Microeconomic and Macroeconomic

Okey let’s start our lesson economy is divided into 2 different approach in the macroeconomic & microekonomi.two approach based on modern economic theory.
Adam Smith is usually considered the founder of the field micro economics,The branch of economics wich today is concerned with the behavior of individual entities such as markets,firms,and household.In the Wealth of nations(1776),Smith considered how individualprice are set,studied the determination of price of land,labour,and capital,and inquired into the strength and weaknesses o0f the market mechanism.Most important,He identified the remarkable efficiency properties of markets and saw that economic benefit comes from the self.Interested actions of individuals ,These remain important issues today,And while the study of micro economics has surely advanced greatly since Since Smith day, he is still cited by politicians and Economics alike.
The other major branch of economic subject is Macro economics,Wich is concerned with the overall performance of the economy.Macro economy didn’t even exist in it’s modern form until 1936,when Keynes publish his general theory of employment interest and in general theory of employment interest and money.At the time ,England and United States were still stuck in the great depression of the 1930s.With over one-quarter of the American labor force unemployed .In his new theory Keynes developed an analysis of what causes business cycles,with alternating spells of high unemployment and high inflation.Today macroeconomics examines a wide variety of areas,such as how total investment and consumption are determined,how central bank manage money and interest rates,What causes international financial crisis,And why some nations grow rapidly while other stagnanate.Although macroeconomics has progressed far since his first in sights,The issues addressed by Keynes still define the study of macroeconomics today.
The two braches-microeconomics and macroeconomics converge to form the core of modern economics.

Finally...

Someone explains in a mainstream newspaper that the compensation under the Australian government's proposed ETS/CPRS is highly distorting. Actually, now that the Liberals aren't going to vote for an ETS in any form why not start over and compensate simply by reducing corporation and personal income taxes across the board (which is the most efficient approach)? I guess that goes against the

Nice Antidote to All the China Bashing

Copenhagen is a bit like the blind men and the elephant. Everyone sees something different. Bernarditas de Castro Muller (on the left in the photo) writing in the Guardian blames the West and the US in particular. I blame the US too. Though of course it is the Bush administration and the Republicans in the US Congress that are more to blame than the Obama administration. I see that China and the

News Media as a Channel of Environmental Information Disclosure: Evidence from an EGARCH Approach

I am a coauthor of a new working paper that uses an event study methodology to look at the impact of bad environmental news on the stock returns of U.S. listed firms. The lead author, Ran Zhang, is one of my former students at RPI. The paper is based on a chapter of her dissertation. My role in the paper was suggesting the original topic to Ran, providing feedback at various stages, and doing a

Tuvalu is Rather New

Link to an article on the evolution of Pacific atolls. While I realised that these islands in their present form only developed after the end of the last Ice Age, I didn't realize that the stable islets on atolls have only been habitable for a thousand or so years due to a fall in sea level of about 2 metres.

Alley's AGU Lecture

Excellent lecture from the recent AGU meeting on the geology of climate change.

Climate Proposals Scoreboard Website

The Climate Interactive website translates climate policy proposals into expected climate outcomes. The video above provides some general introduction.They also compute emissions trajectories based on proposals. The resulting warming, is warming by 2100 rather than equilibrium warming. I'm guessing that the mean climate sensitivity they are using is 3C for doubling CO2. This chart shows that all