{"id":4069,"date":"2021-07-12T20:12:44","date_gmt":"2021-07-12T14:42:44","guid":{"rendered":"https:\/\/scholarsclasses.com\/blog\/?p=4069"},"modified":"2025-10-07T16:58:57","modified_gmt":"2025-10-07T11:28:57","slug":"features-of-macroeconomics","status":"publish","type":"post","link":"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/","title":{"rendered":"Features of Macroeconomics | (8 Features) Free Economics Blogs"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e4683bc0fbe\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e4683bc0fbe\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/#Features_of_Macroeconomics\" >Features of Macroeconomics<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/#Meaning_of_Macroeconomics\" >Meaning of Macroeconomics:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/#Definitions_of_Macroeconomics\" >Definitions of Macroeconomics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/#Features_of_Macroeconomics-2\" >Features of Macroeconomics<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/#1_Study_of_Aggregates\" >1)  Study of Aggregates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/#2_Income_Theory\" >2) Income Theory:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/#3_General_Equilibrium_Analysis\" >3) General Equilibrium Analysis:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/#4_Interdependence\" >4) Interdependence:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/#5_Lumping_Method\" >5) Lumping Method:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/#6_Growth_Models\" >6) Growth Models:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/#7_General_Price_Level\" >7) General Price Level:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/#8_Policy-oriented\" >8) Policy-oriented:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading has-text-align-center has-cyan-bluish-gray-background-color has-background\"><span class=\"ez-toc-section\" id=\"Features_of_Macroeconomics\"><\/span><strong>Features of Macroeconomics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Meaning_of_Macroeconomics\"><\/span><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">Meaning of Macroeconomics:<\/mark><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<blockquote class=\"wp-block-quote has-text-align-center is-style-default is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em><strong>Macroeconomics is the branch of economics that analyses the entire economy. It deals with the total employment, national income, national output, total investment, total consumption, total savings, general price level interest rates, inflation, trade cycles, business fluctuations, etc. Thus, macroeconomics is the study of aggregates.<\/strong><\/em><\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Definitions_of_Macroeconomics\"><\/span><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">Definitions of Macroeconomics<\/mark><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>1) J. L. Hansen <\/strong>&#8211; \u201cMacroeconomics is that branch of economics which considers the relationship between large aggregates such as the volume of employment, total amount of savings, investment, national income, etc.\u201d<br><strong>2) Prof Carl Shapiro<\/strong> &#8211; \u201c<a href=\"https:\/\/www.worldbank.org\/en\/topic\/macroeconomics\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.worldbank.org\/en\/topic\/macroeconomics\" rel=\"noreferrer noopener\">Macroeconomics<\/a> deals with the functioning of the economy as a whole.\u201d<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/microeconomic-definition\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/microeconomic-definition\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Microeconomic Definition | Historical Review of Microeconomics<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/scope-of-microeconomics\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/scope-of-microeconomics\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Scope Or Nature of Microeconomics<\/strong><\/a><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/features-of-microeconomics\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/features-of-microeconomics\/\" target=\"_blank\" rel=\"noreferrer noopener\">Features of Microeconomics<\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/importance-of-microeconomics\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/importance-of-microeconomics\/\" target=\"_blank\" rel=\"noreferrer noopener\">Importance of Microeconomics<\/a><\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Features_of_Macroeconomics-2\"><\/span>Features of Macroeconomics <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Study_of_Aggregates\"><\/span><strong><span class=\"has-inline-color has-vivid-purple-color\">1)  Study of Aggregates:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Macroeconomics deals with the study of the economy as a whole. It is concerned with the aggregate concepts such as national income, national output, national employment, general price level, business cycles, etc.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Income_Theory\"><\/span><strong><span class=\"has-inline-color has-vivid-purple-color\">2) Income Theory:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Macroeconomics studies the concept of national income, its different elements, methods of measurement, and social accounting. Macroeconomics deals with aggregate demand and aggregate supply. It explains the causes of fluctuations in the national income that lead to business cycles i.e. inflation and deflation.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_General_Equilibrium_Analysis\"><\/span><strong><span class=\"has-inline-color has-vivid-purple-color\">3) General Equilibrium Analysis:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Macroeconomics deals with the behaviour of large aggregates and their functional relationship. General Equilibrium deals with the behaviour of demand, supply, and prices in the whole economy.