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Unformatted text preview: increased incomes for many
individuals, but have also been responsible for a large amount of job
How do we construct policy to make everyone better oﬀ, and not just
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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- Spring '09