Studies & Degrees in Macroeconomics
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The study of Macroeconomics is an essential part of our society as it is used in both the government and the private sector. As defined, macroeconomics is the branch of economics that deals with the performance, behaviour, structure and decision making process of the entire economy, be it national, regional, or global. It is opposite to the other branch of economics called Microeconomics which, based on the term itself, deals with the smaller structures and details of an economy. Macroeconomics studies the aggregated indicators such as the GDP, price index, and unemployment rates for the experts to understand how the economy functions as a whole. This study also explains the relationship between the different concepts such as national income, inflation, unemployment, consumption, savings, investments, and international trade and finance. Also, there are 2 basic areas of research in this field: first, the causes and effects of short-run fluctuations on the national income; and the determinants of a long-run economic growth.
If you are to study macroeconomics, you must first go down to the basics. There are 2 schools of thought pertaining to macroeconomics – the Keynesian tradition and the Neo-classical tradition. The Keynesian Tradition came in first, which focuses on demand to explain the levels of unemployment and the business cycle. However, in today’s modern times, the Neo-classical Tradition is most often followed, but it is also patterned to that of the Keynesian tradition. Aside from the foundations, you must also take note of macroeconomics concepts for you to be familiar with. These concepts include: Principles of Macroeconomics, Economic Growth Theory, Business cycles and financial markets, credit markets, labor markets, theory of consumption, fluctuations, equilibrium models, credit restraints, international macroeconomics, macroeconomics management, macroeconomic policy, expenditures and cost of living, supply and demand, transition economy, market strategies and development strategies.
Macroeconomics programs in colleges and universities include quite a number of course subjects to tackle: Introduction to macroeconomics; Global Economy; Macroeconomic Models and Fiscal Policy; Macroeconomic Analysis; Macroeconomic Policy; Money, Banking, and Monetary Policy; Business cycles; Open Economy Models; The Market system; GDP and National Income; Price Determination; Unemployment; Inflation; Economic Growth; Industrial Organizations; International Trade and Restrictions; Exchange rates; and the international economy.
Building a career in the field of Macroeconomics is not that difficult as job opportunities in this field can be found in both the public and the private sector. First, students who are graduates of the Macroeconomics degree program can choose to be a part of the academe and teach economics as a professor or lecturer in colleges and universities. Others may also teach in lower levels of education as teachers in economics, mathematics and science. They may also seek employment in the government as macroeconomics is indeed a state’s priority. Moreover, graduates may also seek employment in the following fields: sales, finance, administration, consultancy, marketing, management, research, journalism, banking, investment banking, and venture capital. There are really a lot of job opportunities for economists in the world of professionals as economics is an essential part of an organization.