It would be wrong to claim that the significance of macroeconomics has grown significantly over the past few decades. Quite the contrary, the ability of state authorities to maintain a strong presence in the global market and retain their position in it has always been an issue of paramount significance. However, due to the steep rise in the number of tools, strategies, and theories that could be used to advance a particular state in the context of the macroeconomic environment, the subject matter has to be scrutinized closer. In his article, Paul Romer addresses the challenges that the global economy has been experiencing due to the rise in the influence of the factors such as scientific research on the development of macroeconomics and the enhancement of the global market functioning (Rzepczynski 133).
Because of the profound and all-embracive analysis that Romer conducts to study the changes in macroeconomics, including the standards of living, changes in the management of the workforce, understanding of key stakeholders’ needs, etc., the author manages to prove his point and demonstrate the increasingly high significance of accumulating knowledge and introducing a multidisciplinary approach for enhancing the economic growth.
The strengths of the article lie in the close analysis of the multifaceted environment in which macroeconomics is applied to enhance the efficacy of organizations. For instance, the fact that Romer considers the issue of corporate governance as one of the tools that allow the global economy to evolve deserves to be mentioned. For instance, the dilemma regarding the role of the government in the choices made by an organization operating in a specific market is analyzed thoroughly in the article, thus, introducing the audience to the necessity to maintain a balance between the enhancement of legal practices and the provision of independence to companies (Borio 85).
The importance of meeting the needs of all stakeholders, including employees and customers alike, is also rendered in the study. Seeing that the focus on keeping employee satisfaction and loyalty levels high remains a priority for modern organizations, the fact that Romer addresses the issue with due care and insight shows that the paper offers important and useful information concerning the means of maintaining staff’s performance rates high. Furthermore, Romer points to the means of increasing motivation rates among employees, which is another important addition to the overall analysis of the global economy and its current concerns (Amini et al. 1710).
One might argue that some of the issues associated with macroeconomics have been overlooked in the article. For instance, Romer could have shed more light on the subject of decision-making in the specified environment and the forces that shape the choices made by organizations. Thus, a more detailed analysis of macroeconomic dilemmas would have been a possibility (Wang et al. 334). However, even as it is, the study offers a profound and insightful evaluation of the contemporary macroeconomic environment.
With a close focus on an array of factors that affect changes in the global economy, such as the introduction of employee-oriented human resource management strategies, the management of information, and the focus on multidisciplinary collaboration, the article by Romer can be considered a very important addition to the existing set of studies on the issue of macroeconomics. The research provides a vast number of scenarios in which the use of macroeconomic principles allows improving a company’s processes and address both external and internal threats, including the ones associated with information security (Mohamed et al. 221). Therefore, the paper can be considered a crucial contribution to the study of the effects of macroeconomics on global economic growth.
Works Cited
Amini, Elham, et al. “The Role of Local Government in the Control and Supervision of Urban Construction, with an Emphasis on Old Texture.” Bulletin de la Société Royale des Sciences de Liège, vol. 85, 2016, pp. 1708-1716.
Borio, Claudio. “Macroeconomics and the Financial Cycle: Hamlet without the Prince?” Universidad Francisco Marroquín, vol. 1, no. 1, 2017, pp. 81-86.
Mohamed, Mohamed Ibrahim, et al. “A Review of HRM Practices and Labor Productivity: Evidence from Libyan Oil Companies.” Asian Social Science, vol. 11, no. 9, 2015, pp. 215-225.
Romer, Paul. “The Trouble with Macroeconomics.” The American Economist, vol. 20, no. 10, 2016, pp. 1-20.
Rzepczynski, Mark S. “The Econometric Analysis of Recurrent Events in Macroeconomics and Finance.” Financial Analysts Journal, vol. 73, no. 3, 2017, pp. 133-134.
Wang, Jianlong, et al. “Outlier Impacts in Stock Pricing.” Journal of Management Research, vol. 7, no. 2, 2015, pp. 329-342.