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Ebook Survey of economics (6th edition): Part 2

(BQ) Part 2 book "Survey of economics" has contents: Gross domestic product, business cycles and unemployment, business cycles and unemployment, fiscal policy, international trade and finance, growth and the less developed countries, economies in transition,.and other contents. | 3 THE MACROECONOMY AND FISCAL POLICY The first three chapters in this part explain key measures of how well the macroeconomy is performing. These measures include GDP, business cycles, unemployment, and inflation. Chapter 14 presents an important theoretical macro model based on aggregate demand and supply, and Chapter 15 demonstrates its application to federal government taxing and spending policies. The part concludes with two chapters that provide actual data on such hotly debated topics as: government spending and taxation, federal deficits, surpluses, and the national debt. CHAPTER 11 Gross Domestic Product Chapter Preview Measuring the performance of the economy is an important part of life. Suppose one candidate for president of the United States proclaims that the economy’s performance is the best in a generation, and an opposing presidential candidate argues that the economy could perform much better. Which statistics would you seek to tell how well the economy is doing? The answer requires understanding some of the nuts and bolts of national income accounting. National income accounting is the system used to measure the aggregate income and expenditures for a nation. Despite certain limitations, the national income accounting system provides a valuable indicator of an economy’s performance. For example, you can visit the Internet and check the annual Economic Report of the President to compare the size or growth of the U.S. economy between 2007 and 2008 or other years. Prior to the Great Depression, there were no national accounting procedures for estimating the data required to assess the economy’s performance. In order to provide accounting methodologies for macro data, the late economist Simon Kuznets, the “father of GDP,” published a small report in 1934 titled National Income, 1929–32. For his pioneering work, Kuznets earned the 1971 Nobel Prize in economics. Today, thanks in large part to Kuznets, most countries use common national accounting .