Economics (Micro, Macro Theory)

Definitions of micro‐ and macro‐economics are provided. The methodological backgrounds underpinning economics in general and micro‐ and macro‐economics specifically are also elaborated upon with their implications for economic analysis and public policy. Also outlined are the different and varied models that comprise the economics toolbox. These include traditional price theory, behavioral economics, institutional economics, Keynesian economics in its various manifestations, and classical theory.