The success of any state’s economy in 21st-century economies largely depends on the stable macro and microeconomics status of financial and stock markets. Macroeconomic studies focus on the productivity of the general economy in relation to money systems, performance, financial structures and the behaviour of financial markets. Due to globalization and technological advancements, the dynamism of the modern economy has had several impacts on these systems. This paper analyzes and documents the insights from a TED talk, with a topic centered on macroeconomics attained from internet sources.
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Video source: Ted Talk title: A healthy economy should be designed to thrive, not grow presenter: Kate Raworth
Kate Raworth creates insights on macroeconomics entails and clearly explains the need for both developing and developed economies to thrive than grow (TEDx, 2018). GDP is among the most significant indicators which these countries should concentrate on. For such thriving, Raworth refers to Rostow five stages of economic growth. These entail the traditional society, the preparation for take-off, take-off and transition conditions, industrial society, and mass consumption.
The video clearly shows that modern society economies have surpassed some of these initial stages, and there is a need to empower institutions, social contexts and build stabilized economies. Globalization and technological advancements have revolutionized the mass consumption stage, and that the current situation is the sunset of mass consumerism. The macroeconomic environment is impacted by the political, social and financial systems. The bank system plays a key role by regulating the payment systems and financial exchanges in the economy and create money through financing to facilitate growth. The political system’s impact by offering a stable environment regulating tax revenues that otherwise, if not controlled, would lead to economic collapse (Rode, 2012). The economy relies majorly on the stability of the social and economic systems and its significant increase since the 19th-century demands for more considerate interventions to balance the vast shares of returns and curb the degenerative trend characterizing the modern economy.
With the created insights, the significance of macroeconomics, the GDP and the general economic success is dependent on factors that support both human well-being and environmental conservations. The governments need to create enabling policies, healthy social systems and environmental protection to create equity, success and successful globalization.
Rode, S. (2012). Advanced macroeconomics. Web.
TEDx. (2018). A healthy economy should be designed to thrive, not grow. Kate Raworth.
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