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Meaning of Macroeconomics

It is the study of nature, behavior, and relationship of aggregates or averages which include the whole economy like national income, overall savings, total use, total demand & supply, wage level, total nationwide production, full economy, and etc.

Scope of Macroeconomics

There is a wide scope of macroeconomics and it is estimated to rise frequently. Some of its scopes lie in the following ways:

  • Understand the functioning of the economy
  • Economic policies
  • National income
  • Business cycle
  • Deals with problem-related to economic fluctuations, international trade, unemployment, economic growth, and more
  • General unemployment
  • Monetary issues
  • Deals with problem-related to total national investment and output
  • Economic development
  • Problems related to the balance of payment

Importance of Macroeconomics

The study of macroeconomics is highly important for economic analysis. Its significance lies in theoretical as well as practical aspects.

  1. The study of macroeconomics variables is important to understand the working of the financial system.
  2. It is important from the perspective of fiscal policy.
  3. Macroeconomics is vital to study the cause, effects, and remedies of common redundancy.
  4. It is significant to assess the economic performance in terms of national income.
  5. Helpful for the determination of income, employment, and general price level.
  6. Macroeconomics is helpful in analyzing the basis of fiscal variations, problems, and giving an effective antidote.
  7. The significance of macroeconomics also lies in economic growth. The economic capabilities and resources can be evaluated on the basis of this study.
  8. The macroeconomics approach is helpful in the areas of national investment, national income, and international trade
  9. Monetary problems can be understood and analyzed properly with the learning of macroeconomics.
  10. It is vital to understand the situation under paradoxes
  11. Its study is helpful to consider the behavior and performance of individual units.

Drawbacks of Macroeconomics

  1. Individual units are given no significance
  2. The developing countries do not benefit much from macroeconomics
  3. Deals with too much unwanted thinking in terms of aggregates
  4. The study of macroeconomic theory is less useful if composing aggregates are not functionally related
  5. Understanding differences within aggregates are not possible
  6. It is not sure that all aggregate variables are vital
  7. Risk of excessive generalization
  8. Aggregate measurement is difficult under macroeconomics
  9. Limited application
  10. Risk of ignoring individual units

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