Some practically useless models of macroeconomics (Real Business Cycle theory) pride themselves in being fully "microfounded", i.e., being based only on the bas

Some practically useless models of macroeconomics (Real Business Cycle theory) pride themselves in being fully "microfounded", i.e., being based only on the basic assumptions of microeconomics. The uselessness is then demonstrated by proclamations that the doubling of the unemployment rate in the recent financial crisis is caused by 10s of millions of workers suddenly developing a preference for leisure over work.