Why should we care about Macroeconomics? • Self Interest: macroeconomic aggregates affect our daily life. • Cultural Literacy: understanding our world. • Common Welfare: Essential for policymakers to do good policy. • Civic Responsibility: Essential for us to …
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Macroeconomics is the branch of economics which seeks to model the econ-omy as a whole. Like microeconomics, macroeconomics is a social science, in that it tries to model and predict human behaviour. Macroeconomics sets itself a highly ambitious task.
Macroeconomics (Greek makro = ‘big’) describes and explains economic processes that concern aggregates. An aggregate is a multitude of economic subjects that share some common features. By contrast, microeconomics treats economic processes that concern individuals.
Principles of Macroeconomics - Open Textbook Library
Reviewed by Brad Humphreys, Professor of Economics, West Virginia University on 9/12/18. The textbook covers all the topics that would typically be covered in a one semester principles of macro course. Measurement of production, employment, prices, interest rates. Short run (cycles) and long run (growth). Theoretical perspectives... read more.
macro economics provided tools for the assessment of economic policy. Macro policies make it possible to control inflation and deflation, and moderate violent booms and recessions.The main functions of macro economics are the collection, organising, and analysis of data;
1. This chapter is an introduction to macroeconomics, which studies the behavior of the whole economy, or its major aggregates such as consumption and investment. It focuses on two topics: long-run economic growth and short-run changes in output and employment (the business cycle). The long-term growth trend leads to higher