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A basic introduction to macroeconomics

Published on September 30, 2015   15 min
Hello. My name is Ivan Cohen and I'm an associate professor in finance and economics at Richmond University, The American International University in London. I'm an experienced academic, mainly in finance and macroeconomics. So I hope what I am about to introduce you to is of some interest.
So let's start. What is economics? Economics is probably best defined as a study of mankind in the ordinary business of life. A lot of people think economics has some mystery to it, but it's not, it's about people. And it's about what people do in their ordinary, daily lives. This quotation is from Alfred Marshall. And it illustrates that economics is on one side a study of wealth, and on the other side, as he calls it, a study of man, we would now say a study of people. This is for me what economics is really about. It looks about how people deal with wealth. By wealth, we mean assets, resources, and so on. And those resources, of course, include not just material resources, but also intangible resources, of which probably the most important resource none of us have enough of is, of course, time.