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Measuring a Nation’s Income

Measuring a Nation’s Income

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Measuring a Nation’s Income

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  1. 23 Measuring a Nation’s Income 一国收入的衡量

  2. What is Gross Domestic Product (GDP)? How is GDP related to a nation’s total income and spending? What are the components of GDP? How is GDP corrected for inflation? Does GDP measure society’s well-being? 什么是国内生产总值(GDP)? GDP与一国的总收入与总支出有什么联系? GDP由哪几部分组成? GDP怎么进行通货膨胀的校正? GDP是衡量经济福利的好指标吗? In this chapter, look for the answers to these questions: 1

  3. Microeconomics: The study of how individual households and firms make decisions, interact with one another in markets. Macroeconomics: The study of the economy as a whole. We begin our study of macroeconomics with the country’s total income and expenditure. 微观经济学:研究家庭和企业如何做出决策,以及它们如何在市场上相互交易 宏观经济学:研究整体经济现象 我们从国家的总收入和总支出开始学习宏观经济学 Micro vs. Macro

  4. Gross Domestic Product (GDP) measures total income of everyone in the economy. GDP also measures total expenditure on the economy’s output of g&s. 国内生产总值 (GDP)衡量经济中所有人的总收入 GDP也衡量用于经济中物品与劳务生产的总支出 Income and Expenditure For the economy as a whole,一个整体经济而言,income equals expenditure 收入等于支出because every dollar a buyer spends is a dollar of income for the seller.因为某个买者的1美元支出正是某个卖者的1美元收入

  5. a simple depiction of the macroeconomy illustrates GDP as spending, revenue, factor payments, and income Preliminaries: Factors of production are inputs like labor, land, capital, and natural resources. Factor payments are payments to the factors of production (e.g., wages, rent). 宏观经济的一个简单描述 用支出,收益,要素支付和收入来说明GDP 预备知识: 生产要素:诸如劳动,土地,资本,自然资源等投入 要素支付:支付给生产要素的报酬(例如,工资,租金) The Circular-Flow Diagram 循环流量图

  6. The Circular-Flow Diagram Firms Households Households: • own the factors of production, sell/rent them to firms for income • buy and consume goods & services Firms: • buy/hire factors of production, use them to produce goods and services • sell goods & services

  7. The Circular-Flow Diagram Revenue (=GDP) Spending (=GDP) Markets for Goods & Services G & S sold G & S bought Firms Households Factors of production Labor, land, capital Markets for Factors of Production Income (=GDP) Wages, rent, profit (=GDP)

  8. The government collects taxes, buys g&s The financial system matches savers’ supply of funds with borrowers’ demand for loans The foreign sector trades g&s, financial assets, and currencies with the country’s residents 政府 征税,购买物品与劳务 金融体系 在储蓄者资金的供给和借款者贷款的需求之间达成均衡 外国部门 物品与劳务贸易,金融资产,外国居民的货币 What This Diagram Omits

  9. …the market value of all final goods & services produced within a country in a given period of time. 在某一既定时期一个国家内生产的所有最终物品与劳务的市场价值 Gross Domestic Product (GDP) Is… Goods are valued at their market prices, so: 物品用它们的市场价值来评价 • All goods measured in the same units (e.g., dollars in the U.S.)所有物品都用相同的单位来衡量(比如,在美国用美元) • Things that don’t have a market value are excluded, e.g., housework you do for yourself.那些没有市场价值的物品被排除在外,比如你为自己而做的家务

  10. …the market value of all final goods & services produced within a country in a given period of time.在某一既定时期一个国家内生产的所有最终物品和劳务的市场价值 Gross Domestic Product (GDP) Is… Final goods:intended for the end user 最终物品:为终端使用者所准备 Intermediate goods: used as components or ingredients in the production of other goods GDP only includes final goods – they already embody the value of the intermediate goods used in their production. 中间物品:生产其他物品的一种组成成份或要素 GDP只包括最终产品—生产过程中使用的中间物品的价值已经包含在最终物品的价值中

  11. …the market value of all final goods & services produced within a country in a given period of time. 在某一既定时期一个国家内生产的所有最终物品和劳务的市场价值 Gross Domestic Product (GDP) Is… GDP includes tangible goods (like DVDs, mountain bikes, beer) GDP包括有形的物品(比如DVD, 山地自行车, 啤酒) and intangible services (dry cleaning, concerts, cell phone service).也包括无形的劳务(比如干洗, 音乐会, 移动电话服务)

  12. …the market value of all final goods & services produced within a country in a given period of time. 在某一既定时期一个国家内生产的所有最终物品和劳务的市场价值 Gross Domestic Product (GDP) Is… GDP includes currently produced goods, not goods produced in the past. GDP 只包括现期生产的物品,不包括过去生产的物品

