Macroeconomics studies aggregate economic quantities such as growth, inflation, and unemployment across entire markets and national economies. The document outlines several key aspects of macroeconomics including its focus on economy-wide phenomena, its main areas of research, major schools of thought, differences from microeconomics, features such as giving an overall view of the national economy, and examining important macroeconomic issues like employment, inflation, and economic growth.
This document provides an introduction and overview of macroeconomics. It defines key concepts in macroeconomics like stocks and flows, equilibrium and disequilibrium. It outlines the development of macroeconomics from classical economists to Keynes and modern macroeconomics. It also discusses the goals of macroeconomic policy like full employment and price stability. The document concludes by discussing tools used in macroeconomic policy including fiscal policy and monetary policy.
Macroeconomics is the study of the overall economy, including factors like total output, income, unemployment, inflation, and economic growth. It examines how the whole system works and the effects of policies on outcomes. The document traces the evolution of macroeconomic thought from classical to Keynesian to new classical schools. Classical economists believed markets always clear on their own, while Keynes argued governments need policies to boost demand and employment during recessions. Modern macro draws on different schools but remains an imperfect science for predicting crises and their effects.
This document provides an introduction to macroeconomics, including:
- Defining macroeconomics as the study of an overall economy and its aggregates, rather than individual units.
- Describing key macroeconomic variables such as output, unemployment, prices, and objectives like economic growth, full employment, and price stability.
- Explaining the importance of learning macroeconomics by how the overall economy impacts society's well-being and individuals, and how it influences politics and current events.
This document provides an overview of macroeconomics. It defines macroeconomics as the study of aggregate economic quantities, such as national income, output, consumption, investment, unemployment and price indices. It outlines the development of macroeconomics from classical economists to Keynes and modern macroeconomic schools of thought. It describes key macroeconomic concepts like equilibrium, stocks and flows. It also explains important macroeconomic goals like full employment and price stability. Finally, it discusses macroeconomic policies like fiscal and monetary policy and their tools, as well as the circular flow of income in closed, open and two-sector economies.
PRESENTATION ON THE INTRODUCTIONTO MACROECONOMICSTopu Kawser
Group A presented on the introduction to macroeconomics. They defined economics and macroeconomics, explaining that macroeconomics studies overall economies and economy-wide phenomena. They discussed how John Maynard Keynes and his book The General Theory revolutionized macroeconomics in response to the Great Depression. Finally, they outlined some key issues addressed by macroeconomics like employment, inflation, economic growth, and exchange rates.
Meaning, definition, nature, scope, importance and limitation of macro econo...Ashutosh Deshmukh
The document provides an overview of macroeconomics concepts taught by Dr. Ashutosh A. Deshmukh. It defines macroeconomics as the study of aggregates and averages covering the economy as a whole, such as total income, employment, output, prices. It discusses key events that influenced the development of macroeconomics like the Great Depression. It also outlines several macroeconomic topics, theories and models covered, including classical employment theory, Keynesian economics, economic growth, and limitations of the macroeconomic approach.
This document provides an introduction to macroeconomics. It discusses key macroeconomic concepts such as stocks and flows, equilibrium and disequilibrium, and the circular flow of income in closed and open economies. It also outlines macroeconomic goals like full employment and price stability. The development of macroeconomics from classical to Keynesian and monetarist theories is summarized. Finally, it discusses important macroeconomic indicators and policy tools like fiscal and monetary policy.
This document provides an introduction and overview of macroeconomics. It defines key concepts in macroeconomics like stocks and flows, equilibrium and disequilibrium. It outlines the development of macroeconomics from classical economists to Keynes and modern macroeconomics. It also discusses the goals of macroeconomic policy like full employment and price stability. The document concludes by discussing tools used in macroeconomic policy including fiscal policy and monetary policy.
Macroeconomics is the study of the overall economy, including factors like total output, income, unemployment, inflation, and economic growth. It examines how the whole system works and the effects of policies on outcomes. The document traces the evolution of macroeconomic thought from classical to Keynesian to new classical schools. Classical economists believed markets always clear on their own, while Keynes argued governments need policies to boost demand and employment during recessions. Modern macro draws on different schools but remains an imperfect science for predicting crises and their effects.
