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Hello everyone and welcome to my tablet for my chosen topic. I would firstly like to thank you for taking the precious time out of your day to read through my padlet. As you may already have an idea based on the title, the topic I have chosen to conduct research and observation is microeconomics vs  macroeconomics. Content on this padrlet will be covering th meaning, differences and relevance it has in today’s world.

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I chose this video I personally chose this video amongst the many videos about this topic simply because I believe it is presented in a manner which it is quite easy enough for people to understand about the terms without confusing the viewer with too much depth information but it gives a clear explanation in a broad manner. The link to this video is posted underneath so feel free to check it out.

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Microeconomics & Macroeconomics | Definitions, Differences and Uses

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This video is found in youtube and the channel is called the Organic Chemistry Tutor. This video briefly covers the meaning and differences between microeconomics and macroeconomics by going into a little bit more depth comparing to Video 1 as it covers more on the application of the concepts in real possible real life scenarios involving business management and their clients.

I chose this video because it covers more on the application aspect of the concept by giving reasonable, logical examples which ultimately helps the viewer seeking better understanding on it.

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This video is another that goes in more depth in explaining the concept of microeconomics by also explaining other concept that are closely related and applicable to microeconomics. The video spoke about opportunity cost , law of demand and supply as well as equilibrium which are all concept that we have covered throughout this semester of study.

I chose this video because although the man in the video covers other concepts but he properly explain relates them in a way that sort of gives the viewer a more clear bigger and more detailed picture of microeconomics rather than just broad. I believe this video is a reliable video for anybody looking to learn more about it in a higher level such as us college students.

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Microeconomics- Everything You Need to Know

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Here is a very I found that explains about microeconomics and macroeconomics but rather more about the past history of involving commonly known historical moments such as the great depression  and relating it in comparison to the country of Greece as it mentions the statistical fact that it has had a decrease of GDP for six straight years which this recession is equivalent to the recession during the great depression. Also, it also gives insight on the terms and meaning of GDP as well as the insight from the view of an economist in explaining their common goals.

I chose this because it outlines more on the history of economics itself as a whole which contributes to gaining knowledge on this concept.  The video is not too long and can be checked out my clicking the the link below.

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Macroeconomics: Crash Course Economics #5

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This is the first article I chose and it explains the concept, and the difference between micro and macroeconomics. However, the thing that interests me the most is the explanation on the effect both have between or against each other stating emphasizing that the condition of the microeconomy is one of the many factors that ultimately determines the policies from a macroeconomic view put in place. The article further emphasizes this using an example of the national bank cutting out interests’ rate.

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Most people understand how physics is classified as a science, however, there might be some confusion when including economics in the same category. In fact, economics is a social science, as it shares the same qualitative and quantitative elements common to all social sciences. ¹ Economics focuses on the manufacturing, distribution, and consumption of goods and services, and how people, organisations, governments, and nations choose to allocate resources in order to gain these goods and services. ² As with the studies of all sciences, establishing different sections makes it easier to understand. Economics can be broken into two sections: microeconomics and macroeconomics. ³ Here we delve into these sections; their differences, how they affect each other, and their impact on business.

What is microeconomics?

Microeconomics can be defined as the study of decision-making behaviour of individuals, companies, and households with regards to the allocation of their resources. ⁴

Microeconomics strives to discover what factors contribute to peoples' decisions, and what impact these choices have on the general market as far as price, demand, and supply of goods and services is concerned. It's a 'bottom-up' approach with a focus on the basic elements that make up the economy's three sectors (agriculture, manufacturing, and services/tertiary), such as land, entrepreneurship, and capital. ⁵ It aims to understand the pattern of wages, employment, and income, ⁶ as well as consumer behaviour, spending trends, wage-price behaviour, corporate policies, and how regulations impact on companies. ⁷ Microeconomics tries to determine decisions and resource allocation at an individual level, as well as explain what happens when certain conditions change.

To summarise, microeconomics determines to understand the following: ⁸

How people and households spend their budgets

What combination of products and services are the best fit for their needs and wants, in the context of their available budget

How individuals decide whether or not to work, and if they choose to work, whether or not it will be full time or part time

How people decide to save for the future, how much they choose to save, or whether they decide to go into debt

How a business decides to produce and sell certain products, how it will produce it, how many of each it will sell, and for how much

What causes them to decide how many workers it will hire

How a firm will finance its business

At what time a business will decide to expand, downsize, or even close

For example, microeconomics could use information from a company's financial reports in order to determine how an organisation could maximise its production and output capacity, in order to lower prices and become more competitive.

