1776, the year of the American Revolution and the publishing of a book that would create a whole new branch of natural philosophy. That book being Adam Smith’s the Wealth of Nations. This book laid the foundation of Economic. Probably the most important topic for anyone to study.
Economic is split into two areas of study. First Micro — Economic which studies how individuals, households and business manage their resources. Land, Labour and Capital.
The second branch of Economics is that of Macro — Economics. In this essay my aim is to provide the reader with a strong understanding of Macro — Economics and provide an insight into the health of the Irish economy.
What is Macro Economics?
Macro — Economics is the study of a nation’s economy in complete totality. It uses many different indicators to gauge the over health of an economy! These indicators include G.D.P, Wages, Inflation, Unemployment, Interest Rates, and the Money Supply.
To keep this essay and simple for reader, only three indicators will be selected and explained. G.D.P, Inflation, and unemployment
What is a Recession?
Evil exists in the world, not to create despair, but activity. We are not patiently to submit to it, but to exert ourselves to avoid it. A Recession can be defined as to periods of negative growth in Gross, Domestic Production!
Ireland is now official in Recession.