SCOPE AND IMPORTANCE OF MACROECONOMICS
SCOPE AND IMPORTANCE OF MACROECONOMICS
As a method of economic analysis macroeconomics is of much theoretical and practical importance.
1>To understand the working of the economy :The study of macro economic variable is indispensable for understanding the working of the economy ,our main economic problems are related to the be -level in the economy ,these variables are statistically measurable thereby facilitating the possible of analyzing the effects on the functioning of the economy ,as tinbergen observes,macroeconomic concepts helps in'making the elimination process understandable and transparent',for instance,one may not agree on the best method of measuring different prices ,but the gerneral prices level is helpful in understanding the nature of the economy.
As a method of economic analysis macroeconomics is of much theoretical and practical importance.
1>To understand the working of the economy :The study of macro economic variable is indispensable for understanding the working of the economy ,our main economic problems are related to the be -level in the economy ,these variables are statistically measurable thereby facilitating the possible of analyzing the effects on the functioning of the economy ,as tinbergen observes,macroeconomic concepts helps in'making the elimination process understandable and transparent',for instance,one may not agree on the best method of measuring different prices ,but the gerneral prices level is helpful in understanding the nature of the economy.
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