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УДК: 08.00.01
Akhmadhujaev K.A.
Merganov D. G.
TFI, Uzbekistan
BASES OF MACROECONOMICS
Abstract: This article discusses the term and history of macroeconomics.
Key words: Analysis, macroeconomics, process, problem, resource, seller, buyer, labor market
Macroeconomics (from the Greek. Makros - large and oikonomike - the letter. Art of housekeeping), as well as microeconomics, is a section of economic theory. Macroeconomics is a science that studies the behavior of the economy as a whole or its large aggregates (aggregates), while the economy is considered as a single complex, large hierarchically organized system, a set of economic processes and phenomena and their indicators.
For the first time the term "macroeconomics" was used in its article in 1933 by the famous Norwegian scientist, economist-mathematician, one of the founders of econometrics, Nobel Prize winner Ragnar Frish. However, meaningfully, modern macroeconomic theory springs from the fundamental work of the eminent English economist, representative of the Cambridge school, Lord John Maynard Keynes. In 1936, his book The General Theory of Employment, Interest and Money was published, in which Keynes laid the foundation for macroeconomic analysis. The significance of Keynes's work was so great that the term "Keynesian revolution" appeared in economic literature and a Keynesian macroeconomic model, or Keynesian approach, appeared, as opposed to the traditional, the only classical approach to the study of economic phenomena, i.e. microeconomic analysis (classic model).
Unlike microeconomics, which study the economic behavior of individual economic entities (consumer or producer), macroeconomics examines problems common to the entire economy, and operates with aggregate values, such as gross domestic product, national income, aggregate demand, aggregate supply, aggregate consumption, investments, general price level, unemployment rate, public debt, etc.
The main problems that macroeconomics studies include economic growth and its rates, the economic cycle and its causes, the level of employment and unemployment, the general price level and the problem of inflation, the interest rate and the problems of money circulation, the state budget and the problem of deficit financing. , balance of payments and exchange rate problems. All these issues cannot be solved from the standpoint of microeconomic analysis, that is, from the level of an individual consumer, an individual firm, and even a separate industry. It is the existence of a number of such general, or macro-, economic problems that necessitates the emergence of an independent section of economic theory, an independent discipline of macroeconomics.
The importance of studying macroeconomics, firstly, is that it does not simply describe macroeconomic phenomena and processes, but reveals patterns and
dependencies between them, explores the causal relationships in the economy. In turn, knowledge of macroeconomic dependencies and relationships makes it possible to assess the situation existing in the economy and to show what needs to be done to improve it (and first of all what the government should do), that is, it allows the development of principles of economic policy. Finally, knowledge of macroeconomics makes it possible to foresee how processes will develop, that is, to make forecasts, to foresee future economic problems.
There are two types of analysis of macroeconomic processes:
> ex post macroeconomic analysis, or national accounting, i.e., statistical data analysis, which makes it possible to evaluate economic performance, identify problems and negative phenomena, develop economic policies aimed at solving and overcoming them, and conduct a comparative analysis of the economic potentials of different countries;
> ex ante macroeconomic analysis, i.e., predictive modeling of economic processes and phenomena based on certain theoretical concepts, which makes it possible to determine the patterns of development of economic processes and to reveal causal relationships between economic phenomena and variables. This, in fact, is macroeconomics as a science.
The main theories of macroeconomics include the theory of economic growth, the theory of the business cycle, the theory of unemployment, the theory of inflation, the theory of money, the theory of open economics, the theory of macroeconomic policy, etc.
Studying economic dependencies and patterns at the level of the economy as a whole is only possible if we consider certain aggregates or aggregates. In other words, macroeconomic analysis requires aggregation, i.e., the integration of individual elements into a single whole, into an aggregate, an aggregate. Aggregation makes it possible to isolate such aggregates as macroeconomic agents, macroeconomic markets, macroeconomic interrelations, macroeconomic indicators.
Aggregation, based on identifying the most typical behavioral traits of macroeconomic agents, makes it possible to identify four macroeconomic agents: households, firms, the state, and the foreign sector.
Households are an independent, rational macroeconomic agent, whose goal of economic activity is utility maximization. This agent is the owner of economic resources (labor, land, capital and entrepreneurial abilities). By selling economic resources, households receive incomes, most of which they spend on consumption (consumer spending), and save the rest, and therefore act, firstly, as the main buyer of goods and services, and secondly, as the main saver or lender, t . e. provide credit supply in the economy.
