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Micro Economic analysis was developed first. It is a traditional approach. Origin of this approach can be traced back to the era of Classical Economists- Adam Smith, David Ricardo, J. S. Mill etc. It was popularized by Neo-Classical Economist, Prof. Alfred Marshall in his book, 'Principles of Economics', published in 1890. Other economists like Prof. Pigou, J. R. Hicks, Prof. Samuelson, Mrs. Joan Robinson, etc. have also contributed to the development of Micro Economics. Historical Review of Macro Economics : Macro Economics did exist in the past before the evolution of Micro Economics.
In the 16th and 17th century, followers of Mercantilists (a group of English merchants) advocated policies to the government which were based on macro approach. In the 18th century, Physiocrats (French Thinkers) tried to analyse the concept of national income and wealth. Even the Classical Economic theories of Prof. Adam Smith, Prof. Ricardo and Prof. J. S. Mill discussed the determination
of national income and wealth. But their macro analysis was combined with micro analysis. Thus, micro analysis ruled the world of economics till the Great Depression of 1930s.
