MACRO ECONOMICS: A PRIMER

Macroeconomics, the study of the economy as a whole, attempts to answer many critical economy related questions. We will do this by first understanding the nature of the basics concepts of macroeconomics, then proceeding to how these apply to specific types of situations. Macroeconomists observe that economies differ across countries and that they change over time. These observations provide both the motivation for developing macroeconomic theories and the data for testing them. This knowledge is useful both for explaining economic events and for formulating economic policy. Macroeconomic history is not a simple story, but it provides a rich motivation for macroeconomic theory. While the basic principles of macroeconomics do not change from decade to decade, the macroeconomist must apply these principles with flexibility and creativity to meet changing circumstances. The chapters themselves are written using a "modular" format. In particular, chapters generally consist of three main content sections that break down a particular topic into manageable parts. Each content section contains not only an exposition of the material at hand but also learning objectives, summaries, examples, and problems. Our goal is to encourage active learning by including many examples and many problems of different types. The well-known theoretical result is presented methodically and consistently as it is in this text. CONTENTS: Introduction To Macro Economics, National Income Accounting, Money, Inflation,The Classical Theory of Output and Employment, Keynesian Theory of Income Determination,IS-LM Model. ABOUT THE AUTHORS: Ms. LOVELEEN GUPTA is an Assistant Professor at Bharati College, Delhi University, Delhi. Mr. PRADEEP KUMAR PANDA is an Economist. He is awarded with Best Young Researcher Award 2016 for outstanding contribution to research and publication in the field of Economics by GRABS Educational Charitable Trust, Chennai.