Q:
What is a macro theory?
A:
Quick Answer
In academics, macro theories attempt to explain the entirety of a subject in general or broad terms. This is in contrast to micro theories, which focus in detail on more specific elements of the discipline.
Continue Reading
Credit:
Aslan Alphan
E+
Getty Images
Full Answer
Macrosociology attempts to tie together all elements of the social world using general terms.
Macroeconomics similarly seeks to explain the workings of economies as a whole, with particular focus on universal phenomena such as fluctuations in income, inflation and prices of goods.
Micro and macro theories are also present in evolution. Microevolution describes relatively small genetic changes over a few decades in a specific population.
A macro theory may also be called a "grand theory."
Learn more about EconomicsRelated Questions
-
Q:
What is the traditional theory of wage determination?
A: The traditional theory of wage determination states that wages for workers will be based off of supply and demand. The supply and demand would be relative ... Full Answer >Filed Under: -
Q:
How do I define "economic self-interest"?
A: Economic self-interest refers to the financial theory that says people should make economic decisions based upon the best outcome for themselves. Self-inte... Full Answer >Filed Under: -
Q:
How does the value of money relate to price level?
A: The value of money relates to price levels based on the quantity theory of money, according to San Jose State University Department of Economics. This theo... Full Answer >Filed Under: -
Q:
What is descriptive economics?
A: "Descriptive economics" involves gathering and compiling data about the economy, while "economic theory" involves the interpretation of this data as well a... Full Answer >Filed Under:
