In this challenging book, John King makes a sustained and
comprehensive attack on the dogma that macroeconomic theory must
have `rigorous microfoundations'. He draws on both the philosophy
of science and the history of economic thought to demonstrate the
dangers of foundational metaphors and the defects of
micro-reduction as a methodological principle. Strong criticism of
the microfoundations dogma is documented in great detail, from some
mainstream and many heterodox economists and also from economic
methodologists, social theorists and evolutionary biologists. The
author argues for the relative autonomy of macroeconomics as a
distinct `special science', cooperating with but most definitely
not reducible to microeconomics. The Microfoundations Delusion will
prove a stimulating and thought-provoking read for scholars,
students and researchers in the fields of economics, heterodox
economics and history of economic thought.
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