Transcription of What is Macroeconomics? - Reed College
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What is Macroeconomics? - Reed College
What is macroeconomics ? Overview of macroeconomics 4 Macroeconomic Concepts 5 Income and Output 5 Unemployment 5 Factors of Production and Income Distribution 8 Inflation 8 Financial Markets and the Real Economy 10 Openness 11 macroeconomics in the Long Run: Economic Growth 12 macroeconomics in the Short Run: Business Cycles 13 macroeconomics as a Science 15 The Genesis of macroeconomics 15 macroeconomics and Microeconomics 18 Demand and Supply 20 The Methodology of macroeconomics 21 What is to be Explained? 21 Theory and Realism 21 Positive and Normative Analysis 22 Testing Theories: The Role of Data 22 Macroeconomic Modelling and Forecasting 22 Preview of the Book 24 Structure 24 Controversies and Consensus 24 Rigour and Intuition 24 Data and Institutions 24 Europe 25 4 PART I INTRODUCTION TO macroeconomics The Theory of Economics does not furnish a body of settled conclusions immediately applicable to policy.
Overview of Macroeconomics Unemployment, inflation, booms and busts, finan cial markets, interest rates, and exchange rates are everyday fare in the news. All these phenomena affect our well-being. This why macroeconomics is so exciting. Macroeconomics is more than just head lines, however: it is a fascinating intellectual adven ture.
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