Description

Macroeconomics is the application of economic theory to the study of the economy’s growth, cycle and price-level determination. Macroeconomics takes account of stylized facts observed in the real world and builds theoretical frameworks to explain such facts. Economic growth is a stylized fact of market economies, since England’s nineteenth-century industrial revolution. Until then, poverty was a common good for humanity. Economic growth consists in the persistent, smooth and sustained increase of per-capita income. A market economy shows periods of expanding and contracting economic activity. This phenomenon is the economic cycle. The price of money is the amount of goods bought with one unit of money, in other words, the inverse of the price level. Determination of the price level, or the value of money, is a fascinating subject in a fiat money economy.

Macroeconomic Theory: Fluctuations, Inflation and Growth in Closed and Open Economies

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Hardback by Fernando de Holanda Barbosa

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Macroeconomics is the application of economic theory to the study of the economy’s growth, cycle and price-level determination. Macroeconomics takes... Read more

    Publisher: Springer International Publishing AG
    Publication Date: 02/10/2018
    ISBN13: 9783319921310, 978-3319921310
    ISBN10: 3319921312

    Number of Pages: 456

    Non Fiction , Business, Finance & Law

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    Description

    Macroeconomics is the application of economic theory to the study of the economy’s growth, cycle and price-level determination. Macroeconomics takes account of stylized facts observed in the real world and builds theoretical frameworks to explain such facts. Economic growth is a stylized fact of market economies, since England’s nineteenth-century industrial revolution. Until then, poverty was a common good for humanity. Economic growth consists in the persistent, smooth and sustained increase of per-capita income. A market economy shows periods of expanding and contracting economic activity. This phenomenon is the economic cycle. The price of money is the amount of goods bought with one unit of money, in other words, the inverse of the price level. Determination of the price level, or the value of money, is a fascinating subject in a fiat money economy.

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