ECON 2 Lecture Notes - Lecture 1: Macroeconomics, International Trade, Microeconomics
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Document Summary
Macroeconomics focuses on understanding the world around us as a whole, which differs from microeconomics which focused on individuals. Data paints us a picture of what the world actually looks like. The theory is how to understand and fix it. Theory tells us if we do something, what"s the result of that. Most people have ignorance of the real world. People don"t quite understand what the world actually looks like. They focus on the problems of the world and don"t see the averages. There are a few recommendations in the syllabus, any of the last couple of editions should be fine. Subscribing to these data sources (bea and bls) is more relevant to your daily life in the future than any textbook could be. Textbooks don"t update automatically like digital subscriptions can. Homework due sun 11pm, don"t do last minute. If nothing changes (a big assumption), we will pay 70% income tax late in life.
