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1、10,Measuring a Nations Income,CHAPTER 10 MEASURING A NATIONS INCOME,In this chapter,look for the answers to these questions:,What is Gross Domestic Product(GDP)?How is GDP related to a nations total income and spending?What are the components of GDP?How is GDP corrected for inflation?Does GDP measur
2、e societys well-being?,CHAPTER 10 MEASURING A NATIONS INCOME,Micro vs.Macro,Microeconomics:The study of how individual households and firms make decisions,interact with one another in markets.Macroeconomics:The study of the economy as a whole.We begin our study of macroeconomics with the countrys to
3、tal income and expenditure.,Micro vs.Macro,Examples of questions that microeconomics seeks to answer:how do consumers decide how much of each good to buy?how do firms decide how much output to produce,and what price to charge?what determines the price and quantity of individual goods and services?,C
4、HAPTER 10 MEASURING A NATIONS INCOME,Micro vs.Macro,Examples of questions that macroeconomics seeks to answer:how do consumers decide how to divide their income between spending and saving?what determines the total amount of employment and unemployment?what determines the overall level of prices,and
5、 the rate of inflation?why is does the economy go through cycles,where things are great for a few years(like the late 90s),and then worse in a year or two(like 2001-2002)?when unemployment is high,what can the government do to help?,CHAPTER 10 MEASURING A NATIONS INCOME,CHAPTER 10 MEASURING A NATION
6、S INCOME,Income and Expenditure,Gross Domestic Product(GDP)measures total income of everyone in the economy.GDP also measures total expenditure on the economys output of g&s.,For the economy as a whole,income equals expenditure,because every dollar a buyer spends is a dollar of income for the seller
7、.,CHAPTER 10 MEASURING A NATIONS INCOME,The Circular-Flow Diagram,a simple depiction of the macroeconomyillustrates GDP as spending,revenue,factor payments,and incomePreliminaries:Factors of production are inputs like labor,land,capital,and natural resources.Factor payments are payments to the facto
8、rs of production.(e.g.,wages,rent),CHAPTER 10 MEASURING A NATIONS INCOME,FIGURE 1:The Circular-Flow Diagram,Households:own the factors of production,sell/rent them to firms for incomebuy and consume g&s,CHAPTER 10 MEASURING A NATIONS INCOME,FIGURE 1:The Circular-Flow Diagram,Households,Firms:buy/hir
9、e factors of production,use them to produce g&ssell g&s,CHAPTER 10 MEASURING A NATIONS INCOME,FIGURE 1:The Circular-Flow Diagram,CHAPTER 10 MEASURING A NATIONS INCOME,What This Diagram Omits(遗漏）,The governmentcollects taxespurchases g&sThe financial systemmatches savers supply of funds with borrower
10、s demand for loansThe foreign sectortrades g&s,financial assets,and currencies with the countrys residents,CHAPTER 10 MEASURING A NATIONS INCOME,the market value of all final goods&services produced within a country in a given period of time.,Gross Domestic Product(GDP)Is,Goods are valued at their m
11、arket prices,so:,all goods measured in the same units(e.g.,dollars in the U.S.)Things that dont have a market value are excluded,e.g.,housework you do for yourself.,CHAPTER 10 MEASURING A NATIONS INCOME,the market value of all final goods&services produced within a country in a given period of time.
