jueves, 19 de abril de 2012

What is the relationship between Macroeconomics and Microeconomics?

By: Omar A. Yujra Santos (*)
It is the question that I became when listening to speak to economists with trajectory, that the macroeconomics is well, but that microeconomics is bad and it hasn’t arrived at the population.

I confess that such affirmation left disturbed me enough, because personages with much experience could not mistaken with something so basic and delicate, I even got to think that they had discovered another type of science where the macro and microeconomics are not related for anything. Therefore I felt in the obligation to review some own concepts of the economy.

Considering which all person develops a series of activities throughout her life, like feeding themselves, getting dressed, educated, etc. and which it has limited resources, is a preoccupation find the best way to use those limited resources of form of satisfy its necessities.

Of equal way, the economy takes care of the systematic study of the behavior of the human attitudes oriented to administer resources --in most of the insufficient cases-- in order to produce goods and services, and to distribute them so that they satisfy the social necessities.

At the same time, this study focuses it from two perspectives: micro and macro economy. The first one it refers the study of the behavior --it forms in which decisions are taken-- of the individual units (families and companies) like economic agents (consumers and producers); and the second, it tries to study the behavior of the set or aggregate of these.

For this reason when somebody talks about the macroeconomics also makes reference to the microeconomics, therefore, if there is an improvement in the indicators macroeconomics, is been from the microeconomic behavior.

An indicator very used to analyze the macroeconomics or the set of the economy of a country is Gross Domestic Product (GDP) -- measurement of the total of the production of goods and services of an economy in a management --. A GDP that grows up indicates that the companies and people have more opportunities to increase sales and to improve their performance.

When it is mentioned that the Bolivian economy grew 5.1% during management 2011, implies that it is been from the dynamism of the sectors that compose it. According to preliminary data, the activity of electricity, gas and water grew 8%, hydrocarbons 7.4%, construction 7.2%, transport and storage 6.8%, financial establishments 5.2%, mining 4.1%, agricultural 3.2% and manufacturing industry 3%.

Of equal way, exists sufficient empirical evidence to affirm that a maintained growth leads to significant changes in the quality of life of a society. In the Bolivian case the annual average of growth during 2006-2010 was of greater 4.6% to the one of the world-wide economy (3.6%) and of Latin America and the Caribbean (4%), but in addition superior to 3.1% registered between 2001-2005, this allowed that near 1 million poor people passed to comprise of the population of average income.

When the people count on greater income they have two options: consume (goods and/or services) or save those resources to invest them later.

According to official numbers, the economic growth of the 2011 is explained in 88% by the internal demand --consumption of the homes and the government, plus the investment minus imports--, the differential 12% was product of the external demand --exports--. Also, according to ASOBAN data, the account number of deposits in the national banking system, mainly savings banks, passed of 779,130 (December 2005) to 3.254.025 (September 2011); of equal way, the number of borrowers, --credits for consumption, production or commerce-- it was duplicated from 295,993 to 604.590.

Considering that the economy grew 5.1% in 2011 and are anticipated 5.5% for the 2012, surely the indicated changes could be accelerated and be deepened in the next years, in addition according fulfills greater efficiency the industrialization policy, be strengthened the productive apparatus and the social policies of redistribution of income, the growth could be over 6%, to the margin of the international crisis that lives the world-wide economy.

These data demonstrate that the macroeconomics is bound to the microeconomics, therefore the correct analysis of both subjects is not a situation that goes separately but on the contrary they are complementary.

(*) Economist
Traducción del artículo publicado en la Revista Análisis y periodico La Época 13/02/2012

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