question archive 1)What is macroeconomics in layman terms? 2)Who is the real father of macroeconomics?
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1)What is macroeconomics in layman terms?
2)Who is the real father of macroeconomics?
1)Macroeconomics is the study of the overall economy of a nation. Contrast this to microeconomics which studies a specific industry or market. Macroeconomics is often discussed more in regards to public policy such as what the tax rates should be and how much the government should spend/borrow. The main goals in macroeconomics are stable prices and long-term economic growth. The first is done by a central bank which controls the money supply. The second is done by simply letting individuals and firms interact with each other and create value for each other.
2)The real father of the macroeconomics is John Maynard Keynes. He is the founder of the macroeconomics. Macroeconomics began as a distinct discipline with Keynes' masterpiece. Some of his works are The general theory of employment, interest, and money. He also introduced the disequilibrium economy which is widely used by the modern economists.