Introduction to principles of macroeconomics/Goals, measures, and challenges
Economic growth, which is the increase in real GDP over time, is one of three major goals. The other two goals are full employment and price level stability. Fiscal and monetary policies are formed, implemented, and evaluated against those three goals. You will likely find that macroeconomics focuses on what should be done to achieve those goals as opposed to what is done. Accordingly, the following readings and activities will uncover scenarios and philosophical debates about the role of government in a market-based economy and whether the GDP is an accurate measure of societal well-being, quality of life, and the standard of living.