Macroeconomics is that branch of the economics which deals with the aggregate problem of the economics like national income, unemployment rate, inflation rate. For example- an individual buying a bundle of goods is not a macroeconomic problem, but hoe inflation rate affect an American household is a macroeconomic problem. The importance of macroeconomics can be seen by the fact that it is based on pure observation and reflect the pure condition of an economy, like the per capita income, inflation rate and unemployment rate are the parameters on which different countries compare each other. World Bank and other international financial intermediaries look at the per capita income of a country to decide if it's a poor country or rich.
The government methods to stabilize the economy of a country like fiscal and monetary policies are the part of the macroeconomics. Both the policies have different effect on an economy in that case macroeconomics concepts become useful to determine which policy to be used in different scenarios, because fiscal policy affect the government expenditure and the tax rate charged by the government on the other hand monetary policy controls the money supply the country. The exchange rate whether to keep it fixed or flexible is another important macroeconomic concept for example in 90's when Indian government decided to make its exchange rate flexible it improved their trade deficit. Therefore, the importance of macroeconomics can't be ignored in pretext to the world economics.
Difficulties encountered in macroeconomics problem or assignments?
There are many problems encountered while solving macroeconomics problem and college assignments .One of the most frequent problem faced by the students while dealing with the macroeconomics is the calculation of national income, because it can be calculated with the three methods which are-
- Value added method
- Income method
- Expenditure method
All of these methods will give the same answers but they use different ingredients to calculate national income. For example- value added method is the aggregate of goods and services produced in given a year, income method is the sum of the income received by all the factors of production and expenditure method is the sum of consumption expenditure, government expenditure, investment expenditure and exports (C+G+I+X). Therefore selecting the ingredients from a question to a given questions creates a lot of problems for the students. Another difficult topic for students is the IS-LM framework which decides the interest rate and the level of output in the economy, IS gets shifted due to the fiscal policies of the government and LM reflects the monetary decisions of the governments. The intersection of the IS-LM curves decides the interest rate of the economy and aggregate demand (AD), the problem faced by the students in this scenario is where will the IS-LM curves shifts due to a given change in the government policy.
Few important tips to solve problems of macroeconomics-
The key to solving macroeconomics problems which are basically numerical is practice, the more a student practice these problem the more efficient he/she will become, as there is an old saying "practice makes the man perfect". For example in National Income accounting only learning the formulas to calculate the national income is not going to help understanding all the three methods and why they give the same Net National Product (NNP)? Gives a better understanding of the topic. The importance of depreciation, net indirect taxes (taxes - subsidies) and net factor income from abroad (NFIA) can't be ignored while calculating national income for example subtracting depreciation from the Gross Domestic Product (GDP) gives Net Domestic Product (NDP), adding NFIA to NDP gives Net National Product (NNP) in most of the cases NNP is calculated at market price, thus subtracting net indirect taxes from NNP at market price gives NNP at fixed cost which is also known as National Income, these are some useful tips which come handy while solving national income accounting. Another important tips for students is to keep aggregate demand supply separate from demand and supply in macroeconomics, because macroeconomics assumptions does not hold true in macroeconomics.
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