We explain what macroeconomics is and the variables it studies. In addition, the origin of the macroeconomic approach and the issues it covers.
Macroeconomics is an approach to economic theory that studies the global indicators of the economic process , emphasizing global variables such as:
That is, it is a comprehensive approach to the economy, contrary to the individual approach by economic agent proposed by the microeconomics .
Macroeconomics sets its interest in local, regional or global economies , paying special attention to indicators of high political impact and in everyday life, which allows us to understand the complex phenomena of economic and financial stability that intervene in the region.
For this, the macroeconomic approach uses measurements, statistics, and macromagnitudes that offer a general approach to various economic segments, such as the Gross Domestic Product (GDP), the Interest Rate or the Unemployment Rate.
The origin of this particular approach can be traced until 1936, the year in which the British John Keynes publishes his General Theory of employment, interest and money , a fundamental work in the history of the Western economy , as it contained an explanation of the so-called Great Depression of the 1920s.
The virtue of Keynes’ study, beyond that, was to break with the tradition of previous economists who accepted economic cycles as inevitable. According to him, fiscal and monetary policy could be used as tools to combat unemployment, thus generating a rise in production and tackling economic collapse. From then on, macroeconomics was considered a vital tool in the conduct of the destiny of nations
.Macroeconomics focuses its interest on a set of central issues for the economic performance of a region, of which the following stand out:
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