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«Keynes considered that over time both mpc and apc decreases because the more national income the greater proportion of increase in income which people prefer to save precrisis statistic research shows that consumption function is a straight line that is»

Introduction to Macroeconomics Essay

In the field of economics, macroeconomics focuses on the study of the overall economy, including topics such as national income, inflation, unemployment, and government policies. One of the prominent figures in the history of macroeconomics is John Maynard Keynes, whose theories have had a significant impact on economic thought.

Keynes posited a theory that over time, both the marginal propensity to consume (MPC) and the average propensity to consume (APC) decrease as national income rises. This is due to the fact that as individuals earn more income, they tend to save a greater proportion of the increase rather than spend it.

Before the global financial crisis, statistical research indicated that the consumption function followed a linear relationship. However, the crisis demonstrated the importance of understanding how changes in economic variables can disrupt traditional models and theories.

As we delve into the world of macroeconomics through this essay, we will explore key concepts, theories, and empirical evidence that shape our understanding of the functioning of modern economies. By analyzing the interactions between economic agents, institutions, and policies, we aim to gain insights into the complexities of macroeconomic systems.