Microeconomic theory is the theory of individual choice. For macroeconomic problems to be analyzed and solutions proposed with microeconomic theory, such problems must be capable of being defined in individualistic terms. It is argued that individuals can never perceive truly social problems...

The question is both intriguing and important but, it is argued, impossible of a conclusive single-clear cut answer. Much depends on the specification of each of the schools and of what economics as intellectual inquiry is all about. Among other points, it is recognized that neoclassical...