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16
Research and Publication / 7 Reasons Why Research Is Important
« on: July 17, 2018, 12:06:35 PM »
7 Reasons Why Research Is Important


What reasons may drive one to appreciate research and engage in it?

1. A Tool for Building Knowledge and Efficient Learning
Research is required not just for students and academics, but for all professionals. It is also important for budding and veteran writers, both offline and online.

Among professionals and scribes, finding an interesting topic to discuss and/or to write about should go beyond personal experience. Determining either what the general public may want to know about or what researchers want others to realize or to think about can serve as a reason to do research.

The Brain Research Trust acknowledges the importance of research. Undoubtedly, it is crucial to finding possible cures for diseases, as well as how to prevent them. Thus, research becomes a must to ascertain if one’s ideas are supported by previous studies or if these ideas still need proof to be considered as knowledge.

An example of such endeavor is the 2016 study of several psychologists who examined how sleep affects memory reactivation. In "Relearn Faster and Retain Longer: Along With Practice, Sleep Makes Perfect", they "found that interleaving sleep between learning sessions not only reduced the amount of practice needed by half but also ensured much better long-term retention. Sleeping after learning is definitely a good strategy, but sleeping between two learning sessions is a better strategy." This study supports the fact that: "Both repeated practice and sleep improve long-term retention of information". Their findings also emphasize how highly important sleep is to healthy brain function.

Research by The World Bank in 2006 also underscored sleep as a key factor of efficient learning or the process of gaining optimal learning using few resources. The study reiterated the role of sleep in: (1) protecting and restoring memory, (2) advanced learning, and (3) enhancing mathematical ability and problem solving. It further noted that "knowledge is better consolidated when people study at the time when they are supposed to be awake rather than, say, late-night sessions." It cited the need for research on "the memory capacity of the poor in low-income countries" to enable teachers in helping underprivileged students learn basic skills.

Said studies on the effects of sleep on the human brain are among the many topics that have already been examined by academics and specialists in various universities and medical institutions. A myriad of research ideas likewise awaits the attention of avid scholars and inquisitive writers. Indeed, research is instrumental in building and improving knowledge, as well as in facilitating learning.

2. Means to Understand Various Issues
Television shows and movies ooze with research - both on the part of the writer(s) and the actors. Though there are hosts who rely on their researchers, there are also those who exert effort to do their own research. This helps them get information that hired researchers missed, build a good rapport with the interviewee, and conduct a good interview in the process.

For their part, some film and TV actors would take time to interview detectives, boxers, scientists, business owners, criminals, and teachers, among others. Others even go through immersion to make them understand the issues of their respective characters better, such as living in jail or in a drug rehabilitation center. Many would read literature, biographies, or journals to have a better view or context of the story.

As what Terry Freedman says in "The Importance of Research for ICT Teachers" (2011): "Research can shed light on issues we didn’t even know existed, and can raise questions we hadn’t realised even needed asking." Thus, almost all writers of imaginary and non-fictive tales also do research, for doing so helps them create a good story and/or achieve strong credibility as an academic.

The Role of Research in Fueling Market Economies
Research and development (R&D) plays a crucial role in business success and in a thriving national economy.
Research and development (R&D) plays a crucial role in business success and in a thriving national economy. | Source
3. An Aid to Business Success
Research benefits business. Many successful companies, such as those producing consumer goods or mass-market items, invest in research and development or R&D. Different business industries with science and engineering processes like agriculture, food and beverage, manufacturing, healthcare and pharmaceuticals, computer software, semiconductor, information and communication technology, construction, robotics, aerospace, aviation, and energy have high R&D expenditure because it is critical to product innovation and to improving services.

R&D also helps secure a vantage point over competitors. Finding out how to make things happen and what could differentiate them from others that offer similar products and services can raise the company’s market value. Certainly, having relevant knowledge in achieving a good commercial image through sound business strategies like investing in R&D can boost its profitability.

In addition, R&D is essential to supporting a country's economy. For instance, the United Kingdom's Department of Business Innovation and Skills (BIS), now known as the Department for Business, Energy and Industrial Strategy, used to publish an annual R&D Scoreboard. The report served "...as a benchmarking tool for companies, investors and policymakers" for 20 years. However, due to the UK government's austerity measures, it was last produced in 2010.

4. A Way to Prove Lies and to Support Truths
Ever experienced feeling that your mate is having an affair behind your back? Some people would overlook that and say that it's better not to know; others though would take discreet action, hiring detectives to do the work. What does research have to do with that situation? A lot.

Doing research to reveal lies or truths involving personal affairs contributes in either making a relationship work or in breaking away from a dysfunctional one. For the monogamous lot, doing research to disprove or prove infidelity is not simply a trust issue, but a right to find out the truth - unless one's intimate partner has already admitted being polyamorous even before the relationship started. When a person dislikes answering relationship-related questions, including her or his whereabouts, it is better to see that as a red flag and take baby steps to save yourself from what could become a more serious emotional mess later.

Scientists also deal with research to test the validity and reliability of their claims or those of other scientists'. Their integrity and competence depend on the quality - and not just quantity - of their research. Nonetheless, not everything scientists come up with get accepted or learned by everyone, especially when factors like religion, state suppression, and access to resources and social services (e.g., education and adequate health programs) either feed the poor majority with lies or deter them from knowing truths to preserve the status quo.

Professional and credible journalists undertake thorough research to establish the veracity of their stories. The movie "Shattered Glass" shown in 2003 tells the rise-and-fall story of a real-life journalist who worked for the The New Republic based in New York City. Sans investigative research done by fellow journalists, Stephen Glass could have written more fictitious pieces for said editorial magazine.

With the use of internet technology and social media, pseudo journalism has become a social concern. Fake news took center stage during the 2016 presidential campaign period in the United States. For instance, Snopes.com, a rumor research site, debunked the following "scoops" posted online:

An FBI agent believed to be responsible for the latest email leaks “pertinent to the investigation” into Hillary Clinton’s private email server while she was Secretary of State, was found dead in an apparent murder-suicide... (Reported on November 5, 2016 by the Denver Guardian)
In a final speech to the synod, Pope Francis endorsed Senator Bernie Sanders for President of the United States... (Reported on October 26, 2015 by the National Report and USAToday.com.co)
Thousands of pre-marked ballots for Hillary Clinton and other Democratic candidates were found in a warehouse in Ohio. (Reported on September 30, 2016 by the Christian Times Newspaper)
Assange: Bernie Sanders Was Threatened To Drop Out Of The Race (Reported on August 29, 2016 by USA Supreme)
News outlets around the world are reporting on the news that Pope Francis has made the unprecedented decision to endorse a US presidential candidate. His statement in support of Donald Trump... (Reported in July 2016 by the WTOE 5 News)
After Gay Club Massacre - Phoenix LGBT Officially Endorses Trump (Reported on June 13, 2016 by the Gateway Pundit)
African-American supporter of Republican presidential candidate Donald Trump has died after allegedly sustaining gunshot wounds in the aftermath of Friday night's chaos in Chicago. (Reported on March 12, 2016 by the Christian Times Newspaper)
According to Pew Research, social media, especially Facebook, serve as the source of news for over 60 percent of adult Americans (Chang, Lefferman, Pedersen & Martz, 2016). Besides the platform, fake news have become profitable for pseudo journalists whose main goal is to attract reader clicks that lead to Google Adsense revenues.

Fact-checking to know the truth is integral to the process of research, for it is fueled by an inquisitive and critical mind. Murray, Social News and UGC Hub (2016) suggest that before news readers share information on social media, they need to assess the integrity of the news source and check for similar news on legitimate media outlets.

Genuine journalists do not rely on imagination for their news reports nor do they avoid doing research. They eschew propaganda and have no intention of misleading the public. They are messengers of truth, not lies.

Seek Opportunities Through Online Research
The Internet provides people a convenient way to engage in research.
The Internet provides people a convenient way to engage in research.
5. Means to Find, Gauge, and Seize Opportunities
Research helps people nurture their potential and achieve goals through various opportunities. These can be in the form of securing employment, scholarships, training grants, project funding, business collaboration, and budget traveling, among others.

For those looking for a job or for greener pastures, research is necessary. Through this process, not only will the unemployed increase their chances of finding potential employers either through job posting sites or employment agencies, but it can inform them if work opportunities are legitimate. Without research, the gullible, yet hopeful jobseeker or migrant worker may fall prey to unscrupulous headhunters who might be involved in illegal recruitment and/or human trafficking.

After finding a free or low-cost academic course or skills development training, students and professionals can assess their eligibility and know about application requirements and deadlines. Such an opportunity could hone their skills and knowledge, as well as enable them to build new connections.

Doing research also benefit civil society and its members. Funding for projects and research initiatives has been a top concern for those who want to address social issues. However, not all funding organizations accept proposals year-long nor are they interested in solving many social problems. Thus, it is necessary to research for agencies that match the objectives of individuals and non-profits involved in advocacy or programs that seek social change.

