists to test them with both macroeconomic and microeconomic data. However, microfoundations research is still heavily debated with management, strategy and organization scholars having varying views on the "micro-macro" link.<sup id="cite_ref-:12_3-0" class="reference"><a href="#cite_note-:12-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The study of microfoundations is gaining popularity even outside the field of economics, recent development includes operation management and project studies.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup>

</p>

<div class="mw-heading mw-heading2"><h2 id="History_and_importance">History and importance</h2></div>

<div class="mw-heading mw-heading3"><h3 id="History">History</h3></div>

<p>The microfoundations project originated in the <a href="Neoclassical_synthesis" title="Neoclassical synthesis">post-Second World War neoclassical synthesis</a> where it is generally believed that neoclassical microeconomics fused with Keynesian macroeconomics.<sup id="cite_ref-:02_5-0" class="reference"><a href="#cite_note-:02-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> The 'neoclassical microeconomics' in mention is the <a href="Partial_equilibrium" title="Partial equilibrium">Marshallian partial-equilibrium approach</a>, which emerged from the <a href="General_equilibrium_theory" title="General equilibrium theory">Walrasian general equilibrium theory</a>.<sup id="cite_ref-:02_5-1" class="reference"><a href="#cite_note-:02-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> However, the Walrasian general equilibrium theory presents another trend to the synthesis as it attempts to theorise the economy as a whole and is viewed as an alternative to macroeconomics. This approach is considered to be the trigger for exploring microfoundations,<sup id="cite_ref-:0_1-1" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> however, the notion of a gap in the "micro-macro" link has been and continues to be explored in various theories and models.

</p><p>Critics of the <a href="Keynesian_economics" title="Keynesian economics">Keynesian</a> theory of macroeconomics argued that some of Keynes' assumptions were inconsistent with standard <a href="Microeconomics" title="Microeconomics">microeconomics</a>. For example, <a href="Milton_Friedman" title="Milton Friedman">Milton Friedman</a>'s microeconomic theory of consumption over time (the '<a href="Permanent_income_hypothesis" title="Permanent income hypothesis">permanent income hypothesis</a>') suggested that the <a href="Marginal_propensity_to_consume" title="Marginal propensity to consume">marginal propensity to consume</a> (the increase of <a href="Consumer_spending" title="Consumer spending">consumer spending</a> with increased income) due to temporary income, which is crucial for the <a href="Spending_multiplier" class="mw-redirect" title="Spending multiplier">Keynesian multiplier</a>, was likely to be much smaller than Keynesians assumed. For this reason, many empirical studies have attempted to measure the marginal propensity to consume,<sup id="cite_ref-barro2_6-0" class="reference"><a href="#cite_note-barro2-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> and macroeconomists have also studied alternative microeconomic models (such as models of credit market imperfections and <a href="Prudence#Prudence_in_economics_and_finance" title="Prudence">precautionary saving</a>) that might imply a greater marginal propensity to consume.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup>

</p><p>One particularly influential endorsement of the study of microfoundations was <a href="Robert_Lucas%2C_Jr." class="mw-redirect" title="Robert Lucas, Jr.">Robert Lucas, Jr.</a>'s <a href="Lucas_critique" title="Lucas critique">critique</a> of <a href="Macroeconomic_model#Empirical_forecasting_models" title="Macroeconomic model">traditional macroeconometric forecasting models</a>. After the apparent shift of the <a href="Phillips_curve" title="Phillips curve">Phillips curve</a> relationship during the 1970s, Lucas argued that the correlations between aggregate variables observed in macroeconomic data would tend to change whenever macroeconomic policy changed. This implied that microfounded models are more appropriate for predicting the effect of policy changes, using the assumption that changes of macroeconomic policy do not alter the microeconomics of the macroeconomy.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup>

</p><p>In terms of solutions, <a href="Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">dynamic stochastic general equilibrium</a> (DSGE) modelling with representative agents has been the most prevalent among literatures. This approach "makes the microeconomic and the macroeconomic level of analysis coincide: a single agent, a utility maximizing individual, represents an entire sector, which may be, for instance banks, consumers, or firms".<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Therefore, DSGE modelling connects both microeconomic and macroeconomic theories, thus embodying the basis of microfoundations.

