Discuss the microfoundation of neo classisical economists
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In economics, the microfoundations are the microeconomic behavior of individual agents, such as households or firms, that underpins a macroeconomic 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. Critics and proponents of these models disagreed as to whether these aggregate relationships were consistent with the principles of microeconomics.
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