Evaluation of the economy for macroeconomic policy purposes

Abstract

The main aim of this paper is to present a combination of measures that are useful for economic policy activities in the assessment of a given economic condition from two points of view, in the shortand long-term perspective. At the same time, it should be noted that, in relation to the former, the authors’ comments are rather of an ordering character, while their own proposals have been formulated mainly with regard to the latter interpretation. The paper consists of two basic parts. One is predominantly theoretical in character and concerns the macroeconomic basics of economy evaluation and its use by economic decision makers and as well entities of the private sector (parts II and III). The other presents partial indicators of the contemporary macroeconomic policy. It includes among others: the GDP and the general price level dynamics, the rate of unemployment and the public sector balance. Additionally, a multi-indicator, a macroeconomic measure of the economy is presented (parts IV and V).