Macroeconomics

Concept of Macroeconomics Modern economics analysis has been classified into microeconomics and macroeconomics. The term was propounded by Prof. Ragnar frish of Oslo University in 1933. Thereafter it became very popular and was accepted by other economists. The Greek term ‘macro’ means larger. Macroeconomics is concerned with the study of the relationship between broad economics… Continue reading Macroeconomics

Published
Categorized as Macro Economics
6 views
Posted By: World Of Economics

Say’s Law of Markets

Introduction Say’s Law of Markets was rooted in the mainstream of supply-oriented classical Economics. Jean-Baptise Say, a French economist of the 19th century, asserted that “supply creates its own demand”. Fig 1: Jean-Baptise Say (1767-1832) Say’s Law of Markets is a theory from classical economics arguing that the ability to purchase something depends on the… Continue reading Say’s Law of Markets

Published
Categorized as Macro Economics
2 views
Posted By: World Of Economics

The Keynesian Theory of Income, Output and Employment

Introduction John Maynard Keynesis often referred to as the father of macroeconomics. His pioneering work “The General Theory of Employment, Interest and Money” published in 1936, provided a completely new approach to the modern study of macroeconomics. It served as a guide for both macroeconomic theory and macroeconomic policy making during the Great Depression and… Continue reading The Keynesian Theory of Income, Output and Employment

Published
Categorized as Macro Economics
2 views
Posted By: World Of Economics

Classical Theory of Output and Employment

Introduction The classical economists believed in the existence of full employment in the economy. To them, full employment was a normal situation and any deviation from this regarded as something abnormal. According to Pigou, the tendency of the economic system is to automatically provide full employment in the labour market when the demand and supply… Continue reading Classical Theory of Output and Employment

Published
Categorized as Macro Economics
2 views
Posted By: World Of Economics
1 2 3 17