  13. …the market value of all final goods & services produced within a country in a given period of time. 在某一既定时期一个国家内生产的所有最终物品和劳务的市场价值 Gross Domestic Product (GDP) Is… GDP measures the value of production that occurs within a country’s borders, whether done by its own citizens or by foreigners located there. GDP 衡量的生产价值局限于一个国家的地理范围之内,不管是由本国的国民还是住在本国的外国人生产

  14. …the market value of all final goods & services produced within a country in a given period of time.在某一既定时期一个国家内生产的所有最终物品和劳务的市场价值 Gross Domestic Product (GDP) Is… Usually a year or a quarter (3 months) 通常是一年或一个季度(3个月)

  15. Recall: GDP is total spending. Four components: Consumption (C) Investment (I) Government Purchases (G) Net Exports (NX) These components add up to GDP (denoted Y): GDP 是总支出 四个组成部分: 消费(C) 投资 (I) 政府购买 (G) 净出口(NX) 这四个组成部分的总和等于GDP(用Y表示): The Components of GDP Y = C + I + G + NX

  16. is total spending by households on g&s. Note on housing costs: For renters, consumption includes rent payments. For homeowners, consumption includes the imputed rental value of the house, but not the purchase price or mortgage payments. 家庭除购买新住房之外用于物品和劳务的总支出 关于居住成本的注释: 对租房者而言,消费包括租金 对房主而言,消费包括住房的隐含租金价值,但不包括住房的购买价格或按揭贷款 Consumption 消费(C)

  17. is total spending on goods that will be used in the future to produce more goods. includes spending on capital equipment (e.g., machines, tools) structures (factories, office buildings, houses) inventories (goods produced but not yet sold) 投资是对用于未来生产更多物品和劳务的物品的购买 包括下列支出: 资本设备 (比如机器, 工具) 建筑物(工厂,办公楼,住房) 存货 (已经生产出来但尚未售出的物品) Investment 投资 (I) Note: “Investment” does not mean the purchase of financial assets like stocks and bonds.

  18. is all spending on the g&s purchased by govt at the federal, state, and local levels. G excludes transfer payments, such as Social Security or unemployment insurance benefits. They are not purchases of g&s. 是地方、州、和联邦政府用于物品与劳务的支出。 政府购买不包括转移支付,比如社会保障补助或失业保险补助 因为它们不是物品与劳务的购买 Government Purchases 政府购买(G)

  19. NX = exports – imports Exports represent foreign spending on the economy’s g&s. Imports are the portions of C, I, and Gthat are spent on g&s produced abroad. Adding up all the components of GDP gives: NX = 出口 – 进口 出口代表外国对国内生产物品与劳务的支出 进口是消费,投资和政府购买中对外国生产的物品和劳务的支出 把所有组成部分加总起来得到: Net Exports (NX) Y = C + I + G + NX

  20. Components of GDP in 2004

  21. U.S. GDP and Its Components, 2007 billions % of GDP per capita Y $13,841 100.0 $45,825 C 9,734 70.3 32,228 I 2,125 15.4 7,037 G 2,690 19.4 8,905 NX –708 –5.1 –2,344

  22. 2007年中美GDP构成对比

  23. In each of the following cases, determine how much GDP and each of its components is affected (if at all). A.Debbie spends $200 to buy her husband dinner at the finest restaurant in Boston. B.Sarah spends $1800 on a new laptop to use in her publishing business. The laptop was built in China. C.Jane spends $1200 on a computer to use in her editing business. She got last year’s model on sale for a great price from a local manufacturer. D.General Motors builds $500 million worth of cars, but consumers only buy $470 million worth of them. 在下面的各种情形下,计算GDP及它受影响的组成部分的变化量 A.Debbie在波士顿最好的饭店花了$200请他丈夫吃晚饭 B.Sarah为了出版业务的需要,花$1800买了一台新笔记本。这台笔记本是在中国制造的 C.Jane为了她编辑业务的需要花了$1200购买一台新电脑,这台电脑是由本地的制造商在去年生产的 D.通用汽车公司生产了价值5亿美元的汽车,但消费者只购买了价值4.7亿美元的汽车 A C T I V E L E A R N I N G 1GDP and its components

  24. A.Debbie spends $200 to buy her husband dinner at the finest restaurant in Boston. Consumption and GDP rise by $200. B.Sarah spends $1800 on a new laptop to use in her publishing business. The laptop was built in China. Investment rises by $1800, net exports fall by $1800, GDP is unchanged. A. Debbie在波士顿最好的饭店花了$200请他丈夫吃晚饭 消费和 GDP都增加了200美元 B.Sarah为了出版业务的需要,花$1800买了一台新笔记本。这台笔记本是在中国制造的 投资增加1800美元,净出口减少1800美元, GDP 不变 A C T I V E L E A R N I N G 1Answers 23

