This course provides an outline of macroeconomic theory and its evolution. Macroeconomics primarily deals with the determinations and relations of four variables, namely: (i) Gross Domestic/National Product, Employment/unemployment, (iii) Price Level/Inflation-Deflation, and (iv) Balance of Payments and the exchange rate. The course is primarily designed to give you an exposure to the developments in macroeconomic theory during the 20th century since Keynes’s important contribution to economics in 1936. It will also introduce you to the macroeconomics of developing economies, sometimes called ‘structuralist macroeconomics’. You will end the course by addressing three ‘real world’ debates in Indian macroeconomics: the debate on debt management, inflation targeting, and engaging with the international economy.