An Introduction to Macroeconomics | Fundamental Principles of Macroeconomics |

Managerial Economics; Management;

An Introduction to Macroeconomics | Fundamental Principles of Macroeconomics;

Introduction 00:00:00- 00:00:18

The Scope of Economics 00:00:19- 00:01:51
*What is the importance of microeconomics and macroeconomics?
*How to differentiate microeconomics and macroeconomics?

Macroeconomics 00:01:52- 00:24:24
*What is macroeconomics?
*The important topics under macroeconomics
*What is the nature of macroeconomics?
- Positive and normative
*What is positive analysis?
*How does normative statement differ from the positive statement?
*What is the importance of macroeconomics?
*What are the important questions under consideration of macroeconomics?
- Economic growth
- Unemployment and poverty
- Inflation
*The origin and growth of macroeconomics
*Pre-Keynesian era
- laissez-faire system
- the economy in its full capacity
- full employment and equilibrium in the long run.
*Criticism of pre-Keynesian era by classical economists and the great depression of 1930
*Keynesian revolution
- the role of aggregate demand in the economy
- unutilized resources in the economy
- government and demand management.
*Post- Keynesian
- Monetarism- developed by Milton Friedman, the role of money in the economy, money supply is the main determinant of output and inflation
- New Classical Macroeconomics- developed by radicals under Robert.E.Lucus, what determines the behavior of aggregate demand and supply curves.
- Supply-side Economics- developed by Arthur Laffer, role of cutting tax rate in boosting the supply
- The New Keynesianism- information problem and cost changing, the role of government in the economy.

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