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Lecture Macroeconomics: Lecture 3 - Prof. Dr.Qaisar Abbas

Lecture 3 - The data of Macroeconomics - GDP, unemployment & inflation - II. The main contents of the chapter consist of the following: Shortcomings of GDP, the consumer price index (CPI), the unemployment rate. | Review of the previous Lecture Gross Domestic Product (GDP) measures both total income and total expenditure on the economy’s output of goods & services. Nominal GDP values output at current prices; real GDP values output at constant prices. Changes in output affect both measures, but changes in prices only affect nominal GDP. GDP is the sum of consumption, investment, government purchases, and net exports. 0 Lecture 3 The data of Macroeconomics- GDP, Unemployment & inflation - II Instructor: Prof. Dr.Qaisar Abbas Learning objectives Shortcomings of GDP the Consumer Price Index (CPI) the Unemployment Rate 2 These are three of the most important economic statistics. Policymakers and businesspersons use them to monitor the economy and formulate appropriate policies. Economists use them to develop and test theories about how the economy works. Because we’ll be learning many of these theories, it’s worth spending some time now to really understand what these statistics mean, and how they | Review of the previous Lecture Gross Domestic Product (GDP) measures both total income and total expenditure on the economy’s output of goods & services. Nominal GDP values output at current prices; real GDP values output at constant prices. Changes in output affect both measures, but changes in prices only affect nominal GDP. GDP is the sum of consumption, investment, government purchases, and net exports. 0 Lecture 3 The data of Macroeconomics- GDP, Unemployment & inflation - II Instructor: Prof. Dr.Qaisar Abbas Learning objectives Shortcomings of GDP the Consumer Price Index (CPI) the Unemployment Rate 2 These are three of the most important economic statistics. Policymakers and businesspersons use them to monitor the economy and formulate appropriate policies. Economists use them to develop and test theories about how the economy works. Because we’ll be learning many of these theories, it’s worth spending some time now to really understand what these statistics mean, and how they are measured. Shortcomings of GDP Non market transactions Some productive activities don't take place in the market, and as the GDP only measures the market value of output, these activities don't show up in the GDP. Thus, GDP understates a nation's total output Example of such activities are labor of carpenters who repair own homes, black markets One exception: Portion of farmers' output that the farmers consume themselves is included in the GDP Leisure GDP only takes the market value of output, therefore, LEISURE (paid vacation, holidays, leave time), which shows increase of well-being, satisfaction, and 'psychic income' is excluded in the GDP. Shortcomings of GDP Improved product quality: GDP is a quantitative measure, and thus does not capture the value of improvements in product quality Example. a $200 dollar phone costs the same as a $200 dollar phone 10 years ago technological improvements such as greater memory capacities, viewing screens, and enhanced capabilities is not .