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Limitations of Macro Economics - Economics | Study Material, Lecturing Notes, Assignment, Reference, Wiki description explanation, brief detail |

Chapter: 12th Economics : Introduction to Macro Economics

Limitations of Macro Economics

Macro economics suffers from certain limitations. They are:

Limitations

Macro economics suffers from certain limitations. They are:

  1. There is a danger of excessive generalisation of the economy as a whole.


  1. It assumes homogeneity among the individual units.


  1. There is a fallacy of composition. What is good of an individual need not be good for nation and viceversa. And, what is good for a country is not good for another country and at another time.


  1. Many non - economic factors determine economic activities; but they do not find place in the usual macroeconomic books.


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