12、,Gross Domestic Product(GDP)Is,Final goods:intended for（打算供应）the end user,Intermediate goods:used as components or ingredients（成分）in the production of other goods GDP only includes final goods they already embody（包含）the value of the intermediate goods used in their production.,CHAPTER 10 MEASURING A
13、 NATIONS INCOME,the market value of all final goods&services produced within a country in a given period of time.,Gross Domestic Product(GDP)Is,GDP includes tangible goods(like DVDs,mountain bikes,beer),and intangible services(dry cleaning,concerts,cell phone service).,CHAPTER 10 MEASURING A NATIONS
14、 INCOME,the market value of all final goods&services produced within a country in a given period of time.,Gross Domestic Product(GDP)Is,GDP includes currently produced goods,not goods produced in the past.E.gNew car vs second car,CHAPTER 10 MEASURING A NATIONS INCOME,the market value of all final go
15、ods&services produced within a country in a given period of time.,Gross Domestic Product(GDP)Is,GDP measures the value of production that occurs within a countrys borders,whether done by its own citizens or by foreigners located there.,CHAPTER 10 MEASURING A NATIONS INCOME,the market value of all fi
16、nal goods&services produced within a country in a given period of time.,Gross Domestic Product(GDP)Is,usually a year or a quarter(3 months),CHAPTER 10 MEASURING A NATIONS INCOME,The Components of GDP,Recall:GDP is total spending.Four components:Consumption(C)消费Investment(I)投资Government Purchases(G)政
17、府购买Net Exports(NX)净出口These components add up to GDP(denoted Y):,Y=C+I+G+NX,CHAPTER 10 MEASURING A NATIONS INCOME,Consumption(C),is total spending by households on g&s.Note on housing costs:For renters,consumption includes rent payments.For homeowners,consumption includes the imputed rental value of
18、the house,but not the purchase price or mortgage payments.贷款偿还,CHAPTER 10 MEASURING A NATIONS INCOME,Investment(I),is total spending on goods that will be used in the future to produce more goods.includes spending oncapital equipment(e.g.,machines,tools)structures(factories,office buildings,houses)i
19、nventories(goods produced but not yet sold),Note:“Investment”does not mean the purchase of financial assets like stocks and bonds.,CHAPTER 10 MEASURING A NATIONS INCOME,Government Purchases(G),is all spending on the g&s purchased by govt at the federal,state,and local levels.G excludes transfer paym
20、ents,such as Social Security or unemployment insurance benefits.They are not purchases of g&s.,CHAPTER 10 MEASURING A NATIONS INCOME,Net Exports(NX),NX=exports imports(净出口)Exports represent foreign spending on the economys g&s.Imports are the portions of C,I,and G that are spent on g&s produced abro
21、ad.Adding up all the components of GDP gives:,Y=C+I+G+NX,22,四部门经济模型,CHAPTER 10 MEASURING A NATIONS INCOME,U.S.GDP and Its Components,2007,A C T I V E L E A R N I N G 1:GDP and its components,24,In each of the following cases,determine how much GDP and each of its components is affected(if at all).A.
22、Debbie spends$200 to buy her husband dinner at the finest restaurant in Boston.B.Sarah spends$1800 on a new laptop to use in her publishing business.The laptop was built in China.C.Jane spends$1200 on a computer to use in her editing business.She got last years model on sale for a great price from a
23、 local manufacturer.D.General Motors builds$500 million worth of cars,but consumers only buy$470 million worth of them.,A C T I V E L E A R N I N G 1:Answers,25,A.Debbie spends$200 to buy her husband dinner at the finest restaurant in Boston.Consumption and GDP rise by$200.B.Sarah spends$1800 on a n
