I recently heard someone from another department in a major business university (in an online forum) making some comments about the value of IBS economics macro definitions. He was referring to the macro theory that has become very popular in recent years as an alternative to conventional macroeconomics.
As an aside, I have also heard people calling themselves macroeconomists that make no references to the macro theory and call themselves micro-economists. Some macro economists claim that they are both micro and macro at the same time. For example, Milton Friedman once made the statement that he was a micro-liberal and a macro liberal.
To be honest, I don't know if these two definitions are necessarily mutually exclusive, but they seem to me to be not necessarily incompatible with each other as IBS macro definitions. As a matter of fact, these two types of economics, or at least the approaches they use, have a lot more in common than either is commonly known for being so different.
Microeconomists have traditionally viewed the economy in terms of individual consumers who can make decisions and are able to influence economic behavior. It is generally assumed that all consumers can act as one unit in this type of economic model. It is also true that the production process, such as deciding what resources to use in order to produce a good, can be described by this economic model.
IBS macro is not that far away from this traditional model. In fact, it is closer. The main difference is that in traditional macro, people are not considered to be “agents” who have a wide range of decisions to make. In this case, it is assumed that everyone has a “knowing” level of information on which actions they should take to make their decisions. However, in IBS macro, it is assumed that people are “agents”, and that all decisions they make are voluntary and not influenced by any information given to them.
Microeconomists also have a long way to go when it comes to theory. However, in theory, it is easy to understand how the two types of economics can coexist and even how they may overlap.
Of course, there are some economic theories that are clearly more advanced than the micro and macro. One example is that of Keynesian economics.
IBS macro or micro-liberal economics also share a lot of similarities. Although they are both theories about the market economy, they are also both economic theories based on macro models that can be applied to any specific economy, such as the United States, Japan, or the United Kingdom.
The good news is that most macroeconomic theory can be learned through college and research in IBS macro. You can get a lot of great ideas and tools to use. in the classroom at your local university or online at the library. In fact, you may be surprised at the number of great resources available that have been developed over the years that can help you become a better macroeconomist.
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