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At its most basic level, macroeconomics studies the interaction among the main aggregate economic variables such as: unemployment, inflation, interest rates, exchange rates, etc. It also simplifies and summarizes the interactions between the structures of the economy of an entire nation, taking into account things that apply universally to it. Considered as an important method in economic analysis, macroeconomics is highly useful for understanding economic policies, providing relatively rich information with regards to the variables and in reviewing the overall performance of the economy in different perspectives.
In order for me to properly conceptualize the logical implications as to how the areas of macro economy function, I would like to make use of an approach (as per requirement) that can lead to a deeper and more robust understanding that is focused in the real world. Hence, I am to discuss specific and pressing macroeconomic problems that have affected my family directly.
Before proceeding, let me emphasize relevant points. Firstly, in the context of our familial structure, there is me, my mom and my father who works as an Overseas Filipino Worker (OFW). So, one could only imagine the amount of remittances we receive that has become an essential part of our household budgets spent on basic needs and are used as funds either in investing or for increasing consumption. In over two decades, the rate of Philippine remittances continues to rise throughout the years thus creating a domino effect towards recipient families and the country in general (Sicat, n.d). Hence, the means of overseas cash flow raise our standard of living.
Secondly, the concept of exchange rates arises. The appreciation of the peso currency is mainly because the dollar itself is weakening (Olea, 2008). Ironically though, this concept hurt OFWs since it lowers the peso value of their income. Then again, sharp peso depreciation can lead to higher inflation rates. Naturally, such cases depend on the volatility of the exchange rate and percentage of inflation. Exchange rate has to be right since it gives off significant impacts not only in itself but to other aggregate factors that may be affected; further stressing the credible relationship and connection established between the exchange rate fluctuations and macroeconomic variables (Perpetua, 2014, p. 167). Every now and then the government reports to people the achievements made in the development of the economy. On a similar note, for instance, in the most recent data, inflation rate increased to 1.3 percent in November 2019 from 0.8 percent in the previous month. Regardless, according to Sec. Salvador Panelo in his December 2019 statement, the Palace stresses that for the first 11 months of this year, inflation rate averaged at 2.5% to which the Department of Trade claimed is still a very tamed inflation rate. The numbers prove to be favorable since it can show a major impact on the value of the country’s currency as well as the rates of foreign exchange it has with the currencies of other nations. When dealing with exchange rates however, I have come to understand how relative it can be especially when there are numerous factors that can impact it.
Thirdly, being an OFW assigned specifically in a cruise ship requires a contract and these contracts contain terms. When my father goes home to have his vacation, technically he becomes unemployed up until the existence of another contract. With that our cash flow experiences a stagnation. This may prove to be a challenging part for our family to experience especially when it would take my father longer vacation durations.
As of the time being, however, my father has no significant and alarming complaints. Being under the new administration has prompted our family to experience quite well economically and financially.
Economics in general help learners like us to deal with global/national issues in a way that consumers, workers, producers, investors, and citizens would. In other words, this form of literacy enables us to interpret events that will either directly/indirectly affect us; a goal for a democratic society to rely on heavily since an informed citizenry contributes well to economic decision-making. It frames many choices we make involving monetary value. This concept is closely similar to that of what must be done within our household. Knowledge of such will enable me to think and create decisions that will benefit our family. Although I do not have full control over financial budgeting and its flow, I can still help my parents through other recourse such as monitoring our daily spending and the promotion of savings and investments. This might prove to be helpful especially when our lives are influenced by broader economic trends.
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