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What is Macroeconomics?

In: Monetary Theory and Thought

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  • Lawrence R. Klein

Abstract

Some economists are reported to claim that there is no such thing as macroeconomics in its own right. There is microeconomics, which is correctly reasoned and which can be summed appropriately, in order to derive statements about the macroeconomy. In my own University, there is a tragic state of affairs, by virtue of the democratic principle of majority rule, which sought to permit a beginning student to get credit for one semester of microeconomics without successfully completing a semester of macroeconomics but not to get credit for a semester of the latter without successfully completing a semester of the former. Students were formerly required to complete both semesters in order to get credit, and there was an attempt to obtain relaxation of this rule in a non-symmetrical fashion. Sometimes, democracy can produce strange results. Eventually the forces of reason were victorious but only after a temporary vote against macroeconomics.

Suggested Citation

  • Lawrence R. Klein, 1993. "What is Macroeconomics?," Palgrave Macmillan Books, in: Haim Barkai & Stanley Fischer & Nissan Liviatan (ed.), Monetary Theory and Thought, chapter 3, pages 35-54, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12535-7_3
    DOI: 10.1007/978-1-349-12535-7_3
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