Macroeconomics and Economic Success
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In this article, the writer points out that dynamics and study are extremely important in economics because both developing and developed nations are beset with macroeconomic problems like inflation, stagflation, recession, mounting debt burden and so on. The writer discusses that finding feasible solutions to these problems and steering a nation towards economic success requires the in-depth study of the macroeconomics of that nation and the factors and forces which influence it. The writer concludes that macroeconomics affords a logical structure within which relevant techniques of intervention and formulation of appropriate macroeconomic policies can be devised in order to regulate and direct the nation on the path to economic success.
From the Paper:"Macroeconomics can prove to be useful for determining the economic well being of both poor and rich consumers who are affected by movements in rate of inflation, interest rates and exchange rates. When a nation's economic environment undergoes a change, all kinds of business have the possibility of either gaining or losing large amounts of money even if they have an extremely effective management at the helm. Macroeconomics helps businesses to stay prepared for such situations. Macroeconomics also has a role to play in the political process of a country which eventually contributes to the nation's economic success. It gives an idea to the voters about the intentions of the government as well as helps the government to avert economic crises like hyperinflation or depression. These extreme economic calamities which can wreak havoc on the society can be prevented if those at the helm of government decision-making put relevant economic principles into operation. Properly implemented policies which take macroeconomic models into account can in turn leads to economic success in the country. "
Sample of Sources Used:
- Barro, Robert J. (1997) "Macroeconomics" MIT Press.
- Diulio, Eugene A. (1997) "Schaum's outline of theory and problems of macroeconomics" McGraw-Hill Professional.
- Froyen, Richard T. (2008) "Macroeconomics: Theory and Policy" Prentice Hall.
- Montiel, Peter. (2003) "Macroeconomics in emerging markets" Cambridge University Press.
- N. A. (n. d.) "As Macro-Economics/International Economy" Retrieved 12 March, 2009 fromhttp://tutor2u.net/economics/revision-notes/as-macro-economic-growth.html
Cite this Analytical Essay:
Macroeconomics and Economic Success (2011, March 29) Retrieved September 25, 2020, from https://www.academon.com/analytical-essay/macroeconomics-and-economic-success-147409/
"Macroeconomics and Economic Success" 29 March 2011. Web. 25 September. 2020. <https://www.academon.com/analytical-essay/macroeconomics-and-economic-success-147409/>