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Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. [1] This includes regional, national, and global economies .
Historically, the major objective of monetary policy had been to use these policy instruments to manage or curb domestic inflation. More recently, central bankers have often focused on a second objective: managing economic growth, as both inflation and economic growth are highly interrelated.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.
The Austrian School of economics argues that central banks create the business cycle. After the dominance of monetarism [ 2 ] and neoclassical thought that advised limiting the role of government in the economy in the second half of the twentieth century, the interventionist view has once more dominated the economic policy debate in response to ...
Managerial economics deals with the problems individual organisations face, such as the organisation's main objectives, the demand for its products, the organisation's price and output decisions, available substitutes and giveaways, the supply of inputs and raw materials, the target or potential consumers of its products, etc. [3]
Social Security is the U.S. government's biggest program; as of June 30, 2024, about 67.9 million people, or one in five Americans, collected Social Security benefits. This year, we're seeing a...
The main objective of the model decides its size. In the current scenario there is an increasing interest in the use of these large-scale macroeonometric models for theory evaluation, impact analysis, policy simulation and forecasting purposes.