Who is the father of macro economic's ?
Introduction:
Macroeconomics is the study of the economy at a large scale, including factors such as inflation, unemployment, and economic growth. The father of macroeconomics is John Maynard Keynes, a British economist who lived during the 20th century.
Keynes' contributions to macroeconomics:
1. Keynesian economics: Keynes was the founder of Keynesian economics, which is a school of thought that emphasizes the role of government intervention in the economy to stabilize economic activity.
2. The General Theory of Employment, Interest, and Money: Keynes' most famous work is The General Theory of Employment, Interest, and Money, which was published in 1936. In this book, Keynes argued that the economy could sometimes become stuck in a state of high unemployment and low economic activity, which he called a "liquidity trap". To get the economy out of this trap, Keynes recommended government spending and monetary policy to stimulate demand and increase economic activity.
3. Macroeconomic models: Keynes developed a number of macroeconomic models that are still used today, including the Keynesian cross and the IS-LM model.
4. Fiscal policy: Keynes argued that government spending could be used to stimulate the economy during times of recession. This idea has been used by governments around the world to combat economic downturns.
5. Monetary policy: Keynes also argued that central banks could use monetary policy, such as adjusting interest rates, to stimulate economic activity.
Conclusion:
John Maynard Keynes is widely regarded as the father of macroeconomics due to his contributions to the field. His ideas about government intervention in the economy and the use of fiscal and monetary policy to stimulate economic activity have had a lasting impact on macroeconomic theory and practice.
Who is the father of macro economic's ?
Adam Smith was first to bring the concepts of economics..... but John Keynes is supposed to be called as father of micro economics
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