The author argues that it is microeconomics that needs foundations, not macroeconomics. Preferences need to be built on biology, and, in particular, on neuroscience. In contrast, macroeconomics could benefit from rationalizations of aggregate economic phenomena by non-equilibrium statistical physics.
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Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number
2009-3.
Find related papers by JEL classification: C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics
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