Nick Rowe has an interesting post about his desire for microfoundations in economics:
I have two issues with it:
1. If he wants to know why people do what they do he should study psychology.
2. The microfoundations he describes completely eliminates whole classes of models. His formulation would capture e.g. traffic models where traffic jams come from following distances and reaction times, propagating backwards through the vehicles on the road, but it would never capture things like the ideal gas law or any other theory where the underlying degrees of freedom become irrelevant (thermodynamics) or are replaced with composite degrees of freedom (quarks forming hadrons).
It bothers me particularly because it eliminates my theory where the trends are described by information theory (the deviations may be described by random fluctuations, human behavior or some combination of the two).