What is macroeconomics?
–> the study of the economy as a whole, and the variables that control the macro-economy.
–> the study of government policy meant to control and stabilize the economy over time, that is, to reduce fluctuations in the economy.
–> the study of monetary policy, fiscal policy, and supply-side economics.
Is macroeconomics the same for all countries?
–> the major variables describing the macro-economy are the same.
–> the three major policy approaches are the same
–> but the quality to which these policies are applied differ from one country to another; this because the political process from which these policies emerge are unique to each country.