A wannabe business owner can likewise meet potential investors through research. He/She can examine their profiles and they can do the same. A good fit in terms of vision, mission, goals and work ethic, as well as the capital needed to launch the business is critical to making the opportunity succeed for both.

Some hobbies and interests are expensive to pursue. One of these is traveling. For budget-conscious tourists, searching for airfare and hotel promos, discount rides, and cheap markets is certainly a must to maximize the value of their money.

Seizing opportunities can broaden one's social network, raise one's awareness, or secure the support one direly needs to start a project or a business. Indeed, research contributes to a person's ability to make life-changing decisions. It encourages self-growth, participation in worthwhile causes, and living productively.

Make Reading Books a Habit
Even with the Internet, reading books remains important to doing research.
Even with the Internet, reading books remains important to doing research. | Source
6. A Seed to Love Reading, Writing, Analyzing, and Sharing Valuable Information
Research entails both reading and writing. These two literacy functions help enable computation and comprehension. Without these skills, it is less likely for anyone to appreciate and get involved in research. Reading opens the mind to a vast horizon of knowledge, while writing helps a reader use her/his own perspective and transform this into a more concrete idea that s/he understands.

Apart from reading and writing, listening and speaking are also integral in conducting research. Interviews, attending knowledge-generating events, and casual talks with anyone certainly aid in formulating research topics. They can also facilitate the critical thinking process. Listening to experts discuss the merits of their studies helps the listener to analyze a certain issue and write about such analysis.

With the wide array of ideas available, scholars and non-scholars involved in research are able to share information with a larger audience. Some view this process as ego-boosting, while others see it as a means to stimulate interest and encourage further studies about certain issues or situations.

As literacy is integral in improving a person's social and economic mobility and in increasing awareness, research then hones necessary basic life skills and makes learning a life-long endeavor.

7. Nourishment and Exercise for the Mind
Curiosity may kill not just the cat, but the human as well. Yet, it is the same curiosity that fuels the mind to seek for answers. The College Admissions Partners (n.d.) notes how scientific research in particular "helps students develop critical reasoning skills...helpful for any field of higher education..." Such search or the thinking process is food for the brain, allowing creativity and logic to remain active. It also helps prevent mental illnesses like Alzheimer's.

Several studies have shown that mentally stimulating activities like doing research can contribute to brain health. In "Educating the Brain to Avoid Dementia: Can Mental Exercise Prevent Alzheimer Disease?", Margaret Gatz (2005) enumerated research findings that support such position. However, she also noted that there may be other factors involved in averting said mental problem. One of these is intelligence. A study involving 11 year-old pupils in Scotland in 2000, for instance, pointed to intelligence quotient (IQ) scores as "predictive of future dementia risk". Gatz opined that clinical trials are needed and that "conclusions must be based on large samples, followed over a long period of time." She further posited:

"...we have little evidence that mental practice will help prevent the development of dementia. We have better evidence that good brain health is multiply determined, that brain development early in life matters, and that genetic influences are of great importance in accounting for individual differences in cognitive reserve and in explaining who develops Alzheimer disease and who does not...

For older adults, health practices that could influence the brain include sound nutrition, sufficient sleep, stress management, treatment of mood or anxiety disorders, good vascular health, physical exercise, and avoidance of head trauma. But there is no convincing evidence that memory practice and other cognitively stimulating activities are sufficient to prevent Alzheimer disease; it is not just a case of “use it or lose it.”"

Gatz would have not formed such perspective if she failed to conduct her own research about the effects of mentally stimulating activities on the human brain. This demonstrates how research can be both an exciting and challenging cerebral endeavor. Various studies may or may not support each other based on gathered information and/or other evidence. Data collection and analysis are vital aspects of the research process. These are mental activities that both expend brain energy and nurture brain health.

Indeed, research and doing research encourage people to explore possibilities, to understand existing issues, and to disclose truths and fabricated ones. Without research, technological advancement and other developments could have remained a fantasy. Reading, writing, observing, analyzing, and social interaction facilitate an inquisitive mind's quest for knowledge, learning, and wisdom. Research serves as a bridge to achieve that goal.

Ways to Improve Research Skills
Are you interested in further developing your ability to do research? Try the following steps:

Read hard copy and electronic books about research. If you do not have a computer with Internet connection, you can go to the library, a nearby bookstore, or ask a close friend or relative to lend you her/his smartphone or laptop so you could look for books or articles about research. If you have access to the Internet, you can watch online tutorial videos on research. High school students can learn from this presentation, for instance:
Research Basics for High School Students by Journal Storage (JSTOR)

Watch films and read different kinds of books, fiction and otherwise. These sources can ignite your curiosity and drive you to seek more information. You might want to jot down notes about the topics discussed and/or what you have learned. You might wonder why this is part of the research process. Watching movies, reading books, and writing various stuff hone your comprehension and ability to analyze. These can improve your vocabulary and aid you in finding your voice as a researcher.
For those who intend to be full-fledged researchers, consider doing these steps:

Attend training-seminars, workshops, and conferences aimed at deepening your knowledge and honing your skills in doing research. These events are conducted by various organizations, particularly universities and "think tank" agencies. Use search engines to look for these opportunities, as well as for scholarships that could help you finance your participation in these activities.
Search for reputable researchers in your field of interest, especially if you plan to pursue postgraduate studies. You could email an academic, a scientist, or another professional to inquire about their opinion on your thesis or dissertation topic. Having a research mentor can help you gain a broader understanding of what research is all about. He or She can likewise enrich your experience and insights as a researcher.
The human quest to seek knowledge, satisfy one's sense of wonder, develop more abilities, connect with others, and understand society is integral to research. Perpetuating truths, as well as debunking lies and myths require inquisitive minds and priceless integrity. As the world continues to evolve, doing research becomes more important as a skill with enduring rewards.

copy from https://owlcation.com/academia/Why-Research-is-Important-Within-and-Beyond-the-Academe

17
Research and Publication / The Importance of Research
« on: July 17, 2018, 12:04:02 PM »
The Importance of Research

The purpose of research is to inform action. Thus, your study should seek to contextualize its findings within the larger body of research. Research must always be of high quality in order to produce knowledge that is applicable outside of the research setting. Furthermore, the results of your study may have implications for policy and future project implementation.

One problem that often plagues progress in global health is the slow translation of research into practice. Often, a disconnect exists between those who conduct research and those who are positioned to implement the research findings. The underlying problem is that “the production of evidence is organized institutionally with highly centralized mechanisms, whereas the application of that science is highly decentralized. This social distance prevails because scientists are more oriented to the international audiences of other scientists for which they publish than to the needs of practitioners, policy makers, or the local public.”(1)

Thus, as researchers, it is imperative to take steps to overcome this barrier. Publishing your study may be one initial step to make your research known to the global community. Other proactive measures can be taken to encourage the uptake of evidence-based interventions. For example, you can present your research findings at various venues, such as Unite for Sight’s Global Health and Innovation Conference. Furthermore, you can send the results of your study to local officials, policy-makers, and community leaders.

Goals of Research
There are relatively few published studies about eye care in developing countries, and Unite For Sight encourages all volunteers to consider developing a research study to contribute important knowledge to the eye care community on a global scale. Pursuing a research project will be a challenging and rewarding experience, and this opportunity enables you to pursue an in-depth original study about a topic of interest.

Well-conducted research is vital to the success of global heath endeavors. Not only does research form the foundation of program development and policies all over the world, but it can also be translated into effective global health programs. Research draws its power from the fact that it is empirical: rather than merely theorizing about what might be effective or what could work, researchers go out into the field and design studies that give policymakers hard data on which they can base their decisions. Furthermore, good research utilizes methodologies that can be replicated, produces results that are examinable by peers, and creates knowledge that can be applied to real-world situations. Researchers work as a team to enhance our knowledge of how to best address the world’s problems.

The “Iterative” Process of Research
Ultimately, the key to a successful research project lies in iteration: the process of returning again and again to the research questions, methods, and data, which leads to new ideas, revisions and improvements. It is easy to think of research as a step-by-step “1, 2, 3” process, but it is important to be flexible and open to change. Oftentimes, by discussing the research project with advisers and peers, one will find that new research questions need to be added, variables need to be omitted, and other changes need to be made. As a proposed study is examined and reexamined from different perspectives, it may begin to transform and take a different shape. This is to be expected and is a component of a good research study. In addition, it is important to examine study methods and data from different viewpoints to ensure a comprehensive approach to the research question. In conclusion, there is no one formula for developing a successful study, but it is important to realize that the research process is cyclical and iterative.
http://www.uniteforsight.org/research-methodology/module6

18
1. Non-Inflationary Growth

In other words, this is stable and sustainable economic growth and development that is “real” (non-inflationary) over the long-term. Economic growth in an economy is an outward shift in its Production Possibility Curve (PPC). Another way to define growth is the increase in a country’s total output or Gross Domestic Product (GDP). The objective of the central bank and government would be an increase in economic growth without a rise in the rate of inflation.

