Macroeconomics - A Comprehensive Economics Course

GDP per capita equals total GDP divided by population, allowing per-person comparisons of living standards and enabling economists to compare countries like Chile and the United States.

Analyze the business cycle and its phases—peak, contraction, trough, and expansion—and how real GDP, potential GDP, and the long-term growth trend relate to inflation and unemployment.

Breaks down the components of aggregate demand—consumption, investment, government spending, and net exports—and shows how income, rates, wealth, and expectations shift aggregate demand outward or inward.

The short-run aggregate supply curve in the neoclassical model links the price level to real output, with shifts caused by changes in production costs such as wages and oil prices.

Explore how the neoclassical long-run aggregate supply curve shifts outward when the quantity or quality of factors of production—land, labor, capital, education, health care, infrastructure, and technology—improve.

Master the neoclassical aggregate demand and aggregate supply diagram, the rule of ten, drawing the base diagram and interpreting shifts to explain growth, unemployment, inflation, and equilibrium.

Examine the labor market diagram showing labor supply and demand, the natural 5% unemployment comprised of frictional, seasonal, and structural unemployment, and how sticky wages amplify unemployment during demand drops.

Express unemployment on neoclassical and keynesian diagrams, showing how a drop in aggregate demand creates cyclical, demand-deficient unemployment and shifts in inflationary and recessionary gaps.

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Learn the costs of inflation, including loss of purchasing power, and the effects on savings, interest rates, international competitiveness, uncertainty, and labor unrest.

Examine flaws in measuring inflation through the consumer price index, including not representative baskets, urban versus rural costs, and regional variations that affect wages and pensions.

Conclude your study of low and stable inflation, exploring its causes, demand-pull and cost-push inflation, and how fiscal and monetary policy guide aggregate demand toward sustainable growth at two percent.

Conclude economic growth studies by linking neoclassical and Keynesian models to the production possibilities curve and outward aggregate demand shifts, then explore income equity and redistribution.

Explore equity in the distribution of income as a core macroeconomic goal. See how free markets and government tools shape inequality and the standard of living.

Understand the Gini coefficient and Lorenz curve as measures of inequality, where a closer line of equality signals more equal distribution; contrast with growth, development, and the Human Development Index.

Explore how government roles in income distribution shape equity, weighing neoclassical free markets against social programs, taxes, and education to lift the lower classes.

Explore equity in the distribution of income as a core macroeconomic goal and the economist's role in balancing left and right policy perspectives, ahead of fiscal policy.

Explore the government budget by examining revenue and expenditures, defining surplus and deficit, and explaining how taxes—direct and indirect—along with capital spending and transfer payments shape debt and aggregate demand.

Contractionary fiscal policy cools an overheating economy by reducing aggregate demand, closing an inflationary gap through higher taxes or lower government spending, shifting AD left.

Explore automatic stabilizers that trigger unemployment benefits and government spending during recessions, as progressive taxes and pre-existing fiscal policies stabilize output and safeguard the economy.

Evaluate fiscal policy by assessing its strengths and weaknesses; it can boost aggregate demand and target education, health care, and infrastructure, but faces time lags, crowding out, and political constraints.

Explore how fiscal policy uses tax rates and government spending to manage the economy as a demand-side tool, with investments in education, health care, infrastructure, and R&D.

Expansionary monetary policy lowers the interest rate by increasing the money supply. This raises borrowing, boosts consumption and investment, and expands aggregate demand toward full employment.

Evaluate the strengths and weaknesses of monetary policy, highlighting swift implementation, central bank independence, small step rate changes, and weaknesses like time lags, recession ineffectiveness, and stagflation limits.