  25. C.Jane spends $1200 on a computer to use in her editing business. She got last year’s model on sale for a great price from a local manufacturer. Current GDP and investment do not change, because the computer was built last year. D.General Motors builds $500 million worth of cars, but consumers only buy $470 million of them. Consumption rises by $470 million, inventory investment rises by $30 million, and GDP rises by $500 million. C.Jane为了她编辑业务的需要花了$1200购买一台新电脑,这台电脑是由本地的制造商在去年生产的 当前的GDP与投资都不变,因为电脑是在去年生产出来的 D.通用汽车公司生产了价值5亿美元的汽车,但消费者只购买了价值4.7亿美元的汽车 消费增加4.7亿美元,存货投资增加0.3亿,GDP 增加5亿美元 A C T I V E L E A R N I N G 1Answers 24

  26. Gross national product (GNP) is the total income earned by a nation’s permanent residents (called nationals). It differs from GDP by including income that our citizens earn abroad and excluding income that foreigners earn here. 国民生产总值(GNP)是一国永久居民(称为国民)所赚到的总收入。 GNP与GDP不同之处在于包括本国公民在国外赚到的收入,而不包括外国人在本国赚到的收入。 Other Measures of Income其他收入衡量指标 GNP=GDP+NFP (net foreign payment )要素净支付

  27. Net National Product (NNP) is the total income of the nation’s residents (GNP) minus losses from depreciation. Depreciation is the wear and tear on the economy’s stock of equipment and structures. 国民生产净值 (NNP)是一国居民的总收入减去折旧的消耗。 折旧是经济中设备和建筑物存量的磨损或损耗。 Net National Product国民生产净值 (NNP)

  28. National Income is the total income earned by a nation’s residents in the production of goods and services. It differs from NNP by excluding indirect business taxes (such as sales taxes) and including business subsidies. 国民收入 是一国居民在物品与劳务生产中赚到的总收入。 国民收入与国民产值的不同之处在于不包括间接的企业税(例如销售税)而包括企业补贴。 National Income 国民收入(NI)

  29. Personal income is the income that households and noncorporate businesses receive. Unlike national income, it excludes retained earnings, which is income that corporations have earned but have not paid out to their owners. In addition, it includes household’s interest income and government transfers. 个人收入是居民户和非公司企业得到的收入。 与国民收入不同,个人收入不包括留存收益(未分配利润),留存收益是公司赚到但没有支付给其所有者的收入。 另外,个人收入包括家庭从其持有政府债券中得到的利息收入,以及从政府得到的转移支付(例如福利和社会保障收入)。 Personal Income 个人收入(PI)

  30. Disposable personal income is the income that household and noncorporate businesses have left after satisfying all their obligations to the government. It equals personal income minus personal taxes and certain nontax payments. 个人可支配收入是家庭和非公司企业在完成他们对政府的义务之后剩下的收入。 个人可支配收入等于个人收入减去个人所得税和某些非税收支付(例如,交通罚单)。 Disposable Personal Income个人可支配收入(PI)

  31. Measures of Total Production and Total Income, 2004

  32. Measuring GDP by the Value Added Method • Value added The market value a firm adds to a product.

  33. Inflation can distort economic variables like GDP, so we have two versions of GDP: One is corrected for inflation, the other is not. Nominal GDPvalues output using current prices. It is not corrected for inflation. Real GDPvalues output using the prices of a base year. Real GDP is corrected for inflation. 通货膨胀会扭曲像GDP这样的经济变量,因此我们有两种类型的GDP: 一种是经过通货膨胀校正,另一种则没有 名义GDP按现期价格评价的物品与劳务的生产,它没有经过通货膨胀校正 真实 GDP按基年价格评价的物品与劳务的生产,它经过通货膨胀校正 Real versus Nominal GDP 真实GDP与名义GDP

  34. EXAMPLE: Compute nominal GDP in each year: 2005: $10 x 400 + $2 x 1000 = $6,000 2006: $11 x 500 + $2.50 x 1100 = $8,250 2007: $12 x 600 + $3 x 1200 = $10,800 37.5% 30.9% Increase:

  35. EXAMPLE: Compute real GDP in each year, using 2005 as the base year: $10 $2.00 20.0% 16.7% Increase: 2005: $10 x 400 + $2 x 1000 = $6,000 2006: $10 x 500 + $2 x 1100 = $7,200 2007: $10 x 600 + $2 x 1200 = $8,400

  36. EXAMPLE: In each year, nominal GDP is measured using the (then) current prices.名义GDP是用当期价格来衡量 real GDP is measured using constant prices from the base year (2005 in this example).真实GDP是用不变的基年价格来衡量(本例中以2005年作为基年)

