MACROECONOMICS: WHAT IS IT ABOUT?
3
1.1
Aggregate Income and Its Dimensions
Why do some countries have higher incomes than others? Why are the
incomes of some countries growing faster than others? How is income related
to employment, wages, prices, and interest rates? How do government policies
affect incomes? Are higher incomes sure to make us better off?
These are the questions that macroeconomists try to answer, and one of
the ways they do it is by studying income. The income that macroeconomists
focus on is aggregate income—the income of an entire country. Macroecono-
mists study aggregate income using the same methods by which ...
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