The Economist defines macroeconomics as the big picture: analysing economy-wide phenomena such as growth, inflation, and unemployment. This is in contrast to microeconomics, the study of the behaviour of individual markets, workers, households, and firms.
The Economist goes on to say:
“Although economists generally separate themselves into distinct macro and micro camps, macroeconomic phenomena are the product of all the microeconomic activity in an economy. The precise relationship between macro and micro is not particularly well understood, which has often made it difficult for a government to deliver well-run macroeconomic policy.”
Atlas topic, subject, and course
The Economist, Economics A-Z, at http://www.economist.com/economics-a-to-z/m#node-21529449, accessed 30 April 2016.
Page created by: Ian Clark, last modified 30 April 2016.