01_Lecture_Slides_with_Graphs

01_Lecture_Slides_with_Graphs - Economics 104 Fall 2010 1...

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Unformatted text preview: Economics 104 Fall 2010 1 Macroeconomics: Issues and Data Outline & Readings 1. An Overview of the Macroeconomy; chapter 4 2. Measuring Economic Activity; chapter 5 3. Measuring the Price Level and Inflation; chapter 6 Economics 104 Fall 2010 2 Macroeconomics: Issues and Data 1. An Overview of the Macroeconomy Economic Growth “Is there some action a government of India can take that could lead the Indian economy to grow like Indonesia’s or Egypt’s? If so, what exactly? If not, what is it about the “nature of India” that makes it so? The consequences for human welfare involved in questions like these are simply staggering: Once one starts to think about them, it is hard to think of anything else.” (Lucas, R.E. Jour Mon Econ 1988 22(1).) • Economic growth refers to the increase in production of goods and services (output) over time. • Standard measure of economic growth: growth in output (GDP) per person. • Economic growth is neither necessary nor sufficient for rising living standards . . . but it can help. Real per Capita GDP (PPP) Penn World Tables (Alan Heston, Robert Summers and Bettina Aten, Penn World Table Version 6.2, Center for International Comparisons of Production, Income and Prices at the University of Pennsylvania, September 2006) 0.0 5000.0 10000.0 15000.0 20000.0 25000.0 30000.0 35000.0 40000.0 1 9 5 1 9 5 2 1 9 5 4 1 9 5 6 1 9 5 8 1 9 6 1 9 6 2 1 9 6 4 1 9 6 6 1 9 6 8 1 9 7 1 9 7 2 1 9 7 4 1 9 7 6 1 9 7 8 1 9 8 1 9 8 2 1 9 8 4 1 9 8 6 1 9 8 8 1 9 9 1 9 9 2 1 9 9 4 1 9 9 6 1 9 9 8 2 2 2 2 4 Year per capita 2000 I$ Australia Canada Japan United States Real per Capita GDP (PPP) Penn World Tables (Alan Heston, Robert Summers and Bettina Aten, Penn World Table Version 6.2, Center for International Comparisons of Production, Income and Prices at the University of Pennsylvania, September 2006) 0.0 2000.0 4000.0 6000.0 8000.0 10000.0 12000.0 14000.0 1 9 5 1 9 5 2 1 9 5 4 1 9 5 6 1 9 5 8 1 9 6 1 9 6 2 1 9 6 4 1 9 6 6 1 9 6 8 1 9 7 1 9 7 2 1 9 7 4 1 9 7 6 1 9 7 8 1 9 8 1 9 8 2 1 9 8 4 1 9 8 6 1 9 8 8 1 9 9 1 9 9 2 1 9 9 4 1 9 9 6 1 9...
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01_Lecture_Slides_with_Graphs - Economics 104 Fall 2010 1...

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