This document provides an introduction to macroeconomics, including:
- Defining macroeconomics as the study of an overall economy and its aggregates, rather than individual units.
- Describing key macroeconomic variables such as output, unemployment, prices, and objectives like economic growth, full employment, and price stability.
- Explaining the importance of learning macroeconomics by how the overall economy impacts society's well-being and individuals, and how it influences politics and current events.
This document provides an overview of macroeconomics. It defines macroeconomics as the study of aggregate economic quantities, such as national income, output, consumption, investment, unemployment and price indices. It outlines the development of macroeconomics from classical economists to Keynes and modern macroeconomic schools of thought. It describes key macroeconomic concepts like equilibrium, stocks and flows. It also explains important macroeconomic goals like full employment and price stability. Finally, it discusses macroeconomic policies like fiscal and monetary policy and their tools, as well as the circular flow of income in closed, open and two-sector economies.
PRESENTATION ON THE INTRODUCTIONTO MACROECONOMICSTopu Kawser
Group A presented on the introduction to macroeconomics. They defined economics and macroeconomics, explaining that macroeconomics studies overall economies and economy-wide phenomena. They discussed how John Maynard Keynes and his book The General Theory revolutionized macroeconomics in response to the Great Depression. Finally, they outlined some key issues addressed by macroeconomics like employment, inflation, economic growth, and exchange rates.
Meaning, definition, nature, scope, importance and limitation of macro econo...Ashutosh Deshmukh
The document provides an overview of macroeconomics concepts taught by Dr. Ashutosh A. Deshmukh. It defines macroeconomics as the study of aggregates and averages covering the economy as a whole, such as total income, employment, output, prices. It discusses key events that influenced the development of macroeconomics like the Great Depression. It also outlines several macroeconomic topics, theories and models covered, including classical employment theory, Keynesian economics, economic growth, and limitations of the macroeconomic approach.
This document provides an introduction to macroeconomics. It discusses key macroeconomic concepts such as stocks and flows, equilibrium and disequilibrium, and the circular flow of income in closed and open economies. It also outlines macroeconomic goals like full employment and price stability. The development of macroeconomics from classical to Keynesian and monetarist theories is summarized. Finally, it discusses important macroeconomic indicators and policy tools like fiscal and monetary policy.
- Macroeconomics deals with aggregate economic indicators such as output, consumption, employment, investment and price levels of an entire economy. It analyzes performance, structure and decision-making of national, regional and global economies.
- Three major macroeconomic concerns are unemployment, inflation and output growth. Unemployment refers to those without work, inflation is a sustained increase in price levels, and output growth is changes in economic activity and development.
- Macroeconomics is important for understanding how the whole economy works, evaluating overall performance through national income, analyzing causes of economic issues, and understanding individual economic unit behavior in context of aggregates.
This document provides an introduction to macroeconomics. It defines macroeconomics as the study of factors that determine aggregate production, employment, prices and their changes over time in an economy. Key aspects covered include the classical and Keynesian views of macroeconomics, macroeconomic variables, models and approaches used in analysis. Important macroeconomic issues discussed are achieving economic growth, preventing business cycles, controlling inflation, unemployment, budget deficits, and managing international economic issues.
Macroeconomics deals with the aggregate or total level of key economic variables for an entire economy, such as output, consumption, investment, employment, and prices. It examines unemployment, inflation, and output growth. The document provides definitions and explanations of these macroeconomic concepts as well as the scope and importance of macroeconomics in understanding national economies and formulating policy.
This document provides an introduction to macroeconomics. It defines macroeconomics as the study of the economy as a whole, including aggregates like total employment, income, and prices. Macroeconomics is important because it helps understand how the entire economy works and analyze factors that influence growth, development, income, output, and employment. The objectives of macroeconomics include achieving full employment, price stability, and economic growth. Macroeconomics also examines problems like unemployment and inflation that can occur during economic contractions and expansions.
