经济学原理2

Chapter2MeasuringNationalIncome1.OutlineofmeasuringnationalincomeFinalgoodsandserviceshouseholdsBuyingforgoodsandservicesProductiveservicesexpenditure(=GDP)businessesIncome(=GDP)Wages,rents,profits,(=GDP)Income(=GDP)SellingforgoodsandservicesFlowofgoodsandservicesFlowofmoney2.Twomeasuresofnationaloutput1)Flow-of-productApproach(goodsflow)2)EarningsorcostApproach(earningsflow)3)Equivalenceofthetwoapproaches1)Flow-of-productApproachInthismeasure,weonlycalculatethefinalproducts,notintermediategoods(avoidingdoublecounting).Ifweaddalltheconsumptionspentonthefinalgoodsandservices,we’llgetthetwo-part-mode’sGDP.(asthefigure:theupperloop)2)EarningsorcostsapproachThebusinessesmustpayfortheproductiveinputs:wage,rent,profit,etc.Thesewecallthecostthebusinessmustexpend.Thecostarealsotheearningsthehouseholdsreceivefromthebusiness.Addallthecostwe’llgetthetotalGDP.(asthefigure:thelowerloop)3)EquivalenceofthetwoapproachTheresultsbythetwoapproachesareequal.Why?*Nationalaccountsderivedfrombusinessaccounts.(P.392)3.Aboutthe“DoubleCounting”Finalgoods:theproductthatisproducedandsoldforconsumptionorinvestment.Intermediategoods:goodsthatareuseduptoproduceothergoods.Valueadded:thedifferencebetweenafirm’ssalesanditspurchasesofmaterialsandservicesfromotherfirms.FinalgoodsandintermediategoodsFirmAFirmBFirmCAllFirmsAintermediategoodsfromotherfirms$0$100$130$230(exchangeeachother)BProductiveinputspurchased$100$30$50$180(valueadded)A+B=output$100$130$180$410Breadreceipts,Costs,andValueaddedStageofproductionSalesreceiptsCostofintermediategoodsValueadded(wage,profit,etc)Wheat24-024Flour33-249Bakeddough60-3327Deliveredbread90-6030207-117904.Detailsofthenationalaccount1)RealGDP&NominalGDPNominalGDP:GDPmeasuredinactualmarketprices.RealGDP:GDPmeasuredinconstantorinvariantprices.GDPDeflator:NominalGDP/RealGDPQ=realGDP=NominalGDP/GDPDeflatorExample:P395,396ExampleyearPriceofhotdog($)OutputofhotdogPriceofhamburgerOutputofhamburger20011100250200221503100200332004150Iftheeconomyonlyincludesthehotdogandhamburgerproductionandconsumption,pleasecalculatethenominalandrealGDP(basedonyear2001),andtheGDPdeflator.2)InvestmentandcapitalformationInvestment:theadditionstothenation’scapitalstockofbuildings,equipmentandinventoriesduringayear.GrossInvestment:theinvestmentincludesallinvestmentgoodsproduced.(includesdepreciationwhichistheamountofcapitalthathasbeenusedupinayear)NetInvestment=GrossInvestment-Depreciation3)GovernmentTransferPaymentGovernmentPurchases&theOfficialGovernmentBudgettheofficialgovernmentbudgetincludesgovernmentpurchasesandthetransferpayment.GDP4)TaxesDirecttaxesIndirecttaxesWhenwecalculateGDPintheflow-of–costway,wemustaddtheindirecttaxintotheGDP.5)NetExportsNetexports:thedifferencebetweenexportsandimportsofgoodsandservices.Exportsmeansthenationprovidesthegoodsandservicestoothernations.Importsmeanstheforeigncountriesprovidegoodsandservicestothenation.6)TotalnationalinvestmentTotalnationalinvestment:I+XTotalnetnationalinvestmentNetforeigninvestment(netexports)7)GDP,NDP,GNPGDP:GrossDomesticProduct,themarketvalueofallfinalproductsandservicesproducedinanationduringoneyear.Itincludesgrossinvestment.NDP:NetDomesticProduct.(GDP-Depreciation)GNP:GrossNationalProduct.conclusionGoodsFlow(upperloop):GDP=C+I+G+XEarningsFlow(lowerloop):GDP=Wageorotherincome+Interest,Rentorotherpropertyincome+indirecttaxes+depreciation+profitTheresultbythetwowaysisequal.SomeExamples8)FromGDPtoDIGDP=totalincomesbydifferentfactors+indirecttaxes+depreciationNI(nationalincome)=GDP-indirecttaxes-depreciationDI(disposableincome)=NI-directtaxes-netbusinesssaving+transferpaymentFromGDPtoNItoDINetexportsGovernmentInvestmentConsumptionGDPNationalincomeDepreciationIndirecttaxesNIDirecttaxesNetbusinesssavingTransferpaymentDIExample:GDPbyincomesideWagesandothers10,363Rents233Firmsprofits1,281Otherincome880Netinterest884NI13641Firmstransferpayment81Firmsindirecttax1505Statisticaldiscrepancy47NNP15274Depreciation1790GNP17064Earningsfromtheforeigninputs32GDP170969)TheidentityofmeasuredsavingandinvestmentThisisanidentityofnationalincomeaccountingbydefinition.Investmentmeanstheadditionstothenation’scapitalstockofbuilding,equipmentandinventoriesduringayear.Fromthefigure,theinvestmentisthepartofupper-loopoutputwhichisnotconsuming.Thesavingmeansthepartofthelower-loopdisposableincome(orGDP)thatisnotspentonconsumption.(assume:two-part-economy)Tosummarize:I=product-approachGDPminusCS=earnings-approachGDPminusCTheamountGDPmeasuredbythetwowaysissame.So,I=S:theidentitybetweenmeasuredsavingandinvestment.Open-economyITGrossprivatedomesticinvestment(I)Netexports(X)IT=I+XGrosssavingPS(privatesaving):personalsaving+businesssavingGS(governmentsurplus):taxrevenues-expenditureI+X=PS+GSI=SIT=I+XS=PS+GSDomesticinvestmentplusnetexportsequalsprivatesavingsplusgovernmentsurplusconclusionNationalsavingalwaysequalsnationalinvestment.Thecomponentsofinvestmentaredomesticinvestmentinplant,equipmentandinventoriesandforeigninvestmentornetexports.Thesourceofsavingincludesprivatesaving(byho