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Published online by Cambridge University Press: 09 January 2019
Macroeconomics is ubiquitous and nobody questions its importance. Media commentary on breaking economic data – perhaps the gross domestic product (GDP) and its growth, employment, inflation, or the balance of payments – is almost inescapable. Political campaigns often revolve around starkly conflicting views on exchange rates, movements of jobs across borders, or concerns about government deficits and debt. For a discipline that is called a science, macroeconomics displays a confusing divergence of views on real-world developments.
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