All economists are familiar with the division of the subject into microeconomics and macroeconomics. However, few economists are able to give an accurate account of what distinguishes micro and macro and what the relationship between them is. The increasing interest in the microfoundations of macroeconomics has typically attracted those who feel that economics is about the rational behaviour of individuals and who regard macro propositions as a consequence of the intentions of individuals. As a result, microfoundations have come to be synonymous with theories of individual behaviour.