By Manfred Gärtner
Textbook for macroeconomics classes. first-class PDF.
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Extra resources for Macroeconomics (3rd edition)
Example text
Again, while there may be a grain of truth in all three explanations, no judgement is possible before we understand how the people who make up the economy make choices. Money in the circular flow Money is anything that sellers generally accept as payment for goods and services. 5 featured a counter-clockwise flow of real factors such as labour and goods, and a compensating clockwise nominal flow of money income (evaluated at today’s wages) and spending (evaluated at today’s prices). We know that each flow is simply a mirror image of the other.
2 Essentials of macroeconomic accounting Factors of production are all resources used in the production of goods and services: labour, capital goods such as machines, and natural resources such as oil. The focal point of macroeconomics is the level of income. Incomes are paid out to factors of production that are employed by firms to produce goods and services. This output is then put on the market for people to buy. The two major things that can go wrong in this process are as follows: ■ ■ Firms may not use all available production factors to produce output, thus leaving factors idle in the form of unemployment or slack.
So the bottom line is that, if investment is understood to include inventory changes, the leakages and injections always balance, and the following equation holds at all times: (S - I) + (T - G) + (IM - EX) = 0 Note. It is more common to call EX - IM = NX net exports or, as an approximation, the current account (CA). 7: S - I is domestic private net savings; T - G is public net savings (called the budget surplus), measuring the interactions between the domestic economy and the government sector; IM - EX are net imports, the country’s balance of trade in goods and services with the rest of the world.