</p>

<div class="mw-heading mw-heading3"><h3 id="Importance">Importance</h3></div>

<p>It is suggested that modern mainstream economics is based entirely on DSGE models.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:02_5-2" class="reference"><a href="#cite_note-:02-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Therefore, the importance of microfoundations lies in its synonymous relationship with DSGE.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup>

</p><p>The Smets-Wouters model is one example of the importance of microfoundations as it is regarded as a benchmark model for analysing monetary and fiscal policy.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> The model offers three main advantages of microfoundations:

</p>

<ol><li>Microfoundations provides a modelling structure where data may not be very informative.</li>

<li>Microfoundations avoids the Lucas Critique as it is able to relate the reduced-form parameters to deeper structural parameters.</li>

<li>Microfoundations provides a basis for estimating the optimality and desirability of policy.</li></ol>

<p>While these points summarise the desire to adopt DSGE models - or microfoundations - there are limitations to the model with scholars stating that their forecast performance can be poor in terms of their ability to forecast individual variables.<sup id="cite_ref-:02_5-3" class="reference"><a href="#cite_note-:02-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Therefore, there is continuous debate on the microfoundations project and its efficacy with an overall lack of consensus.

</p>

<div class="mw-heading mw-heading2"><h2 id="Microfoundations_research_and_development">Microfoundations research and development</h2></div>

<div class="mw-heading mw-heading3"><h3 id=""Micro"_and_"macro"_research">"Micro" and "macro" research</h3></div>

<p>Specialization in the management and organizational sciences has led to a divide between "macro" and "micro" areas.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Research in macro management mainly focuses on the organizational or firm level, while research in micro areas mainly examines individual and group levels within organizations.<sup id="cite_ref-:03_14-0" class="reference"><a href="#cite_note-:03-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> For example, macro research domains typically include strategic management and organization theory, whereas micro includes areas such as organizational behaviour and human resource management.<sup id="cite_ref-:03_14-1" class="reference"><a href="#cite_note-:03-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Most early macroeconomic models, including early <a href="Keynesian_economics" title="Keynesian economics">Keynesian</a> models, were based on hypotheses about relationships between aggregate quantities, such as aggregate <a href="GDP" class="mw-redirect" title="GDP">production</a>, <a href="Employment" title="Employment">employment</a>, <a href="Consumption_(economics)" title="Consumption (economics)">consumption</a>, and <a href="Investment" title="Investment">investment</a>. Critics and proponents of these models disagreed as to whether these aggregate relationships were consistent with the principles of microeconomics.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> There, bridging these two domains continues to be a topic of debate for organizational, management and strategy scholars.<sup id="cite_ref-:13_16-0" class="reference"><a href="#cite_note-:13-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> As a result, microfoundations has become a topic of greater interest to researchers as it explores how micro and macro areas connect.  

</p>

<div class="mw-heading mw-heading3"><h3 id="The_microfoundations_project">The microfoundations project</h3></div>

<p>The microfoundations project was developed on the basis that if macroeconomics is associated with aggregate economic models, and microeconomics is associated with the individual behaviours of households and firms, "microfoundations was taken to be the demand that macroeconomic models have microeconomic foundations".<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Therefore, microfoundations research focuses on the influences of individual actions and interactions on firm heterogeneity.<sup id="cite_ref-:03_14-2" class="reference"><a href="#cite_note-:03-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> As stated by Felin and Foss (2005), "organizations are made up of individuals, and there is no organization without individuals".<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Thus, the specific level of the microfoundations project is the individual level as it focuses on this elementary truth. However, there are various assumptions and half-truths that have been explored by scholars within microfoundations research.

</p>

<div class="mw-heading mw-heading4"><h4 id="Assumptions">Assumptions</h4></div>

<p>There are two main assumptions that the microfoundations project rests upon:

</p>

<ol><li>Firstly, it is possible to establish empirically adequate theory of individual behaviour.<sup id="cite_ref-:1_19-0" class="reference"><a href="#cite_note-:1-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup></li>

<li>Secondly, the theory can be transformed into a theory of the economy using aggregation procedures, without having to make any substantive assumptions about the economy.<sup id="cite_ref-:1_19-1" class="reference"><a href="#cite_note-:1-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup></li></ol>

<p>However, in addition to these assumptions, various scholars have indicated that microfoundations is understood to be "an application of underlying standpoint, methodological individualism," <sup id="cite_ref-:02_5-4" class="reference"><a href="#cite_note-:02-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> a concept which also has ambiguity in its meaning. Nevertheless, microfoundations research only means that individual behaviour must be shown to be consistent with macro entities. While there may be various outlooks on the topic, the general consensus implies that to bridge macro and micro theories and models, microfoundations should be adopted.

