topic iii macroeconomic goals and their measurement ruffin gregory chaps 23 24 macroeconomics the study of economy as a whole p 12 brief history prior to 1929 no systematic stock market crash 1939 great depression 1936 j m keynes publication general theory this event marks beginning our separate discipline economic output 1970 2001 observations real gdp has increased at an average rate about 3 percent since growth pattern is called potential actual tends fluctuate around in short run long expansion total goods services produced by 421 measured using which value all us one year been adjusted for inflation or rising prices advantages provides expanding population improved material standard living jobs
