This leads me to formal definitions of microeconomics and macroeconomics. I must warn you in advance. If, on the Graduate Records Exam in economics, you are asked to write on essay on microeconomics and macroeconomics, you would be unwise to write down my definitions. It would be best if you could regurgitate some conventional definition, possibly from Wiki. But if you really want to understand what microeconomics and macroeconomics are all about, my definitions will save you a lot of research time and memorization.
Microeconomics: The study of who has the money and how I can get my hands on it.
Macroeconomics: The study of which government agency has the gun, and how we can get our hands on it.
There are, of course, intermediary positions. In the West, the study of these intermediary positions is called political economy. It has two major manifestations: democratic capitalism and social democratic capitalism.
Democratic capitalism: A cooperative enterprise to earn enough money to buy enough Congressional influence to gain control over the government's guns so as to get even more money for your special-interest group.
Social democratic capitalism: A cooperative enterprise to promise sufficient government benefits to enough voters to gain control over the government's guns so as to keep any other special-interest group from getting as much power as yours.
The primary social goal of both systems of political economy is for middle-aged men to attract good-looking younger women. Democratic capitalists believe that good-looking younger women are attracted mainly by money. Social democratic capitalists believe that they are attracted mainly by power.
In America, the democratic capitalists are mainly Republicans. Their role models are Rudolph Giuliani and Newt Gingrich, each with three wives, although sequentially. The social democratic capitalists are mainly Democrats. Their role model is Bill Clinton, who did not have sex with that woman, Miss Lewinsky, nor did he inhale.
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