2. Low Inflation

Inflation is the sustained increase of the price level. The rate of inflation is the change in inflation over a period. Central banks would like to keep the growth of the rate at which prices increase at low rates. As inflation rises, every dollar you own buys a smaller percentage of a good or service.For example, the U.S. Federal Reserve targets the inflation rate at roughly 2%.

3. Low Unemployment or Full Employment

Full employment occurs when the labor force (this counts as people who are actively seeking jobs or are already employed) is fully employed in productive work. A person is considered to be unemployed if he doesn’t currently doesn’t have a job and is actively searching for one. A lower rate of unemployment means that productivity in the economy is higher. This objective simply means that as many people who want to be employed are employed, so the economy is running at or near full productivity.

4. Equilibrium in Balance of Payments

Equilibrium in Balance of Payments means that a country’s exports or imports should not be much larger than its imports or exports. Having a large balance of payments deficit or surplus is not beneficial for the economy.

5. Fair Distribution of Income

A fair or equitable distribution of income means that the gap between the rich and the poor is not too large. Fair or equitable doesn’t mean equal, but fair is a relative concept. What could be fair to one person, may not be fair to another. The government doesn’t want all the wealth concentrated with a small group of people.

COPY :https://www.quora.com/What-are-the-5-macroeconomic-objectives-and-examples

19
Macroeconomics / Macroeconomic Policy: Objectives and Instruments
« on: July 17, 2018, 10:23:48 AM »
Microeconomics and macroeconomics—the two major divisions of economics—have different objectives to be pursued.

The key microeconomic goals are the efficient use of resources that are employed and the efficient distribution of output.

These two goals of microeconomics are encapsulated as ‘efficiency’ and ‘equity’.

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But macroeconomic goals are quite different because the overall response of the economy must not match with the individual units. As macroeconomics looks at the whole, its objectives are aggregative in character. In other words, because of different level of aggregation, these two branches of economics focuses on different economic objectives.

1. Macroeconomic Policy Objectives:
The macroeconomic policy objectives are the following:

(i) Full employment,

(ii) Price stability,

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(iii) Economic growth,

(iv) Balance of payments equilibrium and exchange rate stability, and

(v) Social objectives.

(i) Full employment:
Performance of any government is judged in terms of goals of achieving full employment and price stability. These two may be called the key indicators of health of an economy. In other words, modern governments aim at reducing both unemployment and inflation rates.

Unemployment refers to involuntary idle­ness of mainly labour force and other produc­tive resources. Unemployment (of labour) is closely related to the economy’s aggregate output. Higher the unemployment rate, greater the divergence between actual aggre­gate output (or GNP/CDP) and potential out­put. So, one of the objectives of macroeco­nomic policy is to ensure full employment.

The objective of full employment became uppermost amongst the policymakers in the era of Great Depression when unemployment rate in all the countries except the then social­ist country, the USSR, rose to a great height. It may be noted here that a free enterprise capi­talist economy always exhibits full employ­ment.

But, Keynes said that the goal of full employment may be a desirable one but im­possible to achieve. Full employment, thus, does not mean that nobody is unemployed. Even if 4 or 5 p.c. of the total population re­main unemployed, the country is said to be fully employed. Full employment, though theoretically conceivable, is difficult to attain in a market-driven economy. In view of this, full employment objective is often translated into ‘high employment’ objective. This goal is desirable indeed, but ‘how high’ should it be? One author has given an answer in the fol­lowing way; “The goal for high employment should therefore be not to seek an unemploy­ment level of zero, but rather a level of above zero consistent with full employment at which the demand for labour equals the supply of labour. This level is called the natural rate of unemployment.”

(ii) Price stability:
No longer the attain­ment of full employment is considered as a macroeconomic goal. The emphasis has shifted to price stability. By price stability we must not mean an unchanging price level over time. Not necessarily, price increase is unwel­come, particularly if it is restricted within a reasonable limit. In other words, price fluc­tuations of a larger degree are always unwel­come.

However, it is difficult again to define the permissible or reasonable rate of inflation. But sustained increase in price level as well as a falling price level produce destabilising ef­fects on the economy. Therefore, one of the objectives of macroeconomic policy is to en­sure (relative) price level stability. This goal prevents not only economic fluctuations but also helps in the attainment of a steady growth of an economy.

(iii) Economic growth:
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Economic growth in a market economy is never steady. These economies experience ups and downs in their performance. This objective became uppermost in the period following the World War II (1939-45). Economists call such ups and downs in the economic performance as trade cycle/business cycle. In the short run such fluctuations may exhibit depressions or prosperity (boom).

One of the important benchmarks to measure the performance of an economy is the rate of increase in output over a period of time. There are three major’ sources of economic growth, viz. (i) the growth of the labour force, (ii) capital formation, and (iii) technological progress. A country seeks to achieve higher economic growth over a long period so that the standards of living or the quality of life of people, on an average, improve. It may be noted here that while talking about higher economic growth, we take into account general, social and environmental factors so that the needs of people of both present generations and future generations can be met.

However, promotion of higher economic growth is often hampered by short run fluctuations in aggregate output. In other words, one finds a conflict between the objectives of economic growth and economic stability (in prices). In view of this conflict, it is said that macroeconomic policy should promote economic growth with reasonable price stability.

(iv) Balance of payments equilibrium and exchange rate stability:
From a macro- economic point of view, one can show that an international transaction differs from domestic transaction in terms of (foreign) currency exchange. Over a period of time, all countries aim at balanced flow of goods, services and assets into and out of the country. Whenever this happens, total international monetary reserves are viewed as stable.

If a country’s exports exceed imports, it then experiences a balance of payments surplus or accumulation of reserves, like gold and foreign currency. When the country loses reserves, it experiences balance of payments deficit (or imports exceed exports). However, depletion of reserves reflects the unhealthy performance of an economy and thus creates various problems. That is why every country aims at building substantial volume of foreign exchange reserves.

Anyway, the accumulation of foreign exchange reserves is largely conditioned by the exchange rate the rate at which one currency is exchanged for another currency to carry out international transactions. The foreign exchange rate should be stable as far as possible. This is what one may call it external stability in price.

External instability in prices hampers the smooth flow of goods and services between nations. It also erodes the confidence of currency. However, maintenance of external stability is no longer considered as the macroeconomic policy objective as well as macroeconomic policy instrument.

It is, however, because of growing inter- connectedness and interdependence between different nations in the globalised world, the task of fulfilling this macroeconomic policy objective has become more problematic.

(v) Social objectives:
The list of objectives that we have referred here is by no means an exhaustive one; one can add more in the list. Even then we have incorporated the major ones.

Macroeconomic policy is also used to attain some social ends or social welfare. This means that income distribution needs to be more fair and equitable. In a capitalist market-based society some people get more than others. In order to ensure social justice, policymakers use macroeconomic policy instruments.

We can add another social objective in our list. This is the goal of economic freedom. This is characterised by the right of taking economic decisions by any individual (rich or poor, high caste or low caste).

2. Macroeconomic Policy Instruments:
As our macroeconomic goals are not typically confined to “full employment”, “price stability”, “rapid growth”, “BOP equilibrium and stability in foreign exchange rate”, so our macroeconomic policy instruments include monetary policy, fiscal policy, income policy in a narrow sense. But, in a broder sense, these instruments should include policies relating to labour, tariff, agriculture, anti-monopoly and other relevant ones that influence the macroeconomic goals of a country. Confining our attention in a restricted way we intend to consider two types of policy instruments the two “giants of the industry” monetary (credit) policy and fiscal (budgetary) policy. These two policies are employed toward altering aggregate demand so as to bring about a change in aggregate output (GNP/GDP) and prices, wages and interest rates, etc., throughout the economy.

Monetary policy attempts to stabilise aggregate demand in the economy by influencing the availability or price of money, i.e., the rate of interest, in an economy.

Monetary policy may be defined as a policy employing the central bank’s control of the supply of money as an instrument for achieving the macroeconomic goals.

Fiscal policy, on the other hand, aims at influencing aggregate demand by altering tax- expenditure-debt programme of the government. The credit for using this kind of fiscal policy in the 1930s goes to J.M. Keynes who discredited the monetary policy as a means of attaining some of the macro- economic goals—such as the goal of full employment.

As fiscal policy has come into scrutiny in terms of its effectiveness in achieving the desired macroeconomic objectives, the same is true about the monetary policy. One can see several rounds of ups and downs in the effectiveness of both these policy instruments consequent upon criticisms and counter- criticisms in their theoretical foundations.

It may be pointed out here that as there are conflicts among different macroeconomic goals, policymakers are in a dilemma in the sense that neither of the policies can achieve desired goals. Hence the need for additional policy measures like income policy, price control, etc. Further, while the objectives represent economic, social and political value judgements they do not normally enter the mainstream economic analysis. Ultimately, policymakers and bureaucrats are blamed as troubleshooters.

http://www.economicsdiscussion.net/microeconomics/macroeconomic-policy-objectives-and-instruments/6155

20
What are the major objectives of macroeconomic policy?

Macroeconomics is concerned with issues, objectives and policies that affect the whole economy. All economic analysis that refers to aggregates is macro. The UK unemployment rate, the UK inflation rate, the rate of economic growth in the UK; these are all UK aggregates and therefore macro issues.

