Macroeconomics

Published September 2015 Updated November 2015 6 lectures
Dr. Ivan K. Cohen
Richmond University, UK
Summary

Economics and the work of economists continues to be something of a mystery to most people. Although Economics as a distinct field of investigation started in earnest with Adam Smith’s 1776 …Wealth of Nations, it remains an arcane and confusing subject. We are still a long way from achieving John... read moreMaynard Keynes’ ambition:
“If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.”
Contemporary Economics neatly divides itself into Microeconomics (the study of small, individual, elements of an economy: the consumer, the producer, the market, etc.) and Macroeconomics (the study of economic aggregates, such as the nation-state economy or macroeconomy). This series focuses on the latter: Macroeconomics, which began its modern, contemporary format with the 1936 publication of John Maynard Keynes’ The General Theory of Employment, Interest and Money. Although the work of Keynes has its critics, its role in changing the way economists and other view the world is incontrovertible.
In seeking to explain how the macroeconomy operates, Macroeconomics deals with a range of macroeconomic problems, such as unemployment, inflation, international trade issues, government spending, taxation and borrowing, as well as the various tools and policies designed to ameliorate problems: ranging from fiscal policy (which is interconnected with politics) and monetary policy, to international and supranational policy.