What is macroeconomics?

Macroeconomics is the holistic study of the structure, performance, behaviour, and decision-making processes of an economy, at a national level. ⁹ Essentially, macroeconomics is a 'top-down' approach. ¹⁰ It seeks to understand changes in the nation's Gross Domestic Product (GPD), inflation and inflation expectations, spending, receipts and borrowings at a governmental level (fiscal policies), unemployment, and monetary policy. This is done to interpret and know the state of the economy, so that policies can be formulated at a higher level, and macro research can be carried out for academic purposes.

Macroeconomics analyses entire industries and economies, rather than singular companies or individuals. ¹¹ It seeks to answer questions such as, "What should the inflation rate be?" and, "What stimulates economic growth?".

To summarise, macroeconomics strives to answer the following: ¹²

Which factors determine how many goods and services a country can produce

What determines the number of jobs available in an economy

What determines a country's standard of living

What factors cause the economy to speed up or slow down

What causes organisations to hire or fire more labour on a national scale

What causes the economy to grow over the long term

What the state of the nation's economic health is, based on improvement in the standard of living, low unemployment, and low inflation

Macroeconomics vs microeconomics: the key differences

Microeconomics and macroeconomics both explore the same elements, but from different points of view. ¹³ The main differences between them are:

Macroeconomics seeks to find a general perspective, at a national level, while microeconomics focuses on the individual's perspective, at a consumer level.¹⁴

Even though supply and demand applies to both fields of economics, microeconomics is based on the trends of buyers and sellers, where macroeconomics focuses on the various cycles of an economy, such as short and long term debt cycle, and business cycles.¹⁵

Macroeconomics vs microeconomics: the overlap

It is clear that macroeconomics does not exist in isolation, but rather is entwined with microeconomics, and works in tandem in order to be efficient. ¹⁵ Choices based on microeconomic factors, whether from individuals or businesses, can impact macroeconomics in the long run. Similarly, a national policy that involves microeconomics could affect how households and enterprises interact with their economy. For example, if the government raises the tax on a certain product (macroeconomics), an individual shop owner will have to increase the price, which will impact on the consumer and their decision for or against the product at that price (microeconomics).

How macroeconomics and microeconomics affect each other
Macro's effects on micro ¹⁷ Micro's effect on macro ¹⁸
Should a national policy be passed, such as when the nation's central bank cuts the interest rate (a macro impact) by 100 basis points (100 bps = 1%), this will lower the borrowing costs of commercial banks. This, in turn, helps their deposit rate to drop, which gives room to lower the interest rate on credit, and to individuals and business. This causes a rise in borrowings and creates a climate of greater investment, which helps businesses invest in new assets, projects, and expansion plans (a micro impact).

The condition of the microeconomy is one of the many factors that determine macroeconomic policies. To continue the example, the central bank observes the lending and investment trends of businesses, individuals and households, now that the interest rate has been lowered, in order to determine whether or not they should make additional cuts. If the outlook is weak, keep rates as is, or increase them if the outlook is picking up.

How micro- and macroeconomics affect business

In order to make balanced, informed business decisions, it is important to take local and global economic trends into account, as well as relevant data and interactions with your customers. Look for opportunities that arise from economic trends, both on a micro- as well as a macroeconomic levels.

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Microeconomics and Macroeconomics: Understanding the Difference | GetSmarter Blog

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Most people understand how physics is classified as a science, however, there might be some confusion when including economics in the same category. In fact, economics is a social science, as it shares the same qualitative and quantitative elements common to all social sciences.

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This article gives a statistical view on the overall, macroeconomic records of development as of the recent years. It specifically shows a set of data with different categories showing Canada’s long economic history. It is mentioned that  Canada’s economy was rated fully free and has had a great GDP growth rate averaging 1.9 percent over the past five years.

I chose this because I particularly like statistics so reading this was quite enjoyable also which I believe is the more important reason is simply because as a citizen of Canada I believe it is important to know at least a few macro economical stats here and there just to have an idea of how the country is doing which affects us overall as a nation. So in case you are like me in this sense feel free to read it for yourself. It is posted below.

