MACROECONOMIC THOUGHTS.PART 20

The cradle of macroeconomic thought obtains its stronghold from two sources for the upteempth time the monetary policy and business cycle.The latter being the subject matter and main puzzle for which the latter revolves and the entire macroeconomic school of thoughts also revolves by evolution was begun in 1860,from the research interest of William Stanley Jevon and Clement Juglar.Hence from that pioneering effort spiraled the contribution of successive generation of economists that followed thereafter.They attempted to explain business cycle and the best attempt in this context was the foundation of U.S. NATIONAL BUREAU OF ECONOMIC RESEARCH(NBER) in 1920 a boom period by Wesley Mitchel and that glorious institution produced and engaged some of the finest economists,the world has ever seen.We can still remember the likes of Simon Kuznets the pioneer of America's national income statistics that was later called gross national products and later changed to gross domestic product(GDP) in early 90s to focus on
ROBERT LUCAS