This document provides an introduction to macroeconomics. It defines macroeconomics as the study of a country's overall economic structure, performance, and how government policy impacts economic conditions. Macroeconomics analyzes factors that contribute to economic growth like job opportunities, goods/services, and standards of living. It also examines broad aggregates like total employment, income, and prices. The objectives of macroeconomics are achieving full employment, price stability, and economic growth. Common macroeconomic problems discussed are inflation, unemployment, and the business cycle.
Macroeconomics studies the economy as a whole and focuses on aggregate economic variables such as national income, output, employment and general price levels. It has four main uses: 1) understanding how the economy works; 2) formulating economic policies; 3) making international comparisons; and 4) informing business decisions. The scope of macroeconomics includes theories related to national income, employment, money, prices, and economic growth. It differs from microeconomics in that macroeconomics examines the large-scale or overall economy rather than individual agents.
Macroeconomics studies the overall economy rather than individual markets. It develops models of the relationships between factors like inflation, national income, unemployment, savings, investment, and international trade. The scope of macroeconomics includes theories of national income, employment, the general price level, economic development, international trade, money, and business fluctuations. Macroeconomics helps businesses understand trends in the domestic and foreign economic environments so they can make informed decisions about expanding or setting marketing strategies.
This document provides an introduction to macroeconomics by outlining key topics and issues addressed in macroeconomics. It discusses what macroeconomics studies, including long-run economic growth, business cycles, unemployment, inflation, and the effects of international trade. It also examines macroeconomic theories like classical and Keynesian approaches. Government macroeconomic policies, including fiscal and monetary policies, are introduced as tools that can potentially influence economic performance.
Bba 2 be ii u 1.1 introduction to macro economicsRai University
This document provides an introduction to macroeconomics. It discusses that macroeconomics examines the structure and performance of national economies and the policies that governments use to affect economic outcomes. It addresses what determines economic growth, causes of economic fluctuations and unemployment, inflation, the effects of globalization, and whether government policies can improve the economy. It also discusses different economic theories and approaches, such as classical and Keynesian, and how the field has evolved over time to incorporate elements of both.
This document provides an introduction to macroeconomics by outlining key topics and issues addressed in macroeconomics. It discusses what macroeconomics studies, including long-run economic growth, business cycles, unemployment, inflation, and the effects of international trade. It also examines macroeconomic theories like classical and Keynesian approaches. Government macroeconomic policies, including fiscal and monetary policies, are introduced as tools that can potentially influence economic performance.
This document provides an introduction to macroeconomics. It discusses how macroeconomics examines the overall economy rather than individual units. The development of macroeconomics was spurred by the failure of classical models to explain high unemployment during the Great Depression. John Maynard Keynes then published his work emphasizing the role of government in stimulating aggregate demand. Major macroeconomic concerns include inflation, output growth, and unemployment.
Clement Juglar in 1860 was among the first to analyze business cycles using statistical data and identified cycles occurring every 8-11 years. Wesley Mitchell further empirically studied business cycles and helped establish the National Bureau of Economic Research. The main instruments to control business cycles are monetary policy by central banks, fiscal policy by governments, and direct controls such as price controls. Monetary policy involves interest rates and money supply, fiscal policy involves government spending and taxation, and direct controls more directly target prices, wages, and allocation of resources. No single measure can fully control cycles, so a combination of these instruments should be used.
Bsc agri 2 pae u-3.2 introduction to macro economicsRai University
This document provides an introduction to macroeconomics. It defines macroeconomics as the study of national economies and the policies that governments use to affect economic performance. It discusses key issues macroeconomists address such as economic growth, business cycles, unemployment, inflation, international trade, and macroeconomic policies. It also outlines different macroeconomic theories including classical, Keynesian, and unified approaches.
Macroeconomics deals with aggregate economic quantities, like growth, unemployment and inflation. It analyzes data on indicators like GDP, inflation and unemployment. Governments use fiscal, monetary and supply-side policies to influence the macroeconomy and achieve goals of growth, employment and price stability. These policies target aggregate demand and supply through measures like government spending, taxation, interest rates and money supply.