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Download PDF

Quick Facts

Canada's economic freedom score is 77.9, making its economy the 9th freest in the 2021 Index. Its overall score has decreased by 0.3 point, primarily because of a decline in property rights. Canada is ranked 1st among 32 countries in the Americas region, and its overall score is above the regional and world averages.

Background

Canada is the world's second-largest country by land area and has its 10th-largest economy. Prime Minister Justin Trudeau's Liberal Party managed to win a second term in office in October 2019 national elections despite a corruption scandal that tarnished Trudeau's political brand. Although he remains in power, Trudeau was forced to form an inherently unstable minority government that could fall well before the next election, which is scheduled to be held 2023. Canada's market-oriented economic system closely resembles that of the U.S. Leading sectors include automotive and other manufactures, forest products, minerals, and petroleum. About three-quarters of Canada's exports are to the United States, so the new U.S.-Mexico-Canada Agreement that entered into force on July 1, 2020, is vital to Canada's continued economic well-being.

Property rights are generally well protected by law and through the enforcement of contracts. Expropriation is highly unusual. The judiciary is independent, and courts are considered procedurally competent, fair, and reliable. Canada's reputation for clean government with little corruption was tainted by scandal in 2020 when a government education contract kickback scheme was alleged to have involved members of the prime minister's family.

The top individual income tax rate is 33 percent, and the top corporate tax rate is 15 percent. Other taxes include value-added and property taxes. The overall tax burden equals 33.0 percent of total domestic income. Government spending has amounted to 40.9 percent of total output (GDP) over the past three years, and budget deficits have averaged 0.3 percent of GDP. Public debt is equivalent to 88.6 percent of GDP.

Business freedom in Canada is relatively unchanged and remains at a high level. However, the recovery rate during insolvency procedures has declined slightly. Labor laws vary by jurisdiction. There is a shortage of skilled trade professionals. In addition to subsidizing health care, the government funds large subsidies for a wide range of business sectors including energy and agriculture.

Canada has 15 preferential trade agreements in force. The trade-weighted average tariff rate is 3.1 percent, and 459 nontariff measures are in effect. Foreign investment in some sectors, including aviation and telecommunications, is capped by the government. The banking sector, dominated by six major banks, remains sound. A wide range of nonbank financial companies operate in a prudent regulatory environment.

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Download PDF Quick Facts Canada's economic freedom score is 77.9, making its economy the 9th freest in the 2021 Index. Its overall score has decreased by 0.3 point, primarily because of a decline in property rights. Canada is ranked 1st among 32 countries in the Americas region, and its overall score is above the regional and world averages.

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Here is another great article I found and chose to include in this padlet which is designated specifically for Canadian data.  Now the sort of information included in the article revolves around the same as the last one which is mostly statistical overview of current data for the impact the COVID-19 pandemic has had on Canadian businesses. This pandemic has caused sudden and drastic changes to our country’s economy mostly in a negative way and this is what the article emphasizes. It states that small firms/businesses were the ones that were hit the hardest by the COVID-19 19 causing a declanation of 9.4. The reason for choosing this article was because I already knew the pandemic has had negative effects but I did not really know the micro economical stats and numbers on the impact so this article really gave me a bigger picture on the real effects of the virus. I find this article quite interesting and I believe you will too. Here is the link for the website.

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The economic restrictions and social distancing measures during the COVID-19 pandemic have caused major disruptions to Canadian businesses. Those disruptions are expected to have particularly large negative effects on small and medium-sized firms, as small and medium-sized firms tend to be concentrated in the travel- and tourism-related industries, such as transportation, restaurants, accommodation, and arts and entertainment, which are the hardest hit by the COVID-19 pandemic.

This paper examines the impact of COVID-19 on the economic activity of Canadian businesses across firm size classes. It focuses on two measures of economic activity: actual hours worked of employees engaged in production in firms and real output (as defined as real gross domestic product, GDP) of the firms. The paper estimates the growth in real output and hours worked for the first quarter of 2020 across firm size classes and compared that with their annual growth for the period 2016 to 2019. Firms are classified by their employment: small firms have 0 to 99 employees; medium-sized firms, 100 to 499 employees; and large firms, 500 or more employees.

