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Symbols used in ECON 3240

Symbols used in ECON 3240 - Basic symbols used in ECON...

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Basic symbols used in ECON 3240 (also useful for ECON 4290) Prof. Xavier de Vanssay *********************************************************************** * Y = Real National Income/Real NDP (or Real NNP) Yw = Income from wages, salaries. Yr = Income from rentals and royalties Yi = Interest Income Yπr = Income from retained business profit Yπd = Income from distributed business profit ( = dividend) y = Nominal National Income/Nominal GDP (or NNP) Yd = Disposable Income Y* = Equilibrium level of output Y FE = Level of output at full employment (FE) C = Consumption I = Net (Fixed) Investment G = Government spending X = Exports M = Imports T = Net Tax revenues (= Taxes - Transfers) S = Private (Households) Savings K = Capital stock. Kc = Depreciation of Capital Stock Ig = Gross Investment 1
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δ = [pronounce ‘small delta’] Depreciation rate . 3% is a normal value. I = Ig - Kc dX = ΔX = change in X (where X is a variable) dX/dt = change in X due to change in time (where change is ‘new’ –‘old’) X = [pronounce ‘X bar’], when X (= a variable) is parametric, when x is exogenous.
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