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Finding a Good Economics Paper Topic Here are some topic ideas that you can use for your economics research paper: Should marijuana be legalized? Consider the benefits of both medical and recreational uses. Analyse costs and benefits of gun registry Why are baseball stadiums often a poor investment by the government? Talk about violence in hockey from a social viewpoint.
How could it be reduced, and does it even need to be? How do tariffs affect the economy? From this some idea about the distinction between Micro and Macro Economics can be obtained but a full analytical distinction between the two is made clear.
Micro Economics occupies a vital place in economics and it has both theoretical and practical importance. It is highly helpful in the formulation of economic policies that will promote the welfare of the masses.
Till recently, especially before Keynesian revolution, the body of economics consisted mainly of Micro Economics. Despite the popularity of Macro Economics these days, Micro Economics retains its importance, theoretical as well as practical.
It is Micro Economics that tells us how a free-market economy with its millions of consumers and producers works to decide about the allocation of productive resources among thousands of goods and services. The greatest of these is depth in understanding of how a free private enterprise economy operates. Further, it tells us how the goods and services produced are distributed among the various people for consumption through price or market mechanism. It shows how the relative prices of various products and factors are formed, that is, why the price of cloth is what it is and why the wages of an engineer are what they are and so on.
Moreover, as described above , Micro Economic theory explains the conditions of efficiency in consumption and production and highlights the factors which are responsible for the departure from the efficiency or economic optimum.
On the basis of this, Micro Economic theory suggests suitable policies to promote economic efficiency and welfare of the people. The usefulness and importance of Micro Economics has been nicely stated by Professor Lerner.
These models at the same time enable the economists to explain the degree to which the actual phenomena depart from certain ideal constructions that would most completely achieve individual and social objectives. They thus help not only to describe the actual economic situation but to suggest policies that would most successfully and most efficiently bring about desired results and to predict the outcomes of such policies and other events.
Economics thus has descriptive, normative and predictive aspects. Micro Economic analysis is also usefully applied to the various applied branches of economics such as Public Finance, and International Economics. Further, Micro Economic analysis is applied to show the damage done to the social welfare or economic efficiency by the imposition of a tax.
The imposition of a tax on a commodity i. Further, microeconomic analysis is applied to show the gain from international trade and to explain the factors which determine the distribution of this gain among the participant countries. Besides, Micro Economics finds application in the various other problems of international economics.
Whether devaluation will succeed in correcting the disequilibrium in the balance of payments depends upon the elasticities of demand and supply of exports and imports. Furthermore, the determination of the foreign exchange rate of a currency, if it is free to vary, depends upon the demand and supply of that currency. We thus see that Micro Economic analysis is very useful and important branch of modern economic theory. Macro Economics analyses the behaviour of the whole economic system in totality or entirety.
In other words, Macro Economics studies the behaviour of the large aggregates such as total employment, the national product or income, the general price level in the economy. Therefore, Macro Economics is also known as aggregative economics. Macro Economics analyses and establishes the functional relationship between these large aggregates. It considers problems of income distribution. Its interest is in relative prices of particular goods and services.
Macro Economics should be carefully distinguished from Micro Economics. Micro Economics examines the behaviour of an industry in regard to the determination of its product-price, output and employment, and an industry is an aggregate of the various firms producing the same or similar product.
Likewise, Micro Economic theory seeks to explain the determination of price of a product through the interaction of the market demand and market supply for a product. Market demand for a product is the aggregate of the individual demands of all consumers wishing to buy the product and the market supply of a product is the aggregate of the productions of many firms producing that product.
Similarly, demand for and supply of labour in an industry of a city through which Micro Economics explains wage determination are aggregative concepts. But the aggregates with which macroeconomics is concerned are of somewhat different variety. Macroeconomics concerns itself with these aggregates which relate to the whole economy.
Macro Economics also discusses the sub-aggregates of the large aggregates relating to the whole economy, but these sub-aggregates, unlike the aggregates of Micro Economics which examines aggregates relating to a particular product, a particular industry or a particular market, cut across various products and industries.
