You’ve all heard the term before, countless times no doubt. But what does it really mean? Well, the biggest clue is in the title. MACROeconomics is a branch of economics that looks at the economy as a whole, specifically, at its structure, performance, and behaviour. It does so by considering aggregate changes to phenomena like gross domestic product (GDP), inflation, price indices, national income and unemployment rates.
Macroeconomics seeks an understanding of exactly what drives an economy and how its performance can be improved. Its exponents, thus, are concerned with questions like: which factors cause unemployment? How can economic growth be stimulated? And what drives inflation? The models, theories, and forecasts that these interrogations throw up often inform governmental economic policy. So yes it’s pretty important.
Top Career Paths: Macroeconomics and Monetary Economics
Studying macroeconomics opens doors to many different jobs down the line. Companies are always looking for people who understand a bit about the world and how it functions, particularly when it comes to economics, remaining, as it does, one of the most revered disciplines of the age (for better or worse). If you have specialised in a particular area of economics, then you can use this information to narrow down your options to the kind of roles which will best fit your skills and interests.
Is it time to bin GDP?
Gross Domestic Product, or GDP, is the sum of all goods and services that a country produces in a given year, adjusted - to make it comparable to previous years - for inflation. In many ways, though, it has become much more than that. It has become the barometer of a country’s progress, an indicator of a land’s prosperity, and the ultimate yardstick for assessing living standards. Some have even gone as far as describing it as 'the statistic to end all statistics'. When growing (at expected rates), politicians refer to it as proof of the success of their policies.
Opportunity to Provide Expertise at the European Parliament - Interview with Alexandre Mathis
Parliamentary Research Administrator, Alexandre Mathis, kindly sat down with INOMICS to discuss his work and call for applications from economists to help advise on the EU Budget. Alexandre explained to us in more detail what he does and what exactly it is the European Parliament is looking for. Apply to work for the European Parliament!