It is imperative to understand the principles of
macroeconomics, in order to comprehend the rapidly changing macroeconomic
environment, day to day economic developments (that you read about in national
and international online and print media), the recent and current economic
performance and behavior of your respective economies and the global economy
and better understand what policymakers, economists and experts have to say
about substantive macroeconomic issues such as GDP, inflation, interest rates,
recession etc. Further, an understanding of the principles of macroeconomics will
prove very useful for career advancement and/or making prudent and well-informed
financial, business, strategic, managerial, marketing, sales, economic,
consumption and/or savings related decisions in a milieu of rising economic
uncertainty.
Principles of macroeconomics includes core
concepts such as gross domestic product, consumer spending, private investment,
aggregate demand and aggregate supply, business cycles, inflation and
unemployment, monetary policy, fiscal policy, exchange rates and balance of
payments, economic growth etc.
If you wish to learn the principles of
macroeconomics on your own and have no, little or inadequate background of economics,
then I would suggest that you take up an online course or a book that explains
the core concepts of macroeconomics in a non-mathematical and digestible
manner. Avoid online courses or books on principles of macroeconomics that are
too technical or mathematical (unless you want to be an economist), as you
could unnecessarily get caught up in equations and technicalities. Instead,
focus on an online course or a book that is more practical, non-technical and
easy to understand. You can search for an online course in macroeconomics
(introductory or foundation level) or buy a book online – there are several options available on the internet.
Another point worth keeping in mind is that if
you wish to learn the principles of macroeconomics, do also try to
simultaneously read about economic developments in key economies – US, UK, Eurozone, Japan and
China – and in your own economy, so that you can relate what you study with
what is happening in the ‘real world.’
Blog by:
Sher Mehta
CEO and Chief Economist
No comments:
Post a Comment