While recognizing the variation within each approach,
Microeconomics as a Social Science
focuses on two broad classes of economic ideologies: those built on methodological individualism where social formations reflect the characteristics of individuals, and social science theories where social formations are independent of individuals and determine individual characteristics. Within each system, there are alternative variants, with different approaches and politics. While methodological individualism tilts towards “laissez faire” and social science towards public “intervention,” there are arguments within both perspectives favoring either political policy.