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01 Introduction to Macroeconomics-1

01 Introduction to Macroeconomics-1 - Agenda What...

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1 1-1 Introduction to Macroeconomics 1-2 Agenda What Macroeconomics Is About. What Macroeconomists Do. Why Macroeconomists Disagree. 1-3 What Macroeconomics Is About Macroeconomics is the study of: 1. The structure, dynamic adjustment, and performance of national economies, and 2. The government policies that affect national economic performance. 1-4 What Macroeconomics Is About The main issues of macroeconomics are: 1. Long-run economic growth 2. Business cycles/fluctuations 3. Unemployment 4. Inflation 5. The international economy 6. Macroeconomic policy
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2 1-5 What Macroeconomics Is About 1. Long-run Economic Growth: Figure 1.1: Output of the U.S. economy. Two main sources of growth. Population growth. Increases in average labor productivity. Figure 1.2: Average labor productivity. Output per unit of labor. 1-6 Figure 1.1 Output of the U.S. economy. 1-7 Figure 1.2 Average labor productivity. 1-8 What Macroeconomics Is About Average labor productivity growth: – About 2.5% per year from 1949 to 1973. – About 1.1% per year from 1973 to 1995. – About 2.0% per year from 1995 to 2005.
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3 1-9 What Macroeconomics Is About 2. Business cycles or fluctuations: The short-run contractions and expansions in economic activity. 1-10 What Macroeconomics Is About 3. Unemployment: The number of people who are available for work and actively seeking work but cannot find jobs. Figure 1.3: The U.S. unemployment rate. 1-11 Figure 1.3 The U.S. unemployment rate. 1-12 What Macroeconomics Is About 4. Inflation: A persistent rise in the general price level.
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