The four major objectives are:

Full employment
Price stability
A high, but sustainable, rate of economic growth
Keeping the balance of payments in equilibrium.
In this Learn-It, we will look at the way in which these objectives are measured. In the next, we shall look at why these objectives are important, their relative importance and how successful recent governments have been in achieving these goals. Finally we will look at the difficulties that governments have in trying to achieve all the objectives at once.

How are these objectives measured?
1. Full employment, or low unemployment.

The claimant count is the older, more out-of-date, measure of unemployment used in the UK. Those counted must be out of work, physically able to work and looking for it, and actually claiming benefit.

For a more realistic count, and for international comparisons, the ILO (International Labour Organisation) measure is used. This includes the young unemployed who are not always eligible to claim, married women who can't claim if their husband is earning enough, and those who claim sickness and invalidity benefits. Many only slightly inconvenienced unemployed workers are paid these benefits rather than swell the claimant count of unemployment.

Note the issue of active and inactive members of the population of working age. Only those who are active are included in the working population (or labour force), which is defined as all those who are employed or registered unemployed. But some of the inactive are in this category by choice, for instance, students and those who retire early.

At the moment in the UK, the level of employment is the highest ever (nearly 28 million workers). But one should note the significant difference in the numbers employed in manufacturing compared with the services (approximately 4 million against nearly 18 million).

2. Price stability

Inflation is usually defined as a sustained rise in the general level of prices. Technically, it is measured as the annual rate of change of the Retail Price Index (RPI), often referred to as the headline rate of inflation. For prices to be stable, therefore, the inflation rate should be zero. Generally, governments are happy if they can keep the inflation rate down to a low percentage. For an explanation of how the RPI is formulated, see the topic called 'Unemployment and inflation'. The UK government prefers to target the underlying rate of inflation, or the annual percentage change in the RPIX. This is the same as the RPI except housing costs are removed in the shape of mortgage interest payments. It makes sense for the government to use this measure because the weapon they use to control inflation, interest rates, directly affects the RPI itself.


Other less popular measures include the RPIY, which takes RPIX a stage further by also taking out the effects of indirect taxation (e.g. VAT), and the consumer price index, which is often used when making international comparisons.

The inflation rates based on these measures for the whole of 1999 were: RPI, 1.5%; RPIX, 2.2% and RPIY, 1.6%. Another important statistic is that of average earnings growth. Most economists believe that the growth in wages directly affects the price level. The 4.6% figure for 1999 is reasonably low historically (certainly compared with the early 90s), but there are fears that it will have picked up during 2000. At the time of writing it was too early to get figures for the whole of 2000. This is something that you should look up yourself.

3. High (but sustainable) economic growth

Economic growth tends to be measured interms of the rate of change of real GDP (Gross Domestic Product). When the word real accompanies any statistic, it means that the effects of inflation have been removed. GDP is a measure of the annual output (or income, or expenditure) of an economy. Sometimes GNP (Gross National Product) is used, which is very similar to GDP. The only difference is that income earned from assets held abroad is added and the income earned by foreigners who have assets in the UK is taken away (officially called net property income from abroad). Growth figures are published quarterly, both in terms of the change quarter on quarter and as annual percentage changes.

UK real GDP growth was 1.8% in 1999, which is lower than the mid-90s, but much better than the recession of the early 90s. Remember that many economists were predicting 1999 to be a year of recession, so the final figure is really quite reasonable. Note also that there is a big difference between the growth rates of the manufacturing sector (-0.4%) and the service sector (2.8%). The service sector has been healthy for years, whereas the manufacturing sector, some would argue, has barely recovered from the recession of the early 90s.

4. Balance of payments in equilibrium

This is a very big topic in itself. Look at the topic called 'The balance of payments' for much more detail. Briefly, this records all flows of money into, and out of, the UK over a given time period (usually a year). It is split into two: the Current Account and the Capital and Financial Accounts (formerly the capital account, although examiners do still accept this name).

Probably the most important is the current account because this records how well the UK is doing in terms of its exports of goods and services relative to its imports. If the UK is to 'pay its way' in the world over the long term, then it needs to keep earning enough foreign currency from its exports to pay for its imports. If this is not the case, the current account will be in deficit.

Japan has the largest current account surplus in the world. Although a surplus sounds better then a deficit, both can be bad. Japan's surplus forces other countries in the world to have deficits. In fact, while Japan's surplus is the biggest in the world, the USA's deficit is the biggest in the world. This is not a coincidence! The UK tends to be in deficit, although the current account was in surplus a couple of years ago, mainly due to our strength in the service sector.

https://www.s-cool.co.uk/a-level/economics/macroeconomic-objectives/revise-it/the-main-macroeconomic-objectives

21
Macroeconomics: Meaning, Scope and Importance of Macroeconomics!

Meaning :
It is that part of economic theory which studies the economy in its totality or as a whole.

It studies not individual economic units like a household, a firm or an industry but the whole economic system. Macroeconomics is the study of aggregates and averages of the entire economy.

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Such aggregates are national income, total employment, aggregate savings and investment, aggregate demand, aggregate supply general price level, etc.

Here, we study how these aggregates and averages of the economy as a whole are determined and what causes fluctuations in them. Having understood the determinants, the aim is how to ensure the maximum level of income and employment in a country.

In short, macroeconomics is the study of national aggregates or economy-wide aggregates. In a way it is like study of economic forest as distinguished from trees that comprise the forest. Main tools of its analysis are aggregate demand and aggregate supply.

Since the subject matter of macroeconomics revolves around determination of the level of income and employment, therefore, it is also known as ‘Theory of Income and

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Employment:

These days when the study of lakhs of individual units has become almost impossible and when government’s participation through monetary and fiscal measures in the economy has increased very much, use of macro analysis has become indispensable.

Correct economic policies formulated at macro level have made it possible to control business cycles (inflation and deflation) and as a result violent booms and depressions have become things of the past.

In a suitably modified form, macroeconomics is the basis of all plans of economic development of underdeveloped economies. Economists are now confidently exploring the possibilities and ways of maintaining economic growth and full employment. More than anything else, macroeconomic thought has enabled us to properly organise, collect and analyse the data about national income and coordinate international economic policies.

The scope of macroeconomics includes the following parts:
Scope of Macroeconomics

Clearly, the study of the problem of unemployment in India or general price level or problem of balance of payment is macroeconomic study because these relate to the economy as a whole.

Importance of Macroeconomics:
1. It helps to understand the functioning of a complicated modern economic system. It describes how the economy as a whole functions and how the level of national income and employment is determined on the basis of aggregate demand and aggregate supply.

2. It helps to achieve the goal of economic growth, higher level of GDP and higher level of employment. It analyses the forces which determine economic growth of a country and explains how to reach the highest state of economic growth and sustain it.

3. It helps to bring stability in price level and analyses fluctuations in business activities. It suggests policy measures to control Inflation and deflation.

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4. It explains factors which determine balance of payment. At the same time, it identifies causes of deficit in balance of payment and suggests remedial measures.

5. It helps to solve economic problems like poverty, unemployment, business cycles, etc., whose solution is possible at macro level only, i.e., at the level of whole economy.

6. With detailed knowledge of functioning of an economy at macro level, it has been possible to formulate correct economic policies and also coordinate international economic policies.

7. Last but not the least, is that macroeconomic theory has saved us from the dangers of application of microeconomic theory to the problems of the economy as a whole.

LINK:http://www.economicsdiscussion.net/macroeconomics/macroeconomics-meaning-scope-and-importance-discussed/519

22
Macroeconomics / What is Macroeconomics?
« on: July 17, 2018, 10:18:24 AM »

What is Macroeconomics?
Macroeconomics is the study of economics involving phenomena that affects an entire economy, including inflation, unemployment, price levels, economic growth, economic decline and the relationship between all of these. While microeconomics looks at how households and businesses make decisions and behave in the marketplace, macroeconomics looks at the big picture - it analyzes the entire economy.

Importance of Macroeconomics
We live in a complex and interconnected world. No one is unaffected by the economy. Most of us depend on the economy to provide job or business opportunities so we can make money to buy the goods and services we need to survive and function in modern society. The study of macroeconomics allows us to better understand what makes our economy grow and what makes it contract. A growing economy provides opportunities for better lives, while a contracting economy can be disastrous for most everyone. Macroeconomics provides the analysis for proper policy making so that we can develop and nurture the best economy possible.

Principles
Macroeconomic study focuses on three broad areas and the interrelationships between them. These three concepts affect all participants in an economy, including consumers, workers, producers and government. Let's look at each of these concepts.