</p>

<div class="mw-heading mw-heading2"><h2 id="Challenges">Challenges</h2></div>

<p><a href="https://fr.wikipedia.org/wiki/Alan_Kirman" class="extiw external" title="fr:Alan Kirman">Alan Kirman</a><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> has argued against the common practice of using a <a href="Representative_agent" title="Representative agent">representative agent</a> as micro-foundation for <a href="Macroeconomic_model" title="Macroeconomic model">macroeconomic models</a>. First, he suggests that there's a conviction that the model of an individual as a constrained maximiser is adequate. On the basis of the <a href="Sonnenschein%E2%80%93Mantel%E2%80%93Debreu_theorem" title="Sonnenschein–Mantel–Debreu theorem">Sonnenschein–Mantel–Debreu theorem</a>, he argues that this conviction is mistaken. Second, he argues that there are multiple reasons as to why the economy cannot be described by a single 'representative agent'. Thus, he suggests that proper micro-foundations should be based not on studies of individuals in isolation but on studies of aggregate activity resulting from the direct interaction between different individuals.

</p><p>Similarly to Kirman, <a href="Robert_Solow" title="Robert Solow">Robert Solow</a><sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> has argued that the issue with the microfoundation project is the demand that it must be built on <a href="General_equilibrium_theory" title="General equilibrium theory">Walrasian</a> foundations. According to him, there is however no reason to believe that the world (and thus our microfoundations) should be Walrasian. Although sympathetic to microfoundations overall, Solow points out that the demand for micro-foundations might be exaggerated; the harder sciences do not necessarily describe their objects of interest down to e.g. a molecular level.

</p><p>S. Abu Turab Rizvi<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> has similarly offered critique against the microfoundation project in general equilibrium theory.

</p>

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<ul><li><a href="Macroeconomics" title="Macroeconomics">Macroeconomics</a></li>

<li><a href="Microeconomics" title="Microeconomics">Microeconomics</a></li>

<li><a href="Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li>

<li><a href="Lucas_critique" title="Lucas critique">Lucas critique</a></li>

<li><a href="Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">Dynamic stochastic general equilibrium</a></li>

<li><a href="Methodological_individualism" title="Methodological individualism">Methodological individualism</a></li>

<li><a href="Behavioral_strategy" title="Behavioral strategy">Behavioral strategy</a></li></ul>

</div>

<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

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<li id="cite_note-:0-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Maarten Janssen (2008), '<a rel="nofollow" class="external text" href="http://papers.tinbergen.nl/06041.pdf">Microfoundations</a>', in <i>The New Palgrave Dictionary of Economics</i>, 2nd ed.</span>

</li>

<li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">• Thomas Cooley, ed., (1995), <i>Frontiers of Business Cycle Research,</i> Princeton University Press. <a rel="nofollow" class="external text" href="http://press.princeton.edu/titles/5684.html">Description</a> and <a rel="nofollow" class="external text" href="https://books.google.com/books?id=hfTf0u4JuRsC&pg=PR7=gbs_atb">preview</a>. <style data-mw-deduplicate="TemplateStyles:r1238218222">

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.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("./mw/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("./mw/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("./mw/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("./mw/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}

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</style><a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>0-691-04323-X</bdi>.

   • <a href="Michael_Woodford_(economist)" class="mw-redirect" title="Michael Woodford (economist)">Michael Woodford</a> (2003), <i>Interest and Prices: Foundations of a Theory of Monetary Policy, </i> Princeton University Press. <a rel="nofollow" class="external text" href="http://press.princeton.edu/titles/7603.html">Description</a> and <a rel="nofollow" class="external text" href="http://press.princeton.edu/TOCs/c7603.html">Table of Contents</a>. <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>0-691-01049-8</bdi>.</span>