The estimates of real output and hours worked by firm size classes from Statistics Canada are obtained using various surveys and administrative data and are typically available with a long lag. For example, real GDP and employment by firm size classes for years up to 2015 are released in November 2019 (ISED, 2019). To assess the economic impact of COVID-19 on Canadian firms across size classes, this paper provides more timely estimates of real output and hours worked by firm size classes. That is done by using advance indicators of economic activity and by combining several micro data sources such as monthly Labour Force Survey (LFS) and National Accounts Longitudinal Micro Data File (NALMF), supplemented with monthly industry GDP and annual industry hours worked estimates.

Hours worked of workers engaged in production by firm size and by industry is estimated using the monthly LFS. The Labour Force Survey (LFS) results for March 2020 were released on April 9, 2020. It reflected labour market conditions during the week of March 15 to 21. By then, a sequence of unprecedented government interventions related to COVID-19-including the closure of non-essential businesses, travel restrictions, and public health measures directing Canadians to limit public interactions-had been put in place and these interventions resulted in a dramatic slowdown in economic activity. Therefore, the slowdown for the month of March, 2020 due to COVID-19 is reflected in LFS for March 2020.

Real output by firm size and by industry is estimated using NALMF for years up to 2017. After 2017, the estimates of real output by firm size are projected using hour estimates by firm size from the LFS. The projection is based on the assumption that productivity growth by firm size and by industry for the period after 2017 is the same as their average growth rates for the period 2014 to 2017.

The growth rates of hours worked and real output for the first quarter of 2020 in this paper are calculated as the percentage change in that quarter compared with the average of the four quarters of 2019. This concept of growth rate differs from that of GDP growth for the first quarter of 2020 released on May 29, 2020 (Statistics Canada, 2020a). That growth rate reflects the percentage change between the first quarter of 2020 and the last quarter of 2019.

For hours worked, small and medium-sized firms are found to be hardest hit by the COVID-19 pandemic for the first quarter of 2020. The large firms were the least hit. The estimates show that hours worked for small firms declined at 9.4% in Q1 2020, hours worked for medium-sized firms declined at 11.1% in Q1 2020, and hours worked for large firms increased by 1.2% in Q1 2020. Overall, hours worked across all size classes declined at 5.6% in Q1 2020 in the Canadian business sector.

For real output, small firms were hardest hit in Q1 2020, followed by large and medium-sized firms. The estimates show that real output declined by 2.1% for small firms in Q1 2020, real output for large firms declined by 1.5% and real output for medium-sized firms declined by 1.1%. Overall, real output declined by 1.7% in the business sector for the first quarter of 2020 compared with the average level of real output in the four quarters of 2019.

Hours worked declined in Q1 2020 for both goods and services sectors. For goods producing sector, the decline occurred in all size class in Q1 2020. For the service producing sector, the decline was concentrated in small and medium-sized firms in Q1 2020, and there was an increase for the large firms in Q1 2020.

Real output declined in Q1 2020 for both goods and services sectors. The decline was larger in the service sector than in the goods sectors. The decline in real output in the goods sector occurred in medium-sized and large firms, while the decline in real output in the service sector occurred in all firm classes. The decline was the largest in the large firms in the goods sector, while it was the largest in the small firms in the service sector.

The estimates of real output by firm size classes and by industry are sensitive to the assumption that was used to project real output growth by firm size classes. But, the overall conclusion on the differential economic impacts across firm size classes and across sectors is similar.

Data and estimation

The task is to estimate real GDP and hours worked by firm size classes and by industry of the business sector at the link level of industry classification (a mix of North American Industry Classification, NAICS 3 to 4 digits) for the period 2016 to 2020 Q1. The estimates for the years before 2015 can be found in ISED (2019).

Main data sources for the estimation are the NALMF and monthly LFS.

The NALMF was developed by combining a number of data sources including administrative tax records (T2 and T4). The database covers the period 2000 to 2017 and includes all employers in Canada, both incorporated and unincorporated. For this paper, the database is used to estimate GDP and employment by firm-size classes and by industry for the years up to 2017.

The monthly LFS is used to estimate actual hours worked of employed persons by firm size and by industry. The annual actual hours worked estimates are derived from hours worked in a reference week of the reference month, averaged over 12 months times the number of working weeks in a year. The reference week for the monthly LFS is the week containing the 15th day of the month.

