The reductionism stops here

Microeconomics as taught and practiced today has such shaky foundations that nothing should be forced to be consistent with or derived from it – least of all macroeconomics.

One of the defining features of neoclassical economics is the belief that macroeconomic analysis has to be not merely compatible with, but derivable from, microeconomic analysis. The development of economic theory has been driven far more by this belief than by the desire to make the theory compatible with the observed behaviour of the economy.


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