Importance of Macro Economics

Importance of Macro Economics

The importance and the need for introducing a macro outlook of an economy are given below:

• There is a need to understand the functioning of the economy at the aggregate level to evolve suitable strategies and to solve the basic problems prevailing in an economy.

• Understanding the future problems, needs and challenges of an economy as a whole is important to evolve precautionary measures.

• Macro economics provides ample opportunities to use scientific investigation to understand the reality.

• Macro economics helps to make meaningful comparison and analysis of economic indicators.

• Macro economics helps for better prediction about future and to formulate suitable policies to avoid economic crises.