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macroeconomics |
Also found in: Medical, Financial, Wikipedia, Hutchinson | 0.04 sec. |
macroeconomicsStudy of the entire economy in terms of the total amount of goods and services produced, total income earned, level of employment of productive resources, and general behaviour of prices. Until the 1930s, most economic analysis focused on specific firms and industries. The aftermath of the Great Depression and the development of national income and production statistics brought new interest to the field of macroeconomics. The goals of macroeconomic policy include economic growth, price stability, and full employment. See also microeconomics; national income accounting. macroeconomics the branch of economics concerned with aggregates, such as national income, consumption, and investment www.elsevier.com/homepage/sae/econworld/econbase/jmacro/frame.htm www.stern.nyu.edu/globalmacro How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| The originality of this study may not be immediately apparent to historians, unless they have a decided taste for macroeconomic theory. Modern macroeconomic theory is based on two principles: the optimal behavior of utility-maximizing rational agents (the micro-foundations of macroeconomics), and the equilibrium in the economy (the clearing of markets). But it seems to me that the richness of macroeconomic theory encompasses an analysis of the assumptions and how they affect the theoretical relationships. |
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