Chương 20 Giới thiệu về kinh tế vĩ mô và kế toán thu nhập quốc dân pdf

Chapter 20 Introduction to macroeconomics and national income accounting David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 6th Edition, McGraw-Hill, 2000 Power Point presentation by Peter Smith Macroeconomics is s the study of the economy as a whole s it deals with broad aggregates s but uses the same style of thinking about economic issues as in microeconomics 20.2 Some key issues in macroeconomics s Inflation – s Unemployment – s the rate of change of the general price level a measure of the number of people looking for work, but who are without jobs Output – real gross national product (GNP) measures total income of an economy s it is closely related to the economy's total output 20.3 More key issues in macroeconomics s Economic growth – s increases in real GNP, an indication of the expansion of the economy’s total output Macroeconomic policy – a variety of policy measures used by the government to affect the overall performance of the economy 20.4 Inflation in the UK, 1950-99 30 25 % p.a 20 15 10 Source: Economic Trends Annual Supplement, Labour Market Trends 20.5 Inflation in selected European countries Germany France Belgium EU Finland UK Spain Italy Portugal Greece % change 1998 compared with 1997 20.6 Inflation in UK, USA and Germany % p.a 16 14 12 10 1960-73 1973-81 UK USA 1981-90 1990-98 Germany 20.7 Unemployment in the UK, 1950-99 14 12 % p.a 10 Source: Economic Trends Annual Supplement, Labour Market Trends 20.8 Unemployment in selected European countries Germany France Belgium EU Finland UK Spain Italy Portugal Greece 10 15 20 % unemployment (ILO measure) 1998 20.9 Unemployment in UK, USA and Germany 10 % p.a 1960-73 1973-81 UK USA 1981-90 1990-98 Germany 20.10 Economic growth in UK, USA and Germany % p.a 1960-73 1973-81 UK USA 1981-90 1990-98 Germany 20.11 The circular flow of income, expenditure and output I C S C+I Households Firms Y 20.12 Government in the circular flow I C+I+G C S G Households C + I + G - Te Te Government Firms B - Td Y + B - Td Y 20.13 Adding the foreign sector s To incorporate the foreign sector into the circular flow s we must recognize that residents of a country will buy imports from abroad s and that domestic firms will sell (export) goods and services abroad 20.14 GDP and GNP s Gross domestic product (GDP) – measures the output produced by factors of production located in the domestic economy s Gross national product (GNP) s measures the total income earned by domestic citizens GNP = GDP + net income from abroad – 20.15 Three measures of national output s Expenditure – – s Income – – s the sum of expenditures in the economy Y=C+I+G+X-Z the sum of incomes paid for factor services wages, profits, etc Output – the sum of output (value added) produced in the economy 20.16 National income accounting: a summary NYA GNP (and GNI) at market prices G I X-Z C NYA Deprec'n Indirect taxes GDP NNP at market at basic National prices prices income Profits, rents Selfemployment Wages and salaries 20.17 What GNP does and does not measure s Some care is needed: – – – to distinguish between real and nominal measurements to take account of population changes to remember that GNP is not a comprehensive measure of everything that contributes to economic welfare 20.18 ... the overall performance of the economy 20. 4 Inflation in the UK, 1950-99 30 25 % p.a 20 15 10 Source: Economic Trends Annual Supplement, Labour Market Trends 20. 5 Inflation in selected European... Labour Market Trends 20. 8 Unemployment in selected European countries Germany France Belgium EU Finland UK Spain Italy Portugal Greece 10 15 20 % unemployment (ILO measure) 1998 20. 9 Unemployment... Germany 20. 10 Economic growth in UK, USA and Germany % p.a 1960-73 1973-81 UK USA 1981-90 1990-98 Germany 20. 11 The circular flow of income, expenditure and output I C S C+I Households Firms Y 20. 12