The Probert Encyclopaedia of Money

MACROECONOMICS

Macroeconomics is the study of economic aggregates and their relationships to, for example, money, employment, interest rates, government spending, investment, and consumption. John Keynes is widely credited with the foundation of macroeconomics since he sought to explain that even if the economy is operating efficiently at the microeconomic level, unemployment and recession may still occur at the macroeconomic level, because of the lack of coordination between markets. Modern macroeconomics may be summarized as an attempt to assess the validity of this proposition and to establish what role, if any, the government should play in the economy.
Research Macroeconomics