HW1.Macroeconmics.Unemployment, Inflation and Growth.doc

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ECON 104
Valerie Voorheiis

Worksheet 1What is MacroeconomicsUnemployment Inflation and GrowthIntroduction to MacroeconomicsEcon 104a c Fall 2013Due September 20thPlease upload your assignment into the Moodle assignment box for worksheet one1Economics is a social sciencebriefly describes how morality judgment and opinion coexist with statistics and logic Good moral fiber sound judgments and informed opinions go handinhand with sound economic decisions If a morally strong leader oversees an economy it will be more likely to prosper than to fail These values can coexist with statistics and logic primarily due to the nature of logic Morality and logic are not synonymous but are very closely related In nearly every case the logically correct answer to a problem will be the morally correct answer so it is not surprising that the two coexist in the world of economics 2What are different paradigms in economicsGive an example these different perspectivesSome of the paradigms of economics arePolitical Economyeconomic system with social institutions Orthodox Neoclassical Economicsexplains capitalismMarxian EconomicsPolitical economy it criticizes capitalismInstitutional EconomicsBridges Neoclassical and Marxian economics 3What is macroeconomicsWhen did it become important in economicsMacroeconomics is the study of the operation and healt
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