EAN: 9783319921310

MACROECONOMIC THEORY - FERNANDO DE HOLANDA BARB...

Macroeconomics is the application of economic theory to the study of the economy's growth 
cycle and price-level determination. Macroeconomics takes account of stylized facts observed in
the real world and builds theoretical frameworks to explain such facts. Economic growth is a
stylized fact of market economies  since England's nineteenth-century industrial revolution.
Until then  poverty was a common good for humanity. Economic growth consists in the persistent
smooth and sustained increase of per-capita income. A market economy shows periods of expanding
and contracting economic activity. This phenomenon is the economic cycle. The price of money is
the amount of goods bought with one unit of money  in other words  the inverse of the price
level. Determination of the price level  or the value of money  is a fascinating subject in a
fiat money economy.

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