Technology and globalization have increased incomes

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Unformatted text preview: increased incomes for many individuals, but have also been responsible for a large amount of job losses. How do we construct policy to make everyone better off, and not just some? How do we reshape education to ensure the low income families can gain employment today? Ryan W. Herzog (GU) Chapter 1: Introduction Spring 2014 7 / 24 Efficiency and Equality Productivity (figure 1.1) Figure : Productivity Ryan W. Herzog (GU) Chapter 1: Introduction Spring 2014 8 / 24 Macroeconomics Macroeconomics Macroeconomics is the study of the aggregate economy (the collective actions of all households, firms, and governments). Macroeconomists study the business cycle (ups and downs of the economy), long-run growth, and the role of governmental policies. In macroeconomics we will look at how aggregate output, inflation, and unemployment have changed over time and why. We will placed added emphasis on the role policymakers have in determining these variables. Ryan W. Herzog (GU) Chapter 1: Introducti...
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