Macroeconomics studies aggregate economic variables of an entire economy. It analyzes factors like national income, employment levels, inflation rates, and economic growth. Macroeconomics developed after John Maynard Keynes published his influential work on unemployment and effective demand. It examines unemployment, inflation, business cycles, economic growth, and international trade at the national level. Understanding macroeconomic trends is important for business decision-making because business environment is impacted by changes in macroeconomic variables and government policies.
Macroeconomics analyzes aggregate economic variables such as total output, investment, exports and the average price level rather than individual markets. It considers how these aggregates result from the activities and decisions of consumers, government and firms. The document defines key macroeconomic concepts including gross domestic product, inflation, unemployment, economic models, and the business cycle. It explains that unemployment and inflation tend to vary over the course of the business cycle, with unemployment a greater problem during contractions and inflation a greater problem during expansions.
This chapter introduces macroeconomics and the key topics studied by macroeconomists. It discusses what macroeconomics involves, including analyzing factors that influence long-term economic growth, fluctuations in economic activity, unemployment, inflation, and the effects of globalization. It also explores macroeconomic policies governments can use to impact the economy and different schools of macroeconomic thought, such as classical and Keynesian approaches. The chapter provides an overview of macroeconomics as a field of study.
This chapter introduces macroeconomics and the key topics studied by macroeconomists. It discusses what macroeconomics involves, including analyzing factors that influence long-term economic growth, fluctuations in economic activity, unemployment, inflation, and the effects of globalization. It also explores macroeconomic policies governments can use to impact the economy and different schools of macroeconomic thought, such as classical and Keynesian approaches. The chapter provides an overview of macroeconomics as a field of study.
Macroeconomics deals with the aggregate output, consumption, investment, employment and prices of an entire economy. It analyzes the performance and structure of national, regional and global economies as a whole, rather than individual markets.
Three major concerns of macroeconomics are national income, inflation and unemployment. National income refers to the total value of goods and services produced in a country. Inflation is a sustained increase in price levels, while unemployment occurs when people are unable to find work.
The key measures of national income include GDP, GNP, NDP and NNP. GDP is the total value of final goods and services produced domestically in a year, while GNP includes domestic output plus income earned
Macroeconomics deals with issues related to data that give summary descriptions of the economy of an entire nation.
It is that part of economic theory which studies the economy in its totality or as a whole. Macroeconomics is the study of aggregates and averages of the entire economy.
Such aggregates are national income, total employment, aggregate savings and investment, aggregate demand, aggregate supply general price level, etc.
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- Macroeconomics deals with aggregate economic indicators such as output, consumption, employment, investment and price levels of an entire economy. It analyzes performance, structure and decision-making of national, regional and global economies.
- Three major macroeconomic concerns are unemployment, inflation and output growth. Unemployment refers to those without work, inflation is a sustained increase in price levels, and output growth is changes in economic activity and development.
- Macroeconomics is important for understanding how the whole economy works, evaluating overall performance through national income, analyzing causes of economic issues, and understanding individual economic unit behavior in context of aggregates.
This document provides an introduction to macroeconomics. It defines macroeconomics as the study of factors that determine aggregate production, employment, prices and their changes over time in an economy. Key aspects covered include the classical and Keynesian views of macroeconomics, macroeconomic variables, models and approaches used in analysis. Important macroeconomic issues discussed are achieving economic growth, preventing business cycles, controlling inflation, unemployment, budget deficits, and managing international economic issues.
Macroeconomics deals with the aggregate or total level of key economic variables for an entire economy, such as output, consumption, investment, employment, and prices. It examines unemployment, inflation, and output growth. The document provides definitions and explanations of these macroeconomic concepts as well as the scope and importance of macroeconomics in understanding national economies and formulating policy.
This document provides an introduction to macroeconomics. It defines macroeconomics as the study of the economy as a whole, including aggregates like total employment, income, and prices. Macroeconomics is important because it helps understand how the entire economy works and analyze factors that influence growth, development, income, output, and employment. The objectives of macroeconomics include achieving full employment, price stability, and economic growth. Macroeconomics also examines problems like unemployment and inflation that can occur during economic contractions and expansions.
