CBSE Class 12-commerce Answered
Emergence of macro economics
Asked by amal2001tr | 18 Sep, 2018, 09:50: PM
Expert Answer
Emergence of Macroeconomics
- Macroeconomics emerged as a separate branch of economics after the British economist John Maynard Keynes published his book the General Theory of Employment, Interest and Money in 1936.
- Earlier, the classical economists held the view that in a free economy, there would always be full employment.
- Their analysis of economic problems only focused on micro issues such as price determination across different markets and allocation of resources.
- But this classical approach of full employment does not work during the Great depression of 1930’s.
- It was then that Keynes have emphasised the issues relating to depression and unemployment. This led to the evolution of macroeconomics as a branch of economics.
Answered by Tharageswari S | 19 Sep, 2018, 08:19: AM
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