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Question
The credit for the development of macroeconomic approach must go to ______.
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Solution
The correct option is C Lord Keynes
Macroeconomic means considering all the factors of economy as a whole rather to considering them individually.Earlier the economists believed that the monetary factors do not affect the real factors such as real outputs etc but after the in-depth study of classical theories John Maynard Keynes ( known as Lord Keynes) produced a general theory that depicts the whole economy in terms of aggregate rather than individual.
Macroeconomic means considering all the factors of economy as a whole rather to considering them individually.
Earlier the economists believed that the monetary factors do not affect the real factors such as real outputs etc but after the in-depth study of classical theories John Maynard Keynes ( known as Lord Keynes) produced a general theory that depicts the whole economy in terms of aggregate rather than individual.
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