Microeconomics: The study of who has the money and how I can get my hands on it.Macroeconomics: The study of which government agency has the gun, and how we can get our hands on it.
Microeconomics is about money you don't have, and macroeconomics is about money the government is out of.
Thus microeconomics of the financial sector—bad incentives and externalities—was the root cause of the macroeconomic effects—loss of output and high unemployment.
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