BASIC MACROECONOMICS- I course introduces the students to principles of economics, how people make decisions, how to think like an economist etc,. Besides, students can understand the interplay between macroeconomic issues, targets and instruments along with introduction to National Income Accounting, sectoral classification of the economy, Social Accounting Laws, and measurement of macro variables and economic performance. This course gives the students a strong base to become policy makers of an economy with ability to measure the quality of life and Net Economic Welfare, Green Income etc. The study of real economy in the long, money and prices in the long run helps the students to participate in the macroeconomic policy decisions of the nation as a whole. It also helps in formal modelling of a macro-economy in terms of analytical tools. It discusses various alternative theories of output and employment determination in a closed economy in the short run as well as medium run, and the role of policy in this context. It also introduces the students to various theoretical issues related to an open economy.
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