For example, the total production of consumer goods i. Moreover, the sub-aggregates, add up to an aggregate for the whole economy. For instance, total consumption and total investment, two important sub-aggregates in Macro Economics, together constitute the total national product.
Likewise, the total wage income i. Micro Economics also uses aggregates, but not in a context which relates them to an economy-wide total. Now an important question which arises is why a separate study of the economic system as a whole or its large aggregates is necessary. The answer to this question is the behaviour of the economic system as a whole or the Macro Economic aggregates is not merely a matter of addition or multiplication or averaging of what happens in the various individual parts of the whole.
As a matter of fact, in the economic system what is true of parts is not necessarily true of the whole. Therefore, the application of micro-approach to generalise about the behaviour of the economic system as a whole or Macro Economic aggregates is incorrect and may lead to misleading conclusions.
Therefore, a separate macro-analysis is needed to study the behaviour of the economic system as a whole in respect of various Macro Economic aggregates. When laws or generalisations are true of constituent individual parts but untrue and invalid in case of the whole economy, paradoxes seem to exist. Various examples of macro-paradoxes that is, what is true of parts is not true of the whole can be given from the economic field.
We shall give two such examples of saving and wages, on the basis of which Keynes laid stress on evolving and applying macroeconomic analysis as separate and distinct approach from Micro Economic analysis.
Saving is always good for an individual, since they save for some purpose such as for old age, for education of their children, for purchasing durable things like houses and cars etc. But saving is not always good for the society as a whole.
Thus saving which is always a virtue for individuals becomes, at times of depression and unemployment, a vice for the society. This has been called a paradox of thrift. Another common example to prove that what is true for the individual may not be true for the society as a whole is the wage-employment relationship. Classical and neoclassical economists, especially A. Pigou, contended that the cut in money wages at times of depression and unemployment would lead to the increase in employment and thereby eliminate unemployment and depression.
Now, it is true that a cut in money wages in an individual industry leads to more employment in that industry. It is quite common place conclusion of Micro Economic theory that, given the demand curve for labour, at a lower wage more men will be employed. But for the society or economy as a whole this is highly misleading.
If the wages are cut all-round in the economy, as was suggested by Pigou and others on the basis of wage-employment relationship in an industry, the aggregate demand for goods and services in the society will decline, since wages are incomes of the workers which constitute majority in the society. The decline in aggregate demand will mean the decrease in demand for goods of many industries.
Because the demand for labour is a derived demand, i. We thus see that the laws or generalisations which hold good for the behaviour of an individual consumer, firm or industry may be quite invalid and misleading when applied to the behaviour of the economic system as a whole.
There is thus a fallacy of composition. This is so because what is true of individual components is not true of their collective whole. As mentioned above, these are called Macro Economic paradoxes and it is because of these paradoxes that a separate study of the economic system as a whole is essential.
We therefore conclude that a separate and distinct macro-economic analysis is essential if we want to understand the true working of the economic system as a whole. As a matter of fact, microeconomics and macro-economics are complementary to each other rather than being competitive. The two types of theories deal with different subjects; one deals mainly with the explanation of relative prices of goods and factors and the other mainly with the short-run determination of income and employment of the society and its long-run growth.
The study of both micro and macroeconomics is therefore necessary. Actually Micro and Macro Economics are interdependent. The theories regarding the behaviour of some Macro Economic aggregates but not all are derived from theories of individual behaviour. For instance, the theory of investment, which is a part and parcel of the Macro Economic theory, is derived from the behaviour of individual entrepreneur. According to this, an individual entrepreneur in his investment activity is governed by the expected rate of profit on the one hand and rate of interest on the other.
And so is the aggregate investment function. Similarly, the theory of aggregate consumption function is based upon the behaviour patterns of individual consumers. It should be noted that we are able to draw aggregate investment function and aggregate consumption function because in this respect the behaviour of the aggregate is in no way different from the behaviour patterns of individual components. From this it should not be understood that behaviour of all Macro Economic relationships is in conformity with behaviour patterns of individuals composing them.
As we saw above, saving investment relationship, wage-employment relationship for the economic system as a whole are quite different from the corresponding relationships in case of individual parts. Micro Economic theory contributes to Macro Economic theory in another way also.
