What are the most important areas of economics today? I'm glad you asked.
In my opinion, as a professional economic analyst, the macro view of economics is the best way to see the world. The reason why I consider the macro view of economics to be “the best” is because it is the only one that incorporates the whole picture into its analysis. It can only do so because it incorporates the macroeconomic aspects of economics such as GDP, interest rates, inflation, employment, and consumer spending.
For example, if you were to look at the US economy, what would you see as being the macroeconomic indicators of the economy? The obvious would be the stock market. But what else is there? The most obvious is that there is money, which is created from spending, and interest. Another indicator would be the price level of commodities in a country's economy.
The most important areas of economics today include: Consumer Spending – this includes everything from food to gas. It also includes all the costs and benefits associated with purchasing things. This is the primary driving force behind the growth of the US economy.
Interest Rates – this is something that affects people's ability to borrow or lend money. And it's something that affects the value of money that we have. Interest rates can either affect consumers, lenders, or the entire economy.
As you can see, these are some of the most important areas of economics today. I hope you learned something. But, in case you didn't understand what I just said, let me explain. When an individual or a company has more money than they need, then they will invest that money in some other areas of their business, including buying assets, paying down debt, investing in inventory, or anything else that increases their net worth.
A business that is cash poor, on the other hand, will always have money available to them. So when a business has a deficit in their balance sheet, they will always look to spend that money on something, whether it be equipment, paying down debt, or paying their employees.
As you can see, the most important areas of economics today are where money comes from, is where the money is invested, and how it is used. The macro view of economics has much more to do with this than the micro view, because it has to incorporate the whole picture.
While it is true that the micro view may be useful, it isn't the only view. There is an alternate view that is helpful.