CH2.docx
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CH2.docx
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CH2
2NationalIncomeAccounting
focusofthechapter
•Undertheheading“nationalincomeaccounting,”weconsiderthedifferentwaysinwhichthenationaleconomicpiecanbeslicedintoitscomponentparts.
•Thisismorethanjustsimpleaccounting.WhilewedissectGDP,weareactuallylearninghowthemanysourcesofaggregatedemandcanbeaddedtogethertodeterminetotalnationalincome,andjustwhyanation’sincomeandoutputmustnecessarilybethesame.
sectionsummaries
1.TheProductionofOutputandPaymentstoFactorsofProduction
Productiontransformsinputs(factorsofproduction),suchascapitalandlabor,intooutput.Thisoutputisthenusedtomakefactorpaymentstopaylabor(N)itswage(w)andcapital(K)itsrateofinterest(i).Totalpaymentstolaborequaltheamountoflaborhiredmultipliedbythewagepaidtoeachworker,andturnouttobeabout¾ofallfactorpayments.Totalpaymentstocapitalequaltheamountofcapitalhiredmultipliedbytheinterestrate.Anythingleftover(typicallynotverymuch)iskeptasprofit.Thesesimplefactsletuswriteanidentityequatingoutputwiththesumofitsfactorpaymentsandofprofit:
Y=(wxN)+(ixK)+profit
Ofcourse,notallofthefactorsofproductionthatweusetodaycomefromourowncountry,andnotalldomesticallyownedfactorsofproductionareemployedinourowncountry.Thisproblemhasledeconomiststodeveloptwodifferentmeasuresofoutput:
grossnationalproduct(GNP),andgrossdomesticproduct(GDP).
GNPincludespaymentsmadetofactorsthatareowneddomesticallybutemployedoutsidethecountry,andexcludespaymentsmadetofactorsthatareownedbyforeigners,butdomesticallyemployed.GDPdoesjusttheoppositeitcountsanyoutputproducedwithinthebordersofacountry,regardlessofwhoownsthefactorsofproduction,anddoesnotcountanyoutputproducedoutsideofthecountry,evenifitusesdomesticallyownedfactorsofproduction.Inpracticethedifferencebetweenthesetwomeasuresisnegligible.
Wemightalsowanttotakedepreciationintoaccountwhenwemeasureoutput.Itisasadfactthatcapitalwearsout(depreciates)overtime,andmustbereplaced.Netdomesticproduct(NDP)subtractsfromtotalGDPtheamountofoutputusedtoreplacewornoutcapital.Wecouldthensubtracttaxestogetnationalincome.
2.OutlaysandComponentsofDemand
Wecouldbreakupoutputanotherway,bylookingatwhobuysitandwhatitisusedfor.Outputcanbe
(1)consumedbyindividuals,
(2)usedforinvestment,(3)consumedbythegovernment,and(4)exported,onnet.Thislasttermdeservesabitofdiscussionaswebothexportandimport,partofourdomesticincomewillbespentonforeigngoods,andpartofourdomesticoutputwillbesenttoforeigncountries.Thedifferencebetweenexportsandimports(callednetexports)isthenetamountofdomesticoutputpurchasedbyforeigners.Itcanbenegativewhenwearepurchasingmoreoutputfromforeignersthanwearesellingtothem.
3.SomeImportantIdentities
Themostimportantidentityofalltorememberisthatincomeoutput.Someotherimportantonesarewrittenbelow,andareabsolutelyworthmemorizing.Awarning,however:
besurethatyouunderstandtheseidentitiesintermsoftheeconomicrelationshipstheydescribe.Donotjustmemorizethesymbols!
YC+I+G+NXfundamentalnationalincomeaccountingidentity
YDC+Susesofdisposableincome
YDY+TR–TAsourcesofdisposableincome
BDG+TR–TAdefinitionofthebudgetdeficit
WhereY=income(oroutput);C=consumption;I=investment;G=governmentpurchases;
NX=netexports;YD=disposableincome;TR=transfers;TA=taxes;S=savings;andBD=thebudgetdeficit.Thesymbol“”means“identically,oralways,equalto.”
Allofthesearesummarizedbythebasicidentity:
C+I+G+NXYYD+(TA-TR)C+S+(TATR)
Whichreducestothefollowingidentityequatingexcesssavingswiththesumofthebudgetdeficitandnetexports:
S-I(G+TR-TA)+NX
4.MeasuringGrossDomesticProduct
Toavoiddouble-counting,wemeasureGDPasthevalueofallfinalgoodsandservicescurrentlyproduced.Ifagoodhasbeenpreviouslyproducedandismerelysoldfromonepersontoanother,itisnotcounted.Ifonegoodisusedasaninputintheproductionofanother(ifitisanintermediategood),itisnotcounted.WecouldalsomeasureGDPbyaddingupthevalueaddedtotheinputsateachstageoftheproductionprocess.
ThereisoneseriousproblemassociatedwiththemeasurementofGDP:
sometypesofoutputcooking,cleaningandchildcareinthehome,forexamplearenottradedontheopenmarket,andthereforedonotcontributetomeasuredGDP.Thiscanhaveseriousconsequenceswhentheseproductsmoveintothecommercialsector.
