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Fundamental Concepts of Macroeconomics

In: Economics for Environmental Studies

Author

Listed:
  • Alfred Endres

    (University of Hagen)

  • Volker Radke

    (State University Ravensburg)

Abstract

While microeconomics is interested in the behaviour of single economic agents and their coordination, macroeconomics is not in the first place. In macroeconomics, similar economic agents are aggregated to sectors and different goods are aggregated to index numbers like Gross Domestic Product. The reason for this is that macroeconomics deals with problems different from those of microeconomics. Firstly, economic growth is defined as an increase in real Gross Domestic Product over time. As a prerequisite for economic growth, an increase in an economy’s productive capacity is identified. Any growth in productive capacity requires investments in the productive stocks available. In neoclassical growth theory, the feasibility of unbounded growth is postulated. Secondly, the various purposes of national accounting are outlined. Based on the United Nations‘System of National Accounts (SNA), real Gross Domestic Product as a central flow concept of national accounting is defined. The procedure used in the SNA to account for the stock of national wealth is sketched.

Suggested Citation

  • Alfred Endres & Volker Radke, 2012. "Fundamental Concepts of Macroeconomics," Springer Texts in Business and Economics, in: Economics for Environmental Studies, edition 127, chapter 9, pages 125-137, Springer.
    • Handle: RePEc:spr:sptchp:978-3-642-31193-2_9
    DOI: 10.1007/978-3-642-31193-2_9
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