Economic Output
Macroeconomics studies the national output, or income, of a country. National economic output is the total value of all goods and services produced in an economy during a specific time period. Economists measure national output by calculating the gross domestic product (GDP), which is the market value of final goods and services that an economy produces during a specific period of time. Economists will use the term real GDP, which is GDP valued at a constant price level, to compare current output with past output. This comparison will tell you if the economy is growing, is stagnant, or is contracting.

LINK:https://study.com/academy/lesson/what-is-macroeconomics-definition-principles-quiz.html

23
Microeconomics / Key Differences between Micro and Macro Economics
« on: July 15, 2018, 09:56:07 AM »
Key Differences between Micro and Macro Economics

The points given below explains the difference between micro and macro economics in detail:

Microeconomics studies the particular market segment of the economy, whereas Macroeconomics studies the whole economy, that covers several market segments.
Micro economics stresses on individual economic units. As against this, the focus of macro economics is on aggregate economic variables.
While microeconomics is applied to operational or internal issues, environmental and external issues are the concern of macro economics.
Microeconomics deals with an individual product, firm, household, industry, wages, prices, etc., while Macroeconomics deals with aggregates like national income, national output, price level, etc.
Microeconomics covers issues like how the price of a particular commodity will affect its quantity demanded and quantity supplied and vice versa while Macroeconomics covers major issues of an economy like unemployment, monetary/ fiscal policies, poverty, international trade, etc.
Microeconomics determine the price of a particular commodity along with the prices of complementary and the substitute goods, whereas the Macroeconomics is helpful in maintaining the general price level.
While analysing any economy, micro economics takes a bottom-up approach, whereas the macroeconomics takes a top-down approach into consideration.

Micro Economics
Pros:

It helps in the determination of prices of a particular product and also the prices of various factors of production, i.e. land, labour, capital, organisation and entrepreneur.
It is based on a free enterprise economy, which means the enterprise is independent to take decisions.
Cons:

The assumption of full employment is completely unrealistic.
It only analyses a small part of an economy while a bigger part is left untouched.
Macro Economics
Pros:

It is helpful in determining the balance of payments along with the causes of deficit and surplus of it.
It makes the decision regarding economic and fiscal policies and solves the issues of public finance.
Cons:

Its analysis says that the aggregates are homogeneous, but it is not so because sometimes they are heterogeneous.
It covers only the aggregate variables which avoid the welfare of the individual.

Similarities
As microeconomics focuses on the allocation of limited resources among the individuals, the macro economics examines that how the distribution of limited resources is to be done among many people, so that it will make the best possible use of the scarce resources. As micro economics studies about the individual units, at the same time, macro economics studies about the aggregate variables. In this way, we can say that they are interdependent.


Conclusion
Micro and Macro Economics are not contradictory in nature, in fact, they are complementary. As every coin has two aspects- micro and macroeconomics are also the two aspects of the same coin, where one’s demerit is others merit and in this way they cover the whole economy. The only important thing which makes them different is the area of application

https://keydifferences.com/difference-between-microeconomics-and-macroeconomics.html

24
Microeconomics / Understanding Macroeconomics vs Microeconomics
« on: July 15, 2018, 09:54:48 AM »
Understanding Macroeconomics vs Microeconomics

(https://www.educba.com/macroeconomics-vs-microeconomics/)

As the name suggests, Microeconomics studies the decisions made by individual and business concerning the distribution of resources and prices of goods and services. It deals with a specific industry or a sector, the connections of firms and households in the market. While saying so we also take into consideration the taxes and other regulations that have been created by governments. It primarily focuses on the supply, demand and other forces that define the price levels of good and services in the economy.

Microeconomics would study how a company could lower its prices to increase its product demand in the market.

On the other hand Macroeconomics, studies the behavior of not only particular company or industries but whole economy. It includes understanding how unemployment, price levels, growth rate affects the economy wide aspects such as the Gross National Product (GNP).

Macroeconomics would look at how an increase/decrease in net imports would affect a nation’s capital account.

Looking at the two differences macroeconomics vs microeconomics we could say that when we study an individual paper mill manufacturing paper, it would be microeconomics but if we study the whole paper manufacturing sector of the economy it would be macroeconomics.

The following table would briefly distinguish macroeconomics vs microeconomics examples;

Microeconomics   Macroeconomics
It deals with the decision making of single economic variables such as the demand, price, consumer, etc.   It deals with averages and aggregates of the entire economy such as national income, aggregate output, aggregate savings etc.
It is narrow in scope and interprets the small constituents of the entire economy.   It has a wide scope and interprets the economy of a country as a whole.
It is also known as the price theory because it explains the process of economic resources allocation on the foundation of relative prices of several goods and services.   It is also known as the income theory because it explains the changing levels of national income of an economy during a period of time.
It deals with the flow of various factors of production from a single owner to a single user of those resources.   It deals with the circular flow of income and expenditure between different sectors of the economy.
It helps in developing policies appropriate resource distribution at firm level.   It helps in developing policies appropriate resource distribution at economy level such as inflation, unemployment level etc.
Do Macroeconomics vs Microeconomics interact with each other?
Looking at the above mentioned differences between macroeconomics vs microeconomics it appears that these two studies of economics are different but in reality they are inter-related and complement each other since the issues that they address are overlapping.

Increased inflation (a macroeconomic effect) would increase the prices of raw materials required by the companies to manufacture products which would in turn also affect the price for the final product charged to the public.

Microeconomics and Macroeconomics are both exploring the same things but from different viewpoints. When we talk about macroeconomics while studying the constituents of output in nations economy we also have to understand the demand of single households and firms, which are micro economic concepts. Similarly when we study the investment policies of businesses- a microeconomic concept we cannot do it without learning about the effect of macroeconomic trends in economic growth, taxation policies etc.

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How macreconomic vs microeconomic variables affect equity investors?
The stock market gets affected by various economic and social factors. It is important that every finance professional or investor should be aware of these factors before deciding to invest in it.

If there is increasing inflation in the economy it would have consequent effects on the stock market.

Inflation and Deflation
interest-3

Inflation signifies a rise in general level of prices over a period of one year. Inflation can have contrary effects on the stock market. When inflation is at a low rate, the stock market reacts with a rush to sell shares. High inflation influences the investors to think that companies would hold back on spending; this leads to a decrease in revenue. Now, the higher cost of goods coupled with the drop in revenue pushes the stock market to drop.

There have however been exceptions, when there have been sustained decline in the price level of goods and services. This occurrence is called deflation. While deflation would sounds like it should be received well by investors, it actually is a reason for a drop in the stock market since they perceive deflation as the consequence of a weak economy.

This inflation can have significant impact on other macroeconomic variables; let’s understand where and how;

Exchange Rate: Persistent prevalence of higher inflation in a country (say Country P) comparative to the inflation in another country (say Country Q) generally leads to depreciation of a currency in country P.
Interest Rates: When the level of price rise each unit of currency can buy fewer goods and services than before, implying a reduction in the purchasing power of the currency. So, people with excess funds demand higher interest rates, as they want to protect the returns of their investment against the adverse impact of higher inflation. As a outcome, with rising inflation, interest rates tend to rise. The reverse happens when inflation declines.
Unemployment: There is an opposite relationship between the rate of unemployment and the rate of inflation in an economy. It has been perceived that there is a stable short run trade off between unemployment and inflation.
 Interest Rates
interest-1

From the lender’s perspective, interest can be thought of as an “opportunity cost’ or “rent of money” and interest rate as the rate at which interest accumulates over a period of time for the amount given as loan. From a borrower’s perspective, interest rate is the cost of capital i.e. it is the cost that a borrower has to sustain to have access to funds.

Interest rates as established by the Central bank and individual banks can have an effect on the stock market. Higher interest rates indicate that money has become more expensive to borrow. In order to recompense for the increased interest costs, businesses would have to cut down on costs leading to lay off workers. Also the company cannot borrow as much as it used to, and this affects the company’s earnings adversely. All of this supplements to a drop in the stock market.

Fiscal Policy
interest-2

They are the government spending policies that influence macroeconomic conditions. Through fiscal policy, regulators try to improve unemployment rates, control inflation, stabilize business cycles and influence interest rates in an effort to control the economy.

The most direct influence of fiscal policies on the financial market is through taxation. The government can try to change the tax rates; it can impose new taxes or abolish existing ones or can use measures to broaden the tax base. In each of these cases, it will affect the income and consumption pattern of a large number of people. Dependent upon the tax measure, it will have a positive or a negative impact on the financial market. For example, if personal income tax rate is lowered then it is likely to see an upturn the disposable income of people and can have a positive impact on the financial markets through an enhanced level of financial savings. On the other hand, introduction of a long-term capital gains tax 10 may have the adverse impact on the market.

Foreign Market
interest-4

Foreign market is a market in which participants are able to buy, sell, exchange and speculate on currencies.