This document provides an introduction to macroeconomics. It defines macroeconomics as the study of a country's overall economic structure, performance, and how government policy impacts economic conditions. Macroeconomics analyzes factors that contribute to economic growth like job opportunities, goods/services, and standards of living. It also examines broad aggregates like total employment, income, and prices. The objectives of macroeconomics are achieving full employment, price stability, and economic growth. Common macroeconomic problems discussed are inflation, unemployment, and the business cycle.
Macroeconomics studies the economy as a whole and focuses on aggregate economic variables such as national income, output, employment and general price levels. It has four main uses: 1) understanding how the economy works; 2) formulating economic policies; 3) making international comparisons; and 4) informing business decisions. The scope of macroeconomics includes theories related to national income, employment, money, prices, and economic growth. It differs from microeconomics in that macroeconomics examines the large-scale or overall economy rather than individual agents.
Macroeconomics studies the overall economy rather than individual markets. It develops models of the relationships between factors like inflation, national income, unemployment, savings, investment, and international trade. The scope of macroeconomics includes theories of national income, employment, the general price level, economic development, international trade, money, and business fluctuations. Macroeconomics helps businesses understand trends in the domestic and foreign economic environments so they can make informed decisions about expanding or setting marketing strategies.
This document provides an introduction to macroeconomics by outlining key topics and issues addressed in macroeconomics. It discusses what macroeconomics studies, including long-run economic growth, business cycles, unemployment, inflation, and the effects of international trade. It also examines macroeconomic theories like classical and Keynesian approaches. Government macroeconomic policies, including fiscal and monetary policies, are introduced as tools that can potentially influence economic performance.
Bba 2 be ii u 1.1 introduction to macro economicsRai University
This document provides an introduction to macroeconomics. It discusses that macroeconomics examines the structure and performance of national economies and the policies that governments use to affect economic outcomes. It addresses what determines economic growth, causes of economic fluctuations and unemployment, inflation, the effects of globalization, and whether government policies can improve the economy. It also discusses different economic theories and approaches, such as classical and Keynesian, and how the field has evolved over time to incorporate elements of both.
This document provides an introduction to macroeconomics by outlining key topics and issues addressed in macroeconomics. It discusses what macroeconomics studies, including long-run economic growth, business cycles, unemployment, inflation, and the effects of international trade. It also examines macroeconomic theories like classical and Keynesian approaches. Government macroeconomic policies, including fiscal and monetary policies, are introduced as tools that can potentially influence economic performance.
This document provides an introduction to macroeconomics. It discusses how macroeconomics examines the overall economy rather than individual units. The development of macroeconomics was spurred by the failure of classical models to explain high unemployment during the Great Depression. John Maynard Keynes then published his work emphasizing the role of government in stimulating aggregate demand. Major macroeconomic concerns include inflation, output growth, and unemployment.
Clement Juglar in 1860 was among the first to analyze business cycles using statistical data and identified cycles occurring every 8-11 years. Wesley Mitchell further empirically studied business cycles and helped establish the National Bureau of Economic Research. The main instruments to control business cycles are monetary policy by central banks, fiscal policy by governments, and direct controls such as price controls. Monetary policy involves interest rates and money supply, fiscal policy involves government spending and taxation, and direct controls more directly target prices, wages, and allocation of resources. No single measure can fully control cycles, so a combination of these instruments should be used.
Bsc agri 2 pae u-3.2 introduction to macro economicsRai University
This document provides an introduction to macroeconomics. It defines macroeconomics as the study of national economies and the policies that governments use to affect economic performance. It discusses key issues macroeconomists address such as economic growth, business cycles, unemployment, inflation, international trade, and macroeconomic policies. It also outlines different macroeconomic theories including classical, Keynesian, and unified approaches.
Macroeconomics deals with aggregate economic quantities, like growth, unemployment and inflation. It analyzes data on indicators like GDP, inflation and unemployment. Governments use fiscal, monetary and supply-side policies to influence the macroeconomy and achieve goals of growth, employment and price stability. These policies target aggregate demand and supply through measures like government spending, taxation, interest rates and money supply.
