Macroeconomics is one of the branches of economics that deals with the aggregate economy and the behavior related to the economy in regards to regional, national, and international levels. On the other hand, microeconomics is entirely concerned with individual behavior and the decisions made by individuals.
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What Is Macro-Economics?
The basic purpose of macroeconomics is to study and to understand the economy as a whole to check how it exactly works. Macroeconomic also helps the economy to grow as per the requirements and good for the national and international economy. It helps the economy to stay in the right direction. Macroeconomics is unlike other academic subjects, here you cannot perform experiments just as you do in the field of science. In macroeconomics, you have to wait for the results and to observe the same to get the level of accuracy and wait for better results. The main elements of macroeconomics are to ensure the growth of the economy along with the fair income distribution, and full employment.
What Are the Objectives of Macroeconomics?
Let’s see some of the basic objectives of macroeconomics that can help students to get the right understanding of the macroeconomics along with the purpose.
- It is an objective of the macroeconomics is to enhance and sustain the economic group of the country.
- The objectives of macroeconomics should include lowering inflation throughout the economic year.
- Lowering the unemployment throughout the economy is one of the basic objectives of macroeconomics usually less than 3% unemployment is always considered as full employment.
- Low inflation is another objective of macroeconomics where it tries to sustain the price levels effectively and efficiently. The rate of inflation is determined by the change in inflation over the period.
- Another purpose of macroeconomics is to give a satisfactory balance of payments while avoiding the large deficit on the current account balance of payments.
- It is important in macroeconomics to stable the exchange rate and to avoid the devaluation of the same.
- It is important to avoid inequality regardless of any case.
- One of the important in the last objective of macroeconomics is to protect the environment which is much necessary for the long-running economic growth of the country.
Conflicts of Macroeconomics
- One of the conflicts among the objectives of macroeconomics is economic growth versus inflation. It is important to know if there is a rapid increase in economic growth there are more chances of inflationary pressure to increase. It has been observed that a quick growth in the economy disturbs to organisations to employ effectively skilled labors. It is also important to note down that as the demand surpasses the supply, the firms respond by shortages while increasing the prices.
- Economic growth versus Balance of payments is one of the basic conflicts in macroeconomics. Another conflict in macroeconomics is that, when there is an increase in economic growth, it results to provide a deficit in the current account. This happens as consumers start spending more which automatically rises the spending in import. One of the disadvantages of higher economic growth is that it can increase inflation and academic less competitive exports.
- Economic growth versus budget deficit, in such a case government can reduce the budget deficit where it required higher taxes along with the lower spending. This act of tightening the fiscal policy will lower the economic growth and inflation at the same time. Similarly, if the government wants to increase the economic growth it can expand the fiscal policy accordingly.
- Economic growth versus the environment is another strong conflict in macro-economics. High GDP will result in increasing the level of pollution and decreases the consumption of reusable resources. However, there are certain ways to enhance economic growth without hurting the environment.
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Macro-economics is one of the best and basic tools for the authorities to maintain the economy effectively and efficiently throughout the economic year. It helps the countries to maintain and enhance their national and international economy significantly.