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2 The Nature of Macroeconomics Recalled While economists occasionally use the term macroeconomics to describe any highly aggregative analysis, the more usual concepts relate to economy-wide instabilities, particularly in unemployment rates but also involving inflation and balance of payments problems This clearly is the stress of the many
Thus, the formal union of law and macroeconomics should seek to examine the interplay between a legal system and macroeconomic outcomes, above and beyond the connections a particular law may have with its impact on human behavior Scholars and policymakers have spent our time primarily thinking about the impact of single laws, but
1 Distinguish the concerns of macroeconomics from microeconomics 2 Discuss the relationship between economics and well-being 3 Identify and describe the three main macroeconomic goals 4 Appreciate the usefulness and limitations of the theory of supply and demand in the real world, and its relevance to macroeconomics 5
considering legal reform and institutional improvement as a macroeconomic developmental strategy 13 After such a pivotal historical juncture, a concern with
communist countries that paved the way to consider legal reform and institutional improvement 4 See Ronald Coase, The Problem of Social Cost, 3 J L Econ