24、ew laptop to use in her publishing business.The laptop was built in China.Investment rises by$1800,net exports fall by$1800,GDP is unchanged.,A C T I V E L E A R N I N G 1:Answers,26,C.Jane spends$1200 on a computer to use in her editing business.She got last years model on sale for a great price fr
25、om a local manufacturer.Current GDP and investment do not change,because the computer was built last year.D.General Motors builds$500 million worth of cars,but consumers only buy$470 million of them.Consumption rises by$470 million,inventory investment rises by$30 million,and GDP rises by$500 millio
26、n.,CHAPTER 10 MEASURING A NATIONS INCOME,Real versus Nominal GDP,Inflation can distort economic variables（改变经济变数）like GDP,so we have two versions of GDP:One is corrected for inflation,the other is not.Nominal(名义)GDP values output using current prices.It is not corrected for inflation.Real GDP values
27、 output using the prices of a base year（基年）.Real GDP is corrected for inflation.,实际GDP与名义GDP,GDP衡量一国经济生产的所有产品和劳务的市场价值。如果一年的GDP 高于上一年份，可能是因为：,经济中生产了更多的物品与劳务 以更高的价格销售物品与劳务,CHAPTER 10 MEASURING A NATIONS INCOME,CHAPTER 10 MEASURING A NATIONS INCOME,CHAPTER 10 MEASURING A NATIONS INCOME,CHAPTER 10 MEASU
28、RING A NATIONS INCOME,CHAPTER 10 MEASURING A NATIONS INCOME,CHAPTER 10 MEASURING A NATIONS INCOME,CHAPTER 10 MEASURING A NATIONS INCOME,CHAPTER 10 MEASURING A NATIONS INCOME,CHAPTER 10 MEASURING A NATIONS INCOME,CHAPTER 10 MEASURING A NATIONS INCOME,EXAMPLE:,Compute nominal GDP in each year:2002:$10
29、 x 400+$2 x 1000=$6,0002003:$11 x 500+$2.50 x 1100=$8,2502004:$12 x 600+$3 x 1200=$10,800,Increase:,CHAPTER 10 MEASURING A NATIONS INCOME,EXAMPLE:,Compute real GDP in each year,using 2002 as the base year:,Increase:,2002:$10 x 400+$2 x 1000=$6,0002003:$10 x 500+$2 x 1100=$7,2002004:$10 x 600+$2 x 12
30、00=$8,400,CHAPTER 10 MEASURING A NATIONS INCOME,EXAMPLE:,In each year,nominal GDP is measured using the(then)current prices.real GDP is measured using constant prices from the base year(2002 in this example).,CHAPTER 10 MEASURING A NATIONS INCOME,EXAMPLE:,The change in nominal GDP reflects both pric
31、es and quantities.,The change in real GDP is the amount that GDP would change if prices were constant(i.e.,if zero inflation).,Hence,real GDP is corrected for inflation.,CHAPTER 10 MEASURING A NATIONS INCOME,Nominal and Real GDP in the U.S.,1965-2007,Real GDP(base year 2000),Nominal GDP,名次 GDP（亿元）人均
32、GDP（元）1 广东 35696 39951 2 山东 30559 29262 3 江苏 30024 33089 4 浙江 21107 36241 5 河南 18200 15824 6 河北 16000 19588 7 上海 13698 95049 8 辽宁 12020 24945 9 湖南 11509 13773 10 四川 11025 11008 11 福建 10863 3025512 北京 10279 57931 13 湖北 10600 15104 14 安徽 8116 11780,15 黑龙江 7881 18763 16 内蒙古 7600 26128 17 广西 7150 13004
33、18 山西 7028 16943 19 陕西 6812 13284 20 吉林 6400 18126 21 天津 6300 48390 22 江西 5923 12504 23 云南 5500 12184 24 重庆 5098 16014 25 新疆 4200 17616 26 贵州 3025 7264 27 甘肃 2994 9827 28 海南 1121 13361 29 宁夏 1070 1754030 青海 966 1894031 西藏 392 13754,中国2008年各省GDP排名,1 美国 139800 46280 2 日本 52900 41480 3 中国 33700 25204 德
34、国 32800 39710 5 英国 25700 42430 6 法国 25200 41200 7 意大利 20900 35980 8 西班牙 14100 30820 9 加拿大 13600 41470 10 俄罗斯 11400 8030 11 韩 国 9920 20240 12 巴 西 9340 4930 13 印度 9280 830 14 墨西哥 8850 8140 15 荷 兰 7560 45880 16 澳大利亚 7460 3590 17 比利时 4470 43010 18 瑞 典 4470 48950 19 瑞 士 4310 57040 20 中国台湾 3980 17520,排名 国
35、家 总值（亿美元）人均（美元),21 印度尼西亚 3960 1590 22 土耳其 3860 5130 23 挪 威 3760 80960 24 波 兰 3750 9840 25 奥地利 3710 37800 26 沙特阿拉伯 3690 14250 27 丹 麦 3060 56380 28 希 腊 2630 23970 29 南 非 2560 6090 30 伊 朗 2520 3560 31 爱尔兰 2480 58020 32 芬 兰 2360 45020 33 阿根廷 2330 5840 34 泰 国 2270 3420 35 葡萄牙 2190 20620 36 中国香港 2050 2935
36、0 37 委内瑞拉 2020 7360 38 捷 克 1690 16560 39 马来西亚 1620 5950 40 智 利 1570 9450,41 以色列 1500 20880 42 新加坡 1410 32030 43 罗马尼亚 1370 6340 44 尼日利亚 1350 926 45 巴基斯坦 1280 790 46 匈牙利 1270 12740 47 哥伦比亚 1270 2710 48 菲律宾 1260 1380 49 埃 及 1160 1510 50 阿尔及利亚 1050 3090 51 乌克兰 1020 2200 52 新西兰 1020 24420 53 哈萨克斯坦 900 58