ThereareseriousproblemswithusingGDPasameasureofwelfareaswell:
(1)sometypesofoutput,suchasthemaintenanceofapoliceforce,areintendedonlytocontain“bads,”likecrime;
(2)naturalresourcesarevaluedatzero,sothatnothingisaddedforenvironmentalreclamationorsubtractedforenvironmentaldegradation;and(3)itishardtoaccountforqualityimprovements.
5.InflationandPriceIndices
Becausepriceschangefromyeartoyear,wedistinguishrealGDPfromnominalGDP.RealGDPisameasureofphysicalproduction.NominalGDPisthevalueofthatoutputincurrentdollars(i.e.,atprevailingprices).
Inflation()ismeasuredasthechangeinthepricelevel,oras:
.
Itisworthnotingthatyoumustmultiplythenumberthatyougetfromthisequationby100toexpressitproperlyinpercentageterms.Ananswer=0.12,forexample,wouldgiveyouaninflationrateof12percent.
Thepricelevelcanbemeasuredbytheconsumerpriceindex(CPI),theproducerpriceindex(PPI),ortheGDPdeflator.TheCPImeasuresthecostoflivingfora“typical”urbanfamily.ThePPItracksthepricesofarangeofgoodsusedinproduction.Bothmeasurethecostoftheparticular,unchangingbasketofgoodsfromyeartoyear.TheGDPdeflatorisdefinedastheratioofnominalGDPtorealGDP.Itsbasketofgoodschangeseveryyeartoreflecttheactualcompositionofoutput.Itdoesnotconsidertheeffectofimportpricesonthedomesticpricelevel,however.
6.Unemployment
Youmusthavenoticedhowpeoplelookforworkinemploymentbureaus,newspaperads,andstudentemploymentcenters.Atanytime,therearealwayssomepeoplewhoareunemployedandlookingforjobs(theyneednotbethesamepeople).Thesepeople,whenexpressedasapercentageofthelaborforce,constitutetheunemploymentrate.Itgoesdownduringboomsandgoesupduringbusts.IntheU.S.,9percentunemploymentisconsideredveryhigh(meansreallybadtimes)whereas4percentunemploymentistoolow.
7.InterestRatesandRealInterestRates
Aninterestrate,asyouundoubtedlyknow,isthepercentagereturnonaninvestment.Forexample,ifyouleft$100inanaccountthatpaid6percentannualinterest,attheendoftheyearyouwouldhave$106.Thatsame$100inanaccountthatpaid10percentinterestwouldleaveyouwith$110.
This,ofcourse,tellsyounothingaboutthevalueofthosedollarsatthetimeyougetthemback…withsixortenpercentinflation,yourrealreturnisgoingtobezero.That’swhywemakeadistinctionbetweenrealandnominalinterestrates:
arealinterestratetellsyoutherealreturnonyourinvestment,ratherthanjusttheapparentone,bycorrectingfortheeffectsofinflation.
Let’slookatanexample.Ifthatsame$100earneda6percentnominalrateofinterest,attheendoftheyearyouwouldhave$106.Withnoinflation,your6percentnominalreturnwouldalsobea6percentrealreturn,andtherealinterestratewouldbe6percentaswell.Butwith5percentinflationyourmoneywouldbeworthlesswhenyougetitback.Therealreturnwouldbelower…approximately5percentlower!
Therealinterestratewouldberoughly1percent.
8.ExchangeRates
Eachnation,oracollectionofnations,measuresthepriceoftheircommoditiesinthecurrencyoftheirchoice.IntheU.S.,wedoitindollarsintheU.K.,theyhavepounds.Thepriceoftheforeigncurrencyintermsofthehomecurrencyistheexchangerate.YougetoneBritishpoundifyoupayroughly$1.60.However,thelevelofexchangeratewithacountryisnotrelatedtohowexpensivethegoodsareinthatcountry.
Therearetwotypesofcountries;somecountrieslettheirexchangeratesbedeterminedfreelybythesupplyanddemand,andsomecountriessettherate.Thefirstsystemiscalledthefloatingexchangerateandthesecondsystemiscalledthefixedexchangeratesystem.Usually,eventhecountrieswithfloatingsystemoccasionallytrytocontroltheexchangerateswhereascountriesfollowingthefixedsystemsometimessettheexchangeratetoanewlevel.
9.WheretoGrabaLookattheData
TherearesomegreatdataarchivesthatareaccessiblethroughtheInternet.Thebookprovidesseveralsuggestions;foracomprehensivelist,checkoutBillGoffe’s“ResourcesforEconomistsontheInternet”athttp:
//www.aeaweb.org/RFE/.AnexcellentcollectionoftheU.S.macroeconomicdataisat.Thissitealsooffersseveralonlinealgebraicandgraphicaloptionstoplaywiththedata.
keyterms
grossdomesticproduct(GDP)
factorsofproduction
factorpayments
productionfunction
grossnationalproduct(GNP)
netdomesticproduct(NDP)
depreciation
nationalincomeaccountingidentity
consumerspending
governmentpurchases
transferpayments
governmentexpenditure
grossprivatedomesticinvestment
durablegoods
gross/netinvestment
netexports
nationalincome
investment
saving
governmentbudgetdefic
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