9. Fundamental Concepts of Macroeconomics 1.Objectives and Methods of Macroeconomics 2.Economic...
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Transcript of 9. Fundamental Concepts of Macroeconomics 1.Objectives and Methods of Macroeconomics 2.Economic...
9. Fundamental Concepts of Macroeconomics
1. Objectives and Methods of Macroeconomics2. Economic Growth3. National Accounting
9.2 Economic Growth
Country 2007 2008 2009 2010
China 14.199 9.599 9.220 10.328
India 9.991 6.186 6.771 10.094
Brazil 6.091 5.162 -0.645 7.490
Germany 3.394 0.809 -5.078 3.562
Luxembourg 6.639 1.440 -3.639 3.516
Canada 2.200 0.689 -2.770 3.215
USA 1.913 -0.337 -3.486 3.030
South Africa 5.568 3.576 -1.682 2.841
Australia 4.570 2.585 1.374 2.683
U.K. 2.685 -0.065 -4.875 1.354
Table 9.1 GDP, Constant Prices (National Currency),Annual Percentage Change, 2007-2010 (see IMF 2011)
Productive Capacity
t
G D P r
G D P (t)r
m ax
G D P (t)r
n
G D P (t)r
Fig. 9.1 Development and Utilization of Productive Capacity over Time
Output Gap
Country 2007 2008 2009 2010
Australia 0.994 0.839 -0.339 -0.187
Canada 1.682 0.231 -3.967 -2.425
Germany 2.700 2.325 -3.691 -1.559
U.K. 0.982 0.731 -3.696 -2.627
USA 0.017 -2.153 -7.096 -5.629
Table 9.2 Output Gap in Percent of Potential GDP (see IMF 2011)
Population
Country 2007 2008 2009 2010
Australia 21.263 21.731 21.952 22.226
Brazil 187.642 189.613 191.481 193.253
Canada 32.883 33.263 33.669 34.059
China 1,321.290 1,328.020 1,334.740 1,341.414
Germany 82.177 82.013 81.767 81.603
India 1,142.000 1,158.000 1,174.000 1,190.524
Luxembourg 0.480 0.488 0.497 0.507
South Africa 48.363 48.911 49.464 49.991
U.K. 60.975 61.373 61.798 62.222
USA 301.903 304.718 307.374 309.997
Table 9.3 Population, Million Persons (see IMF 2011)
Investment
Country 2007 2008 2009 2010
Australia 29.259 29.541 27.853 27.592
Brazil 18.328 20.686 16.508 19.250
Canada 23.241 23.238 20.867 22.204
China 41.738 44.046 48.243 48.166
Germany 19.261 19.376 16.540 17.343
India 37.371 34.958 37.088 36.786
Luxembourg 20.922 20.284 16.353 16.304
South Africa 21.240 22.546 19.612 19.268
U.K. 18.175 16.648 13.478 15.015
USA 19.615 18.086 14.723 15.836
Table 9.4 Total Investment, Percent of GDP (see IMF 2011)
9.3 National Accounting
Country GDP
USA 14,526.550
China 5,878.257
Germany 3,286.451
U.K. 2,250.209
Brazil 2,090.314
India 1,631.970
Canada 1,577.040
Australia 1,237.363
South Africa 363.655
Luxembourg 55.195
Table 9.5 GDP, Current Prices, Billion US$, 2010 (see IMF 2011)
GDP per Capita
Country GDP per Capita
Luxembourg 108,951.721
Australia 55,671.620
USA 46,860.242
Canada 46,302.668
Germany 40,273.516
U.K. 36,164.101
Brazil 10,816.487
South Africa 7,274.416
China 4,382.136
India 1,370.800
Table 9.6 GDP per Capita, Current Prices, US$, 2010 (see IMF 2011)
National WealthValues of assets
held byinstitutional units
Non-financia lassets
Producednon-financia l
assets
Non-producednon-financia l
assets
F inancia lassets
- F ixed assets - Dwellings - O ther build ings and structures - M achinery and equipm ent - W eapons system s - Cultivated b io log ica l resources - In te llectual property products- Inventories- Valuables
- Natura l resources - Land - M inera l and energy reserves - Non-cultivated b io logical resources - Water resources - O ther natura l resources- Contracts, leases and licenses- G oodw ill and m arketing assets
- M onetary gold and SDRs- Currency and deposits- Debt securities- Loans- Equity and investm ent fund shares/units- Insurance, pension and standard ized guarantee schem es- F inancia l derivatives and em ployee stock options- O ther accounts receivable/payable
Fig. 9.2 Components of National Wealth as Computed in the SNA (see UN et al. 2009, p. 260)