Macroeconomics studies aggregate economic variables of an entire economy. It analyzes factors like national income, employment levels, inflation rates, and economic growth. Macroeconomics developed after John Maynard Keynes published his influential work on unemployment and effective demand. It examines unemployment, inflation, business cycles, economic growth, and international trade at the national level. Understanding macroeconomic trends is important for business decision-making because business environment is impacted by changes in macroeconomic variables and government policies.
Macroeconomics analyzes aggregate economic variables such as total output, investment, exports and the average price level rather than individual markets. It considers how these aggregates result from the activities and decisions of consumers, government and firms. The document defines key macroeconomic concepts including gross domestic product, inflation, unemployment, economic models, and the business cycle. It explains that unemployment and inflation tend to vary over the course of the business cycle, with unemployment a greater problem during contractions and inflation a greater problem during expansions.
This chapter introduces macroeconomics and the key topics studied by macroeconomists. It discusses what macroeconomics involves, including analyzing factors that influence long-term economic growth, fluctuations in economic activity, unemployment, inflation, and the effects of globalization. It also explores macroeconomic policies governments can use to impact the economy and different schools of macroeconomic thought, such as classical and Keynesian approaches. The chapter provides an overview of macroeconomics as a field of study.
This chapter introduces macroeconomics and the key topics studied by macroeconomists. It discusses what macroeconomics involves, including analyzing factors that influence long-term economic growth, fluctuations in economic activity, unemployment, inflation, and the effects of globalization. It also explores macroeconomic policies governments can use to impact the economy and different schools of macroeconomic thought, such as classical and Keynesian approaches. The chapter provides an overview of macroeconomics as a field of study.
Macroeconomics deals with the aggregate output, consumption, investment, employment and prices of an entire economy. It analyzes the performance and structure of national, regional and global economies as a whole, rather than individual markets.
Three major concerns of macroeconomics are national income, inflation and unemployment. National income refers to the total value of goods and services produced in a country. Inflation is a sustained increase in price levels, while unemployment occurs when people are unable to find work.
The key measures of national income include GDP, GNP, NDP and NNP. GDP is the total value of final goods and services produced domestically in a year, while GNP includes domestic output plus income earned
Macroeconomics deals with issues related to data that give summary descriptions of the economy of an entire nation.
It is that part of economic theory which studies the economy in its totality or as a whole. Macroeconomics is the study of aggregates and averages of the entire economy.
Such aggregates are national income, total employment, aggregate savings and investment, aggregate demand, aggregate supply general price level, etc.
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1. INTRODUCTION TO
MACROECONOMICS
Macroeconomics is a branch of economics that studies how an overall economy—the
markets, businesses, consumers, and governments—behave. Macroeconomics
examines economy-wide phenomena such as inflation, price levels, rate of economic
growth, national income, gross domestic product (GDP), and changes in
unemployment.
2. • Macroeconomics is the branch of economics that deals with the structure, performance, behavior, and
decision-making of the whole, or aggregate, economy.
• The two main areas of macroeconomic research are long-term economic growth and shorter-term business
cycles.
• Macroeconomics in its modern form is often defined as starting with John Maynard Keynes and his theories
about market behavior and governmental policies in the 1930s; several schools of thought have developed
since.
• In contrast to macroeconomics, microeconomics is more focused on the influences on and choices made by
individual actors in the economy (people, companies, industries, etc.).
3. FEATURES OF MACROECONOMICS
The main features of Macro Economics are:
• It gives an overall view of the economy
• It explains the causes of fluctuations in the national income
• It helps us to study the progress of an economy in investment, total production, total employment, growth
etc.
• It involved the study of the concept of national income, its different elements, methods of measuring and
social accounting.
• It deals with the aggregate demand and aggregate supply that determines the equilibrium level of income,
output employment in the economy.
