Macro Economics

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    • Name of the Textbook: समष्टि अर्थशास्त्र (Macro Economics)
    • Edition: Dr. J.P. Mishra
    • Publisher: Sahitya Bhawan Publications
    • ISBN: 978-93-89797-37-4
    • Language: English
    • Book: New

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UNIT I: Concept and scope of Macro Economics; Macroeconomic Paradoxes: wage-employment paradox and the paradox of thrift, The Circular flow of income and expenditure. The Analysis and Measurement of Economic Activity–National Income Accounting: Concept and Definitions of National Income. Various components of National Income, Methods of Measurement of National Income and Welfare.

Unit II: Classical Macroeconomic Models—Say’s Law, Quantity Theory of Money, Wage-Price Flexibility, and Full employment. Aggregate Expenditure–Consumption Function: Concepts of propensities of consumption and saving. Absolute Income Hypothesis, Relative Income Hypothesis; Consumption Puzzle, and Permanent Consumption Hypothesis. Investment Function: Types, Marginal Efficiency of Capital (MEC), and Marginal Efficiency of Investment (MEI).

Unit III: The Concept of Multiplier; National Income Determination in an Open Economy IS-LM Analysis–Derivation of IS and LM Functions; Joint determination of National Income and rate of Interest and Shift and IS and LM Curves.

Unit IV: Theory of Inflation–Meaning, types and measurement, Demand-Pull, and Cost-Push Inflation. The Philips Curve, Effects of Inflation, Anti-Inflation Policies – Monetary and Fiscal Policies. Business Cycles – concept, types, and phases; Keynes, Hawtrey, Hicks Models.


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