1. Macroeconomics
The Big Picture

2. Modern Macro is “new.”
Before 1930s, the economy was thought to be primarily self-regulating (thought that markets would ‘clear’ by themselves).
Production and Unemployment in the Great Depression changed that view.
Production was extremely low. Employment was extremely low.
John Maynard Keynes argues a depressed economy is the result of inadequate spending and ‘sticky’ prices.
Keynes also argues the government could help out – if C falls, G could rise to temporarily take its place.

3. Government Policies Fiscal Policy Monetary Policy Spending and Taxes
Changes in the money supply

4. The Business Cycle

5. The Business Cycle

6. Business Cycle 3 Key Economic Indicators Production (GDP)
Employment (The Unemployment Rate)
Inflation (CPI, PPI, GDP Deflator)

7. The Business Cycle
The National Bureau of Economic Research determines when recessions begin and end.
Up to date data can be found here:

8. The Business Cycle & Employment

9. Comparing Recessions

10. Comparing Recessions

11. Comparing Recessions Current vs. Great Depression

12. Economic Growth

13. Economic Growth

14. Economic Growth
Economic Growth is a relatively new concept. Only recently did countries see what we think of as “growth.”
Are you richer than the “richest man ever” ?
Net worth estimated up to $663 Billion in today’s dollars (adjusting for inflation)