</li>

<li id="cite_note-:12-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-:12_3-0">^</a></b></span> <span class="reference-text"><cite id="CITEREFBarneyFelin2013" class="citation journal cs1">Barney, Jay; Felin, Teppo (May 2013). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.jstor.org/stable/43822016">"What Are Microfoundations"</a></span>. <i>Academy of Management Perspectives</i>. <b>27</b> (2): <span class="nowrap">138–</span>155. <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.5465%2Famp.2012.0107">10.5465/amp.2012.0107</a>. <a href="JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/43822016">43822016</a>. <a href="S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154370237">154370237</a>.</cite></span>

</li>

<li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><cite id="CITEREFLocatelliGrecoInvernizziGrimaldi2020" class="citation journal cs1">Locatelli, Giorgio; Greco, Marco; Invernizzi, Diletta Colette; Grimaldi, Michele; Malizia, Stefania (2020-07-11). <a rel="nofollow" class="external text" href="https://eprints.whiterose.ac.uk/162747/">"What about the people? Micro-foundations of open innovation in megaprojects"</a>. <i>International Journal of Project Management</i>. <b>39</b> (2): <span class="nowrap">115–</span>127. <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.ijproman.2020.06.009">10.1016/j.ijproman.2020.06.009</a>. <a href="Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://hdl.handle.net/11311%2F1204792">11311/1204792</a></span>. <a href="ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0263-7863">0263-7863</a>. <a href="S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:225633977">225633977</a>. Archived from <a rel="nofollow" class="external text" href="http://www.sciencedirect.com/science/article/pii/S0263786320300491">the original</a> on 3 July 2020.</cite></span>

</li>

<li id="cite_note-:02-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-:02_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:02_5-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:02_5-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-:02_5-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-:02_5-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text"><cite id="CITEREFDenis2016" class="citation journal cs1">Denis, Andy (2016-01-02). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="http://www.tandfonline.com/doi/full/10.1080/09538259.2016.1108132">"Microfoundations"</a></span>. <i>Review of Political Economy</i>. <b>28</b> (1): <span class="nowrap">134–</span>152. <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F09538259.2016.1108132">10.1080/09538259.2016.1108132</a>. <a href="ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0953-8259">0953-8259</a>. <a href="S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:219717048">219717048</a>.</cite></span>

</li>

<li id="cite_note-barro2-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-barro2_6-0">^</a></b></span> <span class="reference-text">Robert J. Barro (1993), <i>Macroeconomics</i>, 4th ed. <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>0-471-57543-7</bdi>.</span>

</li>

<li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><a href="Angus_Deaton" title="Angus Deaton">Angus Deaton</a> (1992), <i>Understanding Consumption</i>, Oxford University Press. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=jXJneVJAU7oC">Description</a> and chapter-preview <a rel="nofollow" class="external text" href="https://www.questia.com/PM.qst?a=o&d=36528629">links</a>. <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>0-19-828824-7</bdi>.</span>

</li>

<li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.ecb.int/home/html/researcher_swm.en.html">'The Smets-Wouters model': </a> <a href="European_Central_Bank" title="European Central Bank">ECB</a><span> webpage with discussion of advantages of microfounded macroeconomic models</span> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090226105723/http://www.ecb.int/home/html/researcher_swm.en.html">Archived</a> 2009-02-26 at the <a href="Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span>

</li>

<li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><cite id="CITEREFDuffee2013" class="citation journal cs1">Duffee, Gregory R. (2013-01-01). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/B9780444594068000135">"Bond Pricing and the Macroeconomy"</a>. <i>Handbook of the Economics of Finance</i>. <b>2</b>: <span class="nowrap">907–</span>967. <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2FB978-0-44-459406-8.00013-5">10.1016/B978-0-44-459406-8.00013-5</a>. <a href="Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://hdl.handle.net/10419%2F101349">10419/101349</a></span>. <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>9780444594068</bdi>. <a href="ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1574-0102">1574-0102</a>.</cite></span>

</li>

<li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><cite id="CITEREFCaianiCaverzasi2017" class="citation cs2">Caiani, Alessandro; Caverzasi, Eugenio (2017), <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://linkinghub.elsevier.com/retrieve/pii/B9780128038345000047">"Decentralized Interacting Macroeconomics and the Agent-Based "Modellaccio""</a></span>, <i>Introduction to Agent-Based Economics</i>, Elsevier, pp. <span class="nowrap">15–</span>64, <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fb978-0-12-803834-5.00004-7">10.1016/b978-0-12-803834-5.00004-7</a>, <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>978-0-12-803834-5</bdi><span class="reference-accessdate">, retrieved <span class="nowrap">2021-04-24</span></span></cite></span>

