macroeconomics etymology

Etymology and Meaning

"Macroeconomics" comes from the Greek words:

• "Makros" (μακρός) meaning "large" or "long"
• "Oikos" (οἶκος) meaning "house," "household," or "economy"
• "-nomia" (νομία) meaning "management" or "administration"

Therefore, "macroeconomics" literally means "management of the large economy."

Origin

Macroeconomics is a relatively new field of study, emerging in the 1930s during the Great Depression. The term itself was first coined by Ragnar Frisch, a Norwegian economist, in 1933.

However, the concepts and ideas that formed the foundation of macroeconomics had been developing for centuries, with contributions from various economists, including:

• Adam Smith (1723-1790): Explored the concept of the "invisible hand" and the role of the market in the economy.
• David Ricardo (1772-1823): Developed the theory of comparative advantage and the iron law of wages.
• Karl Marx (1818-1883): Analyzed the capitalist mode of production and predicted its eventual collapse.
• John Maynard Keynes (1883-1946): Introduced the concept of aggregate demand and developed Keynesian economics, which emphasized the role of government intervention to stimulate economic growth.

The Great Depression of the 1930s highlighted the limitations of classical economic theories and led to a surge in interest in macroeconomic research. This resulted in the formal establishment of macroeconomics as a distinct field of study, focused on analyzing and understanding the behavior of economies as a whole.

macroeconomics relate terms

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• frank

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• concrete

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• condition

  Etymology Middle English condicioun from Old French condicion from Latin conditio

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• astronomy

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• pine

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