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Curated by: Richard J Murphy (21 videos)
What is macroeconomics, and what does it tell us about how an economy really works? In this episode of Understanding Economics, I explain why macroeconomics is about much more than GDP, economic growth, inflation and unemployment. It is about understanding the economy as a whole system in which households, businesses, banks and government are interconnected. Conventional macroeconomics often starts from the assumption that markets tend towards balance, people behave rationally, and government plays a secondary role. But real economies do not work like that. They are constantly changing, markets do not always self-correct, and rising GDP does not necessarily mean that everyone is becoming better off. I explain why money and government are central to understanding a modern economy, why government finances are fundamentally different from household finances, and why one person’s spending is another person’s income. Most importantly, I argue that macroeconomics should begin with people. The real questions are whether an economy can provide useful work, stable prices and rising well-being, while using the resources available to us within the limits of the planet. Understanding macroeconomics means understanding how all these things connect, and how government policy can change the outcome. This is part of my Understanding Economics series. You can watch the rest of this series here: https://www.youtube.com/playlist?list=PLaSguNBvHIto Take a look at today's poll: https://www.youtube.com/post/Ugkx6oR2gzEuSaLqKWayMW4ecfk_bh-lYqLe 00:00 What Is Macroeconomics? 00:42 The Questions Macroeconomics Tries to Answer 01:32 Why Conventional Macroeconomics Falls Short 02:25 A Better Way to Understand the Economy 03:15 Why the Economy Is One Connected System 04:08 Why Government Is Not Like a Household 05:04 What Macroeconomics Should Explain 05:56 Building an Economy That Works for Everyone TRANSCRIPT A transcript for this video is available at: https://www.taxresearch.org.uk IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. https://www.taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp/ HOW TO SUPPORT US Please consider donating: https://ko-fi.com/taxresearch ABOUT RICHARD MURPHY Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’. This video was edited by Thomas Murphy. RICHARD MURPHY ON BLUESKY: https://bsky.app/profile/richardjmurphy.bsky.social OR ON MY BLOG: http://www.taxresearch.org.uk/Blog/ HIT SUBSCRIBE & GET NOTIFICATIONS Subscribe and get notified of new videos released. INTRODUCTION: https://www.youtube.com/watch?v=HdHsRPy3060 PLAYLISTS: The Wealth Series https://www.youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD Ecenomics https://www.youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4 Britain https://www.youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10 Tax https://www.youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY MMT https://www.youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX Money https://www.youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m Climate Change https://www.youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ USA https://www.youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H Labour https://www.youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw The Trump Administration https://www.youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx #richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life #Macroeconomics #UnderstandingEconomics #GDP #EconomicTheory