Review of 'Principle of Macroeconomics' (2024 Fall)

Macroeconomics! Though microeconomists are more than macroeconomists, to be honest, most people usually think of macroeconomics when they are asked to imagine 'economy'. I'm not an exception. So I studied this course with a pretty big interest.

AD-LRAS-SRAS graph, NCO-NX, Phillips curve, and long-run Phillips curve... all of them are fascinating topics. However, as I'm a Korean, NCO was the most interesting. South Korea was sort of the most famous country for rapid economic growth. During the speedy growth, I(investment) was not enough as I  = S for a closed economy. Of course, for rapid growth, the saving was insufficient. So using I = S - NCO, at that time the trade deficit was a big problem. But for this trade deficit, NCO < 0, so I > S. It must have been an important factor in the growth economy.

Usually, the trade deficit is regarded as a considerable social problem. But sometimes it's essential...