microfoundations
[/ˌmaɪ.kroʊ.faʊnˈdeɪ.ʃənz/]
nounpl: microfoundations
microfundamentações
1. In economics, the microeconomic principles and individual-level behaviors that underpin macroeconomic theories and aggregate phenomena
The new macroeconomic model is based on solid microfoundations derived from consumer choice theory.
O novo modelo macroeconômico é baseado em microfundamentações sólidas derivadas da teoria de escolha do consumidor.
2. The fundamental individual or agent-level assumptions that provide logical support for larger systemic theories
Economists argue about the microfoundations of wage-setting behavior in labor markets.
Economistas discutem sobre as microfundamentações do comportamento de definição de salários nos mercados de trabalho.
3. In broader academic contexts, the basic individual-level principles that justify higher-level theoretical frameworks
The theory lacks proper microfoundations to explain why firms behave this way.
A teoria carece de microfundamentações apropriadas para explicar por que as empresas se comportam assim.
This is primarily an academic and technical term used extensively in economics research. In Brazil, it's commonly used in universities and research institutions, particularly in macroeconomics and heterodox economics discussions. The term gained prominence after the 1970s critique that macroeconomic models needed stronger links to individual economic behavior. It reflects a broader methodological debate about whether macro theories should be derived from micro principles.
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