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Macroeconomics
Definition :
Macroeconomics is a branch of
economics that deals with how an
economy functions on a large scale
...
What is macroeconomics?
Macroeconomics is concerned with
understanding economy-wide events
such as the total amount of goods and
services produced, the level of
unemployment, and the general
behaviour of prices
...
It deals with how
different economic sectors such as
households, governments and industry
make their decisions
...
The two main areas of
macroeconomic research are long-term
economic growth and shorter-term
business cycles
...
The classical school of
economic thought believed that market
forces would correct problems such as
rising unemployment and recessions and
any intervention by the government would
be counter-productive
...
British economist John
Maynard Keynes overturned the
then-prevailing idea that free
markets would automatically
provide full employment
...
Keynes ushered in a new era
of macroeconomic thought that
viewed the economy as something
that the government should actively
manage
...