Economics of any country determines the growth of the
country. The subject is of utmost importance to know the exact
status of a Nation in comparison to others, especially in the
present globalized world. Both the branches namely,
microeconomics and macroeconomics, has its own significance
in compounding the economic conditions. Macroeconomics deals
with the larger picture and provides the aggregate of all the
factors which affects the country as a whole. The factors like
GDP, GNP, rate of inflation, poverty margins, unemployment
rate, etc. are all factors falling under macroeconomics and
assessing them allows the government to get a clear picture of
where the nation is heading. Leading Economists like Adam
Smith, Karl Marx, and Samuelson etc. have helped in
developing deeper concepts of macroeconomics which have
relevance even in the current world. Over the time the
concepts of macroeconomics have undergone a huge change
with changing dynamics and have currently become a very
important global subject.