This post from mainly macro combines my favourite (although getting dated) book on macroeconomics, my preferred methodological statement for economic modeling, and tackles the idea of microfoundations in macroeconomics.
One of my favourite blog posts in a while – I suggest you have a peek at it. One thing I would note is that, for applied macro, one day we will realise that microfoundations provide many potential paths to a single macro relationship – and in order to get anything policy relevant we will need to come up with an idea of what is “plausible” in order to narrow this set.
This involves not just working with data, but having to make subjective calls – and that is the area where things get hairy fast.
I’d also note that microfoundations are a huge part of academic economics as they are currently doing the technical work of creating micro models that provide potential explanations of macro phenomenon. This is an essential task, even if much of the work ends up with potential explanations we view as “not plausible” in the end.