One of the most important skills of the economist, therefore, is that of simplification of the model. Two important methods of simplification have been developed by economists. One is the method of partial equilibrium analysis (or microeconomics), generally associated with the name of Alfred Marshall and the other is the method of aggregation (or macro-economics), associated with the name of John Maynard Keynes.
[There is] a delusion that macro-economics is both viableanduseful (a delusionencouraged by its extensive use of mathematics, which must always impress politicians lacking any mathematical education, and which is really the nearest thing to the practice of magic that occurs among professional economists).
We’re living in a Dark Age of macroeconomics. Remember, what defined the Dark Ages wasn’t the fact that they were primitive the Bronze Age was primitive, too. What made the Dark Ages dark was the fact that so much knowledge had been lost, that so much known to the Greeks and Romans had been forgotten by the barbarian kingdoms that followed.paul krugman
It is likely that many modern economists would have no difficulty accepting Hayek's statement of the problem (of macroeconomics) as roughly equivalent to their own. Whether or not this is so, I wish … to argue that it should be so, or that the most rapid progress toward a coherent and useful aggregate economic theory will result from the acceptance of the problem statement as advanced by Hayek .
A central concern of macroeconomics is the upswings and downswings in the level of real output called the business cycle. The business cycle consists of alternating periods of economic growth and contraction. Business cycles are inherent in market economies.Irvin Tucker
macroeconomics deals with national aggregates like gross national product, employment, price levels, consumption and investment, money supply and demand, balance of payments, and so on.
macroeconomics is the branch of economics that deals with the whole economy and the big picture. The behavior of smaller units within the economy including households, firms, and consumers is covered within microeconomics .
Our new economic approach is rooted in ideas which stress the importance of macro-economics, post neo-classical endogenous growth theory and the symbiotic relationships between growth and investment, and people and infrastructure.gordon brown
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