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Samacheer Kalvi Class 12th Economics Book
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The subject Economics is classified into two branches, namely, Micro Economics and Macro Economics. Ragnar Frisch, a Norwegian economist and the co-recipient of the first Nobel Prize in Economic Sciences coined the words ‘micro’ meaning small and ‘macro’ meaning large in the year 1933.
However, macroeconomics in its modern form, began with John Maynard Keynes and his book “The General Theory of Employment, Interest and Money” published in 1936. Keynes offered an explanation for fallout from the Great Depression, when goods remained unsold and workers unemployed. Hence, Keynes is regarded as the ‘Father of Modern Macro Economics’.
Meaning of Macro Economics:
The word ‘Macro’ is derived from the Greek word ‘Makros’ meaning ‘large’. Hence, Macro Economics is the study of the economy as a whole. In other words, macro economics deals with aggregatessuch as national income, employment and output. Macro Economics is also known as ‘Income Theory’.
The subject matters covered in Macro Economics are the areas such as employment, national income, inflation, business cycle, poverty, inequality, disparity, investment and saving, capital formation, infrastructure development, international trade, balance of trade and balance of payments, exchange rate and economic growth.
Importance of Macro Economics:
The importance and the need for introducing a macro outlook of an economy are given below:
** There is a need to understand the functioning of the economy at the aggregate level to evolve suitable strategies and to solve the basic problems prevailing in an economy.
** Understanding the future problems, needs and challenges of an economy as a whole is important to evolve precautionary measures.
** Macro economics provides ample opportunities to use scientific investigation to understand the reality.
** Macro economics helps to make meaningful comparison and analysis of economic indicators.
** Macro economics helps for better prediction about future and to formulate suitable policies to avoid economic crises.
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