Macroeconomics

Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes national, regional, and global economies. Macroeconomics and microeconomics, a pair of terms coined by Ragnar Frisch, are the two most general fields in economics. In contrast to macroeconomics, microeconomics is the branch of economics that studies the behavior of individuals and firms in making decisions and the interactions among these individuals and firms in narrowly-defined markets. Macroeconomics is the economics subfield of study that considers aggregate behaviour, i.e., the study of the sum of individual economic decisions. In other words, it is the study of the entire economy in terms of the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behaviour of prices. Macroeconomics can be used to analyse how best to influence government policy goals. The present book provides all primary aspects of macroeconomics, elaborately. It explains the relationships between macroeconomic variables and their implications for macroeconomic policy. It also aims to develop a broad coherent framework for thinking about the fundamental problems in macroeconomics. The book has been supplemented with figures, tables and equations wherever required and presented in a lucid manner for easy understanding by the readers. The book will be found highly useful by students and teachers of economics.

Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes national, regional, and global economies. Macroeconomics and microeconomics, a pair of terms coined by Ragnar Frisch, are the two most general fields in economics. In contrast to macroeconomics, microeconomics is the branch of economics that studies the behavior of individuals and firms in making decisions and the interactions among these individuals and firms in narrowly-defined markets. Macroeconomics is the economics subfield of study that considers aggregate behaviour, i.e., the study of the sum of individual economic decisions. In other words, it is the study of the entire economy in terms of the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behaviour of prices. Macroeconomics can be used to analyse how best to influence government policy goals. The present book provides all primary aspects of macroeconomics, elaborately. It explains the relationships between macroeconomic variables and their implications for macroeconomic policy. It also aims to develop a broad coherent framework for thinking about the fundamental problems in macroeconomics. The book has been supplemented with figures, tables and equations wherever required and presented in a lucid manner for easy understanding by the readers. The book will be found highly useful by students and teachers of economics.