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Lecture 2 - Economics 102 Lecture 2 An Overview of...

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1 Economics 102 Lecture 2 : An Overview of Macroeconomics LECTURE 2 AN OVERVIEW OF MACROECONOMICS 1 What will your world be like? What will your world be like? Will tomorrow’s world be more prosperous than today’s? Will jobs be plentiful? Will the cost of living be stable? Will the government’s and the nation’s deficits continue to increase? What macroeconomic policy tools does the government have to steer the course of the economy? LECTURE 2 AN OVERVIEW OF MACROECONOMICS 2 Origins and Issues of Macroeconomics Economists began to study economic growth, inflation, and international payments during the 1750s Modern macroeconomics dates from the Great Depression , a decade (1929-1939) of high unemployment and stagnant production throughout the world economy. John Maynard Keynes book, The General Theory of Employment, Interest, and Money , began the subject.
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