You Decide: Is Economics About More Than Jobs and Inflation? – BladenOnline – BladenOnline.com

by | Dec 2, 2022 | Financial

Spread the loveBy Mike Walden
Every time there is trouble looming for the economy, my schedule of presentations and interviews explodes. It happened during my more than 40 years on the North Carolina State University faculty, and it still happens in my retirement as I continue to interact with groups and the media.
I’m seeing the same reactions today with worries about inflation and recession. Certainly, I understand people being concerned when the economy is gloomy, especially if their livelihoods and incomes are threatened. Some psychologists say humans are naturally wired to focus more on potentially bad outcomes than on good ones.
But for some, I think the focus on negatives like recession and inflation make many think these are the only topics economics focuses on. They couldn’t be more wrong.
There are two broad categories of economics – macroeconomics and microeconomics. Macroeconomics is “big picture” economics, concentrating on the economy as a whole rather than on individual pieces. Macroeconomics looks at topics such as economic growth, productivity, interest rates, the stock market and the financial system, as well as inflation and recession.
Macroeconomics captures our attention because its components impact everyone. Anyone who borrows or invests money is influenced by economic growth, interest rates, the stock market and the financial system. So too, are people who run a business or work for a business. They know that even if they are perfect at their job, they can be hurt if the macroeconomy deteriorates.
In contrast, m …

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