SS 141 2.24.16 - SS 141 2.24.16 Deadweight loss The Goals...

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SS 141 2.24.16 Deadweight loss The Goals Of Macroeconomic Policy Aggregate Supply Inputs- labor, machinery, other resources used to produce outputs Output- good and services produced in economy Aggregate Demand The number of goods and services people and businesses want to buy Two task of macroeconomics policy Growth Policy Intended to make the economy grow faster in the long-run Stabilization Policy Manage aggregate demand to avoid high unemployment and high inflation Small Differences in growth rates make enormous difference in the long run GDP per capita annual growth: 1870-1979 Labor Productivity o Amount of output a worker produces in an hour (or a week, or a year) of labor o GDP per hour of work Employed o Everyone currently at work, including part time workers Unemployed o People not currently working Temporarily laid off, expected to return Actively looking for a job In last four weeks Structural Unemployment Workers displaced by automation
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