The Purpose of Macroeconomics

About the lecture

In this module, we think about the purpose of macroeconomics and introduce a few key terms - the business cycle, recession, fiscal and monetary policy, and the multiplier effect. We focus in particular on: (i) the macroeconomic goals of keeping unemployment low (and output high) and keeping a low and stable rate of inflation; (ii) the difficulty of achieving this goals in the face of exogenous shocks; (iii) the need for models in order to approach and interpret exogenous shocks; (iv) fiscal and monetary policy; and (v) a basic introduction to the multiplier process.

About the lecturer

Dr Paul Segal is a Reader in Economics of Development at King's College London. He specialises in researching global poverty and inequality, the economics of natural resources, and economic history. He has published widely within these areas, including Who Are the Global Top 1%? and The Economy: Economics for a Changing World. He has also written policy articles for FT.com and has collaborated with Oxfam Mexico to undertake empirical fieldwork in Mexico City, analysing multidimensional inequalities.