</li>

<li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><cite id="CITEREFSbordoneTambalottiRaoWalsh2010" class="citation journal cs1">Sbordone, Argia M.; Tambalotti, Andrea; Rao, Krishna; Walsh, Kieran James (2010-10-01). <a rel="nofollow" class="external text" href="https://papers.ssrn.com/abstract=1692896">"Policy Analysis Using DSGE Models: An Introduction"</a>. Rochester, NY. <a href="SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1692896">1692896</a>.</cite> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{cite journal}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (help)</span></span>

</li>

<li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><cite id="CITEREFTovar2008" class="citation journal cs1">Tovar, Camilo E (2008). <a rel="nofollow" class="external text" href="https://www.bis.org/publ/work258.pdf">"DSGE models and central banks"</a> <span class="cs1-format">(PDF)</span>. <i>BIS Working Papers</i>.</cite></span>

</li>

<li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><cite id="CITEREFAguinisBoydPierceShort2011" class="citation journal cs1">Aguinis, Herman; Boyd, Brian K.; Pierce, Charles A; Short, Jeremy C (March 2011). <a rel="nofollow" class="external text" href="http://www.hermanaguinis.com/JOMmicromacro.pdf">"Walking New Avenues in Management Research Methods and Theories: Bridging Micro and Macro Domains"</a> <span class="cs1-format">(PDF)</span>. <i>Journal of Management</i>. <b>37</b> (2): <span class="nowrap">395–</span>403. <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1177%2F0149206310382456">10.1177/0149206310382456</a></span>. <a href="S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:145547164">145547164</a> – via Sage Publications.</cite></span>

</li>

<li id="cite_note-:03-14"><span class="mw-cite-backlink">^ <a href="#cite_ref-:03_14-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:03_14-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:03_14-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><cite id="CITEREFMolina-Azorín2014" class="citation journal cs1">Molina-Azorín, José F. (2014). <a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.brq.2014.01.001">"Microfoundations of strategic management: Toward micro–macro research in the resource-based theory"</a>. <i>Business Research Quarterly</i>. <b>17</b> (2): <span class="nowrap">102–</span>114. <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.brq.2014.01.001">10.1016/j.brq.2014.01.001</a></span>. <a href="Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://hdl.handle.net/10045%2F48353">10045/48353</a></span>. <a href="S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:153647466">153647466</a>.</cite></span>

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<li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text">• <a href="E._Roy_Weintraub" title="E. Roy Weintraub">E. Roy Weintraub</a> (1977). "The Microfoundations of Macroeconomics: A Critical Survey," <i>Journal of Economic Literature</i>, 15(1), pp. <a rel="nofollow" class="external text" href="http://dukespace.lib.duke.edu/dspace/bitstream/handle/10161/1931/Weintraub_the_macrofoundations_of_macroeconomics.pdf?sequence=1">1-23</a>.

   • _____ (1979). Microfoundations: The Compatibility of Microeconomics and Macroeconomics<i>, Cambridge. <a rel="nofollow" class="external text" href="http://www.cambridge.org/gb/knowledge/isbn/item1131030/?site_locale=en_GB">Description</a> and <a rel="nofollow" class="external text" href="https://books.google.com/books?id=-15SSwCUMZMC">preview.</a></i></span>

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<li id="cite_note-:13-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-:13_16-0">^</a></b></span> <span class="reference-text"><cite id="CITEREFBarneyFelin2013" class="citation journal cs1">Barney, Jay; Felin, Teppo (May 2013). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.jstor.org/stable/43822016">"What Are Microfoundations"</a></span>. <i>Academy of Management Perspectives</i>. <b>27</b> (2): <span class="nowrap">138–</span>155. <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.5465%2Famp.2012.0107">10.5465/amp.2012.0107</a>. <a href="JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/43822016">43822016</a>. <a href="S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154370237">154370237</a>.</cite></span>

</li>

<li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><cite id="CITEREFRizvi1994" class="citation cs2">Rizvi, S. Abu Turab (1994), "The Microfoundations Project in General Equilibrium Theory", <i>Cambridge Journal of Economics</i>, <b>18</b> (4): <span class="nowrap">357–</span>377, <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Foxfordjournals.cje.a035280">10.1093/oxfordjournals.cje.a035280</a></cite></span>

