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Lesson_48_Twin Deficits - Twin Deficits U.S current account...

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1 Lesson 48 1 Twin Deficits U.S. current account has persistently large deficits What is the cause? Introduce national income accounting to explore possible causes of current account deficit Lesson 48 2 Review national income accounting Let Y represent GDP (the value of all final goods and services produced within a country’s borders over some period of time) Can divide up total production according to the kinds of goods produced Lesson 48 3 Three kinds of goods Consumption ( C ), Investment ( I ) and Government ( G ) Consumption goods include food, clothing, entertainment, electricity, home theater systems…
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