What does macroeconomy mean?
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Macroeconomics, as a branch of economic theory, in contrast to microeconomics, deals with the macroeconomic behavior of entire sectors. It is an analysis method which, on the basis of institutional and functional aggregates, looks at economic activity in its entirety and consequently examines macroeconomic issues. Historically, the emergence of macroeconomics is closely related to the Keynes-influenced structure of the national accounts. When researching economic reality, macroeconomics falls back on macroeconomic variables that are obtained in the national accounts by aggregating individual economic variables. Some of the relationships between the relevant variables used in macroeconomic models are also taken from the national accounts (definition equations, equilibrium conditions). Information is necessarily lost as a result of the aggregation. On the other hand, this is precisely the prerequisite in order to be able to recognize the assumed connections more clearly.
On the macroeconomics one can apply the usual ones in the economic theory Structuring principles apply:
a) Macroeconomic Partial analysis or macroeconomic Total analysis, depending on whether individual markets (e.g. goods market) or all markets (goods, money, securities and labor markets) are viewed in context.
b) Statics and dynamics (dynamic macroeconomics).
c) Differentiation among historical and content-related aspects between different macroeconomic doctrines:
(1) The fundamental differentiating criterion is the question of whether real economic systems are predominantly in equilibrium or at least if they deviate from equilibrium they tend to return to an equilibrium position very quickly. Although macroeconomics was not conceptually constituted until the 1930s, older theoretical structures naturally contain macroeconomic statements, so that the equilibrium macrotheories Classical teaching and neoclassical also count. More recent equilibrium-oriented doctrines include Monetarism, New Classical Macroeconomics, New Keynesian Macroeconomics (New Keynesianism), and Supply Economics.
(2) The Imbalance theories go back to the Keynesche teaching (Keynesianism). Neo-Keynesian theory and post-Keynesianism fall into this category. In contrast, the New Keynesianism, which belongs to the category of equilibrium theories, has set itself the goal of providing a microeconomic foundation for the macroeconomic hypotheses of Keynesianism (such as price and wage rigidities); he ties in with neoclassical considerations. It is therefore also known as the New Neoclassical Synthesis (as a further development of the traditional Neoclassical Synthesis or traditional Keynesian total analysis).
d) Macroeconomics of closed vs. open economies (Total analysis of open economies).
More keywords for this main topic:
General balance; Dynamic macroeconomics; DSGE models; Keynesian Positions; Keynesianism; Monetarism; Neo-Keynesian Theory; Neoclassical; Neoclassical synthesis; New Classical Macroeconomics; New Macroeconomics; New Macroeconomics of Open Economies; New macroeconomics of open economies, effects of monetary policy; New Neoclassical Synthesis; New Keynesianism; Microeconomic foundation of macroeconomic theory; Supply economics; Redux model; Imbalance theories.
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