</li>

<li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><cite id="CITEREFFelinFoss2005" class="citation journal cs1">Felin, Teppo; Foss, Nicolai J. (2005). <a rel="nofollow" class="external text" href="https://doi.org/10.1177%2F1476127005055796">"Strategic organization: a field in search of micro-foundations"</a>. <i>Strategic Organization</i>. <b>3</b> (4): <span class="nowrap">441–</span>455. <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1177%2F1476127005055796">10.1177/1476127005055796</a></span>. <a href="S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:14824908">14824908</a>.</cite></span>

</li>

<li id="cite_note-:1-19"><span class="mw-cite-backlink">^ <a href="#cite_ref-:1_19-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:1_19-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><cite id="CITEREFSalehnejad2006" class="citation book cs1">Salehnejad, R. (2006-11-28). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=njN-DAAAQBAJ&q=two+grand+assumptions+of+microfoundations&pg=PA2"><i>Rationality, Bounded Rationality and Microfoundations: Foundations of Theoretical Economics</i></a>. Springer. <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>978-0-230-62515-0</bdi>.</cite></span>

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<li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><cite id="CITEREFKirman1992" class="citation journal cs1">Kirman, Alan P (1992). "Whom or What Does the Representative Individual Represent?". <i>Journal of Economic Perspectives</i>. <b>6</b> (2): <span class="nowrap">117–</span>136. <a href="CiteSeerX_(identifier)" class="mw-redirect" title="CiteSeerX (identifier)">CiteSeerX</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.401.3947">10.1.1.401.3947</a></span>. <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Fjep.6.2.117">10.1257/jep.6.2.117</a>. <a href="ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0895-3309">0895-3309</a>.</cite></span>

</li>

<li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><cite id="CITEREFSolow1986" class="citation journal cs1">Solow, Robert M. (1986). <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/40325070">"What Is a Nice Girl like You Doing in a Place like This? Macroeconomics after Fifty Years"</a>. <i>Eastern Economic Journal</i>. <b>12</b> (3): <span class="nowrap">191–</span>198. <a href="ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0094-5056">0094-5056</a>. <a href="JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/40325070">40325070</a>.</cite></span>

</li>

<li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><cite id="CITEREFRizvi1994" class="citation cs2">Rizvi, S. Abu Turab (1994), "The Microfoundations Project in General Equilibrium Theory", <i>Cambridge Journal of Economics</i>, <b>18</b> (4): <span class="nowrap">357–</span>377, <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Foxfordjournals.cje.a035280">10.1093/oxfordjournals.cje.a035280</a></cite></span>

</li>

</ol></div></div>

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<ul><li><a href="Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li>

<li><a href="Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li>

<li><a href="Classical_economics" title="Classical economics">Classical</a></li>

<li><a href="Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li>

<li><a href="Economic_democracy" title="Economic democracy">Democratic</a></li>

<li><a href="Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li>

<li><a href="Ecological_economics" title="Ecological economics">Ecological</a></li>

<li><a href="Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li>

<li><a href="Feminist_economics" title="Feminist economics">Feminist</a></li>

<li><a href="Freiwirtschaft" title="Freiwirtschaft">Freiwirtschaft</a></li>

<li><a href="Georgism" title="Georgism">Georgism</a></li>

<li><a href="Happiness_economics" title="Happiness economics">Happiness</a></li>

<li><a href="Historical_school_of_economics" title="Historical school of economics">Historical</a></li>

<li><a href="Humanistic_economics" title="Humanistic economics">Humanistic</a></li>

<li><a href="Institutional_economics" title="Institutional economics">Institutional</a></li>

<li><a href="Keynesian_economics" title="Keynesian economics">Keynesian</a>

<ul><li><a href="Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li>

<ul><li><a href="Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li>

<li><a href="Malthusianism" title="Malthusianism">Malthusianism</a></li>

<li><a href="Marginalism" title="Marginalism">Marginalism</a></li>

<li><a href="Marxian_economics" title="Marxian economics">Marxian</a>

<li><a href="Mercantilism" title="Mercantilism">Mercantilism</a></li>

<li><a href="Mixed_economy" title="Mixed economy">Mixed</a></li>

<li><a href="Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li>

<li><a href="Neoclassical_economics" title="Neoclassical economics">Neoclassical</a>