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Interdependence\"><\/span><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>4) Interdependence:<\/strong><\/mark><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The macro analysis takes into account interdependence between aggregate economic variables, such as income, output, employment, investments,  price level, etc. For example, changes in the level of investment will finally result into changes in the levels of income, levels of output, employment, and eventually the level of economic growth.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Lumping_Method\"><\/span><strong><span class=\"has-inline-color has-vivid-purple-color\">5) Lumping Method:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The lumping method is the study of the whole economy rather than its part. According to Prof. Boulding, \u201cForest is an aggregation of trees but it does not reveal the properties of an individual tree.\u201d This reveals the difference between microeconomics and macroeconomics.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Growth_Models\"><\/span><strong><span class=\"has-inline-color has-vivid-purple-color\">6) Growth Models:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Macroeconomics studies various factors that contribute to economic growth and development. It is useful in developing growth models. These growth models are used for studying economic development. For example, Mahalanobis growth model emphasized basic heavy industries.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_General_Price_Level\"><\/span><strong><span class=\"has-inline-color has-vivid-purple-color\">7) General Price Level:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Determination and changes in the general price level are studied in macroeconomics. The general price level is the average of all prices of goods and services currently being produced in the economy.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_Policy-oriented\"><\/span><strong><span class=\"has-inline-color has-vivid-purple-color\">8) Policy-oriented: <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-text-align-left\">According to Keynes, macroeconomics is a policy-oriented science. It suggests suitable economic policies to promote economic growth, generate employment, control of inflation, and depression etc.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/macroeconomics-meaning\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/macroeconomics-meaning\/\" target=\"_blank\" rel=\"noreferrer noopener\">Macroeconomics Meaning | Historical Review of Macroeconomics<\/a><\/strong><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/concept-of-macroeconomics\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/concept-of-macroeconomics\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Concept of Macroeconomics | Scope &amp; Nature of Macroeconomics<\/strong><\/a><\/li>\n\n\n\n<li><strong><a href=\"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/features-of-macroeconomics\/\" target=\"_blank\" rel=\"noreferrer noopener\">Features of Macroeconomics<\/a><\/strong><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/types-of-utility\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/types-of-utility\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Types of Utilit<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>\ud83d\udd17 Share our videos and channel with your friends, and help us grow this channel.<br>Learn the Chapters of Accounts from our playlist.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/rb.gy\/c9pmbq\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/c9pmbq\" target=\"_blank\" rel=\"noopener\">Issue of Shares<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/3f7zhl\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/3f7zhl\" target=\"_blank\" rel=\"noopener\">Bills of Exchange<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/v5flhj\" target=\"_blank\" rel=\"noopener\">Dissolution of Partnership Firm<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/jpjgd8\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/jpjgd8\" target=\"_blank\" rel=\"noopener\">NPO<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/nhy2xy\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/nhy2xy\" target=\"_blank\" rel=\"noopener\">Analysis of Financial Statement<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/rb.gy\/nhy2xy\" data-type=\"link\" data-id=\"https:\/\/rb.gy\/nhy2xy\" target=\"_blank\" rel=\"noopener\">Admission of Partner<\/a><\/li>\n\n\n\n<li>Information Technology <a href=\"https:\/\/www.youtube.com\/playlist?list=PLGiOLU46prNe6tQIJakepd3uGvatQyBUe\" data-type=\"link\" data-id=\"https:\/\/www.youtube.com\/playlist?list=PLGiOLU46prNe6tQIJakepd3uGvatQyBUe\" target=\"_blank\" rel=\"noopener\">Lectures<\/a>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":4075,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[1858],"class_list":["post-4069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-misc","tag-features-of-macroeconomics"],"_links":{"self":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/4069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/comments?post=4069"}],"version-history":[{"count":2,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/4069\/revisions"}],"predecessor-version":[{"id":39115,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/4069\/revisions\/39115"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media\/4075"}],"wp:attachment":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media?parent=4069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/categories?post=4069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/tags?post=4069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}