The Labour Force Survey (LFS) results for March 2020 were released on April 9, 2020. The reference week for March 2020 is the week of March 15 to 21 during which a sequence of unprecedented government interventions related to COVID-19 had already been put in place. These interventions resulted in a dramatic slowdown in economic activity.

More than 90% of hours worked of paid employees in the LFS are assigned firm-size classes. But less than 2% of hours worked for self-employed workers are assigned firm-size classes. For this paper, self-employed workers will be assigned small firm-size class with less than 99 employees.

Real output (GDP) by firm size is derived from the NALMF for 2016 to 2017. For 2018 to 2020 Q1, GDP is estimated using hours worked by firm size and by industry for that period from the LFS. The estimation takes into account the differences in the level and growth of labour productivity ( GDP per worker) across firm size classes and by industry. It is assumed that labour productivity growth by firm size and by industry for 2018 to 2020 Q1 is the same as their average growth rates for 2014 to 2017.

The final estimates of hours worked and real GDP by firm size classes and by industry are benchmarked to the estimates of hours worked from the labour productivity program for the period 2016 to 2018 and the estimates of real GDP from monthly GDP program of Statistics Canada from 2016 to March 2020, both of which are at a detailed level of industry aggregation.

The relative shares of GDP by firm-size classes in this paper are similar to those in Baldwin, Leung and Rispoli (2013). Baldwin, Leung and Rispoli (2013) adopted the same definition of firm size classes used in this paper and found that small firms accounted for 41% of nominal GDP in 2008, medium-sized firms accounted for 11% and large firms accounted for 48% of nominal GDP in 2008. The estimates in this paper show that small firms accounted for 42% of GDP in 2016, medium-sized firms accounted for 14% of GDP and large firms accounted for 44% of GDP in 2016.

Main findings and discussions

Chart 1 presents annual average growth in hours worked by firm size classes in the business sector for period 2016 to 2019 and growth for the first quarter of 2020.

For the period 2016 to 2019, the growth in hours worked was highest in the medium-sized firms, followed by small and large firms. For that period, hours worked rose by 3.0% per year for medium-sized firms. It increased by 0.9% per year for small firms, and it increased by 1.4% for large firms.

For the first quarter of 2020, hours worked declined in the business sector, but the decline was the largest for small and medium-sized firms. Hours worked declined by 11.1% for medium-sized firms in 2020 and declined by 9.4% for small firms and it increased by 1.2 for large firms in 2020. Overall, hours worked declined by 5.6% for 2020 Q1 in the business sector.

Chart 2 presents annual growth of real GDP by firm size classes for period 2016 to 2019 and the growth of real GDP for Q1 2020.

For period 2016 to 2019, real GDP increased for all firm size classes. It increased at 1.7% per year for small firms, 3.9% per year for medium-sized firms and 2.8% per year for large firms. Overall, real GDP increased by 2.5% in the business sector for the period 2016 to 2019.

For Q1 2020, real GDP declined in all firm size classes. The largest decline was in small firms, followed by large and medium-sized firms. Real output declined by 2.1% for small firms in Q1 2020, real output for large firms declined by 1.5% and real output for medium-sized firms declined by 1.1%. Overall, real output declined by 1.7% in the business sector for the first quarter of 2020.

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Table 1 presents growth of hours worked by firm size classes and by goods and services producing sectors. Hours worked declined in Q1 2020 for both goods and services sectors. For goods producing sector, the decline occurred in all size class in Q1 2020. For the service producing sector, the decline occurred in small and medium-sized firms in Q1 2020, and there was an increase for the large firms in Q1 2020.

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Real output declined in Q1 2020 for both goods and services sectors. The decline was larger in the services sector than in the goods sectors. It declined at 1.3% in the goods sector for 2020 Q1 and it declined at 2.0% in the services sector for 2020 Q1. The decline in real output in the goods sector occurred in medium-sized and large firms, while the decline in real output in the services sector occurred in all firm size classes. The decline was largest in the large firms in the goods sector, and it was largest in the small firms in the service sector.

The estimates of real GDP by firm size classes and by industry are sensitive to the assumption that is used to project real output growth by firm size classes. The estimates of real GDP above are based on the assumption that productivity growth by firm size for the period after 2017 when micro data are not available is equal to the average growth rate for the period from 2014 to 2017 at a detailed level of industry aggregation (86 industries).

