What Are The Three Main Goals Of Macroeconomics

As the three main goals of macroeconomics are: economic growth (increasing the standard of living), full employment (using all labor efficiently), and stable prices (low inflation), countries must monitor unemployment and inflation rates closely. The Organization for Economic Co-Operation and Development (OECD), an international organization formed to increase economic development all over the world, measures unemployment and inflation rates for the countries in the organization.
Through the OECD’s statistics, unemployment rates from around the world’s global economy can be compared. The United States (U.S.), the largest economy in the world, had an unemployment rate of 6.3 as a percent of the civilian labor force in 2014. Of the American civilian population who are able and willing to work, 6.3% of the population are unemployed and actively seeking employment. Another major economy in the world is the United Kingdom (U.K.). The U.K. is as technically advanced as the U.S. and has similar industries. Although the U.K. has a significantly lower population, unemployment is calculated as a percentage of population. In uniform with the U.S., the U.K. had an unemployment rate of 6.4% in 2014. Both the U.S. and the U.K. …show more content…
also fairs better. In 2014, the percent of long term unemployment was 23%. The U.K. and the OECD-total rates were substantially higher. The U.K’s rate of long term unemployment in 2014 was 35.7%. Like the youth unemployment, The U.K. had a higher rate than the OECD-total. In 2014, the OECD-total for long term unemployment was 35.5%, not significantly lower than the U.K. With the U.S. having a lower unemployment, youth unemployment, and long term unemployment rate than the OECD-total, on average the US is more efficient than the rest of the world in using their labor. However, the other goal of macroeconomics is keeping steady prices and low