4. HISTORY OF MACROECONOMICS
While the term "macroeconomics" is not all that old (going back to the 1940s), many of
macroeconomics's core concepts have been the study focus for much longer. Topics like
unemployment, prices, growth, and trade have concerned economists since the beginning of the
discipline in the 1700s. Elements of earlier work from Adam Smith and John Stuart Mill addressed
issues that would now be recognized as the domain of macroeconomics.
In its modern form, macroeconomics is often defined as starting with John Maynard Keynes and his
book The General Theory of Employment, Interest, and Money in 1936. Keynes explained the fallout
from the Great Depression when goods remained unsold, and workers were unemployed.
Before the popularization of Keynes' theories, economists did not generally differentiate between
micro- and macroeconomics. The same microeconomic laws of supply and demand that operate in
individual goods markets were understood to interact between individual markets to bring the
economy into a general equilibrium, as described by Leon Walras.
5. MACROECONOMICS ISSUES
• The main macroeconomic issues are:
• Employment and unemployment
• Inflation
• Stagflation and deflation
• Business cycles
• Economic growth
• The balance of payments and exchange rate
• The main macroeconomic issues are discussed below:
6. • 1. Employment and Unemployment
• The major issue in macroeconomics is to explain what determines the level of employment and national income
in an economy. Unemployment refers to the involuntary idleness of resources including labor. If this problem
exists society’s actual output (GNP) will be less than its potential output. So one of the objectives of the
government is to ensure full employment, which implies an absence of involuntary unemployment. Thus, the
macroeconomic issue is what causes involuntary unemployment.
• Keynes explained that the level of employment and national income is determined by aggregate demand and
aggregate supply. According to him, with the aggregate supply remaining unchanged in the short run, it is the
deficiency in aggregate demand that causes unemployment in the economy.
2. Inflation or Rising General Price Level
• Another issue of macroeconomic issues is to explain and analyze the problem of inflation faced by both
developed and developing countries. It refers to a phenomenon of persistent rise in the price level. During
inflation, some people gain but most people lose. Therefore, one of the objectives of the government is to ensure
stability at the price level.
7. 3. Business Cycles
Throughout the history of economics, market economies have experienced what are called business
cycles. Business cycles refer to the fluctuations in output and employment with alternating periods of
prosperity and depression. The causes of these business cycles in the market economies are an
important market economic issue. So in macroeconomics, we study the causes of business cycles and
suggest remedial measures.
4. Stagflation and Deflation
Stagflation refers to a situation when a high rate of inflation occurs simultaneously with a high rate of
unemployment. The existence of a high rate of unemployment means a reduced level of GNP. The term
stagflation was coined in the 70s when several developed countries of the world, received a supply
shock in terms of capsid hikes in oil prices. It is one of the important macroeconomic issues of the day
perhaps the most complex. This problem could not explain with the Keynesian theory of effective
demand (demand-side analysis). Therefore, a new economic thought emerged which is called supply-
side economies. Every country in the world is struggling hard to fight this issue.
8. 5. Economic Growth
Another important issue of macroeconomic issues is to explain what determines economic growth in a country.
The problem of growth is a long-run problem, which Keynes did not take into consideration.
The expansionary trend in the country’s total output over a long period is known as economic growth. Growth is
measured by the annual rate of increase of per capita income. It refers to a situation when the rate of increase
in per capita income exceeds the rate of population growth. There are many theories and models on economic
growth that explain how the steady growth of the economy can be achieved.
These theories also explain the causes of underemployment and poverty in less developed countries and they
suggest the policies and strategies for accelerating growth in them.
6. Balance of Payments and Exchange Rate
Balance of Payments (BOP) is the systematic record of all economic transactions of the residents of a country
with the rest of the world during the period. There may be a deficit or surplus in a BOP. Both create problems
in the economy. The transactions in the BOP are influenced by the rate of exchange.
The exchange rate is the rate at which a country’s currency is exchanged for foreign currencies. The instability in
the foreign exchange rate is a major problem, which creates serious BOP problems. Economists are always
eager to discover the cause and effect of changes in a BOP. Thus, the equilibrium in BOP position and stability
in the exchange rate are important macroeconomic issues.