<ul><li><a href="Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li>

<li><a href="New_classical_macroeconomics" title="New classical macroeconomics">New classical</a>

<ul><li><a href="Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li>

<li><a href="New_institutional_economics" title="New institutional economics">New institutional</a></li>

<li><a href="Physiocracy" title="Physiocracy">Physiocracy</a></li>

<li><a href="Socialist_economics" title="Socialist economics">Socialist</a></li>

<li><a href="Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li>

<li><a href="Supply-side_economics" title="Supply-side economics">Supply-side</a></li>

<li><a href="Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="Economist" title="Economist">Economists</a><br></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li>

<li><a href="Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li>

<li><a href="Adam_Smith" title="Adam Smith">Smith</a></li>

<li><a href="Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li>

<li><a href="David_Ricardo" title="David Ricardo">Ricardo</a></li>

<li><a href="Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li>

<li><a href="Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li>

<li><a href="Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li>

<li><a href="Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li>

<li><a href="L%C3%A9on_Walras" title="Léon Walras">Walras</a></li>

<li><a href="William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li>

<li><a href="Henry_George" title="Henry George">George</a></li>

<li><a href="Carl_Menger" title="Carl Menger">Menger</a></li>

<li><a href="Alfred_Marshall" title="Alfred Marshall">Marshall</a></li>

<li><a href="Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li>

<li><a href="John_Bates_Clark" title="John Bates Clark">Clark</a></li>

<li><a href="Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li>

<li><a href="Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li>

<li><a href="Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li>

<li><a href="Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li>

<li><a href="Silvio_Gesell" title="Silvio Gesell">Gesell</a></li>

<li><a href="Irving_Fisher" title="Irving Fisher">Fisher</a></li>

<li><a href="Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li>

<li><a href="Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li>

<li><a href="Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li>

<li><a href="Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li>

<li><a href="John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li>

<li><a href="Frank_Knight" title="Frank Knight">Knight</a></li>

<li><a href="Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li>

<li><a href="Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li>

<li><a href="Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li>

<li><a href="Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li>

<li><a href="Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li>

<li><a href="Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li>

<li><a href="Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li>

<li><a href="Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li>

<li><a href="Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li>

<li><a href="Joan_Robinson" title="Joan Robinson">Robinson</a></li>

<li><a href="John_von_Neumann" title="John von Neumann">von Neumann</a></li>

<li><a href="John_Hicks" title="John Hicks">Hicks</a></li>

<li><a href="Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li>

<li><a href="Wassily_Leontief" title="Wassily Leontief">Leontief</a></li>

<li><a href="John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li>

<li><a href="Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li>

<li><a href="E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li>

<li><a href="Milton_Friedman" title="Milton Friedman">Friedman</a></li>

<li><a href="Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li>

<li><a href="Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li>

<li><a href="James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li>

<li><a href="Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li>

<li><a href="William_Baumol" title="William Baumol">Baumol</a></li>

<li><a href="Robert_Solow" title="Robert Solow">Solow</a></li>

<li><a href="Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li>

<li><a href="Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li>

<li><a href="Thomas_Sowell" title="Thomas Sowell">Sowell</a></li>

<li><a href="Gary_Becker" title="Gary Becker">Becker</a></li>

<li><a href="Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li>

<li><a href="Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li>

<li><a href="Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li>

<li><a href="Richard_Thaler" title="Richard Thaler">Thaler</a></li>

<li><a href="Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li>

<li><a href="Paul_Krugman" title="Paul Krugman">Krugman</a></li>

<li><a href="Thomas_Piketty" title="Thomas Piketty">Piketty</a></li>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Glossary_of_economics" title="Glossary of economics">Glossary</a></li>

<li><a href="List_of_economists" title="List of economists">Economists</a></li>

<li><a href="List_of_important_publications_in_economics" class="mw-redirect" title="List of important publications in economics">Publications</a> (<a href="List_of_economics_journals" title="List of economics journals">journals</a>)</li>

<li><a href="Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul>

</div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div>

<ul><li>Category</li>

<li><a href="Index_of_economics_articles" title="Index of economics articles">Index</a></li>

<li>Lists</li>

<li><a href="Outline_of_economics" title="Outline of economics">Outline</a></li>

<li><a href="List_of_important_publications_in_economics" class="mw-redirect" title="List of important publications in economics">Publications</a></li>

<li><a href="Portal%3ABusiness" title="Portal:Business">Business portal</a></li></ul>

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