The implicit labour productivity growth is 3.8% in the business sector for Q1 2020, which is much higher than an average annual growth of 1.1% for the period from 2016 to 2019. The decline in hours worked for 2020 Q1 tends to be larger for those industries with relatively low productivity in the previous years. For example, the industries such as restaurants, accommodation, and arts and entertainment with relatively low productivity experienced large declines in hours worked in Q1 2020. This would give rise to a large reallocation effect that is associated with a shift in the composition of hours worked from the industries with relatively low productivity to those industries with relatively high productivity. A shift-share analysis shows that this positive reallocation effect in 2020 Q1 contributed about 30% of labour productivity growth in 2020 Q1. The remainder 70% of labour productivity growth in Q1 2020 is from increases in labour productivity within industries holding shares of hours worked constant.

The evidence on the widespread decline in real output across Canadian businesses in this paper is consistent with the evidence from the Canadian Survey on Business Conditions on the Impact of COVID-19 on businesses in Canada (Statistics Canada, 2020b). According to that survey, nearly half of businesses reported that their revenues from the first quarter of 2020 were down by more than 20% over the same quarter a year earlier.

The estimates in this paper focused on the production side of the economy, with no consideration for the demand side of the economy which will also affect economic activity of Canadian firms. The consumer spending and consumption pattern will likely be affected by the COVID-19 pandemic. Business investment may shift towards new opportunities such as AI, e-commerce, green technologies. The exports will also likely to be affected.

The future analysis will focus on the effect of disruptions in the global value chain which are major risks for the growth of small and large firms. This can be done using the extended SUT tables to estimate the impact of decline in exports and production on the economic activity of firms.

References

Leung, D., L. Rispoli, and B. Gibson. 2011. Small, Medium-Sized and Large Businesses in the Canadian Economy: Measuring Their Contribution to Gross Domestic Product in 2005. Economic Analysis Research Paper Series, no. 069. Statistics Canada Catalogue no. 11F0027M. Ottawa: Statistics Canada.

Baldwin, J.R., D. Leung, and L. Rispoli. 2013. Canadian Labour Productivity Differences across Firm Size Classes, 2002 to 2008. Canadian Productivity Review, no. 032. Statistics Canada Catalogue no. 15-206-X. Ottawa: Statistics Canada.

Balk, Bert M. 2019. "Consistency Issues in the Construction of Annual and Quarterly Productivity Indices." International Productivity Monitor 37, 2019.

Cross, P. D Wyman. 2011. "The Relationship between Monthly, Quarterly and Annual Growth Rates." Canadian Economic Observer. Statistics Canada.

Innovation, Science and Economic Development Canada (ISED). 2019. Key Small Business Statistics. Ottawa, Canada.

Statistics Canada. 2020a. "Gross Domestic Product, Income and Expenditure, First Quarter 2020," and "Gross Domestic Product by Industry, March 2020." The Daily, May 29, 2020.

Statistics Canada. 2020b. "Canadian Survey on Business Conditions: Impact of COVID-19 on businesses in Canada, March 2020." The Daily, April 29, 2020.

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Economic Impact of the COVID-19 Pandemic on Canadian Businesses across Firm Size Classes

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The economic restrictions and social distancing measures during the COVID-19 pandemic have caused major disruptions to Canadian businesses. This Economic insights article examines the impact of COVID -19 on the economic activity of Canadian businesses across firm size classes.

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This is another website I chose that revolves around Canadians particularly immigrants. The article explains the existing and potential problems immigrants may face as a results of microeconomic decision. It does this by analyzing the difficulty that  immigrants have in assimilating into the Canadian labour market with supports of statistics and data. I chose this article because although I am not an immigrant but I know plenty of people who are including my parents, and quite a few of them have  explained to me issues and adversity they have faced which are coincidently related to some of the information stated in the website. This really interests me as it gives me a different outlook on the various ways the economy hs resulting into different outcomes. The link leading to the website is found below.

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A lot of time depending on what I am studying or trying to learn I often come to realize that for me personally I tend to understand and grasp the material much efficnetly and easier when it is represented in its most clear simplest form and that is what I believe this image does a great job of doing. Both microeconomics and microeconomics can seem confusing to some people but a drawing such as this helps a lot as it is straightforward.

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This image represents the connection and overlap of both types of economics revealing their differences and common ground.