LIMITATIONS OF MICROECONOMICS
LIMITATIONS OF MICROECONOMICS
INDISCRIMINATE USE OF MACROECONOMICS MISLEADING:
An indiscriminate and uncritical use of macroeconomics in analyzing the problems of the real world can often be misleading ,for instance ,if the policy measures needed to achieve and maintain full employments int he economy are applied to structural unemployment in individuals firms and industries ,they becomes irrelevant,similarly ,measures aimed at controlling general prices cannot be applied with much advantages for controlling general prices cannot be applied with much advantages for controlling prices of individuals products.
INDISCRIMINATE USE OF MACROECONOMICS MISLEADING:
An indiscriminate and uncritical use of macroeconomics in analyzing the problems of the real world can often be misleading ,for instance ,if the policy measures needed to achieve and maintain full employments int he economy are applied to structural unemployment in individuals firms and industries ,they becomes irrelevant,similarly ,measures aimed at controlling general prices cannot be applied with much advantages for controlling general prices cannot be applied with much advantages for controlling prices of individuals products.
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