NEEDS FOR INTEGRATING FOR BOTH MICRO AND MACRO ECONOMICS

by • 31/07/2011 • 1st year EconomicsComments (0)536

It may be emphasized that neither of the two approaches outlined above can alone adequately help us in analyzing the working of the economic system.

What is true of the parts may not be true of the whole and what is true of the whole may not apply to the parts. It is very essential therefore to integrate the two approaches.

Now to apply the macro-approach to such individuals industries would obviously be wrong; and it would be equally wrong to apply the micro-analysis of these industries of the economic system as a whole.

What is needed is a proper integration of the macro and micro approaches to such problems. Which have no microelements involved and few micro problems that are without micro aspects.

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