Firms are an independent, rational macroeconomic agent, whose goal of economic activity is profit maximization. This agent is the main producer of goods and services in the economy, as well as the buyer of economic resources. For the expansion of production, ensuring the growth of capital stock and compensation for the depreciation of capital, firms need investment goods (primarily equipment), so
they are, on the one hand, investors, that is, buyers of investment goods and services; and since, as a rule, firms use borrowed funds to finance their investment expenses, on the other hand, they are also the main borrower in the economy, i.e., they have a demand for loan funds.
Households and firms form the private sector.
The state is a combination of state institutions and organizations that have the political and legal right to influence the course of economic processes and regulate the economy. The state is an independent, rational macroeconomic agent, whose main task is to eliminate market failures and increase public welfare. Therefore, the state acts, firstly, as a producer of public goods, secondly, as a buyer of goods and services to ensure the functioning of the public sector, thirdly, a redistributor of national income (through a system of taxes and transfers) and, finally, depending on the state budget - a lender or borrower in the financial market.
In addition, the state regulates and organizes the functioning of a market economy, that is, it creates and provides institutional frameworks (legislation, security system, insurance system, tax system, etc.) for its operation, in other words, develops the "rules of the game"; ensures and controls the money supply in the country, since it has the monopoly right to issue them; conducts macroeconomic (stabilization) policy, the main types of which are: a) fiscal (or fiscal) policy; b) monetary (or monetary) policy; c) foreign trade policy; d) income policy, that is, regulates the economy in order to ensure stable economic growth, the level of full employment of resources and a stable price level.
The private and public sectors form a closed economy.
To obtain an aggregated market for goods and services, we must abstract (distract) from the whole variety of goods produced by the economy and highlight the most important patterns of the functioning of this market, that is, the formation of demand and supply of goods and services. The ratio of supply and demand allows to obtain the value of the equilibrium level of prices for goods and services and the equilibrium volume of their production. The market for goods and services is also called the real market, because real assets (real assets) are bought and sold there.
The financial market is a market where financial assets (debentures) are bought and sold. It is divided into two segments: 1) the money market, or the market of monetary financial assets; 2) the securities market, or non-monetary financial assets market.
There are no buying and selling processes in the money market (it makes no sense to buy money for money), however, a study of the laws governing the functioning of the money market, generating demand for money and money supply is very important for macroeconomic analysis. The study of the money market, the conditions of its equilibrium allows you to get an equilibrium interest rate, serving as the "price of money" (the price of the loan), and the equilibrium value of the money supply, as well as consider the consequences of changing equilibrium in this market and its impact on the market for goods and services. The main intermediaries in the money market are banks that accept cash deposits and issue loans. Banks often define a business philosophy.
Stocks and bonds are sold and bought on the stock market. Buyers of securities are primarily households who spend their savings to generate income (dividends on shares and interest on bonds). The sellers (issuers) of shares are firms, and bonds are firms and the state. Firms issue stocks and bonds in order to obtain funds to finance their investment expenses and expand production, while the state issues bonds to finance the state budget deficit.
The resource market in macroeconomic models is represented by the labor market, since the patterns of its functioning (formation of demand for labor and labor supply) make it possible to explain macroeconomic processes, especially in the short term. When studying the labor market, we must digress (abstract) from all the various types of labor, differences in skill levels and vocational training. Equilibrium in this market allows you to determine the equilibrium amount of labor in the economy and the equilibrium "price of labor" - the wage rate. An imbalance analysis in the labor market makes it possible to identify the causes and forms of unemployment. In the long-term macroeconomic models, the capital market is also explored.
A currency market is a market in which national currency units (currencies) of different countries (dollars for yen, marks for francs, etc.) are exchanged for each other. As a result of the exchange of one national currency for another, an exchange (exchange) rate is formed.
Literature:
1. Vogel D. Business Ethics: Past and Present // Business Organization Lessons / Under. ed. A.A. Demina, V.S.Katalkr. SPb .: 1994
2. Vernadsky V.I. Scientific life as a planetary phenomenon. M .: Science, 1991
3. Vernadsky V.I. Reflections of the naturalist. Book two. M .: Science, 1977
