Micro‐ and Macro‐Economics
Bibliographic Data
| ID | 23568220 |
|---|---|
| Authors | Carlo Martini (0000-0001-9061-8020, University of Helsinki, corresponding author) |
| Year | 2017 |
| Pages | 1-10 |
| Publication date | 2017-12-04 |
| Open Access | Yes |
| Type | CHAPTER |
| Venue | Wiley Blackwell Encyclopedia of Social Theory (SOURCE_BOOK) |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/9781118430873.est0223 |
| OpenAlex | W3113149287 |
| ISBN | 9781118430873 |
| Language | EN |
| References cited | 9 |
Micro‐ and macro‐economics are two of the main branches of economic science, together with economic history, experimental economics, and econometrics. Their difference is primarily a matter of scale: Micro‐economics studies the micro‐scale of economic phenomena, while macro‐economics studies the macro‐scale. While micro‐economics studies how individuals make market decisions in order to satisfy their needs and wants, given the availability of only limited resources, the essential goal of macro‐economics is to look at the global effects of those individual choices. Macro‐economics, in particular Keynesian economics, studies macro‐phenomena in their own respect, trying to detect patterns of relations between measured macro‐economic variables. The choices of billions of single individuals, united in a complex and layered structure of families, firms, governments, and national and international institutions, cause effects at the macro‐level that can be hard to trace back to individual decisions; the goal of the microfoundations literature is to try to connect micro‐ with macro‐economics.
Applied economics · Economic impact analysis · Economics · Macro · Macro level · Macroeconomics · Micro level · Microeconomics · Microfoundations · Neoclassical economics · Public economics · Scale (ratio) · Schools of economic thought · Computer Science · Economic theories and models · Economic Theory and Institutions · Economic Theory and Policy
| Highly cited | No |
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