In this particular aspect of macroeconomics we will discuss two major aspects of macroeconomics which have serious emperical implications. These aspects are related to the problems of achieving and sustaining a reasonably high growth rate of economy and preventing the recurrence of business cycles. The growth related issues, in themselves, make a vast subject of study under a different branch of economics, called ‘Economics of Growth”. However, our basic objective here is to present a brief discussion on the growth factors and the eminent modern theories of economic growth, therefore, we discuss here also the theories of business cycles and the measures to stabilize the economy. We will substantiate our discussion on the theories of economic growth and business cycles with the practical problems faced by different countries during different phases of their economic growth.
Achieving and maintain a reasonably high rate of economic growth has been one of the most important objectives of most countries of the world, especially after the Second World War. While some countries-grouped as developed countries (DCs)-did succeed in attaining and maintaining a high power growth rate over a period of time, some other countries-known as less developed countries (LDCs)-have achieved a low growth rate. For instance, during the 19th and the 20th centuries per capita GDP increased more than 16 times in Norway. On the other hand Ghana had nearly zero growth in its per capita GDP during period. The growth economists have attempted to answer these questions and, in this process, have developed theories of economic growth.
The economic history of the world economy is essentially the history of business cycles-economic ups and downs, booms and slumps, prosperity and depression. In fact, business cycles have characterized the free enterprise industrial world over the past one and a half centuries. However, since the Great Depression of 1930s had not repeated itself until over a period of 80 years. Besides, if frequent and violent fluctuations are not taking place in the world economies, it is mainly because of government’s stabilization policy measures. Yet, the worldwide inflation of 1970s, one hand, depression like conditions, one the other, are strong warnings against the complacency towards the dangers of economic crises. For this reason it is important for the individual households, firms and the government to understand the nature and causes of business cycles so that the adverse effects of recession could be minimized if not prevented.
Some of the main topics that are provided in this particular aspect are:
1. controlling business cycles
2. fiscal policy measures
3. government and economic growth
4. meaning of economic growth
5. monetary policy measures
6. origin of the global recession
7. production function and growth accounting
8. revival of the global economy
9. theories of economic growth
10. what is business cycle
It is the application of economic theory to business activities and organizations. We provide business economics assignment help and homework help.
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