Adam Smith (1723 1790) Regarded as the father of modern
Economics. Author of Wealth of Nations.
Aggregate monetary resources Broad money without time deposits
of post office savings organisation (M3).
Automatic stabilisers Under certain s
We have so far talked about the national income, price level, rate of
interest etc. in an ad hoc manner without investigating the forces
that govern their values. The basic objective of macroeconomics is
You must have already been introduced to a study of basic
microeconomics. This chapter begins by giving you a simplified
account of how macroeconomics differs from the microeconomics
that you have known.