Why do many economists argue that modern macroeconomics began in the 1930s during the Great Depression?

a. The Great Depression disproved many of the concepts of traditional microeconomics,
necessitating the growth of a new field of theory.
b. The devastating effects of the Great Depression drove economists to discover ways
to mitigate unemployment through economic policy.
c. Macroeconomics developed as a way to capture growing interest in economics,
previously an obscure field of study, following the Great Depression.
d. Before the Great Depression, unemployment had little impact on national economies,
and macroeconomic principles were largely inapplicable.

b. The devastating effects of the Great Depression drove economists to discover ways
to mitigate unemployment through economic policy.

Economics

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Refer to the scenario above. What is the nominal GDP of the economy in 2013?

A) $55,000 B) $50,400 C) $47,000 D) $50,000

Economics

An economic system in which a central authority makes all economic decisions

a. command economy b. traditional economy c. market economy d. free enterprise economy

Economics