Introduction to Macroeconomics

Launched January 2020 Updated October 2021 13 lectures
Dr. Mariano Torras
Adelphi University, USA

The aim of this series of lectures is to provide a basic, mostly non-technical understanding of how the macroeconomy works. Emphasis is on economic activity at the national level, with extension into the global sphere at the conclusion of the lectures. After a quick introduction to economics basics, we consider... read morethe key macroeconomic indicators – namely GDP, the unemployment rate, and the inflation rate. Following this, we explore similarities and differences in the structural composition of market economies, and the patterns of change it follows over the course of history. Here we also compare and contrast the U.S and Chinese economies. We then shift to a study of the business cycle, and how the Keynesian perspective differs from the Classical economic view. Next, we consider the two principal policies the federal government has at its disposal: fiscal policy and monetary policy. Finally, we consider how the macroeconomy is affected by the external influences of trade and global finance. Included here is a lecture on the unique economic experiment that is the European Union.