37、30 54 越南 670 790 55 斯洛伐克 650 11850 56 克罗地亚 500 11050 57 斯洛文尼亚 420 21260 58 保加利亚 360 4820 59 伊拉克 360 1190 60 立陶宛 350 10250,The GDP Deflator（平减指数）,The GDP deflator is a measure of the overall level of prices.Definition:,One way to measure the economys inflation rate is to compute the percentage increa
38、se in the GDP deflator from one year to the next.这一指数能够更加准确地反映一般物价水平走向,是对价格水平最宏观测量,CHAPTER 10 MEASURING A NATIONS INCOME,EXAMPLE:,Compute the GDP deflator in each year:,A C T I V E L E A R N I N G 2:Computing GDP,48,Use the above data to solve these problems:A.Compute nominal GDP in 2004.B.Compute r
39、eal GDP in 2005.C.Compute the GDP deflator in 2006.,A C T I V E L E A R N I N G 2:Answers,49,A.Compute nominal GDP in 2004.$30 x 900+$100 x 192=$46,200B.Compute real GDP in 2005.$30 x 1000+$100 x 200=$50,000,A C T I V E L E A R N I N G 2:Answers,50,C.Compute the GDP deflator in 2006.Nom GDP=$36 x 10
40、50+$100 x 205=$58,300 Real GDP=$30 x 1050+$100 x 205=$52,000 GDP deflator=100 x(Nom GDP)/(Real GDP)=100 x($58,300)/($52,000)=112.1,CHAPTER 10 MEASURING A NATIONS INCOME,GDP and Economic Well-Being,Real GDP per capita is the main indicator of the average persons standard of living.But GDP is not a pe
41、rfect measure of well-being.Robert Kennedy issued a very eloquent yet harsh criticism of GDP:,Gross Domestic Product,“does not allow for the health of our children,the quality of their education,or the joy of their play.,It does not include the beauty of our poetry or the strength of our marriages,t
42、he intelligence of our public debate or the integrity of our public officials.,It measures neither our courage,nor our wisdom,nor our devotion to our country.,It measures everything,in short,except that which makes life worthwhile,and it can tell us everything about America except why we are proud t
43、hat we are Americans.”-Senator Robert Kennedy,1968,53,讨论：下面这段话是否正确？如果正确的话，我们为什么要关注国内生产总值？,国内生产总值并没有考虑到我们孩子的健康、他们的教育质量或者他们游戏的快乐。它没有包括我们的诗歌之美或者婚姻的稳定，没有包括我们关于公共问题争论的智慧或者我们公务员的廉洁。它既没有衡量出我们的勇气，我们的智慧，也没有衡量出我们对祖国的热爱。简言之，它衡量一切，但并不包括使我们的生活有意义的东西，它可以告诉我们有关美国人的一切，但没有告诉我们，为什么我们以作为美国人而骄傲。罗伯特肯尼迪1968年竞选总统时的一篇演讲,CH
44、APTER 10 MEASURING A NATIONS INCOME,GDP Does Not Value:,the quality of the environmentleisure timenon-market activity,such as the child care a parent provides his or her child at homean equitable distribution of income,CHAPTER 10 MEASURING A NATIONS INCOME,Then Why Do We Care About GDP?,Having a lar
45、ge GDP enables a country to afford better schools,a cleaner environment,health care,etc.Many indicators of the quality of life are positively correlated with GDP.For example,GDP and Life Expectancy in 12 Countries,Life expectancy(in years),Real GDP per capita,U.S.,Germany,Japan,Nigeria,Mexico,Russia
46、,Brazil,China,Pakistan,Bangladesh,India,Indonesia,GDP and Adult Literacy in 12 Countries,Adult Literacy(%of population),Real GDP per capita,U.S.,Germany,Japan,Russia,Nigeria,Mexico,Brazil,China,Pakistan,Bangladesh,India,Indonesia,GDP and Internet Usage in 12 Countries,Internet Usage(%of population),
47、Real GDP per capita,U.S.,Germany,Japan,Mexico,Russia,Brazil,China,CHAPTER 10 MEASURING A NATIONS INCOME,CHAPTER SUMMARY,Gross Domestic Product(GDP)measures a countrys total income and expenditure.The four spending components of GDP include:Consumption,Investment,Government Purchases,and Net Exports.Nominal GDP is measured using current prices.Real GDP is measured using the prices of a constant base year,and is corrected for inflation.GDP is the main indicator of a countrys economic well-being,even though it is not perfect.,
