经济学原理6

Chapter6AggregateSupplyandUnemploymentMoneySpendingandtaxesOtherfactorsPricelevelandcostsPotentialoutputCapital,labor,technologyAggregateDemandAggregateSupplyInteractionofADandASoutputEmploymentandunemploymentPriceandinflationForeignTrade…§6.1AggregateSupply1.DefinitionThetotalquantityofgoodsandservicesthatthenation’sbusinessarewillingtoproduceandsellinagivenperiod.Aggregatedemandandit’scurveAggregatesupplyandit’scurveAggregatedemand:Thetotalamountthatdifferentsectorsintheeconomywillinglyspendinagivenperiod.PQADABQAQBPBPA0Aggregatesupplycurve:Representtheleveloftotalnationaloutputthatwillbeproducedateachpossiblepricelevel,otherthingsholdingconstant.PQ0AS2.DeterminationsofASPotentialoutputInputscost1)PotentialoutputDefinition:Representsthemaximumamounttheeconomycanproducewhilemaintainingreasonablepricestability.Itisthehighestsustainablelevelofnationaloutput.Thatis,theoutputwouldbeproducedatabenchmarkleveloftheunemploymentratecalledthelowestsustainableunemploymentrate(LSUR).SustainablelevelofpotentialoutputTheoutputbetweentheextremesofhighandlowutilizationofcapacity.Factorsaffectingpotentialoutput(P.559)2)InputscostsWhenthecostsrise,businessesarewillingtosupplyagivenlevelofoutputonlyatahigherpricelevelinordertomaintaintheprofitlevel.Factorsaffectingcosts(P.559)3.ShiftsoftheASCurveShiftsrightwardorleftwardbypotentialoutputShiftsupwardordownwardbyinputscostsCo-effectofpotentialoutputandcosts1)ShiftsrightwardorleftwardbypotentialoutputThefigureshowsthatanincreaseinpotentialoutputwithnochangeinproductioncostswouldshiftstheAScurverightward(outward)fromAS1toAS2.AS1AS2PQ(realoutput)PotentialoutputQ1Q2AS1AS22)ShiftsupwardordownwardbyinputscostsPQ(realoutput)AS1AS2PotentialoutputQThefigureshowswhenthecostsincreasewithnochangeinpotentialoutput,theAScurvewillshiftstraightupfromAS1toAS2.3)co-effectofoutputandcostsPQQ1Q2PotentialoutputandcostsriseASshiftsrightwardandupwardPotentialoutputandcostsfallASshiftsleftwardanddownwardPotentialoutputrisesandcostsfallASshiftsrightwardanddownwardPotentialoutputfallsandcostsriseASshiftsleftwardandupward4.AggregateSupplyintheShortRunandLongRunControversy:AScurveisflat,orsteep,orevenvertical?AggregatesupplyintheshortrunAggregatesupplyinthelongrunReasonstothedifferencebetweenlongandshortrunAScurve1)Controversy:flat,steep,verticalKeynesianSchool:TheAScurveisrelativelyflatintheshortrun.ClassicalApproach:TheAScurveisverysteepevenvertical,thechangesonaggregatedemandhavelittlelastingeffectonoutput.2)Aggregatesupplycurveintheshortrun3)AggregatesupplycurveinthelongrunPQShortrunASPotentialoutputAS(potentialoutput)PQLongrun4)ReasonstothedifferencebetweenlongandshortrunAScurveShort-run:wagesandpricesareinflexibleorstickyLong-run:wagesandpricesareunstuckandnegotiable§6.2unemploymentMeasurementofunemploymentOkun’slawReasonsofunemploymentlabormarketissuesImpactofunemployment1.MeasurementofunemploymentBasicconceptionEmployed:peoplewhoperformanypaidwork.(includespeoplewhohavejobsbutareabsentfromworkbecauseofillness,strikes,orvacations)unemployed:peoplewhoarenotemployedbutareactivelylookingforworkorwaitingtoreturntowork.Itconcludestheconditionfollowed:Ifheorsheisnotworkingand:i)hasmadespecificeffortstofindajobduringthelast4weeks;ii)hasbeenlaidofffromajobandiswaitingtoberecalled;iii)hasgetajobandiswaitingtoreportinthenextmonthNotinthelaborforce:suchasthepeoplewhoiskeepinghouse,retired,tooilltowork,ornotlookingforwork.Laborforce:includestheemploymentandtheunemployment.Unemploymentrate:thenumberofunemploymentdividedbythetotallaborforce.2.Okun’slaw1)content:Forevery2percentthatGDPfallsrelativetopotentialGDP,theunemploymentraterisesabout1percentagepoint.so,actualGDPmustgrowasrapidlyaspotentialGDPjusttokeeptheunemploymentratefromrising.2)ExamplePotentialGDPgrewat3percentperyear,increasingatotalof9percentoverthe3-yearperiod.Bycontrast,theactualGDPdidnotgrowatallduring1979-1982.Whatisthemovementoftheunemploymentrate?(theunemploymentrateis5.8%in1979.)3.ReasonsofunemploymentThreekindsofunemploymentVoluntaryandinvoluntaryunemploymentSomeexamples1)ThreekindsofunemploymentFrictionalunemploymentDefinition:Akindofunemploymentwhicharisesbecauseoftheincessantmovementofpeoplebetweenregionsandjobsorthroughdifferentstageofthelifecycle.affectingfactorsStructuralunemploymentDefinition:Akindofunemploymentwhicharisesbecauseofamismatchbetweenthesupplyofanddemandforworkers.FactorsCyclicalunemploymentDefinition:Akindofunemploymentwhicharisesbecauseofthefallingoftheoveralldemandforlabor.MechanismofcyclicalunemploymentRealwagelaborD1D2W1W2L2L1E1E2Labormarket2)VoluntaryandInvoluntaryunemploymentDSEFW1LEL1wageLemployedVoluntaryunemploymentVoluntaryunemploymentDSW2W1WLEHGL3L1L2Involuntaryunemployment3)Someexamples4.LabormarketIssuesThedifferenceofunemploymentindifferentgroupsDurationofunemploymentDistributionofunemploymentbyReasons5.ImpactofunemploymentEconomicimpact:wasteofvaluableresourceSocialimpact:effecttothepeople’semotionandfamilylives,eventothesocialstability.