  37. EXAMPLE: The change in nominal GDP reflects both prices and quantities.名义GDP的变化反映了价格与产量的变化 37.5% 20.0% 30.9% 16.7% • The change in real GDP is the amount that GDP would change if prices were constant (i.e., if zero inflation).真实GDP的变化是价格不变时(就是零通货膨胀条件),GDP数量的变化 Hence, real GDP is corrected for inflation. 因此,真实GDP经过通货膨胀校正

  38. Nominal and Real GDP in the U.S., 1965-2007 Real GDP (base year 2000) Nominal GDP 37

  39. The GDP Deflator The GDP deflator is a measure of the overall level of prices. GDP平减指数是对总体价格水平的衡量 Definition: GDP deflator = 100 x nominal GDP real GDP • One way to measure the economy’s inflation rate is to compute the percentage increase in the GDP deflator from one year to the next. 衡量经济通货膨胀率的一种方法是计算从一年到下一年GDP平减指数增加的百分比

  40. EXAMPLE: Compute the GDP deflator in each year: 100.0 14.6% 114.6 12.2% 128.6 2005: 100 x (6000/6000) = 100.0 2006: 100 x (8250/7200) = 114.6 2007: 100 x (10,800/8400) = 128.6

  41. A C T I V E L E A R N I N G 2Computing GDP Use the above data to solve these problems:使用上述数据解决以下问题: A. Compute nominal GDP in 2007. B. Compute real GDP in 2008. C. Compute the GDP deflator in 2009. 40

  42. A C T I V E L E A R N I N G 2Answers A. Compute nominal GDP in 2007. $30 x 900 + $100 x 192 = $46,200 B. Compute real GDP in 2008. $30 x 1000 + $100 x 200 = $50,000 41

  43. A C T I V E L E A R N I N G 2Answers C. Compute the GDP deflator in 2009. Nom GDP = $36 x 1050 + $100 x 205 = $58,300 Real GDP = $30 x 1050 + $100 x 205 = $52,000 GDP deflator = 100 x (Nom GDP)/(Real GDP) = 100 x ($58,300)/($52,000) = 112.1 42

  44. Real GDP per capita is the main indicator of the average person’s standard of living. But GDP is not a perfect measure of well-being. Robert Kennedy issued a very eloquent yet harsh criticism of GDP: 人均真实 GDP是衡量普通人生活水平的主要指标 但GDP不是衡量经济福利的完美指标 罗伯特·肯尼迪慷慨激昂地批评了这种经济衡量指标: GDP and Economic Well-Being GDP与经济福利

  45. Gross Domestic Product… “… does not allow for the health of our children, the quality of their education, or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate or the integrity of our public officials. It measures neither our courage, nor our wisdom, nor our devotion to our country. It measures everything, in short, except that which makes life worthwhile, and it can tell us everything about America except why we are proud that we are Americans.” - Senator Robert Kennedy, 1968 44

  46. 国内生产总值…… “……并没有考虑到我们孩子的健康、他们的教育质量,或者他们做游戏的快乐。它也没有包括我们的诗歌之美和婚姻的稳定,以及我们关于公共问题争论的智慧和我们公务员的廉正。它既没有衡量我们的勇气、我们的智慧,也没有衡量我们对祖国的热爱。 简言之,它衡量一切,但并不包括 使我们的生活有意义的东西;它可以告诉我们关于美 国人的一切,但没有告诉我们为什么我们以做一个美国人而骄傲 参议员罗伯特·肯尼迪,1968 45

  47. the quality of the environment leisure time non-market activity, such as the child care a parent provides his or her child at home an equitable distribution of income 环境质量 闲暇时间 非市场性活动,比如家长在家里对他或她孩子的照顾 收入的公平分配 GDP Does Not Value: GDP 并没有评价:

  48. Having a large GDP enables a country to afford better schools, a cleaner environment, health care, etc. Many indicators of the quality of life are positively correlated with GDP. For example… GDP高的国家能提供更好的学校,更清洁的环境,更好的医疗福利等等 生活质量的许多指标与GDP成正比,比如: Then Why Do We Care About GDP?为什么我们还要关注GDP?

  49. GDP and Life Expectancy in 12 countries 12个国家的GDP和预期寿命 Indonesia Japan China U.S. Mexico Germany Brazil Pakistan Life expectancy (years)预期寿命 (年) Russia India Bangladesh Nigeria Real GDP per capita 人均真实GDP 48

  50. GDP and Literacy 成人识字率in 12 countries Russia China U.S. Germany Japan Mexico Brazil Indonesia Adult Literacy 成人识字率(% of population) Nigeria India Pakistan Bangladesh Real GDP per capita 49