Macroeconomics introduces students to economic issues and mainstream theories related to the entire national economy as well as the world economy. The course introduces the system of national income accounts and national statistics and its use in terms of measuring the overall material standard of living, price levels, inflation, unemployment, etc. Students will learn how to look at how these entities are determined in the long run by capital investment, growth and innovation, and then look at the notion of money, how money is created and controlled by the Central Bank, and how the supply of money influences price levels in the long run.

Students will be asked to consider the situation where prices and wages are stable, how the result may cause overheating or recessions, and how fiscal policy (government expenditure and taxes) and monetary policy (Central Bank regulation of the money market) can be used to alleviate this situation. Another subject is the causes of unemployment and the phenomenon itself and how it relates to the movement of prices and wages, after which focus will shift to open economies where goods, people, and capital are traded with other countries, and how the nature of macroeconomic policy changes in an open economy.