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In economics, the microfoundations are the microeconomic behavior of individual agents, such as households or firms, that underpins an economic theory.. Most early macroeconomic models, including early Keynesian models, were based on hypotheses about relationships between aggregate quantities, such as aggregate output, employment, consumption, and investment.
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Microfoundations now gives only a residual hint of earlier foundationalist thinking, and merely suggests that the choice structure of any particular economic model be clear and well specified. To the degree that the term microfoundations has a meaning today, it is that agents ’ decisions and choices should not be based on ad hoc specifications.
microfoundations. plural of microfoundation; Noun . microfoundations pl (economics, plural and singular) A macroeconomic methodology of basing macroeconomic models and theories on microeconomic processes.
Microfoundations From Wikipedia, the free encyclopedia In economics, the term microfoundations refers to the microeconomic analysis of the behavior of individual agents such as households or firms that underpins a macroeconomic theory (Barro, 1993, Glossary, p. 594).
"Microfoundations of Financial Economics is a wonderful book. In less than 300 pages of highly readable text, Yvan Lengwiler covers the basics of modern asset pricing theory. Students of advanced finance will want to use this book as an effective learning tool and reference. It's going to be a permanent part of my library."
Definition of MICROFOUNDATIONS in the Definitions.net dictionary. Meaning of MICROFOUNDATIONS. What does MICROFOUNDATIONS mean? Information and translations of MICROFOUNDATIONS in the most comprehensive dictionary definitions resource on the web.
One particularly influential call for microfoundations was Robert Lucas, Jr.'s critique of traditional macroeconometric forecasting models.After the apparent shift of the Phillips curve relationship in the 1970s, Lucas argued that the correlations betweenaggregate variables observed in macroeconomic data would tend to change whenever ...
microfoundation (plural microfoundations) ( economics ) A microeconomic foundation for a macroeconomic theory or system 2015 October 24, “Learning What to Want: Context-Sensitive Preference Learning”, in PLOS ONE  , DOI : 10.1371/journal.pone.0141129 :
Robert Wayne Clower (February 13, 1926 – May 2, 2011) was an American economist.He is credited with having largely created the field of stock-flow analysis in economics and with seminal works on the microfoundations of monetary theory and macroeconomics