The fifth of the ten keys to economic success is “doing what has to be done.” No matter what is happening in the world of finance, it is beyond doubt that there are going to be problems. Even when things are on the upswing, there will be challenges and obstacles as well. This is why leaders have to be ready to adapt their policies to meet the demands of the moment. Doing what has to be done is certainly an attribute of a good leader.
It goes without saying that the macro objectives of the country should be compatible with the size of the economy. For instance, although the Chinese government is pursuing an extensive reform agenda, it may not be able to shift to a different macroeconomic model that would be more conducive to economic performance. The same goes for the European Union, which is struggling to adjust to the arrival of a new central European currency. The need to achieve its macro objectives through a strict focus means that there is a need to have a clear evaluation of the current macroeconomic situation before taking any concrete action. Leaders should also have the determination to pursue whatever course is necessary no matter how daunting the task may initially seem.
On the other hand, doing what has to be done also entails flexibility. Leaders have to be ready to make adjustments if the macro objectives cannot be met by a certain deadline. This is because it is not uncommon for economic situations to change abruptly. Leaders should therefore be prepared to take immediate measures that can mitigate the negative effects of such unexpected developments. They should also be able to foresee possible outcomes that will lead to positive changes in the near future.
The implementation of such macro objectives is not limited to the government. In fact, private enterprises also play a significant role in the macroeconomics. This is especially true with businesses that produce goods and services that can be used to influence the overall economy. There are some business leaders who believe that it is more important to earn a profit than to provide the public with optimum goods and services. More pragmatically, some business owners look at it this way: they try to make sure that their company is at the forefront of new technologies or marketing trends so that they can eventually become competitive. This can only be good for the economy.
Of course, there are some businesses that have their own macroeconomic viewpoint, even if most of their operations are often carried out within the constraints of the local economy. This type of manager would clearly . . . . . . prefer the type of macroeconomic information that provides a clear overview of the overall macro picture rather than trying to predict or control its outcome. It is for these managers that the use of the macroeconomic data is truly beneficial.
These five macro objectives are crucial to the macro-management process. Aside from providing the necessary macro policy guidance, they also allow businessmen to devise a more efficient structure for the company that will yield optimal results in the long run. In general, the five macro objectives are quite general, but they can also vary depending on the specific context in which they are applied.