While studying the subject of economics we study various economic issues. These economic issues could be on small scale and can also be on large scale. With the help of economics we mange how to fulfill our maximum needs in a limited resources.
There are two main subdivisions of economics. One is microeconomics &other is macroeconomics. If it is on individual or small level then it is termed as micro economics. For example if an individual is managing how to fulfill his maximum needs in his/her limited salary then it comes in microeconomics. While macroeconomics is on larger scale. Provincial, National and global economic issues are solved in this type of economics. Macro economics is of great significance for the economic stability of a country and for the future economic growth of the country. Micro economics is also of great significance as it is the basic of economics.
Infect both microeconomics and macroeconomics is closely related to each other and is interlinked to each other as both are the branches of economics. Various schools of thoughts are using both to get the perfect results. As we see in new Keynesian in which an additional thing was microeconomics along with the previous Keynesian theory. Thus it would help a lot in understanding the minor technicalities too along with the major one. In this way betterment in economic cycle could be brought.
Similarly classical economics emphasizes on macroeconomics but for obtaining better results in new classical economics micro economics is the main area of emphasis. So we can neglect the facts that both are correlated to each other.
Despite of the fact both these are related to each other some school of thoughts just go with the micro economics and some just consider macro economics for their best results. As we see in classical economic theory, which was put forward by Adam Smith who was known as the father of economics was just based on macro economics. Classical economists have to make sure that the flexibility of wages prices and rates. They also have to ensure that markets are clear every time. They have to make sure that there is zero percent unemployment. For this purpose they just go with macro economics rather than micro economics. Another school of thought is neoclassic which has its main emphasis on microeconomics. According to that school of thought if economic models are based on microeconomics it would be easy to handle the economic issues.