Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/324116 
Year of Publication: 
2024
Citation: 
[Journal:] PSL Quarterly Review [ISSN:] 2037-3643 [Volume:] 77 [Issue:] 310 [Year:] 2024 [Pages:] 351-369
Publisher: 
Associazione Economia civile, Rome
Abstract: 
This paper discusses methodological individualism and the perceived "need" for microfoundations in economic theory. It argues that the persistent focus on microfoundations has led a large part of the field to overlook the complexity of social interactions, the relevance of historical processes, and the characteristics of each society in understanding economic growth and development. The paper suggested focusing on social foundations as an alternative to microfoundations that is particularly relevant for studying economic development processes. It proposes framing the post-Keynesian view of demand-led growth and distribution-led growth within a conceptual framework of socio-economic development as a valid approach, consistent with social foundations, to understand a phenomenon as complex and multi-causal as development.
Subjects: 
methodological individualism
microfoundations
economic development
demand-led growth
JEL: 
E12
B40
B50
O11
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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