Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output/GDP and national income, unemployment, price indices and inflation, consumption, saving, investment, energy, international trade, and international finance.
This aims to be a complete article list of economics topics:
In the economics study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.
In macroeconomics, money supply refers to the total volume of money held by the public at a particular point in time. There are several ways to define "money", but standard measures usually include currency in circulation and demand deposits. Money supply data is recorded and published, usually by the national statistical agency or the central bank of the country. Empirical money supply measures are usually named M1, M2, M3, etc., according to how wide a definition of money they embrace. The precise definitions vary from country to country, in part depending on national financial institutional traditions.
The No Child Left Behind Act of 2001 (NCLB) was a 2002 U.S. Act of Congress promoted by the presidency of George W. Bush. It reauthorized the Elementary and Secondary Education Act and included Title I provisions applying to disadvantaged students. It mandated standards-based education reform based on the premise that setting high standards and establishing measurable goals could improve individual outcomes in education. To receive federal school funding, states had to create and give assessments to all students at select grade levels.
The Lucas critique argues that it is naïve to try to predict the effects of a change in economic policy entirely on the basis of relationships observed in historical data, especially highly aggregated historical data. More formally, it states that the decision rules of Keynesian models—such as the consumption function—cannot be considered as structural in the sense of being invariant with respect to changes in government policy variables. It was named after American economist Robert Lucas's work on macroeconomic policymaking.
Post-normal science (PNS) was developed in the 1990s by Silvio Funtowicz and Jerome R. Ravetz. It is a problem-solving strategy appropriate when "facts [are] uncertain, values in dispute, stakes high and decisions urgent", conditions often present in policy-relevant research. In those situations, PNS recommends suspending temporarily the traditional scientific ideal of truth, concentrating on quality as assessed by internal and extended peer communities.
Charles Albert Eric Goodhart, is a British economist. He worked at the Bank of England on its public policy from 1968–1985, and worked at the London School of Economics from 1966–1968 and 1986–2002. Charles Goodhart's work focuses on central bank governance practices and monetary frameworks. He also conducted academic research into foreign exchange markets. He is best known for formulating Goodhart's Law, which states: "When a measure becomes a target, it ceases to be a good measure."
Campbell's law is an adage developed by Donald T. Campbell, a psychologist and social scientist who often wrote about research methodology, which states:
The more any quantitative social indicator is used for social decision-making, the more subject it will be to corruption pressures and the more apt it will be to distort and corrupt the social processes it is intended to monitor.
Reification is a fallacy of ambiguity, when an abstraction is treated as if it were a concrete real event or physical entity. In other words, it is the error of treating something that is not concrete, such as an idea, as a concrete thing. A common case of reification is the confusion of a model with reality: "the map is not the territory".
The neoclassical synthesis (NCS), or neoclassical–Keynesian synthesis is an academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book The General Theory of Employment, Interest and Money (1936) with neoclassical economics.
Jerome (Jerry) Ravetz is a philosopher of science. He is best known for his books analysing scientific knowledge from a social and ethical perspective, focussing on issues of quality. He is the co-author of the NUSAP notational system and of Post-normal science. He is currently an Associate Fellow at the Institute for Science, Innovation and Society, University of Oxford.
The McNamara fallacy, named for Robert McNamara, the US Secretary of Defense from 1961 to 1968, involves making a decision based solely on quantitative observations and ignoring all others. The reason given is often that these other observations cannot be proven.
But when the McNamara discipline is applied too literally, the first step is to measure whatever can be easily measured. The second step is to disregard that which can't easily be measured or given a quantitative value. The third step is to presume that what can't be measured easily really isn't important. The fo[u]rth step is to say that what can't be easily measured really doesn't exist. This is suicide.
Market monetarism is a school of macroeconomics that advocates that central banks use a nominal GDP level target instead of inflation, unemployment, or other measures of economic activity, with the goal of mitigating demand shocks such those experienced in the 2007–2008 financial crisis and during the post-pandemic inflation surge. Market monetarists criticize the fallacy that low interest rates always correspond to easy money. Market monetarists are sceptical about fiscal stimulus, noting that it is usually offset by monetary policy.
The zero lower bound (ZLB) or zero nominal lower bound (ZNLB) is a macroeconomic problem that occurs when the short-term nominal interest rate is at or near zero, causing a liquidity trap and limiting the central bank's capacity to stimulate economic growth.
Sensitivity auditing is an extension of sensitivity analysis for use in policy-relevant modelling studies. Its use is recommended - i.a. in the European Commission Impact assessment guidelines and by the European Science Academies- when a sensitivity analysis (SA) of a model-based study is meant to demonstrate the robustness of the evidence provided by the model in the context whereby the inference feeds into a policy or decision-making process.
Silvio O. Funtowicz is a philosopher of science active in the field of science and technology studies. He created the NUSAP, a notational system for characterising uncertainty and quality in quantitative expressions, and together with Jerome R. Ravetz he introduced the concept of post-normal science. He is currently a guest researcher at the Centre for the Study of the Sciences and the Humanities (SVT), University of Bergen (Norway).
Science on the verge is a book written in 2016 by group of eight scholars working in the tradition of Post-normal science. The book analyzes the main features and possible causes of the present science's crisis.
Metric fixation refers to a tendency for decision-makers to place excessively large emphases on selected metrics.
How to Read Numbers: A Guide to Statistics in the News is a 2021 British book by Tom and David Chivers. It describes misleading uses of statistics in the news, with contemporary examples about the COVID-19 pandemic, healthcare, politics and crime. The book was conceived by the authors, who are cousins, in early 2020. It received positive reviews for its readability, engagingness, accessibility to non-mathematicians and applicability to journalistic writing.