The theory of relative prices of products and factors is essential for explanation of the determination of general price level. Even Keynes used Micro Economic theory to explain the rise in prices as a result of the increase in the money supply of the country. According to Keynes, when as a result of the increase in money supply and consequently the aggregate demand, more output is produced, the cost of production rises. With the rise in the cost of production, price rises. Now, the influences of cost of production, diminishing returns, etc.
Not only does macroeconomics depend upon to some extent on Micro Economics, Micro Economics also depends upon to some extent on Macro Economics. The determination of the rate of profit and the rate of interest are well-known Micro Economic topics, but they greatly depend upon the Macro Economic aggregates. In Micro Economic theory, the profits are regarded as reward for uncertainty bearing but Micro Economic theory fails to show the economic forces which determine the magnitude of profits earned by the entrepreneur and why there are fluctuations in them.
The magnitude of profits depends upon the level of aggregate demand, national income, and the general price level in the economy. We know that at times of depression when the levels of aggregate demand, national income and price level are low, the entrepreneurs in the various fields of the economy suffer losses.
On the other hand, when aggregate demands, incomes of the people, the general price level go up and conditions of boom prevail, the entrepreneurs earn huge profits. Now, take the case of the rate of interest. Strictly speaking the theory of the rate of interest has now become a subject of Macro Economic theory. Partial equilibrium theory of interest which belongs to Micro Economic theory would not reveal all the forces which take part in the determination of the rate of interest.
Keynes showed that the rate of interest is determined by the liquidity preference function and the stock or supply of money in the economy. The liquidity preference function and the stock of money in the economy are Macro Economic concepts. Moreover, in the modern interest theory that is, LM and IS curves model along with liquidity preference and the supply of money, the other two forces which are used to explain the determination of interest are saving and investment functions which are also conceived in aggregative or macro terms.
It is thus clear from above that the determination of the profits and rate of interest cannot be explained without the tools and concepts of Macro Economics. It follows that though Micro Economics and Macro Economics deal with different subjects, there is great interdependence between them.
In the explanation of many economic phenomena, both Micro and Macro Economic tools and concepts have to be applied.
On the one hand, microeconomic theory should provide the building blocks for our aggregate theories. But Macro Economics may also contribute to Micro Economic understanding.
If we discover, for example, empirically stable Macro Economic generalisations which appear inconsistent with Micro Economic theories, or which relate to aspects of behaviour which Micro Economics has neglected, Macro Economics may permit us to improve our understanding of individual behaviour.
We study the theory of demand at two different levels — at the level of an individual consumer and at the market level. The market demand for a commodity is more important for determining the price of a commodity rather than individual demand. The amount of a commodity that consumers wish to purchase is called the quantity demanded. The quantity demanded of a commodity is a desired flow. Various factors effect the quantity of a commodity demanded by a consumer. We study three types of demand in microeconomics: This is known as autonomous demand.
Some commodities are jointly demanded such as motor car and petrol. One has no value without the other. However, factors of production are not demanded for their own sake. The demand for a factor of production or input such as land is derived from the demand for a commodity such as wheat. Thus, the demand for a factor is a derived or, indirect demand. The market demand for a commodity also depends on the pattern of income distribution and the age composition of people.
The left hand side of each equation shows the quantity of a commodity demanded. The right hand side of each equation is the function that relates the prices of two goods p 1 and p 2 to income m to that quantity x 1 or x 2.
Since taste and preference cannot be measured, we have not included them in the above to demand functions. If all variables shown on the right hand side of the above to equations change at the same time, it is not possible to know which factor exerts how much influence on x 1 or x 2. This is why we vary one variable at a time. This is known as the ceteris paribus assumption.
Thus if we hold p 2 and m constant, then the quantity of x 1 demanded becomes a function of its own price and we can express the first demand function as: If we hold p 1 and m constant. This is indeed the ceteris paribus assumption, which means other things being constant. Thus x 1 is a function of only p 1 p 2 and m remaining constant. The price of a commodity is determined both by demand and supply. Demand is half the story.
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