宏观经济学曼昆ppt课件.ppt

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1、NationalIncome:WhereitComesFromandWhereitGoesChapter3Zhao,QiweiEconomicsandManagementSchool,WHUInthischapter,youwilllearn…whatdeterminestheeconomy’stotaloutput/incomehowthepricesofthefactorsofproductionaredeterminedhowtotalincomeisdistributedwhatdeterminesthedemandforgoodsandserviceshowequilibrium

2、inthegoodsmarketisachievedCHAPTER3NationalIncomeOutlineofmodelAclosedeconomy,market-clearingmodelSupplysidefactormarkets(supply,demand,price)determinationofoutput/incomeDemandsidedeterminantsofC,I,andGEquilibriumgoodsmarketloanablefundsmarketCHAPTER3NationalIncomeFigure3.1TheCircularFlowofDollarsThr

3、oughtheEconomyAnEconomy’sOutputDependsonQuantityofinputs,FactorsofproductionAbilitytoturninputsintooutput,productionfunction.CHAPTER3NationalIncomeFactorsofproductionK=capital:tools,machines,andstructuresusedinproductionL=labor:thephysicalandmentalefforts(time)ofworkers-Weassumethat1)KandLasgiven,

4、i.e.,fixed,and2)fullyutilized(nounemployment).Cf)Land,Materials,Energy,…CHAPTER3NationalIncomeTheproductionfunctiondenotedY=F(K,L)showshowmuchoutput(Y)theeconomycanproducefromKunitsofcapitalandLunitsoflaborreflectstheeconomy’sleveloftechnologyexhibitsconstantreturnstoscale(closelyrelatedtoincomedist

5、ribution!)CHAPTER3NationalIncomeReturnstoscale:AreviewInitiallyY1=F(K1,L1)Scaleallinputsbythesamefactorz:K2=zK1andL2=zL1(e.g.,ifz=1.25,thenallinputsareincreasedby25%)Whathappenstooutput,Y2=F(K2,L2)?Ifconstantreturnstoscale,Y2=zY1Ifincreasingreturnstoscale,Y2>zY1Ifdecreasingreturnstoscale,Y2

6、ER3NationalIncomeExample1constantreturnstoscaleforanyz>0CHAPTER3NationalIncomeExample2decreasingreturnstoscaleforanyz>1CHAPTER3NationalIncomeExample3increasingreturnstoscaleforanyz>1CHAPTER3NationalIncomeAssumptionsofthemodelTechnologyisfixed.Theeconomy’ssuppliesofcapitalandlaborarefixedatCHAPTER3Na

7、tionalIncomeDeterminingGDPOutputisdeterminedbythefixedfactorsuppliesandthefixedstateoftechnology:IncreaseinKandLandimprovementsintheproductiontechnologyleadtogrowthintheeconomy’soutput(Chapter7and8).C