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Microfoundations and Marxism

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  • John E King

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.

Suggested Citation

  • John E King, 2015. "Microfoundations and Marxism," The Economic and Labour Relations Review, , vol. 26(4), pages 652-659, December.
    • Handle: RePEc:sae:ecolab:v:26:y:2015:i:4:p:652-659
    DOI: 10.1177/1035304615599870
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    References listed on IDEAS

    as
    1. J. E. King, 2012. "The Microfoundations Delusion," Books, Edward Elgar Publishing, number 14065.
    2. John E. Roemer, 1979. "Divide and Conquer: Microfoundations of a Marxian Theory of Wage Discrimination," Bell Journal of Economics, The RAND Corporation, vol. 10(2), pages 695-705, Autumn.
    3. Harper, David A. & Endres, Anthony M., 2012. "The anatomy of emergence, with a focus upon capital formation," Journal of Economic Behavior & Organization, Elsevier, vol. 82(2), pages 352-367.
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    More about this item

    Keywords

    Microfoundations; reductionism;

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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