Macroeconomics remember political economists

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Macroeconomics Remember: “political economists” – recognition of close ties btw politics and economics while Europe’s economy evolve from feudalism toward capitalism Mercantilists – (Britain 1600s) emphasize the importance of international trade to national economic development; wealth = large trade surplus Physiocrats – (France 1700s) trace flow of money through relationships btw different sectors of the economy Adam Smith – Wealth of Nations 1776; deregulation of markets, expansion of trade + policies to protect
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Digression: Development of Macroeconomics Classical Period : 18th century – industrial revolution Stressing the issues of growth and development based on an image of smoothly-functioning markets. Specialization/division of labour + laissez faire Great Depression, Keynes and Monetarism Aggregate demand is important, need to use fiscal policy to keep demand and employment at high levels – Keynes Governments should only aim for steadiness in the money supply via monetary policies -
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Digression: Development of Macroeconomics Economics and Politics Theory
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