Economy, asked by anjali8740, 1 year ago

discuss the nature and scope of macroeconomics

Answers

Answered by PiyushSinghRajput1
3
The term ‘macro’ was first used in economics by Ragner Frisch in 1933. But as a methodological approach to economic problems, it originated with the Mercantilists in the 16th and 17th centuries. They were concerned with the economic system as a whole.
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In the 18th century, the Physiocrats adopted it in their Table Economies to show the ‘circulation of wealth’ (i.e., the net product) among the three classes represented by farmers, landowners and the sterile class. Malthus, Sismondi and Marx in the 19th century dealt with macroeconomic problems. Walras, Wicksell and Fisher were the modern contributors to the development of macroeconomic analysis before Keynes.
Certain economists, like Cassel, Marshall, Pigou, Robertson, Hayek and Hawtrey, developed a theory of money and general prices in the decade following the First World War. But credit goes to Keynes who finally developed a general theory of income, output and employment in the wake of the Great Depression.
Contents:
1. Nature of Macroeconomics
2. Difference between Microeconomics and Macroeconomics
3. Dependence of Microeconomic Theory on Macroeconomics
4. Dependence of Macroeconomics on Microeconomic Theory
5. Macro Statics, Macro Dynamics and Comparative Statics
6. Transition from Microeconomics to Macroeconomics
7. Stock and Flow Concepts
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