9. OBJECTIVES OF MACROECONOMICS
• Broadly, the objective of macroeconomic policies is to maximize the level of national income,
providing economic growth to raise the utility and standard of living of participants in the
economy. There are also a number of secondary objectives which are held to lead to the
maximization of income over the long run. While there are variations between the objectives of
different national and international entities, most follow the ones detailed below:
• Sustainability - a rate of growth which allows an increase in living standards without undue
structural and environmental difficulties. 'Economic growth' will be studied later on in this book.
• Full employment - where those who are able and willing to have a job can get one, given that
there will be a certain amount of frictional, seasonal and structural unemployment (referred to as
the natural rate of unemployment).
• Price stability - when prices remain largely stable, and there is not rapid inflation or deflation.
Price stability is not necessarily the same as zero inflation, but instead steady levels of low-
moderate inflation is often regarded as ideal. It is worth noting that prices of some goods and
services often fall as a result of productivity improvements during periods of inflation, as inflation
is only a measure of general price levels. However, inflation is a good measure of 'price stability'.
Zero inflation is often undesirable in an economy. ("Internal Balance" is used to describe a level of
economic activity that results in full employment with no inflation.)
10. • External Balance - equilibrium in the Balance of payments without the use of artificial constraints.
That is, the value of exports being roughly equal to the value of imports over the long run.
• Equitable distribution of income and wealth - a fair share of the national 'cake', more equitable
than would be in the case of an entirely free market. Like the other economic objectives, the
distribution of income is a partly subjective or normative issue
• Increasing Productivity - more output per unit of labour per hour. Also, since labor is but one of
many inputs to produce goods and services, it could also be described as output per unit of factor
inputs per hour.
• Trade Equilibrium - equilibrium in the Balance of payments without the use of artificial
constraints. That is, exports roughly equal to imports over the long run.
11. DIFFERENCE BETWEEN MACROECONOMICS
AND MICROECONOMICS
Economics is divided into two categories: microeconomics and macroeconomics. Microeconomics is
the study of individuals and business decisions, while macroeconomics looks at the decisions of
countries and governments.
Though these two branches of economics appear different, they are actually interdependent and
complement one another. Many overlapping issues exist between the two fields.
KEY TAKEAWAYS
• Microeconomics studies individuals and business decisions, while macroeconomics analyzes the
decisions made by countries and governments.
• Microeconomics focuses on supply and demand, and other forces that determine price levels,
making it a bottom-up approach.
• Macroeconomics takes a top-down approach and looks at the economy as a whole, trying to
determine its course and nature.
• Investors can use microeconomics in their investment decisions, while macroeconomics is an
analytical tool mainly used to craft economic and fiscal policy.
12. MACROECONOMIC STABILITY
Macroeconomic stability exists when key economic relationships are in balance—for example,
between domestic demand and output, the balance of payments, fiscal revenues and expenditure,
and savings and investment. These relationships, however, need not necessarily be in exact
balance. Imbalances such as fiscal and current account deficits or surpluses are perfectly
compatible with economic stability provided that they can be financed in a sustainable manner.
There is no unique set of thresholds for each macroeconomic variable between stability and
instability. Rather, there is a continuum of various combinations of levels of key macroeconomic
variables (e.g., growth, inflation, fiscal deficit, current account deficit, international reserves) that
could indicate macroeconomic instability.
13. While it may be relatively easy to identify a country in a state of macroeconomic instability (e.g., large current
account deficits financed by short-term borrowing, high and rising levels of public debt, double-digit
inflation rates, and stagnant or declining GDP) or stability (e.g., current account and fiscal
balances consistent with low and declining debt levels, inflation in the low single digits, and rising per capita
GDP), there is a substantial “gray area” in between where countries enjoy a degree of stability, but
where macroeconomic performance could clearly be improved.
Finally, macroeconomic stability depends not only on the macroeconomic management of an economy, but
also on the structure of key markets and sectors. To enhance macroeconomic stability, countries need to
support macroeconomic policy with structural reforms that strengthen and improve the functioning of these
markets and sectors.