When the worldwide economy is down, goods and services cannot be sold abroad as they used to be. This eventually leads to decrease in the revenue and as a consequent effect cause the decline in the stock market. If foreign stock exchanges start weakening or experience sharp declines, a ripple effect can be anticipated. This eventually results in the overall drop in a global stock market.

After understanding all this we could definitely comprehend that both Macroeconomics vs Microeconomics provide important tools for any finance professional and should be studied together in order to completely comprehend how corporations function and make revenues and thus, how a whole economy is managed and continual.


25
Macroeconomics and microeconomics, and their wide array of underlying concepts, have been the subject of a great deal of writings. The field of study is vast; so here is a brief summary of what each covers. Microeconomics is generally the study of individuals and business decisions, while  macroeconomics looks at higher up country and government decisions.

Microeconomics
Microeconomics is the study of decisions that people and businesses make regarding the allocation of resources and prices of goods and services. This means also taking into account taxes and regulations created by governments. Microeconomics focuses on supply and demand and other forces that determine the price levels seen in the economy. For example, microeconomics would look at how a specific company could maximize its production and capacity, so that it could lower prices and better compete in its industry.

https://www.investopedia.com/ask/answers/difference-between-microeconomics-and-macroeconomics/

Microeconomics' rules flow from a set of compatible laws and theorems, rather than beginning with empirical study.

Macroeconomics

Macroeconomics, on the other hand, is the field of economics that studies the behavior of the economy as a whole, not just of specific companies, but entire industries and economies. It looks at economy-wide phenomena, such as Gross Domestic Product (GDP) and how it is affected by changes in unemployment, national income, rate of growth, and price levels. For example, macroeconomics would look at how an increase/decrease in net exports would affect a nation's capital account or how GDP would be affected by the unemployment rate. (To keep reading on this subject, see Macroeconomic Analysis.)

John Maynard Keynes is often credited with founding macroeconomics, when he initiated the use of monetary aggregates to study broad phenomena. Some economists reject his theory and many of those who use it disagree on how to interpret it.

Micro and Macro
While these two studies of economics appear to be different, they are actually interdependent and complement one another since there are many overlapping issues between the two fields. For example, increased inflation (macro effect) would cause the price of raw materials to increase for companies and in turn affect the end product's price charged to the public.

Microeconomics takes what is referred to as a bottoms-up approach to analyzing the economy while macroeconomics takes a top-down approach. In other words, microeconomics tries to understand human choices and resource allocation, while macroeconomics tries to answer such questions as "What should the rate of inflation be?" or "What stimulates economic growth?"

Regardless, both micro- and macroeconomics provide fundamental tools for any finance professional and should be studied together in order to fully understand how companies operate and earn revenues and thus, how an entire economy is managed and sustained.

What Should Individual Investors Look At?
Individual investors are probably better off focusing on microeconomics than macroeconomics. There may be some disagreement between fundamental (particularly value) investors and technical investors about the proper role of economic analysis, but it is more likely that microeconomics will affect an individual investment proposal.

Warren Buffett has famously stated that macroeconomic forecasts don't influence his investing decisions. When asked about how he and Charlie Munger, his business partner, choose investments, Buffett responded, "Charlie and I don't pay attention to macro forecasts. We've worked together for 50+ years, and I can't think of a time when they influenced a decision about stock or a company." Buffett has also referred to macroeconomic literature as "the funny papers."

John Templeton, another famously successful value investor, shared a similar sentiment. "I never ask if the market is going to go up or down, because I don't know. It doesn't matter. I search nation after nation for stocks, asking: 'where is the one that is lowest priced in relation to what I believe it's worth?'" said Templeton.

The Divide Between Microeconomics and Macroeconomics
Microeconomics concerns itself with the small details that make a difference when evaluating individual companies. This includes production costs and market prices for goods and services. A lot of microeconomic information can be gleaned from the financial statements.

Macroeconomics focuses on aggregates and econometric correlations. Investors of mutual funds or interest rate-sensitive securities should keep an eye toward monetary and fiscal policy. Outside of a few meaningful and measurable impacts, macroeconomics doesn't offer much for specific investments.

Moreover, economists generally agree on the principles of microeconomics. As the International Monetary Fund (IMF) website states, "There are no competing schools of thought in microeconomics." This is not true with macroeconomics. Macroeconomic forecasting has a very poor track record, and the accepted version of macroeconomics has changed several times since its inception.


26
Microeconomics / Top Best Microeconomics Books
« on: July 15, 2018, 09:50:10 AM »
Top Best Microeconomics Books –

 It’s the little things that matter most. In Economics also, the same concept rings true. Micro-factors are as important for a business owner/student of business, as macroeconomics.

So, without much ado, here are top 10 microeconomics books which will make you a master it. Read it, learn from it, and apply it in your personal and professional life.
#1 – PRINCIPLES OF MICROECONOMICS, 7TH EDITION (MANKIW’S PRINCIPLES OF ECONOMICS)
by N. Gregory Mankiw


 

This Principles of Microeconomics is most widely used textbook in the class. If you’re a student, grab this book as your textbook.

MICROECONOMICS BOOK REVIEW:
If you want to learn the fundamentals of microeconomics, this book would be invaluable to you. Because this doesn’t include anything that a layman won’t be able to understand! Pick this book on microeconomics, highlight the areas that most resonate with you, and then note down any thoughts you have about the same. The language of the book is also pretty easy that you don’t need to stumble everywhere to understand a chapter. That means you won’t find any excessive words to impress anyone. The author has explained the concepts, tools, and techniques in the most lucid way. That’s the reason every reader who has gone through this book has got immense value out of it. The verdict of the readers is if you are new to Microeconomics, this is the book you should buy and read through. This best microeconomics book is arranged in short chapters and the author has given many graphical representation of what he is talking about. As a result, even a dry subject like Microeconomics will also seem fascinating to you. What more can you expect from an elementary book?

KEY TAKEAWAYS FROM THIS TOP MICROECONOMICS BOOK
No wonder why this best microeconomics book is meaningful to every Microeconomics student and why most of the students choose this book as their first textbook in their undergraduate days. The author is a great writer and the most influential economist of our times. And he has used all of his experience in writing this book.
Along with the book, you will also be able to get the help of MindTap that includes graph builder and adaptive test prep to understand and master the subject.
Get this book >>
 

 #2 – MICROECONOMICS: PRINCIPLES, PROBLEMS, & POLICIES (MCGRAW-HILL SERIES IN ECONOMICS)
by Campbell McConell, Stanley Brue, and Sean Flynn


 

For long time, this book has been a perfect ally for students.


 
MICROECONOMICS BOOK REVIEW:
If you ever need to read a book for a class, this book will serve the purpose. Why? Because this book is arranged in such a way that you don’t need another textbook for class! This book has total 20 chapters which include a chapter called “behavioral economics”. Not many books have mentioned the importance of behavior in microeconomics. But this one does and it helps students think about microeconomics in completely different way. This book is not only applicable for students who are pursuing their studies; it’s also useful for those who want to instruct and need a solid guide to teach students. The learners can master the digital content easily and would be able to supplement their learning in their exam and elsewhere. As business owners, you can also read this book to save time and to get a grip over the concepts of microeconomics.

KEY TAKEAWAYS FROM THIS BEST MICROECONOMICS BOOK
This best microeconomics book also comes up with an integrated learning system “Connect” which empowers students continuously to provide students exactly what they need, whenever and however they need. This system will help you become adaptive to the classes you attend.
This book is for all – students, instructors, and business owners. And anybody who reads this book gets immense help from this book.
Get this book >>
 

#3 – MICROECONOMICS
by Paul Krugman and Robin Wells


 

If you want to read microeconomics in the most simplistic way, this is it.

MICROECONOMICS BOOK REVIEW:
No matter what you do – you study in an undergraduate program or you run a business or maybe you just want to learn every possible concept one can learn in microeconomics; this book would be the ultimate textbook you would ever need. The students who have read this top microeconomics book have mentioned that this book allowed them to get A’s in microeconomics without putting in a lot of effort. Readers who have not had much idea about business or never taken a business class also remarked that this book is very easy to follow and to learn the fundamentals well. The authors haven’t used any jargons or excessive words to teach the course. Simple down-to-earth explanations along with fun learning are the basic ingredients of the book. Don’t look for any other book if you want to make learning exciting and want to quickly master the fundamentals. Just buy this book and you would be able to take advantage of the book’s amazing quality. Moreover you can ask your instructor to use this book as well.

KEY TAKEAWAYS FROM THIS TOP MICROECONOMICS BOOK
Microeconomics is not a rocket science. And you don’t need to be a genius to understand it. Both of these authors have proved it in this book.
Every textbook should be written in such a way that it satisfies every new learner. That means every textbook should be user-friendly and should increase the interest of the learners in the subject. This book does a great job in making microeconomics most palatable to its students.
Get this book >>
 

#4 – MICROECONOMICS: THEORY AND APPLICATIONS WITH CALCULUS (4TH EDITION) (THE PEARSON SERIES IN ECONOMICS)
by Jeffrey M. Perloff


 

If you want to refer the fundamentals of microeconomics with real life examples, read this book.

