Macroeconomics considers the performance of economy as a whole. Many macroeconomic issues emerge in press and on evening news on a daily basis. When we study macroeconomics we are looking at topics such as the economic growth; changes in employment, inflation; and the unemployment, our trade performance with the other countries the relative success or the failure of government economic policies and decisions made by Bank of England.

Economic Growth - trends in the national output and the living standards.

Unemployment - causes and the consequences of unemployment and reasons for changing structure of work force.

Inflation - economics of the price inflation - who loses, who gains and what can we do about the inflation?

International trade - does the UK pay its way in the trading with other countries?

Interest rates - should the interest rates fall or rise? How do changes in the interest rates affect the consumers and the  businesses in economy

OBJECTIVES OF THE GOVERNMENT ECONOMIC POLICY

Government management of economy is always a key biased issue - not least at the election time, when government must defend its economic record over previous four-five years. Each government must set the targets and the objectives when it assumes the power - and often, the economic objectives lie right at heart of a government's overall approach.

LABOR GOVERNMENT HAS SOME CURRENT OBJECTIVES:

1) The Stable low inflation with the prices rising at a rate within target range of 1.5% - 2.5% per year.

2) The Sustainable growth - as calculated by the rate of growth of the real Gross Domestic Product.

3) Higher levels of the investment and the productivity - to improve the international competitiveness.

4) The High employment - government wants to achieve the full-employment.

5) The Rising living standards and a fall in the relative scarcity.

6) Sound government finances (including the control over the government borrowing and national debt)

IMPORTANCE OF MACROECONOMICS

We live in a complex and the interconnected world. No one is unaffected by economy. Most of us depend on economy to provide the job or the business opportunities so we can make money to buy services and goods we need to survive and function in the modern society. The study of the macroeconomics allows us to better understand what makes the economy grow and what makes it agreement. A growing economy provides the opportunities for the etter lives, while a contracting economy can be disastrous for the most everyone. The Macroeconomics provides analysis for the proper policy making so that we can nurture and develop the best economy possible.

PRINCIPLES OF MACROECONOMICS

Macroeconomic study focuses on three broad areas and the interrelationships between them. These three concepts affect all participants in an economy, including consumers, workers, producers, and government. Let's look at each of these concepts.

 NATURE OF MACROECONOMICS:

The Macroeconomics is study of averages or aggregates covering entire economy, such as the total employment, national output, national income, total consumption, total investment, aggregate supply, total savings, general price level, aggregate demand, cost structure and wage level.

In the other words, it is the aggregative economics which examines interrelations among a range of aggregates, their determination and the causes of the fluctuations in them. Thus in words of Professor Ackley, "Macroeconomics deals with the economic affairs in large; it concerns the overall dimensions of the economic life. It looks at total shape and size and functioning of "elephant" of the economic experience, rather than the working of articulation or dimensions of individual parts. It studies character of forest, independently of trees which compose it."

LIMITATIONS OF MACROECONOMICS:

There are, however, certain boundaries of the macroeconomic analysis. Mostly, these stem from the attempts to yield the macroeconomic generalizations from the individual experiences.

(1) Fallacy of Composition:

In Macroeconomic analysis "fallacy of the composition" is involved, i.e., the aggregate economic behavior is sum total of the individual activities. But what is true of the individuals is not necessarily true of economy as a whole.

(2) To Regard the Aggregates as Homogeneous:

The main defect in the macro analysis is that it regards aggregates as the homogeneous without caring about their internal composition and the structure. The average wage in a country is sum total of the wages in all the occupations, i.e., typists, wages of clerks, nurses, teachers, etc.

(3) Aggregate Variables may not be Important Necessarily:

The aggregate variables which form economic system may not be of much importance. For instance, national income of a country is total of all the individual incomes. A rise in the national income does not mean that the individual incomes have risen.

 (4) Indiscriminate Use of Macroeconomics Misleading:

An indiscriminate and the uncritical use of the macroeconomics in analyzing problems of real world can often be the misleading. For instance, if the policy measures needed to accomplish and maintain the full employment in economy are applied to the structural unemployment in the individual firms and the industries, they become the irrelevant. Similarly, measures aimed at controlling the general prices cannot be applied with the much advantage for the controlling prices of the individual products.

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