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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Produktdetaljer
ISBN
9783319921327
Publisert
2018
Utgiver
Vendor
Springer
Språk
Product language
Engelsk
Format
Product format
Digital bok
Forfatter