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modern macroeconomics started during
Macroeconomics descends from two areas of research: Business cycle theory and monetary theory.[1][2] Monetary theory dates back to the 16th century and the work of Martín de Azpilcueta, [ while business cycle analysis dates from the mid 19th.[2] [edit] Business cycles theory Beginning with William Jevons and Clément Juglar in the 1860s,[8] economists attempted to describe the cyclical activity of the frequent, violent shifts in economic activity.[9] The foundation of the National Bureau of Economic Research by Wesley Mitchell in 1920 marked the beginning of a boom in atheoretical
statistical models of economic fluctuation that led to the discovery of apparently regular economic patterns like the Kuznets wave.[10] Other economists focused more on theory in their business cycle analysis. Most business theories focused on a single factor,[9] such as monetary policy or the impact of weather on the largely agricultural economies of the time.[8] Business cycle theory was well established by the 1920s. However, work by business cycle theorists such as Dennis Robertson and Ralph Hawtrey had little impact on public policy.[11] Their partial equilibrium theories could not capture general equilibrium, where markets interact with each other; in particular, early business cycle theories treated goods markets and financial markets separately.[9] Research in these areas used microeconomic methods to explain employment, price level, and interest rates. ]
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Asked 4/13/2012 10:41:57 AM
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