How do you view yourself as an economist in light of the topics covered in this...

How do you view yourself as an economist in light of the topics covered in this course? (MARCO ECONOMICS) any topic of that subject

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Beyond the completion of this course, we begin to think about how economy works. The moment we buy a commodity as simple as bread, many questions come to our mind. The best part is, along with these questions we get spontanious answers too by ourselves. Is bread a finished good? What will be the effect on AD or AS under certain circumstances. How will economy adjust itself if people begin to demand more and so on.

Macroeconomics is the study of economy as a whole. We study how small alteration in a policy, demand, supply, tax system etc can bring out a big change. Following are some perceptions of mine, on topics covered in this course.

1. Understanding Economic Development

Being a student of Macroeconomics, we tend to thing about economic structure of various countries. The developed and undeveloped ones. The way they deal with inequality, poverty and other factors which hampers economic growth. We are provided with certain formulas to calculate their net effect on an economy and helps us to compare with other ones. FOr example - Gini Coeffiecient, Lorenz Curve, National Income, GDP Growth, Purchasing Power Parity etc.

2. Inflation

Changes in the value of money may enable us to purchase more of a good with same amount of money and might end up having the less of those goods with same amount. When we end up having less of that good this shows inflation while deflation is the case when more of that good can be purchased. This also effects value of currency along with Value of imports and exports.

3. Calculation of Economic Growth

With the help of tools like, National Income, GDP Index, growth rate etc. We get a better idea of where our economy is going. Whether it is going towards the development or not. Along with this several other methods are also taken into account to ensure not only monetary improvement but welfare as well. This includes several indices as Green GDP, Child Development Index, Ease of doing business index, Education Index etc

4. Formation of policies

The government of every nation frames policies with the help of bureaucrats of economics, who have studied the behaviour of the economy well. This course has helped me to understand them well. Understanding something is the first step to follow the same.

Thus, Macroeconomics not only changes the perception towards the economy but also helps to understand things well.

Rahul Sunny answered 2 years ago

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How do you view yourself as an economist in light of the topics covered in this...

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