MICROECONOMICS BOOK REVIEW:
This book on microeconomics is self-explanatory. Whatever it has promised to deliver, it has delivered. Moreover, you get loads of real life examples and also the author’s insights and humour in the footnotes. But remember this book is not for those who are looking to learn microeconomics from scratch. This is not a book for beginners; rather once you have some sort of basic idea about the fundamentals of microeconomics, you can pick this book up and advance your understanding. To understand the material of this book, you also need to comprehend derivative and integral calculus. So, don’t touch this book without first reading some sort of beginner’s books on microeconomics and mathematics. The only pitfall of this book (which may not be a pitfall for you) is the way it is presented. The book has not been written like a textbook of microeconomics; rather it is written like a book on mathematics. As this book emphasizes on calculus and its relevancy in microeconomic concepts, this book is written like that. If you love good humour, great examples, and amazing quotes, this book should certainly be under your “to-read” list.

KEY TAKEAWAYS FROM THIS BEST MICROECONOMICS BOOK
The book is very cheap if we consider the value it provides. This book is around 800 pages and cost around $20-25. Yes, price always doesn’t refer to value, but learning so many things under $20 is certainly a boon for every student.
If you choose to buy this book along with MyEconLab (which you should), your knowledge and skill building will be complete. You would get a structured environment for learning, can practice what you learn, test your understanding of the concepts, and also study as per a personalized plan of study
Get this book >>
 

#5 – PRINCIPLES OF MICROECONOMICS (12TH EDITION)
by Karl E. Case, Ray C. Fair and Sharon E. Oster


 

This is a perfect book for beginners of microeconomics who need no fluff and a sound understanding of fundamentals.

MICROECONOMICS BOOK REVIEW:
The book has received mixed reviews, but still this book isn’t as bad as few reviewers proclaim. Here’s why. First of all, most of the reviews of this book are good so far. And few didn’t like the content of the book. Their dislike can reveal a bit of information about this book – it is not for experts. The author didn’t write this book for people who want to teach or instructs. It’s written for those who are currently new to the subject and don’t have much grasp over advanced mathematics. Grab this book if you want to learn the concepts of microeconomics from scratch and don’t bother much about the mathematical implications of the fundamentals. It’s for newbies but that doesn’t mean it is gibberish and don’t make sense at all. No, this book is full of practical examples and also includes recent events so that the new learners can relate the concepts with real life.

KEY TAKEAWAYS FROM THIS TOP MICROECONOMICS BOOK
This best microeconomics book is not written only on the basis of the authors’ experience; rather every concept presented in this volume has been thoroughly researched. This book also comes with added exercise which will make readers understand the art and science of microeconomics.
This book also comes with MyEconLab which you should purchase along with the book because MyEconLab will give you the structured environment, improve your understanding of each concept, and help you practice more efficiently.
Get this book >>
 


 
#6 – MODERN PRINCIPLES: MICROECONOMICS
by Tyler Cowen and Alex Tabarrok


 

This is another great book to understand the nitty-gritty of microeconomics.

MICROECONOMICS BOOK REVIEW:
How do individuals learn better? It is found that when they are learning visually, they learn the best. In this book, the authors have made use of visuals in such a way that even a dry subject like microeconomics stood out to be one of the most interesting subjects. Grab this book and you would know how well the visuals and texts are arranged. This book is again pretty good for beginners and people who are new to the concepts of microeconomics. If you are a student, starting your course microeconomics, then this is the “go-to-book” for you. Other than the visuals and texts, this book has been arranged in easy to understand chapters so that you don’t need to go back and forth to comprehend a particular topic. You can follow along and learn the concepts, insights, and fundamentals. Plus, you will also get a lot of real life examples from this book which you can relate to and learn better. You will also be able to apply the learning in your own personal and professional life.

KEY TAKEAWAYS FROM THIS BEST MICROECONOMICS BOOK
The authors are well-known online teachers of economics. If you buy this top microeconomics book, you will get integrated videos made by these teachers of economics which will also help you learn and master the concepts.
As a subject, you will be able to relate to politics, businesses, world affairs, and everyday life once you finish reading this book. The authors also run a blog marginalrevolution.com which you can read along with the book.
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#7 – MICROECONOMIC THEORY
by Andreu Mas-Colell, Michael D. Whinston and Jerry R. Green


 

They say “old is gold” and this book fits into that proverb perfectly.

MICROECONOMICS BOOK REVIEW:
This book is “the guide” on microeconomics. And that means you should not start with this book if you’re new to microeconomics. Before you ever try to read this book, read one or two books on fundamental concepts we have mentioned above. And then come back to this book. Why so? Because this book is so intense in concepts and explanation, they wouldn’t make sense to you immediately. This book is used in University of Michigan for a full year to teach PhD students microeconomic theory. This book will not teach you intuitions; rather this book will teach you concepts and fundamentals so that you can publish your papers in prestigious journals in years to come. The scope of this book is huge which enabled the authors to focus totally upon the helicopter view of the concepts. But don’t try to study this book all by yourself. You still can if you’re an economist or have already earned your PhD. But if you’re just learning the ropes of microeconomic theory, take help from a professor to teach you the concepts of this book. This book is also equally beneficial for instructors who teach microeconomics in schools and colleges.

KEY TAKEAWAYS FROM THIS TOP MICROECONOMICS BOOK
If there is any text book every student of economics must read, it is this. You can’t skip this book if you want to fully understand microeconomic theory.
This best microeconomics book is divided into five separate sections – individual decision making, game theory, partial equilibrium analysis, general equilibrium analysis, and social choice theory and mechanism design. If you read these five sections well, you will possess wealth of knowledge in microeconomic theory.
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#8 – COREMICROECONOMICS
by Eric Chiang


 

This book is a perfect textbook for students trying to learn microeconomics.

MICROECONOMICS BOOK REVIEW:
This top microeconomics book isn’t an easy read for students who are new to the concepts of microeconomics. Because it’s dense and full of microeconomic concept! Before reading this book, take one beginners’ book from the above list and give it a light read and use the material of this book as supplementary content. Many students who have been using this book for their class have mentioned, it has helped them pass the class and been quite helpful during the course. The author brings in a lot of new topics in microeconomic theory. That means this book doesn’t only contain the fundamentals of microeconomics; it also includes the new trends, modern microeconomic theories, and materials on how to teach them to students. Along with students, this book can also be used by instructors who teach microeconomics to their students. In a nutshell, if you can read this book along with a beginners’ material on the subject, then it would become the most valuable resource for you.

KEY TAKEAWAYS FROM THIS BEST MICROECONOMICS BOOK
This book on microeconomics is over 500 pages and very comprehensive. That’s why it’s not recommended for beginners because beginners won’t be able to understand its dense outlook on the subject.
The author has extensive experience in teaching economics courses and he has put together all of his teaching experiences into this book. Only a teacher can put himself in the shoes of the students and think from their perspective. And the book is written exactly like that. No wonder that this is one of most popular microeconomics textbooks.
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#9 – MICROECONOMICS FOR TODAY
by Irvin B. Tucker


 

This book stands out in the series of books on microeconomics. Here’s why.

MICROECONOMICS BOOK REVIEW:
Many textbooks on microeconomics claim a lot, but delivers quite opposite. But this book has no gap between what it promised and what it delivered. Rather, if we compare with contemporary textbooks on microeconomics, this is the one every new student of economics should read. This book is easily written, but it will also help you stretch your vocabulary, concepts, perspectives, and understanding. Thus, you waste no time browsing through the book. On the side of each chapter, you will get a list of vocab words that are used in the chapter. Plus at the end of each chapter, you will be able to recapitulate the entire concept of the chapter through a summary and a practice test. This best microeconomics book, thus, is written preferably for students who want to pass their course and understand the fundamentals at the same time. This book can also be useful for people who teach microeconomics because setting up questions papers become very easy once you go through this book. As business owners also, you can also read the book.

KEY TAKEAWAYS FROM THIS TOP MICROECONOMICS BOOK
You will not only get the whole book filled with microeconomic theory, you will also get a rich resource for instructors (a CD for instructors, power-point slides, complete videos, and a link to website).
As the title suggests, it not only talks about the old microeconomic theory; it also focuses on new trends, modern microeconomics, and the pedagogy of teaching them.
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#10 – MICROECONOMICS MADE SIMPLE: BASIC MICROECONOMIC PRINCIPLES EXPLAINED IN 100 PAGES OR LESS
by Austin Frakt and Mike Piper


 

This is a great supplementary book on microeconomics in a little over 100 pages.

