ABSTRACT
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The issue of the microfoundations of macroeconomics in postKeynesian economics is complex. Some post-Keynesians would start with a macroeconomic theory and then articulate the microfoundations which would produce the expected macro results. In this case, the microfoundations are no more than an afterthought to macroeconomic theorizing. Moreover, many post-Keynesians interpret the microeconomic foundations of macroeconomics in a strictly neoclassical manner, believing that it means starting with the individual and then simply aggregating upwards, so that macro results are simply the magnification of individual actions. Thus, they object to the notion of the “microeconomic foundations of macroeconomics”. In opposition to these two views, a third has developed, in which the phrase is interpreted in a disaggregated sense, in that the economy is disaggregated into sectors, industries, enterprises, markets, classes, geographical units, and political units. This third view identifies the microeconomic level with the individual sectors, industries, and the macroeconomic level with the global effects of micro decisions and events.
