RIJE Discussion Paper 87-F-12 What is Macroeconomics? --- Knut Wicksell and Macroeconomic Analysis --- by Katsuhito Iwai Faculty of Economics, University of Tokyo October 1987 1 . What is Macroeconomics? --- ...
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...Rije discussion paper f what is macroeconomics knut wicksell and macroeconomic analysis by katsuhito iwai faculty of economics university tokyo october the answer to this question seems at first trivial definition a branch which investigates relationship among variables such as national product total employment monetary aggregate general price like it contrasted with microeconomics describes optimizing decisions individual economic agents way they are balanced each other in vast number markets for goods services if however distinction between only that former deals latter microeconomic then why do we need distinct theoretical subject isn t sufficient have theory relegating handling statistical manual tells us how data merely name aggregated or worse sloppy those who cannot handle more than two same time no means self evident enterprise indeed one most influential economists today recently condemned keynesian be precise surrender temptation relieving discomfort induced discrepancies fac...