MICROECONOMICS BOOK REVIEW:
No, it’s not a spam and we didn’t include this book in the list by mistake. Every now and then, when you just to recapitulate the concepts of microeconomics, you need a handy guide just to refresh what you have already read. This best microeconomics book is written just for that. From students to instructors to teachers to business owners, all can use this book to brush off their knowledge base. And it’s useful for two types of people – professionals who need something to read through quickly because their jobs require it (and they don’t have any knowledge of economics so far) and people who are pretty busy in their professional/personal life and have little/no time for studying microeconomics. The authors of the book have taken out all the flab from the book and presented all the concepts just in 134 pages. Of course, this is not recommended if you need a textbook for your course. But it can be a great supplement for you along with a textbook on microeconomics.

KEY TAKEAWAYS FROM THIS BEST MICROECONOMICS BOOK
Short is sweet and easily digestible. Pick this book up, read through, and go for your exam. Reading this book and passing an exam (if you have little time to read) is almost synonymous.
You will never get overwhelmed with details. Leave that for the textbooks. If you want a concrete, crisp, and solid book presenting distilled information on microeconomics, you should pick up this book right away

https://www.wallstreetmojo.com/microeconomics-books/

27
Microeconomics / Definition of 'Microeconomics'
« on: July 15, 2018, 09:47:53 AM »
Definition of 'Microeconomics'

Definition: Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.

Description: Microeconomic study deals with what choices people make, what factors influence their choices and how their decisions affect the goods markets by affecting the price, the supply and demand
(https://economictimes.indiatimes.com/definition/microeconomics)

Study of the economic behavior of individual units of an economy (such as a person, household, firm, or industry) and not of the aggregate economy (which is the domain of macroeconomics). Microeconomics is primarily concerned with the factors that affect individual economic choices, the effect of changes in these factors on the individual decision makers, how their choices are coordinated by markets, and how prices and demand are determined in individual markets. The main subjects covered under microeconomics include theory of demand, theory of the firm, and demand for labor and other factors of production.

http://www.businessdictionary.com/definition/microeconomics.html

28
Importance of Parents stems from the fact that they are ones who show genuine love.

A person can expect unconditional love only from his mother and father in life.

In most civilized societies, parents take great care in upbringing their children.

They are the ones who help the child overcome his negative attributes and insufficiency.

Parents are aware of importance of education, so they are the first to make the child go to school.

A child with good parenting rarely fails in life. Parents act as the first family of a child till he is married.

In many people’s success, the role of parents is the key. You can even notice many world leaders and philosophers describing the role of their parents in their life.

Parents give many things to their children and are directly involved in child development.

Without parents, it would be very tough for anyone to have a better life.

Importance of parents
1. Unconditional love: Parents are the only people from whom a child can expect unconditional love.

Without them, he is unfulfilled in life. He becomes a loner and faces many hardships in life. Importance of ParentsSince human is a social animal, just like food and air, love and care are the other elements which are essential. They are the people who share your happiness and sorrow equally. If you weep, they do, and if you laugh, they do.


 
2. Financial support: Many people have good or sufficient financial assistance only because of parents. This virtue helps them to perceive education and other hobbies without a worry or having to work for making a living. This financial support also puts them ahead in the start up concerning business or position in the companies. Hence many young people in the level of directors or other higher posts in the industry are children of the company founders.

3. Moral support: Parents give moral support to the child in case of failure. During some accident or love failure or divorce, having parents besides is a great boon. They provide immediate moral support and strength to tackle the situation. They are the people whom can console you and put back into life.

importance of parents
Credit: imagery majestic

Hence we can see those kids who do not have parents are a bit depressed in life as they have none to share their sorrow and achievements. Hence parents taking divorce also have a tremendous effect on children. Also, they teach them spirituality, prayer and other aspects needed in life.

4. Family support: Family is an integral part of everyone’s home. The family of any person starts with parents itself. Later on, he gets his spouse and children to live with him. In countries with established family trends, we can notice this. Even parents conduct the marriage of their children. They create awareness and requirement of marriage for life. Further, in many families, they are involved in selecting the suitable groom or bride for the wedding. Even in the initial days of marriage, minor differences in between partners can be solved due to support and suggestions from parents. Hence we see the divorce rate is lower in arranged marriages than in love marriages.


 
5. Involvement in success: They guide him right direction and makes it easy for him to succeed. They even teach them the value of discipline and relationships. Hence we see many people achieve great things due to godfathers behind. Even George W. Bush, the recent president of America, was the son of senior Bush who was also a president.  If one tries to check the personal life stories of successful people, we can realize the extent to which their parents helped them climb the ladder of success.

6. The importance of parent involvement: Educated parents help their children in moving in right direction in their career. They understand the child strengths and weaknesses and guide him on the right path. They also assist the kid in solving his homework and also encouraging extra-curricular skills in him. Hence we can see teachers and schools emphasize on parents role in the education of their children.

link:https://www.mindcontroversy.com/importance-of-parents/

29
Your parents are your first…everything. They brought you into this world and hopefully, guided your development into the person you are today with as much love, nurturing and opportunity that they could provide. They saw fit that your needs were being met, supported and advocated for you while encouraging your gradual independence into a fully autonomous and independent person. They are your history and understand you…”historically.” They are the baseline for how you have grown and developed your whole life and can speak with authenticity of who you are as a person. Hopefully, they set your moral compass in the right direction by leading by example and demonstrating to you right from wrong and how to navigate life. They are part of your memories and good or bad…have loved you and had hopes/dreams for you since inception. They can be the tough love to get you back on track, your soft place to fall and through their eyes…you can see yourself a bit as they do pass down not only pieces of themselves and the lessons they have taught..but you can see generations of “you” and the things you wish to replicate, as well as the things you might want to tweak and change. None of us are perfect and parents are no exception however, that is what life is for…to perfect who we are as individuals, do no harm, love our families and friends and live as good human beings. Parents can guide us on that journey and add dimensions to our lives and that of the spouses and children we add to the fold to grow our families. Your parents are your first friends, your teachers, your comfort and should love you unconditionally…till the end of their lives.

Link: https://www.quora.com/What-is-the-importance-of-your-parents-in-your-life

30
Significance of International Parents' Day
link:http://www.indiaparenting.com/pregnancy/344_6376/significance-of-international-parents-day.html
 
International Parents’ Day, as the title suggests is celebrated to appreciate parents for the sacrifices and hard-work that they do while raising children. Read on to learn more about the significance of International Parents’ Day.


International Parents’ Day is celebrated on the fourth Sunday of July every year in many countries. It is a day to celebrate all that parents do for us. We celebrate the love, guidance and dedication that parents put towards raising us. Many countries celebrate this holiday to honour the most important persons in one’s life; parents.

Just like there is a day charted for children, international rights dedicated a day to the parents. A day we respect our parent for all that they do for us. Many countries declare it a holiday and non working day. It is done to provide respite to the parents who are working. It was chartered so that children can learn to appreciate their parents, own or foster.


When is Parents’ Day Celebrated?

As mentioned before, International Parents’ Day is celebrated on the fourth Sunday of the July month. International Parents’ Day was or will be celebrated on the following days around the globe.

2014   July 27
2015   July 26
2016   July 24
2017   July 23
2018   July 22
2019   July 28
2020   July 26


Parents’ Day celebrations are observed in different countries yet the significance of this day remains the same. Here are some of the reasons we need and should celebrate Parents’ Day.


Appreciation

Parents deserve to be appreciated for everything that they do for us. They dedicate the best years of their life in raising us. It should not definitely be restricted to a day yet everybody likes a special day. Just like we feel so special on our birthday, parents too feel special when there is a day dedicated to their appreciation. In many countries it is the custom to present flowers or gifts to parents as a token of appreciation. In some places programs are organized where children perform for their parents and give speeches. Whatever be the mode, it is a good day to show some appreciation.


Reunion

Today’s generation is constantly in a state of flux. Barriers don not exist more for them. It is not a rare case that one’s children live abroad. If not abroad, they live in a different state or in a different part of the city. It is inevitable. Children will grow up, go off to study, get jobs and have their own families. It requires shifting of location. Children cannot stay with their parents all their life. Parents’ Day is a day that encourages such kids to come and meet their parents. The day fosters reunion. Long dispersed families come together to celebrate.


A Break Day

As Parents’ Day is celebrated on Sunday it is a holiday for most of us. This is an extremely positive thing for parents who are working. An off day is like a god given boon to tired parents. Many children relieve their parents of their daily tasks for a day and try to manage he house themselves. A day might seem too small a time, but the tired parents appreciate it. Even a day’s relief is precious. Further it shows them that their kids are actually concerned about them. Families can get together and do something special on this day.


Celebrations

Celebrations are always fun and parents deserve to have some fun. A lot of activities take place around town on Parents’ Day. Parents can attend them and enjoy themselves. It is a way of giving back to them what they have sacrificed. Many children organize little parties to celebrate this day in their homes.


Importance of Family

A day like this makes one realize the importance of a family. A family cannot function without parents. Parent’s work hard to hold their families together. This day makes the kids realize the kind of effort their parents put to maintain the family.

This might be a new day in the list of the memorable days that we celebrate, but its significances are deep. This is one day that families becomes one and come together all over the world to celebrate with gusto the importance of parents.


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