Definition: Macroeconomics
Macroeconomics (from Greek prefix "macr(o)-" meaning "large" + "economics") is a branch of economics dealing with the performance, structure, behavior, and decision-making of the entire economy. This includes a national, regional, or global economy.
It concerned with the overall performance of the economy.
Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance.
Begun: 1860 (Early Period)
Early contributor: William Stanley Jevons (1835 –1882), a British economist and logician. Clément Juglar (1819 in Paris –1905 in Paris), a French doctor and statistician
Topics: apparent cycles of frequent, violent shifts in economic activity.
Modern Macroeconomics:
Begun: 1936
Main contributor: John Maynard Keynes (1883 –1946), a British economist
Book: The General Theory of Employment, Interest and Money (1936)
Name of renowned Macroeconomists:
Carl Menger, Alfred Marshall, Irving Fisher , John Maynard Keynes, Milton Friedman, Anna Schwartz,Neo-Keynesian Franco Modigliani, new Keynesian Stanley Fischer, new classical Edward C. Prescott
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