'Microfoundations': I do not think that word means what you think it means

Brad DeLong sobre microfundamentos

"But models with micro foundations are not of use in understanding the real economy unless you have the micro foundations right. And if you have the micro foundations wrong, all you have done is impose restrictions on yourself that prevent you from accurately fitting reality."

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"I thought it was dangerous to presume that you understood something because you had “microfoundations” when those microfoundations were wrong."

Noah Smith reseña un debate sobre microfundamentación

Paul Krugman: Microfoundations and the parting of the waters