What Is Macroeconomics?

What do macroeconomists study? What is the macroeconomy? As a university university professor and a macroeconomist, let me explain... 🔥 Personal Finance Course & Investing Program https://courses.profmichaelcurran.com🚨 Use Coupon Code🤠MICHAEL🤠🚨🔥These are educational courses; past performance does not guarantee future results.

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What is Macroeconomics? Economics is how to conduct the affairs of the household as `Oikos' and `Nomos' mean `house' and `rule'. As Economics is the science of scarcity, professional macroeconomists, such as myself, would not have a job if everything was in abundance. Where microeconomists are concerned with the individual industry, the individual company, the individual household and the individual person themselves, macroeconomists, such as myself, study aggregate, national country and international wide phenomena.

In terms of what see study, macroeconomists concern ourselves with GDP (productive capacity), inflation or the CPI (cost of living) and unemployment (joblessness). We use models, which are necessary simplifications to understand the world. Different models are useful to study different phenomena. Sticky price assumptions are relevant in the short-term, while flexible price assumptions are relevant in the long-term.

For the US, macroeconomists get most of our data from the BEA within the Deptartment of Commerce, especially on GDP. And we get most of our inflation and joblessness data from the BLS within the Department of Labor.

Fiscal policy refers to taxation and government spending. Monetary policy relates to setting interest rates and production of money.

There is less controversy at long-horizons, where the Classical, free market tends to apply. Interventionalist, Keynesian policy is apt from many short-horizon studies. We also study topics in the international economy, e.g., currency exchange rates. And there are plenty of fields within our discipline like labor economics and special topics relating to finance and government (e.g., public finance).

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